Dendreon falls on 1Q12 results

Dendreon Corp. (NASDAQ:DNDN) fell $2.94 (25%) to $8.75 on Tuesday 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. First quarter Provenge sales were $82 million, slightly above the Street's estimate of $81.2 million and up almost 7% from $77 million in 4Q11. The company was expecting low single-digit growth over the fourth quarter. Despite the results, Dendreon said it expects low single-digit sequential growth in 2Q12 and reiterated its forecast for modest quarter-over-quarter growth for the rest of the year.

Dendreon reported a GAAP loss per share of $0.70, wider than the Street's estimate of a loss per share of $0.63. Excluding $17 million in cash and non-cash severance expenses, Dendreon reported a loss of $0.59 per share. Loss per share in the prior year's quarter was $0.78. ...