What? No deal between Roche and Genentech? Unlikely, despite the veil of silence surrounding the transaction, according to Wall Street analysts, who are pontificating today after seeing Genentech’s robust earnings report. Consider this: Avastin sales were up 18 percent to $704 million; Rituxan sales rose 15 percent to $655 million and Herceptin sales increased 15 percent to $368 million.

“While management refused to discuss the Roche situation, we believe a deal is inevitable, and that an agreement would be facilitated by a recovery in the credit markets,” writes Cowen biotech analyst Eric Schmidt in an investor note this morning.

“Although we are frustrated by the lack of communication from Roche/Genentech regarding a full business combination, we believe there is growing realization that a deal is inevitable (signals include employee retention contracts, joint business development deals, legal disclaimers) and that the only major barrier is Roche’s ability to gain financing. Assuming normalization in the credit markets, we think a deal in the $90+/share range is likely.”

Roche, by the way, is offering $89, which Genentech wants raised. Meanwhile, Genentech plans to spend as much as $371 million on retention bonuses (back story).