Wall Street was cheering Genentech's high-priced roster of biotech meds, bidding up the biotech giant's stock price after it announced a whopping 73 percent increase in quarterly profits. Operating revenue jumped 35 percent to $1.5 billion for the three months ended June 30. Genentech Chairman and CEO Arthur Levinson told analysts that the company is in an "exciting phase of transformation and growth," with a string of positive clinical trials behind it and a slate of nine FDA applications ahead.
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