Breaking News
FONT-SIZE Plus   Neg
Share SHARE

Dendreon Loss Narrows, But Shares Plunge On Revenue Miss

Shares of Dendreon Corp. (DNDN: Quote) 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.

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
LinkedIn Corp., the world's largest online professional network, said Thursday after the markets closed that its third quarter loss widened slightly from last year, as higher costs and expenses more than offset a 45% increase in revenue. However, the company's quarterly earnings per share, excluding items, came in above analysts' expectations as did its quarterly revenue. After ending the previous session modestly lower, stocks moved mostly higher over the course of the trading day on Thursday. The gains on the day more than offset yesterday's losses, lifting the major averages to their best closing levels in a month. Sen. Lindsey Graham, R-S.C., is seen as a long shot for the Republican presidential nomination in 2016, and his chances may have gotten worse after he was recorded joking about the prospects for "white men" if he were elected president.
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.