Genentech Updates FY08 EPS Outlook; To File Supplemental Biologics License Application For Avastin For Brain Tumor - Quick Facts

(RTTNews) - Genentech, Inc. (DNA | news | PowerRating | PR Charts ) said it now expects full-year 2008 non-GAAP earnings to be in the range of $3.35 - $3.45 per share, compared to its prior range of $3.30 - $3.45 per share. Analysts expect earnings of $3.43 per share.

Also, the company still expects to achieve a compound annual non-GAAP earnings per share growth rate of at least 25% through 2010. Based on encouraging Phase II results, the company expects to submit in 2008 a supplemental biologics license application to the U.S. Food and Drug Administration for accelerated approval of Avastin for the treatment of relapsed glioblastoma multiforme.

Genentech and its collaborator Curis (CRIS | news | PowerRating | PR Charts ) plan to study a systemic hedgehog antagonist molecule in Phase II studies in 2008 as a treatment for metastatic colorectal cancer, advanced basal cell carcinoma and another undisclosed advanced solid tumor.

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