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Financial Report: Dendreon

Provenge adds 61 new accounts in the quarter

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By: Tim Wright

Editor-in-Chief, Contract Pharma

Financial Report: Dendreon
 
4Q Revenues: $85.5 million (revenue was $202.1 million 4Q11)

4Q Loss: $38.7 million (earnings were $38.1 million 4Q11)

FY Revenues: $325.3 million (-5%)

FY Loss: $393.6 million (loss of $337.8 million FY11)

Comments: Urology accounts grew 25% in the quarter and oncology accounts grew 4%. PROVENGE added 61 new accounts, bringing the total number of infusing accounts to 802. The company sold interest in the Morris Plains, NJ facility to Novartis for $43 million in the quarter. Restructuring, contract termination and asset impairment charges were $36.3 million in the quarter. The company expects to reduce cost of goods sold to below 50% of product revenue in 3Q13.

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