Here's Exhibit Z in the long list of reasons why Big Pharma wants to make deals with biotech [1]--and why speculation about Biogen and Genzyme is running so high. Roche and Genentech are both reaping a big harvest from their joint cancer drugs this quarter.
Genentech's profit skyrocketed by 21 percent on better-than-expected sales of Avastin [2], which jumped 37 percent to $597 million. Roche's strong cancer-med growth--including its share of Avastin and Herceptin--made up for a shortfall in Tamiflu sales, pushing the company's third-quarter revenues up by 6 percent to $28.7 billion.
- see Genentech's release [3] from Genentech
- check out this news release [4] from Roche
- read the NYT report [5] on Genentech's earnings
- read the article [6] about Roche's results from the International Herald Tribune
Related Articles:
Moody's downgrades pharma industry. Report [7]
Should Pharma take the M&A cure? Report [1]
M&A activity heats up as biotech IPOs struggle. Report [8]
MAbs are hottest segment of biotech industry. Report [9]
Links:
[1] http://www.fiercepharma.com/story/should-pharma-take-m-cure/2007-10-01
[2] http://www.fiercebiotech.com/story/fda-approves-avastin-for-lung-cancer/2006-10-12
[3] http://www.fiercebiotech.com/press-releases/press-release-genentech-announces-third-quarter-2007-results
[4] http://www.fiercebiotech.com/press-releases/press-release-strong-sales-growth-first-nine-months-2007
[5] http://www.nytimes.com/2007/10/16/business/16gene.html?ref=business
[6] http://www.iht.com/articles/ap/2007/10/16/business/EU-FIN-COM-Switzerland-Roche.php
[7] http://www.fiercepharma.com/story/moodys-downgrades-pharma-industry/2007-10-11?utm_medium=rss&utm_source=rss
[8] http://www.fiercebiotech.com/story/ma-activity-heats-up-as-biotech-ipos-struggle/2007-02-23
[9] http://www.fiercebiotech.com/story/mabs-are-hottest-segment-biotech-industry/2007-10-12
[10] http://www.fiercebiotech.com/tags/genentech
[11] http://www.fiercebiotech.com/tags/roche
[12] http://www.fiercebiotech.com/tags/avastin