Dendreon Corporation Stock Battered by Weak Sales Forecast for Provenge
Published: Feb 28, 2012
CEO John Johnson said fourth-quarter sales were better than expected, but added that their strength came from some patients starting treatment in December instead of January. That will hurt the first-quarter results. Shares of Dendreon tumbled Monday after the Seattle biotechnology company forecast disappointing first-quarter sales of its prostate-cancer therapy Provenge. Dendreon reported fourth-quarter results Monday, saying it earned $38.1 million, or 26 cents a share, in the December quarter. A year earlier, it had lost $91.8 million, or 64 cents a share. Revenue climbed to $202.1 million from $25 million, as Provenge sales totaled $77 million.