Genentech Inc.'s fourth-quarter profit rose 47 percent on sales of its blockbuster cancer drug Avastin, but the biotechnology company set a weaker-than-expected outlook for 2009.

The results, reported late Thursday, come as the shadow of a potential buyout by part-owner Roche hangs over the company. That anticipation prompted Wall Street to view both positive and negative developments for the company through the prism of their ability to drive any new deal value.
The company remained silent on a possible buyout offer from Swiss-based pharmaceutical giant Roche. In July, Genentech rejected that company's $47.3 billion offer as too low.
Analysts continue to expect a new offer of at least $100 per share, and Roche management recently commented that its bid for Genentech was on track, though no details have been disclosed.
Roche already owns 55.9 percent of Genentech. A majority of non-Roche shareholders would have to approve a buyout.
During the quarter, profit reached $931 million, or 87 cents per share, up from $632 million, or 59 cents per share, a year earlier. Revenue rose 25 percent to $3.71 billion from $2.97 billion.
Excluding charges, the biotechnology company earned 95 cents per share. Analysts polled by Thomson Reuters forecast profit of 96 cents per share on revenue of $3.66 billion.
For the full year, profit rose to $3.43 billion, or $3.21 per share, from $2.78 billion, or $2.59 per share, a year prior. Revenue rose to $13.42 billion from $11.72 billion.
(Source: AP)