Seeking Alpha
We cover over 5K calls/quarter
Profile| Send Message|
( followers)  

Dendreon Corp. (NASDAQ:DNDN)

Q4 2011 Earnings Call

February 27, 2012 09:00 am ET

Executives

John H. Johnson – President and Chief Executive Officer

Greg Schiffman – Executive Vice President and Chief Financial Officer

Mark Frolich M.D. – Executive Vice President and Chief Medical Officer

Katherine Stueland – Vice President, Corporate Communications and Investor Relations

Analysts

Rachel McMinn – Bank of America Merrill Lynch

Ying Huang, Ph.D. – Barclays Capital

Geoffrey Porges – Bernstein

George Farmer, Ph.D. – Canaccord Adams

Mara Goldstein – Cantor Fitzgerald

Salveen J. Richter – Collins Stewart

Lee Kalowski – Credit Suisse

Robyn Karnauskas, Ph.D. – Deutsche Bank

Sapna Srivastava – Goldman Sachs & Co.

Mark Schoenebaum – ISI

Cory Kasimov – J.P. Morgan

Ryan Martins – Lazard Capital

Howard Liang, Ph.D. – Leerink Swann

Michael J. Yee – RBC Capital Markets Corp.

Ren Benjamin, Ph.D. – Rodman & Renshaw

Marko Kozul, M.D. – ThinkEquity LLC

Katherine Xu – William Blair

David Nierengarten – Wedbush Securities

David Miller – Biotech Stock Research

Brian Hong – Citigroup

Operator

Good afternoon, ladies and gentlemen, and welcome to the fourth quarter and 2011 year-end Dendreon earnings conference call. (Operator instructions) Later we will conduct a question and answer session and instructions on how to participate will be given at that time. (Operator instructions)

As a reminder, today’s conference call is being recorded. Now I would like to turn the conference over to your host, Katherine Stueland. Please go ahead.

Katherine Stueland

Thank you, and good morning, everyone. Joining me today is Mr. John Johnson, President and CEO, Mr. Greg Schiffman, Executive Vice President and Chief Financial Officer, and Dr. Mark Frolich, Executive Vice President and Chief Medical Officer.

Before we begin, I’d like to remind you that during this call we will be making forward-looking statements that are subject to risks and uncertainties that may cause actual results to differ from the results discussed in the forward-looking statements. Reference to these risks and uncertainties is made in today’s press release and they are disclosed in detail in our periodic and current event filings with the U.S. Securities and Exchange Commission.

Now, with that, I will turn the call over to John.

John Johnson

Thank you, Katherine, and thank you all for joining us today. It has now been 27 days since I took the helm at Dendreon and begun the transition with Mitch. Since then, I have spent time meeting with many of our employees at each of our sites across the country, and just as important, I had the opportunity to spend four days with customers at ASCO GU and was impressed with the positive feedback I received from them around the long term potential of PROVENGE.

Based on this experience, I’m encouraged with the potential of PROVENGE to become a foundation of care for men with advanced prostate cancer. While it’s not easy to introduce an entirely new treatment paradigm or an entirely new market, we have made important progress towards establishing PROVENGE as a foundation of care.

What is resonating with physicians are all the unique aspects of PROVENGE – the meaningful survival benefit, the tolerable safety profile, the short duration of therapy and a distinct mechanism of action that sets PROVENGE apart from other therapies, yet at the same time, allows for the use of multiple therapies with these patients. This is particularly important as they are being confronted with an increasing number of treatment options. PROVENGE is being well positioned to be the foundation of care for these men.

It is also fair to say that we’re just beginning to see the benefits of an improved reimbursement environment. Although we know that some customers still have some challenges, especially in the verification of benefits phase, consistent with the past few months, we expect that new customers that we bring online will continue to demonstrate a slow uptake in PROVENGE use as they need a few positive reimbursement experiences before they can steadily increase utilization.

Given all these factors, the single most important area of focus for us right now is new patient enrollments, which includes deeper penetration in existing accounts and positioning PROVENGE appropriately. As I said when I first took the helm, I will be laser-focused on three areas.

Number one, we plan to expand the use of PROVENGE among physicians both in the US and globally, we have clear plans in place for the commercialization of PROVENGE here in the states, and with our European application now validated, we need to begin to enter that market. Number two, we need to execute on our plans to reduce the cost of goods.

Greg will give you an update on those efforts today, but suffice it to say we have a comprehensive effort underway to address this and this is one of my top priorities. And while these two priorities are near-term imperatives, we also need to appropriately advance our pipeline. We need to take the ACI platform and find ways to treat other cancers. I plan to spend some time with Mark and our team assessing how we can maximize these opportunities.

As you’ll hear from Mark, we’re building a pipeline of data for PROVENGE including recent date presented at ASCO GU as well as upcoming medical meetings. Based upon the above priorities, I’ve worked with our executive team to restructure organization to optimize how we execute against these plans. I’m flattening the organization to increase focus in speed decision-making and we will no longer have a chief operating officer.

As of today, the head of commercial operations and the head of manufacturing and technical operations will now report directly to me. This will provide a seat at the table for these functions, which are responsible for our top two priorities and will help us continue to be laser-focused on our execution against these plans.

Looking at the fourth quarter of 2011, we reported net product revenue of approximately $77 million and full year net revenues from PROVENGE of approximately $214 million. As we indicated in January, our December numbers were higher than expected and we believe our customers accelerated some January business into December, probably to the tune of $2 million to $3 million.

As I took a closer look at the fourth quarter, I believe this is a result of certain end-of-the-year factors such as patient deductibles and a desire by customers to have patients treated prior to the January updates in some of the health plans, and also a desire by our patients to have their treatment completed by the holidays. This resulted in the pull through of some of our January sales into December through tighter scheduling of infusions.

As we look at January, given the end of the year holiday office closures, the physicians saw fewer patients and sent in fewer new patient enrollments. This set of factors caused us to enter into the quarter with a softer order book than previous quarters. Based on the schedules thus far, we expected our first quarter will have moderate growth in the low single digits. But, keep in mind, as I mentioned previously, approximately $2 million to $3 million of business was accelerated into December.

Through January and February we have added approximately 80 new sites, which is consistent with our average for last year.

During my first 27 days, I visited each of our manufacturing sites and met with members of our team here in Seattle. I was very impressed with their operations, and most importantly, their commitment to patients and their commitment to lowering cost of goods sold.

