Dendreon again misses Provenge estimates

Shares of Dendreon Corp. (NASDAQ:DNDN) slid $0.64 (14%) to $3.95 in early after-hours trading after the company said late on Thursday that it does not expect to meet its previous guidance for year-over-year sales growth of prostate cancer therapy Provenge sipuleucel-T -- the company's sole marketed product. In its 2Q13 earnings, Dendreon said based on enrollment trends in July and August that it doesn't expect to see enough of a sales increase in 2H13 to meet the sales growth target (see BioCentury Extra, Feb. 25).

The company reported 2Q13 net revenues of Provenge of $73.3 million, missing the Street's $75.6 million estimate and down 8% from $80 million in 2Q12. Provenge sales in 2012 were $325.3 million. Additionally, Dendreon said EVP, CFO and Treasurer Gregory Schiffman will depart, effective Dec. 31. Gregory Cox, VP of finance, will become interim CFO, effective Friday. ...