Dendreon gains on stabilizing Provenge sales

Dendreon Corp. (NASDAQ:DNDN) jumped $0.62 (16%) to $4.47 on Friday after reporting 3Q12 sales for prostate cancer drug Provenge sipuleucel-T of $77.9 million, up 27% from 3Q11. Provenge sales missed the Street's estimate of $80.7 million, but fell only 3% from 2Q12. Provenge is Dendreon's sole marketed product. On a conference call to discuss its earnings, Dendreon said there was a "positive reversal of trend" in community oncology accounts, which had revenues that were "relatively flat on a sequential basis" from 2Q12. In the second quarter, Dendreon reported an 8% decrease from 1Q12 in revenues from community oncologists, which represents 66% of Dendreon's Provenge revenues. The company said it expects Provenge sales to grow but declined to provide revenue guidance.

Dendreon reported a 3Q12 GAAP loss per share of $1.04, wider than the Street's estimate of a loss per share of $0.86. The company reported a non-GAAP loss per share for the quarter of $0.33, excluding $81 million in restructuring expenses. Loss per share in the prior year's quarter was $1 on a GAAP basis and $0.56 on a non-GAAP basis. ...