One of the problems with being a rapidly growing company, such as biotechnology company Genentech (NYSE: DNA) over the past couple of years, has been that sooner or later that growth must slow, and that is exactly what we saw when the company posted fourth quarter numbers Monday night.

Sure the company beat analysts' estimates, sure the company posted a 32 percent jump in annual profit, but when you are coming off a year like the company had in 2006, even these numbers fail to impress. Consider that in 2006, the company showed a mind-boggling 74 percent profit growth. For sure, 2006 was a tough act to follow, and almost impossible for the company to compete against.

Looking toward 2008, the company expects to see growth of around 18 percent. Not too shabby, but just not up to par with what investors have come to expect from the nation's largest biotechnology company. Shares of the stock have been trading lower today, and are currently off 2.2 percent at $69.06, and reached a low of $68.11 earlier in the session.

Going into last night's earnings report, analysts had been expecting to see Genentech report earnings of 67 cents a share, which it was able to beat. Actual earnings came in at a reported 69 cents per share, excluding stock-option expenses and other one-time expenses.

What is most troubling for the company was light sales on its four top-selling drugs. We are definitely still looking at a very strong company, but unless Genentech can start to get more blockbuster drugs in testing, it could be a rough year for the stock.

Michael Fowlkes has worked as a stock trader for seven years and spent the last four years working as an analyst for the online investment advisory service Investor's Observer