Business News in Brief: Genentech 4Q earnings soar 75 percent

By: Associated Press - | Wednesday, January 10, 2007 11:49 PM PST ∞

SAN FRANCISCO -- Genentech Inc. said Wednesday that strong demand for its cancer-fighting drugs fueled a 75 percent profit increase in the fourth quarter as company executives shook off doubts that the biotechnology bellwether could maintain its phenomenal growth rate.

The South San Francisco-based company reported that it earned $594 million, or 55 cents per share, during the three months ended in December, compared with $339.2 million, or 31 cents per share, at the same time in 2005.

Revenue for the period totaled $2.7 billion, a 38 percent increase from the previous year.

Genentech has a manufacturing facility in Oceanside.

Cubic training contract expanded

SAN DIEGO -- The defense segment of Cubic Corp. reported that its largest training contract with the U.S. Marine Corps, which has a potential value of $82 million over five years, has been expanded to include training Marines who will serve as military advisers to security forces in Iraq and Afghanistan.

Cubic will train the advisers in U.S. and foreign weapons, convoy operations, offensive and defensive driving, vehicle maintenance and recovery operations, tactical communications, Tactical Combat Casualty Care and emergency life-saving medical techniques.

-- Wire reports

Trade deficit drops for 3rd straight month

WASHINGTON (AP) -- The trade deficit fell for a third straight month, as the U.S. bill for foreign oil declined to the lowest level in 16 months and American exports hit an all-time high.

The deficit for November declined by 1 percent, to $58.2 billion, the lowest since July 2005, the Commerce Department reported Wednesday. The trade gap hadn't fallen for three consecutive months since early 2003.

The Bush administration hailed the improvement as a sign that its efforts to pry open foreign markets were working. "When we open overseas markets, American companies, consumers and workers benefit," Commerce Secretary Carlos Gutierrez said.

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