Breaking News
FONT-SIZE Plus   Neg
Share SHARE
mail  E-MAIL

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

RELATED NEWS
Trade DNDN now with 
2/27/2012 11:49 AM ET

Dendreon Corp. (DNDN: Quote) 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.

Register
To receive FREE breaking news email alerts for Dendreon Corp. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Justin Moore has been named Humanitarian of the Year by by the Armed Forces Foundation. Moore received the award alongside Big Machine Label Group President/CEO Scott Borchetta for their service and commitment to the morale and welfare of military families through the Crown Royal "Your Hero's Name Here" contest. International Business Machines Corp. said Wednesday after the markets closed that its first quarter profit fell 21% from last year, hurt by lower revenue as well as a hefty workforce rebalancing charge. The company's quarterly earnings per share, excluding items, came in line with analysts' expectations, but its quarterly revenue fell short of analysts' forecast. Stocks moved sharply higher over the course of the trading day on Wednesday, further offsetting the steep losses posted late last week. The markets benefited from a positive reaction to the latest earnings news as well as remarks by Federal Reserve Chairman Janet Yellen. The major averages saw further upside going into the close, ending the session at their best levels of the day.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.