Dendreon (DNDN) Q4 Product Revs Rise 230% to $82M, Shy of Views
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Dendreon Corporation (Nasdaq: DNDN) reports revenue for the fourth quarter ended December 31, 2011, reporting gross product revenue of approximately $82 million. This represents approximately 25% growth over the third quarter ended September 30, 2011, and approximately 230% growth compared to the fourth quarter ended December 31, 2010. In addition, Dendreon reported full-year gross revenues from PROVENGE® (sipuleucel-T) sales of approximately $228 million.
The Street was looking for overall Q4 revs of $88.91 million.
“We are pleased with the progress we have made in the launch of PROVENGE, which – based on its first full year of revenues – places it as one of the top 10 product launches in oncology,” said Mitchell H. Gold, MD, president and chief executive officer.
In addition, Dendreon provided the following updates:
The Street was looking for overall Q4 revs of $88.91 million.
“We are pleased with the progress we have made in the launch of PROVENGE, which – based on its first full year of revenues – places it as one of the top 10 product launches in oncology,” said Mitchell H. Gold, MD, president and chief executive officer.
In addition, Dendreon provided the following updates:
- At the end of the fourth quarter, completed in-servicing for more than 840 total sites, of which:
- More than 590 sites have infused PROVENGE, which represents the greatest growth in infusing sites quarter over quarter; and
- Approximately 615 sites have either infused the product or have their patients scheduled for their first PROVENGE regimen.
- More than 590 sites have infused PROVENGE, which represents the greatest growth in infusing sites quarter over quarter; and
- Improved PROVENGE reimbursement landscape for customers and patients:
- Reported average time to payment is less than 30 days for physicians, which is better than industry standard, reflecting an improved reimbursement landscape due to a national coverage decision and activation of a Q-code that accelerates electronic adjudication of claims.
- The Centers for Medicare and Medicaid Services (CMS) updated their coverage policy to now cover the infusion costs associated with the administration of PROVENGE. With this decision, the coverage of PROVENGE is now consistent with all other infused biologics.
- A recent analysis suggests that approximately 75% of patients had minimal or no out-of-pocket costs for PROVENGE.
- Reported average time to payment is less than 30 days for physicians, which is better than industry standard, reflecting an improved reimbursement landscape due to a national coverage decision and activation of a Q-code that accelerates electronic adjudication of claims.
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