Based on these meetings, I am very confident that we will reach the 20% to 30% cost target the company has discussed previously.

And with that, I will hand the call over to Greg.

Greg Schiffman

Thanks, John. Earlier today we reported our financial results for the fourth quarter and full year ended December 31st, 2011. Net product revenue for the quarter ended December 31st, 2011 was approximately $77 million, compared to approximately $61 million for the prior quarter. For the quarter ended December 31st, 2011, we saw approximately $5 million of rebates and charge-backs, consistent with the prior quarter of approximately $4.3 million.

For the fourth quarter, we’ve had a gross to net revenue adjustment of approximately 6%, consistent with the full year gross to net revenue adjustment of approximately 6%. In addition, the company booked $125 million of royalty revenue this quarter related to selling our royalty interest associated with the intellectual property license to Merck for its newly launched product, VICTRELIS for the treatment of hepatitis B. We will not receive any additional payments associated with this royalty arrangement going forward.

Atlanta, our final manufacturing facility, received FDA approval and began commercial operations last quarter, and as such, all of our manufacturing costs are now being recorded to the cost of goods sold line. For the quarter, we had a cost of goods sold of approximately $57 million, and as a percent of product revenue, cost of goods sold was approximately 74%. It is important to note that for the prior nine months of 2011, our cost of goods sold only reflected the cost associated with our approved manufacturing facility.

Labor, facility and other expenses associated with the startup of our manufacturing operations prior to their approval by the FDA to sell commercial products were booked though our SG&A lines as start-up expenses. For the year, we experienced approximately $87 million of startup expenses. If you included the cost associated with all of our manufacturing facilities, including the $87 million of startup costs associated. As those startup costs, our manufacturing costs have consistently been in excess of 100% prior to this quarter.

Taking our Q3 cost of goods of $55 million plus the $15 million of startup costs recorded in our SG&A lines represents approximately 115% in Q3. As we have consistently highlighted in our SEC filings, we are currently utilizing antigen that was expensed as part of our development process for PROVENGE, and as such, is not recorded in our cost of goods sold.

We expect that we will begin to see antigen expenses flow through our cost of goods sold at some point in Q2. This has always been included in our guidance of achieving a cash flow breakeven at approximately $125 million of net revenue in a quarter, or a $500 million net revenue run rate. In addition, expected antigen costs have always been included in our cost of goods sold guidance. We have indicated that we expect to see a cost of goods sold approximating 50% at an annual run rate of approximately $500 million of net revenue. We are still on track to achieve both of these critical benchmarks.

As John indicated, reducing the cost of goods sold line is one of the top two key priorities for the company. There are three factors that will drive our cost of goods sold down over the next couple of years above and beyond the benefits gained by growing our revenues.

First, it’s important to recognize that we’ve had about five months of experience manufacturing PROVENGE in an environment where we’ve had a focus on achieving manufacturing process efficiencies. Prior to that, our focus was on getting our manufacturing sites qualified and approved by the FDA as well as managing a very rapid hiring and training process of employees at these sites.

Over the past five months, the teams at our manufacturing facilities have isolated several areas where we can gain substantial efficiencies in our manufacturing processes. This is consistent with our expectations. It’s important to remember that this type of manufacturing process had never been run in volume by us or any other biotech or pharmaceutical firm.

The process we implemented was very consistent with our low-volume clinical processes, which could not be optimized based upon real volume production constraints. We expect to continue to find areas of leverage in our manufacturing process over the next several years as we gain experience with producing PROVENGE in ever-increasing volumes.

Second, we have been focused on improving our electronic systems in our manufacturing process, and this year we expect to complete the implementation of electronic batch records and electronic interfaces between our test equipment and our laboratory information management systems. This will reduce a tremendous amount of manual paper processes and manual data input that is required today.

Finally, we’ve begun pursuing automation activities over the past year, and based upon the research work that has been done, we expect to implement automation into our testing process next year, and we expect to be able to implement automation activities into our manufacturing processes in 2013.

Through these activities we would expect to see our cost of goods sold move from the 70% range we are at today to approximately 50% when our volumes reach a $500 million net revenue run rate and continue to improve to something between 20% and 30% when we gain all of the benefits of automation in 2014.

Sales, general and administrative expenses were approximately $76 million this quarter, compared to approximately $86 million for the same quarter a year ago. For the full year of 2011, our SG&A expenses were approximately $361 million, compared to approximately $236 million for 2010. These totals include approximately $87 million of manufacturing startup costs for 2011 and approximately $105 million for 2010. There were no startup costs recorded this quarter as all of our manufacturing facilities are now approved and operational.

For 2012 we expect to see SG&A expenses slowly decrease throughout the year exiting at around $70 million in the fourth quarter. The reductions are primarily associated with decreasing charges associated with non-cash deferred compensation. We will incur a substantial charge in Q1 related to contractual severance based obligations. Most of these charges are non-cash expenses related to accelerated vesting of restricted shares and options. We will provide a pro forma financial representation in our Q1 press release to enable quarter-to-quarter comparability and provide a better reflection of our cash-based financial loss as we are focused on moving to a cash flow breakeven analysis.

Research and development expenses for the quarter were approximately $18 million compared with approximately $12 million for the same quarter a year ago. R&D expenses for 2011 were approximately $74 million compared to approximately $76 million for 2010. For 2012 we expect to see total R&D expenses around $100 million. R&D expenses will be higher in the first half of the year and should exit at around $20 million in the fourth quarter.

We have a strong balance sheet with cash, cash equivalents and short- and long-term investments at December 31, 2011 of approximately $618 million, compared to December 31, 2010 of $277 million. For the quarter, the company had a net cash usage of approximately $75 million, excluding the cash received from the sale of the VICTRELIS royalty.

This is approximately $31 million less than the prior quarter net cash usage of approximately $106 million. It is also approximately $31 million less than our average net cash usage for the first three quarters of 2011 of approximately $106 million per quarter, excluding the cash received from the convertible note offering of $607 million.

As you can see, we’ve taken appropriate action to curtail cash usage to ensure that we can finance the commercialization of PROVENGE. We expect to see our net cash usage continue to decrease over time as our revenues increase, achieving a breakeven cash flow at approximately a $500 million net revenue run rate. We believe that we have the resources to get us to a cash flow breakeven position in the US with our current cash on hand.

I will now turn the call over to Mark, who can provide an update on our clinical developments in the US and abroad.

Mark Frolich M.D.

