Breaking News
FONT-SIZE Plus   Neg
Share SHARE

Dendreon Q1 Loss Narrows, But Shares Fall

Biotechnology company Dendreon Corp. (DNDN: Quote) on Monday reported a narrower loss for the first quarter, helped by a significant year-over-year increase in the sales of its prostate cancer vaccine Provenge.

The shares fell 10 percent in Monday's extended trade, as the company said in a conference call it expects only a modest sequential growth for Provenge in the second quarter.

Loss for the quarter narrowed to $103.91 million or $0.70 per share from $112.81 million or $0.78 per share in the prior-year period.

Excluding $17 million in cash and non-cash severance expenses, the company had a net loss of $87.1 million or $0.59 per share.

Excluding expenses such as for depreciation and amortization, severance, non-cash stock-based compensation expense, loss stood at $50.95 million or $0.35 per share, compared to $86.52 million or $0.59 per share last year.

On average, 19 analysts polled by Thomson Reuters expected the company to report a loss of $0.63 per share for the first-quarter. Analysts' estimates typically exclude special items.

First-quarter revenues surged to $82.1 million from $27.0 million last year. Analysts expected revenues of $81.23 million for the quarter.

Sales of Provenge climbed to $82 million from $27 million, but the sales growth was a modest 6.5 percent on a quarter-over-quarter basis.

John Johnson, president and CEO, said, "Dendreon continues to make significant progress in establishing PROVENGE as the foundation of care for men with advanced prostate cancer. We are pleased to have exceeded our guidance of low single digit quarter-over-quarter growth and the progress we have made in strengthening our commercial organization."

Operating expenses for the quarter increased sharply from last year owing to higher cost of product revenue.

In its earnings conference call, the company reiterated its guidance of modest quarter-over-quarter growth for the remainder of 2012.

DNDN closed on Monday higher by $0.36 or 3.18 percent at $11.69. The stock fell 10.2 percent in the extended trade and was at $10.50.

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
Stocks moved notably higher over the course of the trading day on Friday after initially showing a lack of direction. The gains on the day extended the recent upward trend by the markets, with the tech-heavy Nasdaq reaching its best closing level in almost a month. Looking to capitalize on news of an Ebola diagnosis in New York City, Republican Senate candidate Scott Brown issued a statement Friday criticizing his Democratic opponent Sen. Jeanne Shaheen, D-N.H., for "waffling" on a travel ban. In another troubling sign for Democrats, the results of a Gallup poll released on Friday show that Tea Party Republicans are much more motivated to vote in the upcoming midterm elections than other Americans. The poll found that 73 percent of Tea Party Republicans are "extremely" or "very" motivated to vote in this year's elections.
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.