Biotech Firms Struggle as They Grow
NEW YORK (CNNMoney.com) -- Stalled sales, failed drug experiments and an SEC inquiry are among the problems nagging at Amgen and Genentech as the world's two biggest biotech companies get set to report first-quarter earnings.
Genentech (down $0.76 to $82.64, Charts), the No. 2 biotech measured by sales, is set to announce earnings on Wednesday. But the South San Francisco, Calif.-based company dampened investor enthusiasm on March 23, when it announced that first-quarter U.S. sales would be flat compared to the previous quarter.