SAN FRANCISCO - Genentech Inc. (DNA), the nation's largest biotechnology company in terms of market capitalization, blew past Wall Street expectations on Tuesday with a 79 percent surge in second quarter earnings, driven largely by the continued popularity of its cancer fighting drugs.
For the quarter ended June 30, the company, which is based in South San Francisco, Calif., earned $531 million, or 49 cents per share, up from the previous year's $296.2 million, or 27 cents per share.
Excluding special expenses, Genentech said it would have earned $602 million, or 56 cents a share. On that basis, the results exceeded the per-share estimate among Wall Street analysts by 9 cents, according to research firm Thomson Financial.
Revenue increased 44 percent to $2.2 billion from $1.5 billion in the second quarter of 2005.
"Genentech has reached its half-year mark with another set of excellent results," Genentech CEO Arthur Levinson said in a statement.
Ahead of the income report, Genentech shares rose 33 cents to close at $84.06 Tuesday on the New York Stock Exchange. The stock lost 2.1 percent, or $1.76, in aftermarket trading.