ARTICLE | Financial News

Dendreon falls on 'soft' January for Provenge

February 28, 2012 2:16 AM UTC

Dendreon Corp. (NADAQ:DNDN) fell $3.05 (21%) to $11.81 on Monday after reporting that January orders for Provenge sipuleucel-T were "soft" and that 1Q12 sales of the prostate cancer therapy are expected to grow in the low single digits over 4Q11. During a conference call to discuss the company's financial results, new CEO John Johnson said end-of-year holiday office closures resulted in fewer new patient enrollments. He added that Provenge sales were higher than expected in December, which he attributed to patients and physicians seeking to complete treatment before year end.

Provenge recorded $77 million in fourth quarter net revenue. Total revenues for the quarter were $202.1 million, including $125 million from its sale of royalties from HCV drug Victrelis boceprevir, which is marketed by Merck & Co. Inc. (NYSE:MRK). For the year, Provenge revenue was $213.5 million. ...