Genentech Inc. reported a 43% drop in...

Genentech Inc. reported a 43% drop in third-quarter profit and credited the decline to its continued investment in research and development.

The biotechnology company earned $7.7 million, or 7 cents a share, for the July-September period, compared to $13.5 million, or 12 cents a share, for the same three months of last year. Revenue rose 2% to $137.3 million from $135 million.