At least 13 biotechs and pharmas reported earnings last week. While not yet profitable, Dendreon Corp. (NASDAQ:DNDN) lost a fifth of its valuation, or $335 million, after it did not raise its sales outlook for Provenge sipuleucel-T despite reporting 1Q12 sales for the prostate cancer therapy that beat both the Street's and the company's expectations. The company said it expects low single-digit sequential revenue growth in 2Q12, in line with what it had previously guided for the 1Q12 over 4Q11 growth. Santarus Inc. (NASDAQ:SNTS), which markets diabetes drug Glumetza extended-release metformin tablets, gained 12% on the week after beating the Street's EPS and revenue estimates. (A) 4Q earnings; Mcap in $M

Company

1Q12 EPS est

1Q12 EPS actual

Outcome

Growth from 1Q11

5/11 cls

Wk chg

% chg

Mcap chg

5/11 Mcap

Astellas Pharma Inc. (Tokyo:4503)

NA

NA

NA

NA

¥3190

-¥120

-4%

-$701.9

$18,660.1

Astellas, which did not report results for the fiscal 4Q ending March 31, 2012, reported EPS for the fiscal year of ¥169.38, up 16% from the prior year. Sales for the fiscal year ending March 31, 2012 increased 2% to ¥969.4B ($11.7B) from ¥953.9B in 1Q11, and included a ¥24.1B ($290M) benefit for foreign currency exchange. R&D expense fell 13% to ¥189.8B ($2.3B) mainly due to a decline in upfront and milestone payments associated with in-licensing. Sales of immunosuppressant Prograf tacrolimus declined 5% to ¥154.8B ($1.9B) due to generic competition in the U.S., while sales of overactive bladder drug Vesicare solifenacin succinate grew 12% to ¥97.2B ($1.2B). The company expects net sales for the fiscal year ending March 31, 2013 to be ¥972B ($11.8B).

Daiichi Sankyo Co. Ltd. (Tokyo:4568; Osaka:4568)

NA

NA

NA

NA

¥1308

-¥47

-3%

-$416.5

$11,592.3