This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Dendreon: Provenge Sales, Guidance Fall Short

SEATTLE ( TheStreet) -- Dendreon (DNDN) reported third quarter Provenge sales of $20.2 million and forecast 2011 sales that are short of Wall Street's consensus estimates.

Provenge, a prostate cancer immunotherapy, was launched in May but sales are constrained because Dendreon is operating a single manufacturing plant at less than full capacity and still building two others. Dendreon has told investors that about 2,000 patients would be treated with Provenge in the first 12 months of the launch and that manufacturing would reach full capacity in the middle of 2011.

Dendreon said Wednesday it expects 2011 revenue in the range of $350 million to $400 million, with half of that to be generated in the fourth quarter.

The new guidance is below the Street's current consensus revenue estimate of $402 million, which suggests either analysts are over-reaching or Dendreon is being conservative.

The $20.2 million in Provenge sales for the third quarter fell about $4 million short of expectations, although monthly sales grew each month during the quarter and in October, Provenge sales were $9.5 million, the company said.

Doctors have written about 1,000 prescriptions for Provenge since the drug was launched, the company added. That's double the number of Provenge prescriptions reported by Dendreon on its second-quarter conference call.

"We’re pleased with the progress we have made in the first six months of the launch of Provenge," said Dendreon CEO Mitch Gold, in a statement.

For the September quarter, Dendreon reported a net loss of $79.3 million, or 56 cents a share, which includes a charge for a litigation settlement equal to 9 cents a share. In the prior September quarter, Dendreon lost $45.6 million, or 40 cents a share.

Dendreon shares closed Wednesday at $38.59 but were down 5% to $37 in the after-hours session.

--Written by Adam Feuerstein in Boston.



>To contact the writer of this article, click here: Adam Feuerstein.

>To follow the writer on Twitter, go to http://twitter.com/adamfeuerstein.

>To submit a news tip, send an email to: tips@thestreet.com.

Adam Feuerstein writes regularly for TheStreet.com. In keeping with TSC's editorial policy, he doesn't own or short individual stocks, although he owns stock in TheStreet.com. He also doesn't invest in hedge funds or other private investment partnerships. Feuerstein appreciates your feedback; click here to send him an email.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
DNDN $0.06 -6.02%
AAPL $124.75 0.00%
FB $80.78 0.00%
GOOG $524.05 0.00%
TSLA $206.79 0.00%

Markets

DOW 17,826.30 -279.47 -1.54%
S&P 500 2,081.18 -23.81 -1.13%
NASDAQ 4,931.8150 -75.9760 -1.52%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs