Dendreon (DNDN) jumps 20% after the company's Q4 earnings top expectations and the company says it plans to sell Provenge in Europe, beginning with Germany and the UK. The EMA granted marketing approval in September.
Dendreon will initially look to sell the therapy to medical institutions that treat large numbers of prostate cancer patients; once production is ramped up, the company will consider making Provenge more widely available.
EU approval covers 28 countries in the Union as well as Norway, Iceland and Liechtenstein.
Dendreon's FY revenues were $283.7M, in line with consensus, while losses per share was $1.95, worse than forecasts of $1.74.
No need to sugarcoat it: The news out of Dendreon (DNDN) Thursday was bad. First, investors learned that the company has essentially abandoned the notion of posting Y/Y sales growth for Provenge in H2 and second, DNDN says CFO Greg Schiffman is leaving the company come December.
The prospects for the company look decisively grim according to nearly everyone who has cared to comment.
Wedbush has actually cut its price target on the stock to $0, saying there is nothing ahead but a "painful restructuring" and a wipeout for equity investors. (analyst note)
Dendreon (DNDN -14.4%) retests its lows for the day as the Street begins to weigh in on its Q1 miss and dismal Provenge sales numbers. Stifel Nicolaus cuts the shares to Sell, calling Provenge "hopeless," and saying the company is likely to burn through its cash long before it ever reaches breakeven, and faces the possiblity of bankruptcy before the end of FY14. Roth Capital also downgrades the stock to Sell as well.
In its call earlier, Dendreon (DNDN -12%) CEO John Johnson attributed its big Q1 miss on Provenge sales to increased competition, with the hit coming hardest in its smaller accounts which are less experienced with injectable therapies like DNDN's. But the veracity in today's selloff may be more closely linked to DNDN's sizeable chunk of convertible notes expiring in 2014 and 2016. Without any real operating income, Seeking Alpha contributor Brian Wilson thinks shareholders are facing some massive dilution on the horizon. (Webcast).
Dendreon (DNDN -16%) plummets following its earnings miss with Provenge sales of just $67.6M vs. $82M a year ago, and against consensus of around $80M (and low-ball estimates in the low $70M area). "We are seeing an improvement in enrollments," says CEO John Johnson. "As we leverage the power of our DTC campaign, we are confident in our ability to grow Provenge year over year." The earnings call is underway. (PR)