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Dendreon Announces Fourth Quarter And 2013 Year End Results

Dendreon Corporation (NASDAQ:DNDN) today reported results for the fourth quarter and full year ended December 31, 2013. Net product revenue for the year ended December 31, 2013 was $283.7 million compared to $325.3 million for the year ended December 31, 2012. Net product revenue for the fourth quarter ended December 31, 2013 was $74.8 million compared to $81.6 million on a pro-forma basis for the fourth quarter ended December 31, 2012, which excludes a $3.8 million favorable adjustment to the Company’s chargebacks reserve due to a change in estimate.

Net loss for the year ended December 31, 2013 was $296.8 million, or $1.95 per share, compared to $393.6 million or $2.65 per share for the year ended December 31, 2012.

As of December 31, 2013, Dendreon had approximately $199.4 million in cash, cash equivalents, and short-term and long-term investments, compared to $429.8 million as of December 31, 2012.

“During the fourth quarter, our 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. “To bolster our efforts to improve the top line, we have a new commercial model in place and have identified additional efforts to further improve commercial effectiveness. Profitability remains our key goal, and we successfully reduced our costs of goods sold on a pro-forma basis to 51% in the fourth quarter. We are also making progress with regard to global expansion and will be making PROVENGE commercially available in Europe through a cost-effective Centers of Excellence approach, beginning with Germany and the United Kingdom. Our favorable label in Europe will allow for early positioning and strong messaging for our reimbursement dossiers, and we look forward to making PROVENGE available to oncologists and urologists and their patients within the approved label in this important market.”

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