Genentech's Avastin, which is a new type of cancer drug that helps starve tumors by cutting off their blood supply, lead to strong sales. U.S. sales advanced to $245.7 million. Though at present approved only for early treatment of colon cancer, Avastin has already demonstrated effectiveness against lung and breast tumors in clinical trials.

Genentech’s older breast-cancer drug called Herceptin rose 29% in the U.S. to $152.4 million versus $118 million last year.

Genentech's net income surged 73% to $296.2 million, or 27 cents a share, versus $170.8 million, or 16 cents a share, last year. Revenue climbed 35% to $1.53 billion.

In its accounting, Genentech exclude recurring charges related to the 1999 redemption of its shares by majority owner Roche Holding AG and some litigation-related expenses as well and expects its per-share earnings to grow more than 35% in 2005, vs. a previous target of more than 30% growth.

Saab said net income for the first half of the fiscal year declined to SEK386 million ($49.7 million) versus SEK519 million meeting previous estimates. Sales advanced to SEK8.43 billion versus SEK8.37 billion last year. The Swedish engine maker said it plans to take a provision of SEK250 million in 2Q on to delays for missile systems for 18 helicopters for Swedish defence department. The company also added appropriations for Swedish defence are likely to drop in next years. 62% of orders were attributable to foreign markets. Saab expects 2005 sales growth at above 8%, with organic sales climbing by nearly 5%.

Infosys Technologies (INFY: chart) said first-quarter earnings per share grew to 45 cents a share versus 31 cents, with revenue advancing 42.1% to $476 million. Analysts estimated 43 cents per share earnings on revenue of $463 million. The Indian software and consulting giant boosted its forecast and now sees second-quarter earnings per share at between 46 cents and 47 cents a share and fiscal year earnings per share between $1.96 and $1.99, on 2Q revenue between $506 million and $509 million and fiscal year revenue between $2.06 billion and $2.08 billion. Analysts expect 2Q earnings of 46 cents a share on $504 million in sales, and fiscal year earnings of $1.97 on revenue of $2.13 billion.

Alcatel SA (ALA: chart) said revenue in the second quarter jumped 8% to 3.14 billion euro on strong momentum in IP routing and optical transmission and mobile communications. The operating margin was slightly above 8% of revenue. The French telecom equipment maker said earnings were 0.13 euro a share, or 16 cents per U.S. share, including a positive effect from tax income and a one-time capital gain. Analysts expect 14 cents earnings per share for the quarter.

French cosmetics group L'Oreal SA on Tuesday said strong 2Q financial results and a healthier currency situation made it to forecast a significant improvement in 2005 results. L'Oreal said 2Q climbed 5.4% to 3.62 billion euro on strong growth in North America and a return to growth in Western Europe. Comparable sales advanced 5.1%. Sales for the first half increased 3.5% to 7.16 billion euro, vs. the 7.09 billion euro expected by analysts. Currency fluctuations had a positive effect of 0.2% on the quarter, vs. a negative impact of 1.6% in 1Q. The company sees sales growth to increase for the rest of the fiscal year. L'Oreal also added if the strengthening of the main currencies vs. the euro is maintained, exchange rates should have a slightly positive impact on 2005 sales.

Man Group PLC (EMG: chart) said Tuesday that it backs its fiscal 2006 target. First-quarter funds under manangement climbed to $43.5 billion at July 12, versus $43 billion at the end of March, while overall investment performance was positive. Sales in the quarter to June 30 were $1.6 billion.