FONT-SIZE Plus   Neg

Dendreon Swings To Profit, Revenue Misses; Shares Plunge 18%

Dendreon Corp. (DNDN) Monday posted a profit for the fourth quarter, helped mainly by a gain from sale of interest in Victrelis royalty. However,revenues for the quarter fell short of analysts' estimates, sending the company's shares down over 18 percent.

Dendreon's results for the fourth quarter were boosted by the $125 million payment received on the sale of Victrelis royalty interest. Victrelis is approved for the treatment for chronic hepatitis C.

Revenues for the quarter surged to $202.15 million from $25 million last year. Meanwhile, product revenues, which exclude royalty and other revenues, grew to $77 million from $25 million last year, but fell short of analysts' estimate of $120.80 million.

The Seattle, Washington-based Dendreon's profit for the quarter was $38.1 million or $0.26 per share compared to loss of $91.83 million or $0.64 per share last year. On an adjusted basis, net income was $0.45 per share compared to loss of $0.50 per share last year.

On average, 21 analysts polled by Thomson Reuters expected the company to report loss of $0.23 per share. Analysts' estimates typically exclude special items.

DNDN is currently trading on the Nasdaq at $12.21, down $2.71 or 17.24%. Trading volume for the day is 24 million shares, above the three-month average volume of 9 million.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Germany's Deutsche Bank AG reported Thursday a profit in its third quarter, compared to loss a year ago. Last year, the company had registered a hefty 5.8 billion euros impairment charge related to Hua Xia Bank Co. Revenues also were higher in the quarter. Shares of Nokia Corp. were losing around 8 percent in the early morning trading after the Finnish network equipment maker reported a loss in its third quarter, compared to a profit last year. The results reflected costs related to Alcatel-Lucent deal. The company also said its Chief Financial Officer Timo Ihamuotila resigned to join Swiss engineering firm ABB Ltd. as CFO. Electric car maker Tesla Motors Inc. (TSLA), Wednesday reported a profit for the third quarter beating Wall Street estimates by a large margin, driven primarily by record production and deliveries. Shares of the company gained over 5 percent in extended hours after the company reaffirmed its delivery...
comments powered by Disqus
Follow RTT