"I think people were looking for something more aggressive than this," said Christopher Raymond, an analyst for Robert W Baird. Genentech, which is majority owned by the Swiss drug maker Roche Holding AG, said it expects to achieve a compound annual earnings-per-share growth rate excluding items of at least 25 percent through 2010. The company expects to reach a goal of generating cumulative free cash flow of $12 billion between January 2006 through 2010, finance chief David Ebersman told analysts and investors at an annual meeting at a New York hotel.