Wall Street analysts are applauding Dendreon chief execution John Johnson for taking the tough step of cutting 600 jobs and closing one of the company’s manufacturing plants, a change that will allow Dendreon to hit break even when annual sales of its prostate cancer treatment Provenge hit $400 million, 20% less than would have been needed previously. Unfortunately, that’s also 25% more per quarter than the $80 million in sales delivered in the second quarter, which is in turn 2% below what sales were last quarter.
