Dendreon Announces Fourth Quarter Revenues and Update on Commercialization
— Company Reports Gross PROVENGE Revenues of Approximately $82M in
Q4, Gross PROVENGE Revenues of Approximately $228M in 2011 —
Dendreon Corporation (Nasdaq: DNDN) today announced 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.
"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.
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.
"Given our results for the past two quarters, physician and patient
interest in PROVENGE clearly continues to grow. We believe that the
improved reimbursement landscape, along with our improved sales
execution and physician education initiatives, are contributing to the
increased use of PROVENGE in the community urology and oncology
settings," said Mitchell H. Gold, MD, president and chief executive
officer. "We had a strong fourth quarter that exceeded our expectations.
As we look to 2012, we expect modest quarter-over-quarter growth while
we focus on bringing additional clinics on board and converting them
into steady prescribers."
"Importantly, we have sufficient cash-on-hand to meet our needs, and our
focus operationally for 2012 is to reduce COGS across our manufacturing
facilities to more efficiently produce PROVENGE for as many patients as
possible," said Gregory T. Schiffman, executive vice president and chief
Dendreon Corporation is a biotechnology company whose mission is to
target cancer and transform lives through the discovery, development,
commercialization and manufacturing of novel therapeutics. The Company
applies its expertise in antigen identification, engineering and cell
processing to produce active cellular immunotherapy (ACI) product
candidates designed to stimulate an immune response in a variety of
tumor types. Dendreon's first product, PROVENGE® (sipuleucel-T), was
approved by the U.S. Food and Drug Administration (FDA) in April 2010.
Dendreon is exploring the application of additional ACI product
candidates and small molecules for the potential treatment of a variety
of cancers. The Company is headquartered in Seattle, Washington and is
traded on the NASDAQ Global Market under the symbol DNDN. For more
information about the Company and its programs, visit http://www.dendreon.com/.
This news release contains forward-looking statements that are
subject to risks and uncertainties. Factors that could affect these
forward-looking statements include, but are not limited to, developments
affecting Dendreon's business and prospects, including progress on the
commercialization efforts for PROVENGE. Information on the
factors and risks that could affect Dendreon's business, financial
condition and results of operations are contained in Dendreon's public
disclosure filings with the U.S. Securities and Exchange Commission,
which are available at www.sec.gov.
Dendreon cautions investors not to place undue reliance on the
forward-looking statements contained in this press release. All
forward-looking statements are based on information currently available
to Dendreon on the date hereof, and Dendreon undertakes no obligation to
revise or update these forward-looking statements to reflect events or
circumstances after the date of this press release, except as required
Katherine Stueland, 206-829-1522
President, Corporate Communications and Investor Relations
Source: Dendreon Corporation
News Provided by Acquire Media
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