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I wouldn't commit any more money to Genentech until it's clear how the Xoliar delay affects 2002 and 2003 earnings. There may be more downside to come... let's see what the company gives as its outlook at the earnings announcement tonight.

9:26AM Genentech (DNA) 52.11: -- Update -- Merrill Lynch expects FDA request for additional information to delay launch of Xolair and to impact EPS by $0.03 next year and $0.05 in 2003. Firm expects stock to be weak today but continues to view it as attractive particularly on weakness.

James Millett, pharmaceuticals analyst at Nomura in London, said there had been concerns about Xolair due to side effects but the delay -- which would probably not see the drug reach the market before 2004 -- represented a fresh blow to sentiment.
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