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Dendreon Announces Fourth Quarter And 2012 Year End Results

Dendreon Corporation (Nasdaq: DNDN) today reported results for the fourth quarter and full year ended December 31, 2012. Net product revenue for the year ended December 31, 2012 was $325.3 million compared to $213.5 million for the year ended December 31, 2011. Net product revenue for the fourth quarter ended December 31, 2012 was $85.5 million, which includes a $3.8 million favorable adjustment to the Company’s chargebacks reserve due to a change in estimate. On a pro-forma basis, excluding this adjustment, net product revenue for the quarter and year ended December 31, 2012 was $81.6 million and $321.5 million, respectively, up 5% on a sequential quarter over quarter basis and 51% year over year.

Net loss for the year ended December 31, 2012 was $393.6 million, or $2.65 per share, compared to $337.8 million, or $2.31 per share for the year ended December 31, 2011.

As of December 31, 2012, Dendreon had approximately $429.8 million in cash, cash equivalents, and short-term and long-term investments, compared to $617.7 million as of December 31, 2011.

Fourth Quarter Highlights:
  • Continued strong performance in community accounts:
    • Community urology grew 25% overall quarter over quarter
    • Community oncology grew 4% overall quarter over quarter
    • Community accounts represent 71% of total sales, up from 58% in the fourth quarter of 2011
    • Natural shift away from academic, which declined 9% quarter over quarter
  • Continued new physician interest in PROVENGE ® (sipuleucel-T):
    • Added 61 net new accounts in the fourth quarter, bringing total number of infusing accounts to 802
  • Continued improvement in reimbursement landscape for physicians
    • Noridian enhanced its coverage policy for PROVENGE prescribers
    • Reported average time to payment remains less than 30 days for physicians
  • Announced direct-to-consumer advertising campaign
    • Addresses significant need for patient education and awareness
    • National campaign targeted to key markets with efficient media buy of approximately $5 million per quarter
    • First commercial to air early in the second quarter of 2013; will be previewed live on the earnings call
  • Continue making progress with strategic restructuring:
    • Sold interest in Morris Plains, NJ facility to Novartis for $43 million and preserved approximately 100 jobs
    • Expect to reduce cost of goods sold (COGS) to below 50% of net product revenue in the beginning of the third quarter 2013
    • Expect to begin to see net benefits associated with the restructuring initiatives to begin to appear in financial results as early as the first half of 2013, with full benefits realized in the third quarter of 2013
  • Continued focus on expanding clinical data:
    • Data presented at the American Society of Clinical Oncology Genitourinary Cancers Symposium (ASCO-GU) continues to provide important insights into the treatment of advanced prostate cancer with PROVENGE, particularly as it relates to investigational uses of PROVENGE in combination or sequenced with other treatments
    • Actively evaluating partnering strategies for European expansion; continuing to enroll patients in the sipuleucel-T European Union open-label study; expect a mid-2013 regulatory decision in Europe
    • Completed enrollment of PROVENGE and ADT sequencing study; presented initial data at ASCO-GU and expect to present additional data in 2013
    • Completed enrollment of PROVENGE and Zytiga ® (abiraterone) sequencing study; presented initial data at ASCO-GU and expect to present additional data in 2013
    • Initiating an early detection registry, in which men with castrate resistant prostate cancer but without known metastases, will be imaged regularly for evidence of metastatic disease

“We are pleased to have delivered a strong quarter for community sales,” said John H. Johnson, chairman, president and chief executive officer. “Given the need for increased patient awareness and education, we will build on our direct-to-consumer programs with targeted advertising beginning in the second quarter. As we work to drive the top line, we continue to reduce our cost of goods sold and streamline our cost position, and expect to begin to see net benefits of these actions as early as the first half of 2013.”

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