Thanks, Greg. At the January urinary cancer symposium in San Francisco, there were four key presentations. The first provided analyses suggesting that the survival benefit of PROVENGE in the phase three impact trial could have been greater than previously reported, had the trial not included a crossover design.

The other three presentations provided data supporting the mechanism of action of PROVENGE. As you know, the phase three impact trial included a crossover design that allowed patients who are randomized to the control arm and experienced disease progression the opportunity to participate in an open-label phase two protocol to receive a product similar to PROVENGE, but made from frozen precursor cells. 64% of the patients in the control arm elected to receive this investigational treatment, known as APC A215F.

The previously published intensive treat analysis, which is described on our label, did not account for this crossover and demonstrated a 4.1 month improvement in median survival. In this exploratory analysis, a statistical model was used to quantify the overall survival benefit in the impact trial had there been no crossover to APC A215F. Assuming that APC A215F was equally effective as PROVENGE, the analysis estimated the median overall survival benefit in the phase two impact trial to be 7.8 months.

Next, an exploratory analysis of several PROVENGE clinical trials reexamined the product characteristics of PROVENGE comparatively across different stages of disease. The pattern of antigen presenting cell, or APC activation, as measured by F regulation of CD54, was observed across all of the trials with increased APC activation at the second and third PROVENGE treatments relative to the first, consistent with an immunologic prime boost.

The second and third doses of PROVENGE also consistently showed enhanced expression of lymphocyte activation markers and [psydechais]. APC activation was significantly increased in earlier disease states as evidenced by increased cumulative CD54 up regulation in these patient populations.

Previous analyses in the advanced prostate cancer setting have shown a correlation between cumulative CD54 up regulation in overall survival. The clinical significance in earlier disease states requires further investigation.

This analysis indicates that PROVENGE is immunologically active across different stages of prostate cancer and should be studied in earlier stages of disease when patients have less tumor burden and PROVENGE may be more immunologically active.

Finally, there were two presentations on our phase two [NEALAC] study. In this study, we evaluated treatment with PROVENGE prior to radical prostatectomy in patients with localized prostate cancer in which PROVENGE is not yet approved. There was evidence of robust immune activation in the peripheral blood involving antigen presenting cells, B cells and T cells.

Importantly, the investigators also assessed the presence of lymphocytes by immunistic chemistry and radical prostatectomy tissue following treatment with PROVENGE and compared it to prostate biopsy tissue obtained prior to treatments. Results from 19 patients demonstrated significant increases, more than double, in CD3 positive and CD4 positive T cell populations at the tumor rim between the interface of benign and malignant tissue when compared with the pretreatment biopsy specimens.

This represents the first time, to our knowledge, that an in vivo tissue immune response has been demonstrated in humans following treatment with an active immunotherapy. By providing evidence for immune activation at the tumor site, these data contribute to our understanding of PROVENGE’s mechanism of action.

In terms of our ongoing studies, we began enrollment in the PROVENGE abiraterone combination study, which is designed to give physicians greater insights into how these drugs should be sequenced. Given the recent advancements for men with late-stage prostate cancer, this is important because key opinion leaders expect that multiple drug combinations may provide a meaningful benefit to patients.

In addition, enrollment is also well underway for our study examining the sequencing of PROVENGE and managing deprivation therapy in men with a rising PSA after primary therapy, especially important in the urology setting.

As we continue to learn more about PROVENGE, its effectiveness and its mechanisms of action, we are advancing our plans to introduce it globally. We filed our marketing authorization application in the EU at the end of last year and announced it was validated in late January. We anticipate a standard review process with questions at day 120 and a regulatory decision approximately in mid-2013. We continue to work to educate European thought leaders on our data and were pleased to hear positive feedback from many of these physicians this past week at the European Association of Urology in Paris.

With that, I will turn the call over to the operator for the Q&A.

Question-and-Answer Session

Operator

Thank you. (Operator instructions) Our first question comes from Mark Schoenebaum of ISI. Please go ahead.

Mark Schoenebaum – ISI

Hi, guys. Thanks for taking my question. My single question is, and by the way, thanks for the prepared remarks. I found them to be more clear and straightforward than in the past, so thanks for that.

My question is on your comments about being laser-focused on improving the gross margins. When you say that, are you saying you want to improve the gross margins to your guidance of 50% at $500 million of revenue, or are you saying you’d like to find ways to improve gross margins beyond that at $500 million of revenue?

And the same question goes, I think you said, for 20% to 30% at higher revenue levels. Should we still view that as your goal? Do you just want to accelerate that, or could it be better? Thanks.

John Johnson

Thanks, Mark. This is John. I personally would like to beat that, but after reviewing the plans, I’ve been very impressed. I think it was one of the very positive surprises coming in and digging in to see the work that the team has done here. We’re going to stand by the guidance of 50% at $500 million and getting a long-term goal of getting them into the 20% to 30% range. Obviously, we want to try to beat that, but I’m very confident that we’ll hit those targets.

Mark Schoenebaum – ISI

Thanks.

Operator

Our next question comes from Cory Kasimov of J.P. Morgan. Please go ahead.

Cory Kasimov – J.P. Morgan

Hi. Good morning, guys. Thanks for taking the question. Mine is on the first quarter sales trends for PROVENGE, and I realize that January was relatively light given the year-end dynamics you discussed, but can you talk a little bit more about trends within the quarter?

Are you seeing an acceleration in orders and sales through February and March, and maybe this growth -- is the growth within the quarter being driven by increasing same-store sales, so to speak, or by bringing on new accounts? Thanks.

John Johnson

Thanks, Cory. As I mentioned in my prepared remarks, the order book for January was soft. We have seen it accelerate through the quarter. We have added 80 sites through January and up to today in February, so for us that’s pretty consistent with the overall run rate of last year, so it’s coming from both.

New account acquisition is clearly driving it. What’s going to be part of my digging in here over the next couple of months is it’s not only account acquisition, but making sure we’re getting the right accounts that we’re acquiring and we’re not chasing smaller accounts and not driving utilization in the larger ones.

So you’ll probably see a little bit more in my comments going forward about penetration into some of the larger accounts. We hope to give you an update, give you some more color on that on our next quarter call.

Operator

Our next question comes from Michael Yee of RBC Capital Markets. Please go ahead.

Michael J. Yee – RBC Capital Markets

Quick question, when patients come on, when new sites come on, how are you thinking about the rate upon how these patients are treated? Do they treat one per month, one per quarter? How are you thinking about it and what type of sites are you adding including LUGPAs this year?

