logo
Share SHARE
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
Tech giant Apple Inc. has developed a new technology that will prohibit audiences using their iPhones to record concerts. The Cupertino, California-based company has secured a patent in the US for its new technology. The technology uses infrared signals to shut down cameras on audience members' smartphones. The... Snacks giant Mondelez International Inc. (MDLZ) made a takeover bid of $23 billion to acquire chocolate behemoth Hershey Co. (HSY) that would create the world's largest chocolate company. Nevertheless, shares of Hershey jumped over 15 percent after the company revealed that it has rejected the offer. "The... Mortgage rates dropped this week to the lowest level in more than three years hurt by the UK's shocking decision to exit European Union. Releasing the results of its primary mortgage market survey, Freddie Mac said that the 30-year fixed-rate mortgage or FRM averaged 3.48 percent for the week ended...
comments powered by Disqus
Follow RTT