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Dendreon Announces Preliminary Fourth Quarter 2013 Revenues

Stocks in this article: DNDN

Dendreon Corporation (NASDAQ: DNDN) today announced preliminary revenues for the fourth quarter ended December 31, 2013. Net product revenue for the quarter is expected to be approximately $74.8 million, up 10.1% on a sequential basis.

Recent Highlights:

  • Business has continued to strengthen
    • Community oncology grew 19% overall quarter over quarter
    • Community urology grew 2% overall quarter over quarter
    • Community accounts represent 72% of total sales
    • Academic grew 5% quarter over quarter
  • Continued large account growth
    • 100 large accounts in Q4, up from 94 in Q3, 85 in Q2 and 54 in Q1
  • Continued to generate new physician interest in PROVENGE ® (sipuleucel-T)
    • Added 31 net new accounts in Q4
  • Continued progress on restructuring and cost reduction plan to accelerate the path to profitability; continue to expect net benefits to begin to be realized as early as Q1 2014
  • Advancing automation efforts
    • Recently conducted a constructive meeting with the FDA regarding automation of the PROVENGE manufacturing process; Agency expressed its support for this effort
  • Cash on hand of approximately $199 million as of December 31, 2013
  • Continue to develop clinical data in the active cellular immunotherapy space
  • Plans to present data from ongoing immuno-oncology trials, which further elucidate the product potency and mechanism of PROVENGE, and surrounding investigational compound DN24-02, at ASCO-GU later this month

“Our preliminary fourth quarter results were driven by strong growth in our oncology accounts as well as improvements in urology and academic accounts,” said John H. Johnson, chairman, president and chief executive officer of Dendreon. “The DTC campaign is achieving expectations and we continue to experience growth in large accounts, where we see the greatest opportunity. With the increasing amount of data surrounding PROVENGE coming to the marketplace along with a broader understanding of immunotherapy in cancer, we continue to see our KOL support strengthening.”

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