Mark Frolich M.D.

Okay, so maybe let me take the first piece and then let John. I think we’ve had discussions in the past as we’ve been bringing new sites up. There, typically, we’ve seen them put on an average of essentially -- it’s about a half a patient a month is what we’ve been running.

It’s putting a patient on, treating them, going through the reimbursement cycles. It’s about 30 days for treatment, 30 days for reimbursement, then they start putting their next patient on, so if I looked at a broad base, that’s what we’ve been seeing as sort of a sustained or a run rate, historically.

With regards to where we’re going as we’re looking at bringing accounts on board longer term, I’ll turn that over to John.

John Johnson

Yes, I think there’s a couple things. First of all, we’re probably in roughly half of the LUGPA accounts right now. That’s what we estimate, and if you recall, overall for us, our message is really around increased screening, getting people to screen earlier. Patient identification is really important to get increased utilization in these accounts, making sure everyone’s aware of the changes in reimbursement, and also, importantly, all the reimbursement services that are available for patients. I think we can do a better job there.

And then the urology piece was clearly part of our focus. We bifurcated our message, we added some urology account specialists, and so you should see an increased focus there and we’ll give you an update on how the utilization is going in coming quarters, but urology remains an important part of the future and that was an important part of what Mitch and Greg shared with you guys at J.P. Morgan earlier this year.

Michael J. Yee – RBC Capital Markets

Can I ask one follow up to this? It’s the same type of question. So, if I took the number of sites that you had on at the end of ’11 and I took the number of total sites at the end of ’12, do you think that the number of patients per site is higher at the end of ‘12?

John Johnson

I’m glad you asked that question because same-store sales here is somewhat complicated and it’s not as easy as just saying, “Well, you have a number of accounts,” and dividing it by sales, and let me give you some color on that.

First of all, up front, let me say I believe we can do better and we have to focus on doing better in penetrating existing accounts, so up front, flat out, we have to do better there. We know a lot of people come on board, they put some patients on, they want to make sure they’re reimbursed, they want to make sure their experience is good.

That’s not unusual, but I think we need to focus more now on driving patient identification in those existing accounts and making sure they understand that the reimbursement dynamic, so number one, we need to do a better job there.

But, remember when you do the math on same-store sales, and we’ll try to give you more color in the future, you have a couple of dynamics. The way that Dendreon has defined sites that comes on doesn’t necessarily mean that that’s a distinct practice.

For example, if XYZ Cancer Center is in one city and their home office comes on, that’s a site. If they were giving referrals to treat PROVENGE into that main practice site, and then they added at their satellite site the ability to infuse there, we would add that as an account per what you’ve been given in terms of metrics. So the patients that otherwise might have had to drive 30 minutes to the main site are now treated at their satellite site.

So we really, within that overall practice, our same-store sales may actually be better than what you would look if you just did the math, but because it’s divided by the satellite sites.

Beyond that, I think it’s also important to note that we have seen a dynamic in some cities where you had one site and then multiple sites came on board, so let me give you some more color on that. There’s one city in the United States that has about 400,000 people in it. The population’s about 400,000. We used to have one site. That site had very good run rate for us. We saw that run rate decline.

We went and looked at it. That city went from one site to six sites and some of the people that had been referring to the main site had, in fact, begun treating themselves, so there’s a little bit of a dynamic where we have to look more at MSAs and what’s happening within a given MSA, as well as what’s happening in an overall practice and looking at the satellite pieces.

All of that said, let me be very clear, we have to do a better job once people have gone through the trial phase of increasing utilization.

Michael J. Yee – RBC Capital Markets

Okay, thanks for the clarification.

Operator

Our next question comes from Brian Hong of Citigroup. Please go ahead.

Brian Hong – Citigroup

Great. Thanks so much. It’s (inaudible) and Brian from Citigroup. So, just kind of a quick question, if you don’t mind, as a follow up. What do you know about whether these practices actually have enough balance sheet to essentially front run the cost of PROVENGE, and is that an issue at all as they want to go, let’s say, from three, four, five patients to 10, 15 patients?

John Johnson

I think it’s -- we’ve talked quite a few times about the fact that we do provide a financing for these centers. It’s actually managed through third parties and we give 120 day payment terms, and I think on average now we’re seeing reimbursement happen at about 30 days, so the cash flow has not been a large constraint that we’ve seen with the sites.

The concern has been around the contingent liability, and what I mean by that is the fact that before they typically get reimbursed for their first infusion, they fully treated the patient, and if they do not get reimbursed for that individual patient, they are now out the $93,000 because they do have to pay that back.

That’s been the angst that we’ve had around the reimbursement and the piece that we’ve discussed. I think what we’ve indicated is that the sites, on average, four to six sort of positive experiences is what we believe is going to cause people to get very comfortable. They now have seen it working. It’s what we’ve been told by a lot of the docs and at that stage, I don’t think the cash flow is an issue. It’s just getting very comfortable that they do routinely get paid, and paid in a prompt fashion.

Everything seems to be working with reimbursement. I think we’re getting positive feedback, but it’s been fairly recent that all of this has been working smoothly.

Brian Hong – Citigroup

So when you say -- the challenge now is to essentially diagnose patients earlier, what is that going to entail? Is it essentially getting the practice to -- is it a question of thinking about PROVENGE for the practice? For the patients, or is a question of maybe having the patients coming in more frequently to essentially follow their PSA or get scanned?

Mark Frolich M.D.

This is Mark. I think it’s both of those. They’re historically, I think, particularly evolved because there weren’t new treatment options available for these patients. There really wasn’t any imperative to identify them earlier. Now that there are new treatment options like PROVENGE, there is an imperative to identify these patients, and so it’s really part of the education process that needs to happen for all physicians.

And if you look at the guidelines, unfortunately there’s not a lot of guidance out there for physicians about when to start treating patients and at what PSA level, so I think historically, urologists felt like if the PSA was above 10 or 20 they didn’t need to screen these patients, and now on the castrate resistance patient setting, more than 50% of the patients will have metastatic disease at a PSA of less than 10.

John Johnson

I think one thing you’ll also see with the competitive dynamic, and also with Amgen’s efforts in this space is that there’ll be multiple companies really educating on the need to screen earlier and I think that’ll grow the market, and given the fact that we believe that these patients will see multiple agents and will see combinations of products, we think this will be a long-term positive for this market.

Brian Hong – Citigroup

Great thank you.

