Genentech exceeds sales expectations.(Biotech)(Brief Article)

The first biotechnology company, South San Francisco, California-based, Genentech, has exceeded analyst expectations with impressive first quarter sales.

Income including contract revenue and royalties rose to $975, up 30% on the same quarter in 2003, boosted mainly by a 28% growth in product sales to $764m, However, despite flat costs of sales, net income rose by 17%, impacted mainly by higher R&D costs and a near doubling of marketing, general and administrative costs.

Much of this increased cost related to the launch of anticancer antibody Avastin, approved in the US on 26 February. Avastin sales were $38.1m, far ahead of analyst expectations. However, …