- Revenue falls 12.8% Y/Y for Dendreon (DNDN) during Q3, as the company misses estimates on the top-line.
- CEO John Johnson announces a restructuring that he says is consistent with "accelerating the path to profitability."
- According to DNDN, the plan will save around $125M in operating expenses versus the 2013 run rate.
- "All expense categories" will be affected as COGS should fall by around $30M and the total number of DNDN employees is expected to be ~820, "down from more than 2,000 at [the company's] peak." (PR)
- Shares are getting a modest bump, up 2.5% premarket.
Dendreon announces cost cutting measures
Nov 12 2013, 08:26 ET