Operator

Our next question comes from Rachel McMinn of Bank of America. Please go ahead.

Rachel McMinn – Bank of America Merrill Lynch

Thanks very much. I wanted to get a little bit better sense of seasonality in the fourth quarter. I’m just trying to understand why this quarter patients seem to be hurrying up to get their infusions done while in the prior fourth quarter they were kind of waiting and didn’t dose in front of the holidays.

And then, just in terms of your guidance for the first quarter, it seems like if we back out the $2 million to $3 million that was boosted in the fourth quarter, your guidance is really for kind of mid- to single-digit quarter-over-quarter growth, which is really about $5.5 million in sales increase, where you had been saying more like a $10 million sequential increase, so just trying to understand why the actual base of new sales coming in is -- that you’re looking for in 1Q is just so much lower than what you see in the past two quarters. Thanks.

John Johnson

Sure, so let me address that. I think in the fourth quarter you saw a couple things. I think number one, overall, we did a better job internally in terms of scheduling and getting the patients through the system more efficiently.

We also saw our customers, though, really try to schedule the patients especially November, December time frame, to get those patients completed before Christmas. And with that, you saw a much tighter scheduling, and I’m not going to go into the very specific details, but you would see in some cases, the treatment being extended out over several months. You saw that really get a lot tighter in the fourth quarter, and especially inside of December.

That is due, (a) to getting it done before the holidays, which is, of course, anecdotal, but then beyond that, some -- we heard feedback around deductibles. There’s always changes in health plans and ASP reimbursement in the beginning of the year. That was some of the feedback that we received.

Mark Frolich M.D.

And, Rachel, on that, one of them that you mentioned with comparing that to the year prior Q4, and, I think, one important thing to remember for that, and this is where we really didn’t have any historical trends, was we had 12 work stations if you go back a year ago Q4, we had to do preventative maintenance.

There’s activities that’s required, environmental monitoring, and we actually closed out our manufacturing sites the last two weeks of the month, and so as such, we didn’t have any historical information. We hadn’t gone through a Q4. This is really our first experience with December.

John Johnson

And then talking to the first quarter, then, Rachel, if you took my guidance of low single digits and you then -- you backed out and did a pro-forma type of analysis on our quarterly run rate, you would see it be more in the low double digits if you made that adjustment.

Operator

Our next question comes from Robyn Karnauskas of Deutsche Bank. Please go ahead.

Robyn Karnauskas, Ph.D. – Deutsche Bank

Hi guys. Thanks for taking my question. I was just wondering, after your work of doing a little bit more work on the cost structure of the company, if you had any updated thoughts on what it would take or what you might want to see to shut down a plant or to not shut down a plant toward the end of the year.

You talk a lot about hitting that $500 million breakeven mark, but what happens if you’re not on track to really reach that by the end of the year? When would you look at shutting down one facility? Thanks.

John Johnson

Thanks. Obviously, shutting down a facility would be the least desirable option that we would have, and certainly, we have so many dedicated employees out there that are working very hard to get these plants running, to make them more efficient, and also deliver PROVENGE to patients.

That said, the decisions probably would be based, if we were to go that route, much more on our ability to know that we could confidently produce the amount of PROVENGE we believe could meet our forecasts, and then beyond that, make sure that we can service our customers appropriately.

As you would expect, as we look at all of our options within cost of goods sold, clearly efficiencies in our current process, driving increased volume, looking at electronic batch records, and then finally, automation, those are the keys. But we’ll be looking at all aspects and certainly will giving you an update in quarters to come.

Robyn Karnauskas, Ph.D. – Deutsche Bank

And as a follow up there, when you talk about quarters to come, when do you think you might have clarity on that? Would that be a 2012 event or could that be more 2013?

John Johnson

I’m not going to provide a time range around that at this point. I’ve spent time. I’ve went to each of our plants. I’ve spent time with the team in here. I do have a lot more to learn. Greg and I are working closely with the group to understand all of our options and our plans.

As I said up front, though, I’m very impressed with what the group has done in terms of all the aspects around becoming more efficient and hitting those targets and I’m very confident in hitting them.

Robyn Karnauskas, Ph.D. – Deutsche Bank

Thank you.

Operator

Our next question comes from Salveen Richter of Collins Stewart. Please go ahead.

Salveen J. Richter – Collins Stewart

Thanks for taking my question. Can you elaborate on your decision to add additional financial intermediaries or switch beyond McKesson. When was this implemented? And are the discounts to physicians through the new intermediaries different from prior?

John Johnson

Sure, so I think that we had discussion a little while ago that we had just started making use of some GPOs. When we signed up additional -- or signed up GPOs to start, they do all have financing arms, the fiscal intermediaries.

We had worked with McKesson and McKesson has been a great partner, but one of the frustrations we have heard from several physicians was the fact that they already had established relationships with a fiscal intermediary and they had to re-go through a process of submission for credit and so forth, and was that really necessary, and so just in terms of, I think, easing the burden for the physician, simplifying the structure, we’ve made that available through all of the GPOs.

The arrangement associated with the financing for the fiscal intermediaries are absolutely consistent with what we’ve always done.

Salveen J. Richter – Collins Stewart

Thank you.

Operator

Our next question comes from Sapna Srivastava from Goldman Sachs. Please go ahead.

Sapna Srivastava – Goldman Sachs & Co.

Thanks for taking my question. The first question I have is how are you driving the efforts for patient identification and when do you really expect to see an acceleration in that if the other companies that you’re been expecting to do not step up the effort as much as in the timeframe that is required for you?

You mentioned Amgen, but just other companies may follow up later in a year or so. Just what happens in the interim?

And the other question is what’s your confidence on the profitability at $500 million, having spent almost a month at a company and looking at the structure there now? I know you answered that a few times incrementally, but just would love to get your confidence level on that number up front. Thanks.

John Johnson

Sure. As it relates to patient identification, I think it’s important to recognize that a lot of these patients sit in the urology setting, and as the company mentioned earlier this year, we’ve put an increased focus on urology, both from a messaging standpoint, we have specific messaging and tools that our sales force is using.

We spent a week at a national sales meeting really doing education around this and getting them prepared to better serve the urology segment, and we also have added folks within our sales force whose sole job is to drive PROVENGE and this message in urology.

So a lot of those patients sit in urology and I think that’s a key part of getting us to identify these patients earlier and either have them referred or treated, either in the urology setting or being referred on to oncology.

