Dendreon (DNDN) Q4 Revs Top Views

January 7, 2013 9:06 AM EST
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Dendreon Corporation (NASDAQ: DNDN) announced preliminary revenues for the fourth quarter ended December 31, 2012. Net product revenue for the quarter is expected to be approximately $85.5 million, which includes an approximate $3.8 million favorable adjustment to the Company’s chargebacks reserve due to a change in estimate. On a pro-forma basis, excluding this adjustment, revenue for the quarter is expected to be approximately $81.6 million, up 5% on a sequential basis.

(Street estimates call for Q4 revenue of $80.71 million.)

Continued strong performance in community accounts:

Community urology grew 25% overall quarter over quarter

Community oncology grew 4% overall quarter over quarter

Community accounts represent 71% of total sales, up from 58% in Q4 2011

Natural shift away from academic, which declined 9% quarter over quarter

Continued new physician interest in PROVENGE® (sipuleucel-T):
Added 61 net new accounts in the fourth quarter, bringing total number of infusing accounts to 802

"We have focused our commercial efforts on growing our community accounts, where we see the greatest long-term revenue opportunity. Having achieved our highest quarter ever for community sales, we believe that our community strategy is working,” said John H. Johnson, president, chairman and chief executive officer. “Our key account management teams, combined with improved sales execution and direct-to-patient initiatives, are contributing to the increased use of PROVENGE in community oncology and urology settings, a trend we saw beginning in the third quarter. We are pleased that physicians continue to recognize the importance of sequencing therapy options in advanced prostate cancer treatment and the key role PROVENGE can play as front-line therapy in mCRPC."

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