Dendreon Corporation Earnings: Provenge Falls a Hair Short of Expectations

Dendreon Corporation (NASDAQ:DNDN) reported reported Provenge sales of $28.1 million in the first quarter, short of the consensus estimate for $29 million. Dendreon Corporation discovers and develops immunologically based therapeutic products for the treatment of cancer.

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Dendreon Corporation Earnings Cheat Sheet for the First Quarter

Results: The number of accounts infusing PROVENGE as of March 31, 2011 increased from approximately 50 to approximately 135 and the company is on track to meet their goal of 225 sites infusing PROVENGE by the end of Q2. Dendreon supplied an outlook of 2011 Provenge sales in the range of $350 million to $400 million.

Dendreon lost $111.8 million, or 77 cents a share in the March quarter versus a net loss of $125.7 million, or 96 cents, last year.

Revenue: Revenue for the quarter ended March 31, 2011 was $28.1 million compared to $21,000 for the quarter ended March 31, 2010.

Key Stats:

Dendreon continues to expect revenue this year of between $350-400 million with approximately half of that anticipated in the fourth quarter.

As of March 31, 2011, Dendreon had approximately $779.0 million in cash, cash equivalents, and short-term and long-term investments compared to $277.3 million as of December 31, 2010.

Competitors to Watch: Novartis AG (NYSE:NVS), SuperGen, Inc. (NASDAQ:SUPG), Pfizer Inc. (NYSE:PFE), GlaxoSmithKline plc (NYSE:GSK), Bristol Myers Squibb Co. (NYSE:BMY), Genzyme Corporation (NASDAQ:GENZ), Cell Therapeutics, Inc. (NASDAQ:CTIC), Merck & Co., Inc. (NYSE:MRK), Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI), and Sanofi-Aventis SA (NYSE:SNY).

Stock Performance: Shares of DNDN are down 0.96% in after hours trading.

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