As for the confidence in cash flow breakeven at $500 million, based upon what I’ve seen in cost of goods, and keep in mind, too, that that was for the US operation. As we look at that, I’m confident that we would, in fact, be able to achieve that.

Sapna Srivastava – Goldman Sachs & Co.

Okay, thank you.

Operator

Our next question comes from George Farmer of Canaccord. Please go ahead.

George Farmer, Ph.D. – Canaccord Adams

Hi, good morning. Thanks for taking my question. It has to do with sequencing and this very dramatic change in prostate cancer treatment dynamics that we’re seeing. As chemo gets pushed out farther and farther, it seems like the urologist is going to be the primary practitioner, perhaps maybe the only practitioner for these patients going forward. How do you think about that?

You mentioned sequencing before, and maybe it makes sense to target urologists harder than you do the oncologists and forget about the whole oncology segment in general?

John Johnson

Well, we’re not going to forget about the whole oncology segment. I think that they’re going to continue to be key, but make no mistake. Urology is going to become increasingly important. The company began to adjust their plans last year, late last year, and you’ll see that increased focus on urology continue, but we will continue to have a very strong oncology presence. We know they’re going to continue to be important in the treatment.

Some urology practices will treat. We know that some urologists are going to be more interested in any other aspects of practicing urology and will continue to refer these patients on.

George Farmer, Ph.D. – Canaccord Adams

Okay, thanks very much.

Operator

Our next question comes from Marko Kozul of ThinkEquity. Please go ahead.

Marko Kozul, M.D. – ThinkEquity LLC

Good morning and thanks for taking my question. Mine pertains to the split that you see moving into 2012 between oncologists and -- I’m sorry, between the community setting and academics and then in the community setting, urologists versus oncs.

Greg Schiffman

Sure. So, if we looked at the metrics that I think we discussed at JP Morgan, and the reality is that you’re not going to see a radical change since then. Urology has been our fastest growing segment of the business. I think it’s extremely important for us. We’ve seen urology as about 20% of our business. Oncology is about 80% of the business right now, but again, urology has been growing very rapidly.

Between the academic and community centers, academic was where we started and if we look at the first 50 to 70 accounts that we had, almost all of those were academic centers. Last year we saw the community practice surpass the academic and grew to about 70%, so we see about a 70/30 split in terms of revenue, academic community. I think we would expect to see the community centers continue to grow and become a greater percentage of our revenue base is that is where most of the patients are treated on a regular basis.

Marko Kozul, M.D. – ThinkEquity LLC

Greg, thanks for that answer. I was wondering, do you have any rough goals for the end of the year on the same metrics?

Greg Schiffman

I don’t know that we have specific goals. I would expect, again, urology is going to become, and continues to be, the fastest growing segment and I don’t know that we’ve set a specific goal where we expect to see it exit end of the year.

Marko Kozul, M.D. – ThinkEquity LLC

Okay, thanks for taking the question.

Operator

Our next question comes from Howard Liang of Leerink Swann. Please go ahead.

Howard Liang, Ph.D. – Leerink Swann

Thanks very much. Has there been a case that you are aware of where a patient was preauthorized for payment but was denied eventually, therefore the physician lost money?

John Johnson

I’m not aware of any where it was preauthorized and denied. Now, I want to watch that preauthorization really only takes place in private insurance, and so when you look at Medicare, there is no such idea as preauthorization. They pay for a label. I’m not aware, really, of almost any cases where we haven’t seen reimbursement. There are a couple that are going through a process of appeal. That’s not unusual, but it’s been a really, even on that side, a really small number.

Howard Liang, Ph.D. – Leerink Swann

Thank you.

Operator

Our next question comes from Geoffrey Porges of Bernstein. Please go ahead.

Geoffrey Porges – Bernstein

Thanks very much for taking the question and for providing all the color on the call. Just a little bit more on the disposition of patients for 2011, could you give us a sense of how much was Medicare, how much commercial and then how much any other significant individual payers?

And I just wanted to follow up on the abiraterone study. You mentioned you had started coed study. When would you expect that data to be available for physicians, and in looking at the recruiting rate and the timing for the study? Thanks.

John Johnson

Sure. If we look at the clinical trial, we had about 80% of the men would have been Medicare eligible, and I think in general, that’s about the split that we’ve seen is about 80% of our market is Medicare age. This is just a disease, that you’re aware, that is a slow progressing disease. I think the median age in a clinical trial was around 72 years old, so it’s very consistent with the demographics of the disease.

Geoffrey Porges – Bernstein

And the abiraterone trial?

John Johnson

In terms of the abiraterone trial, that’s a trial that’ll enroll approximately 60 patients. Enrollment has begun. We are seeing a lot of enthusiasm from physicians and patients for the study, so we anticipate it’ll enroll relatively rapidly. Patients get treated for six months with abiraterone. We should have data on the ability to manufacture PROVENGE and product parameters as soon as the patients are treated, but the other additional immune endpoints, perfo blood immune endpoints will take longer, so, again, we aren’t taking any specific guidance of when we’ll have data on that, but I think that should give you some idea.

Geoffrey Porges – Bernstein

Great. Thanks very much.

Operator

Our next question comes from Ren Benjamin of Rodman. Please go ahead.

Ren Benjamin, Ph.D. – Rodman & Renshaw

Hi. Good morning. Thanks for taking the questions, and congratulations on the progress. Just one question regarding the breakdown of the sales force. Can you give us a sense how many people are involved, the different structures that you have implemented, whether it’s medical liaisons or market teams or specialists that are involved, and where, if any, will there be growth occurring in 2012 within those divisions?

Greg Schiffman

Sure. I think we’ve indicated in the past, our sales force was around 100 reps and I think we’ve sort of indicated we thought that somewhere between 100 to 130 would be the maximum number of reps that you’d have when you’re at peak sales, and so I think we’re in line. We’ve also -- I don’t think this is a number we’d expect to see increasing dramatically over the years. We’ve got an awful lot in places you’re bringing up new accounts.

On top of that there are some MSLs. I think on that side, we typically had a discussion you would see somewhere 25, 30, sort of in the MSL side. We have had some dialog about a small number of individuals coming in. They certainly sit within these numbers that we’ve just given there that would be focused specifically on more of a national account type of a sales force, some of the large accounts in the urology practices, and that’s something that we’re actively putting in place right now.

