Genentech has reported higher than expected quarterly sales of its cancer drug Avastin, driving profits up 5 percent in the second quarter. The performance was just short of street expectations however, the 15 percent rise in Avastin sales helped drive the company stock up $5 by the end of the trade day.
The drug, used in colon and breast cancer treatment, attacks cancer cells by interrupting blood supply to the cells. Industry watchers have questioned the value of Avastin noting a one year treatment plan can cost upwards of $100,000. Critics point out that the present health care system rewards illness and the real solution to cost control is keeping patients healthy.