logo
Share SHARE
FONT-SIZE Plus   Neg

Dendreon Loss Narrows, But Shares Plunge On Revenue Miss

Shares of Dendreon Corp. (DNDN) slipped 10 percent on the Nasdaq, after revenues for the first quarter fell short of Wall Street expectations. Nevertheless, the biotechnology company's loss for the quarter narrowed from a year ago, helped mainly by lower expenses.

Seattle, Washington-based Dendreon's revenues dropped 17.6 percent to $67.6 million from $82.1 million last year. Analysts polled by Thomson Reuters expected revenues of $80.15 million for the quarter.

Sales of Dendreon's only product, Provenge-- a drug indicated in the treatment of prostate cancer, has been hit due to competition from other new prostate cancer drugs as well as waning interest from physicians.

Provenge was approved by the U.S. Food and Drug Administration in April 2010. It was the world's first autologous cellular immunotherapy for the treatment of prostate cancer.

Nonetheless, lower operating costs helped the company narrow its loss. Operating costs dropped to $126.2 million from $172.6 million last year. Selling, general and administrative declined to $62.4 million from $95.3 million a year ago.

Dendreon's first-quarter loss narrowed to $72.0 million or $0.48 per share from $103.9 million or $0.70 per share last year. Analysts expected a loss of $0.48 per share for the quarter. Analysts' estimates typically exclude special items.

DNDN is currently trading at $4.23, down $0.51 or 10.76%, on a volume of 11.5 million shares.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Low-cost airline Allegiant Air announced its order for brand-new aircraft for the first time in its history. The carrier announced on Friday it had reached a deal to purchase 12 current-generation models of Airbus' A320 narrow-body jets. The company termed the deal as "another step towards Allegiant's... Los Angeles City officials have filed criminal charges against Soylent CEO Robert Rhinehart for placing a bright red shipping container on Montecito Heights hillside as part of his "experiment in sustainable living." City Attorney Mike Feuer Friday announced that his office has filed multiple criminal... A new study says that if Hillary Clinton is elected then her proposals will strengthen the U.S. economy and create millions of jobs. According to Moody's Analytics, Hillary Clinton's economic proposal would oversee a "somewhat stronger U.S. economy." The conclusion was reached after assessing her...
comments powered by Disqus
Follow RTT