John Johnson

Yes, and clearly, going forward, we’re going to be diving in and looking at the max. As I look at this business, I’m confident that this business is going to continue to grow. Part of that’s going to be driven by new accounts. Part of that’s going to be, through deeper penetration, existing accounts. I continue to believe that the guidance of modest quarter-over-quarter growth is solid.

And as we look at our mix, we may choose to add. You’re not going to see anything that resembles by 50% or something like that, but we may make decisions to add in some strategic areas and we may make the decision to redeploy some.

I am 27 days into this, and just getting into the details, the deep details of all the different pieces of it, but bottom line, if we think it’s going to help us grow, and I’m confident we will, we’ll go ahead and make that decision if there’s a right MPD on it.

Ren Benjamin, Ph.D. – Rodman & Renshaw

And, John, just as a follow up, is there, based on the year’s worth of sales, territories that are showing some robust sales, anything that you can provide as far as color goes regarding the US territory and maybe coasts that are better for you?

John Johnson

I’m sorry, I didn’t catch that last word.

Ren Benjamin, Ph.D. – Rodman & Renshaw

Just east coast versus west coast. Can you give us any sort of color regarding sales in various territories?

John Johnson

I’m not going to break sales down into individual areas. I think that we’ve been able to add a lot of very strong talent to the team. I think the team has been upgraded in the field. We have some vacancies out there that we want to add really terrific people in to join the team.

That said, I’ll be looking at a lot of different aspects of this business. I’ll be out there a lot with customers with Mitch and others, and as we go through it, we’ll hopefully get a little bit better balance across our business, but I’m not going to dive into sort of regional specific sales at this point.

Ren Benjamin, Ph.D. – Rodman & Renshaw

Thank you and good luck.

John Johnson

Thanks.

Operator

Our next question comes from Katherine Xu of William Blair. Please go ahead.

Katherine Xu – William Blair

Good morning. Thank you for taking my question. I’m just wondering, so far you have contacted or serviced 845. I know you converted about 615 or so. How many total centers are you targeting and what is the breakdown between oncology and urology?

And just a follow up to that, if I may, for the MAA, when you say the MAA is validated, what does it mean? Does it mean there’s no more data required by the MAA?

Greg Schiffman

As we look at the sites, and I think the discussion we’ve had before is about 1,000 accounts get to 80% of all the patients. Now, I think as John had in discussion just a little while ago, we’re probably going to have a little more than the 1,000 to hit that number because some of those accounts will have more than one site that they’re infusing at, so our goal is about 1,000 accounts. It’s a little more than that in terms of the number of sites that we’re looking to bring in.

There will be far more oncology than urology in the mix. I don’t know the exact breakdown, but when you look at urology sites, urology has a greater concentration in terms of size of practice, and as such, you get far more patients with a fewer number of sites there, and so as we look at the breakdown long-term of what we’re having -- what we’re targeting as the mix, sort of these sites, urology versus oncology, I don’t know the exact split of that in terms of number of sites, but it’s certainly dominated. There’ll be far more oncology.

John Johnson

And in terms of the MAA, validated essentially means that all of the components of the submission are appropriate and meet their requirements. The actual review of the content is something that’ll be ongoing, and as I noted in my prepared comments, at day 120 we’ll be seeing the first questions from the reviewers that then we will then respond to.

Katherine Xu – William Blair

Thank you.

Operator

Our next question comes from David Nierengarten of Wedbush Securities. Please go ahead.

David Nierengarten – Wedbush Securities

Thanks for taking my question. I just have a question about future capital expenses. You mentioned, obviously, a really focus -- being focused on improving the COGS through automation, et cetera, et cetera. Should we be thinking about additional significant capital expenses in the future? Thanks.

John Johnson

Sure. When you look at the capital associated with the automation we’re putting in place, this is a very nominal level of capital investment, and so across the board as a company, I think our capital is one of things that’s nice. It’s a low capital intensity. I would not be putting anything substantive in the model. It really is (inaudible) in our cash flow than anything else.

David Nierengarten – Wedbush Securities

Thanks, and if I could, one quick follow up. You mentioned before that your sales force was being incentivized, essentially, to sign on new accounts. Is that still a main focus of the sales force, or is the sales force being redirected to following up with the accounts in order to improve the penetration?

John Johnson

No, actually, our sales force is not compensated for bringing on new accounts. The sales force is compensated associated with positions treating patients, and that’s how they’ve been compensated for a long time. The focus is exactly on our goal, which is greater penetration, getting the drug out to as many patients as possible, and that’s their focus of compensation alignment.

David Nierengarten – Wedbush Securities

Okay, thanks.

Operator

Our next question comes from Lee Kalowski of Credit Suisse. Please go ahead.

Lee Kalowski – Credit Suisse

Thanks. Greg, in terms of your guidance for SG&A in comments earlier in the call, just wanted to be clear. Are there any expenses associated with the EU in terms of SG&A specifically?

Greg Schiffman

At this point in time there is very little expense in the EU associated with SG&A. You can’t say zero in that John and some of the other individuals, myself, do spend some time associated with supporting the rollout to Europe, so I guess from that, you’d say our allocation is [little peak], but there is no head count or individuals in Europe that are SG&A at this point.

We mostly had development-based expenses and the primary amount of the expenses that we have are associated with the contract manufacturer that we brought up and had to have in place to be able to file our MAA. Now, we are, and I think I’ve indicated, we will be moving forward with Europe with a contract manufacturer for our manufacturing. That will be a different contract manufacturer than the one we’re working with now.

All of those charges associated with bringing up manufacturing and operations that you’re running until you have an improved drug do fall through R&D.

Lee Kalowski – Credit Suisse

Okay, so that’s included in the R&D that you had talked about earlier in the call, then?

John Johnson

Absolutely. That’s included with the numbers that we provided.

Lee Kalowski – Credit Suisse

Alright, thanks.

Operator

Our next question comes from Ryan Martins of Lazard Capital. Please go ahead.

Ryan Martins – Lazard Capital

Thanks for taking the question. Just a question on -- you’ve started the abiraterone sequencing study. Just curious if you guys are thinking along with the plans about maybe doing a sequencing or a combination study with MDV3100?

Mark Frolich M.D.

This is Mark. The issue there is that we can only initiate trials for drugs that are commercially available unless the other company decides to provide them, so we have a lot of interest from the investigators on doing combination studies. We have an investigator-issued trial program, and I think we’re very receptive to trials that would involve other agents like MDV3100.

Operator

Our next question comes from Ying Huang of Barclays. Please go ahead.

