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
U.S. authorities are investigating Yahoo Inc. for not disclosing the two massive data breaches sooner to investors, the Wall Street Journal reported, citing people familiar with the matter. It is expected that such a move could help clarify the timeline for companies to reveal such hacks. HSBC is reportedly laying off about 100 of its senior investment bankers worldwide, as the banking giant strives to curb operating costs. According to reports, the London-headquartered bank will eliminate managing director and director level employees at the Global Banking and Markets division, as... Samsung Electronics Co., Ltd. (SMSN.L, SSNNF.OB, SSNLF.OB) will reportedly blame faulty batteries for last year's Galaxy Note 7 fiasco. According to a Wall Street Journal report, Samsung's investigation of Galaxy Note 7 smartphones found that some batteries were irregularly sized while others had...
comments powered by Disqus
Follow RTT