Ying Huang, Ph.D. – Barclays Capital

Thanks for the questions. Greg, can you clarify how many GPOs you guys are using, and then whether the 2% discount will stay in the future, and also, how much of that played into maybe a Q4 performance for PROVENGE? Thanks.

Greg Schiffman

Sure. I don’t know that we’ve given the specific number of GPOs, to be honest. There’s only less than a handful of GPOs in the space, and at this point, I think we’re looking to utilize the major players out there. And, I think that GPOs, we had brought them up and started in Q4. They really were just initiating or getting engaged.

I think it’s very difficult, when you look at something like that, to say whether they’ve had much of an impact in that quarter, specifically or not, I think there was probably some favorable impact, but I couldn’t quantify an exact amount there because, certainly, our sales force has been actively out working along with the GPOs on their side.

I think that we have never discussed specifics in terms of rebates or others that we’d be working, other than the fact that in general it’s not unusual when you’re working with GPOs to have some form of a rebate associated with that and we have had some. The dollar amounts are included in the numbers that we gave, and if you looked quarter-on-quarter, our gross to net remains very consistent.

Ying Huang, Ph.D. – Barclays Capital

Alright, thanks.

Operator

Our next question comes from Mara Goldstein of Cantor Fitzgerald. Please go ahead.

Mara Goldstein – Cantor Fitzgerald

Thanks very much. This is Mara Goldstein. I had a question just in terms of the dynamic of getting patients treated early, and I’m curious as to what your physicians are telling you are the biggest resistance points? We certainly talked about getting patients treated early, and also cost, and if you had to kind of put that in a ratio of cost of getting patients treated early, how does that shake out and what are you hearing today?

John Johnson

I don’t think the cost issue is one with patients getting treated early. I think it’s really just one of educating them and identifying those patients. As we noted previously, historically, there really wasn’t imperative to identify those patients and now that these treatment options are available, there is, and it’s really just about educating them about screening at much lower PSA levels.

Mara Goldstein – Cantor Fitzgerald

And do you think data will change that, and over what period of time?

John Johnson

Yes, there is more data needed. As I noted, a lot of the guidelines don’t really provide specifics on this. They don’t specify the difference between patients with hormone sensitive and castrate resistant disease and there needs to be a distinction made there. And the key opinion leaders we’re talking to are aware of this, the need for more guidance as well as the need for generating more data, and I think you’ll see more data being presented at upcoming meetings that’ll help.

Mara Goldstein – Cantor Fitzgerald

Okay, thank you.

Operator

Our next question comes from David Miller of Biotech Stock Research. Please go ahead.

David Miller – Biotech Stock Research

Thanks for taking my question. First one I have is you talked about how Q1 shifted towards Q4 and that we’d see single-digit growth in Q1, but I guess my question is will the quarter over quarter growth rate seen in 2011, which are a bit higher, return after this Q1? Or are we looking at mid-single the rest of the year?

John Johnson

Thanks. Let me give a little bit of color on that. We’re not going to give specific guidance, but let me say the following. When I joined this company, it was because of the potential of PROVENGE, and what I know about the first 27 days is my confidence in this product and its ability to impact the lives of men has strengthened. I believe that the longer-term picture is better than when I joined 27 days ago based upon what I’ve learned thus far.

I don’t want to try to get into specifics, but I do know that this business will grow. We’re going to stay with the guidance of modest quarter-over-quarter growth. I believe that we had a very good national sales meeting. I believe that we’re rolled out some very good tools. We’ll make some adjustments. We will continue to emphasize and dive into our business.

I, particularly, will be engaged with that, but I am very confident in the future of PROVENGE. I’m also confident in our ability to hit the COGS targets and we have a number of, as Greg has outlined and I’ve discussed, approaches to it, and as we mentioned, a plant decision will be part of that, as you would imagine.

Although we don’t have a specific time of when we’re going to make that decision, it would obviously be better for us and our employees if we were able to get to that decision sooner rather than later and get to that this year.

So as I look at our overall plans, I feel good about the potential of the product. I was pleased with the account growth that we saw in the fourth quarter -- I mean in the first quarter. We had a softer order book coming into the year. We have strengthened through the quarter, which, for me, personally, gave me comfort and I know that there’s a lot of opportunity in front of us and I look forward to working with the team here and digging in more and getting at it.

I do appreciate everyone’s questions today. The thing I love most about Dendreon is the passion that all of the employees have for our patients. It is a very special place, and it’s this passion that got us to where we are today and it will guide us in our efforts as we go forward to bring PROVENGE to patients around the world.

I want to make sure I end this call by thanking all of our employees for their support and continued dedication in the mission to our patients. Thanks for joining us today and I look forward to seeing you at upcoming conferences.

Operator

Ladies and gentlemen, thank you for your participation on today’s conference. This does conclude the program and you may now disconnect. Have a nice day.

Copyright policy: All transcripts on this site are the copyright of Seeking Alpha. However, we view them as an important resource for bloggers and journalists, and are excited to contribute to the democratization of financial information on the Internet. (Until now investors have had to pay thousands of dollars in subscription fees for transcripts.) So our reproduction policy is as follows: You may quote up to 400 words of any transcript on the condition that you attribute the transcript to Seeking Alpha and either link to the original transcript or to www.SeekingAlpha.com. All other use is prohibited.

THE INFORMATION CONTAINED HERE IS A TEXTUAL REPRESENTATION OF THE APPLICABLE COMPANY'S CONFERENCE CALL, CONFERENCE PRESENTATION OR OTHER AUDIO PRESENTATION, AND WHILE EFFORTS ARE MADE TO PROVIDE AN ACCURATE TRANSCRIPTION, THERE MAY BE MATERIAL ERRORS, OMISSIONS, OR INACCURACIES IN THE REPORTING OF THE SUBSTANCE OF THE AUDIO PRESENTATIONS. IN NO WAY DOES SEEKING ALPHA ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE INFORMATION PROVIDED ON THIS WEB SITE OR IN ANY TRANSCRIPT. USERS ARE ADVISED TO REVIEW THE APPLICABLE COMPANY'S AUDIO PRESENTATION ITSELF AND THE APPLICABLE COMPANY'S SEC FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISIONS.

If you have any additional questions about our online transcripts, please contact us at: transcripts@seekingalpha.com. Thank you!

Source: Dendreon's CEO Discusses Q4 2011 Results - Earnings Conference Call
This Transcript
All Transcripts