Dendreon Reports Net PROVENGE Product Revenues of $82 Million, Achieved 6.5% Quarter-Over-Quarter Growth
-- Conference Call to be Hosted May 7, 2012 at 4:30 p.m. ET/1:30 p.m.
PT —
SEATTLE--(BUSINESS WIRE)--
May 7, 2012--Dendreon Corporation (Nasdaq:DNDN) today reported results
for the quarter ended March 31, 2012. Net product revenue for the
quarter was $82.0 million compared to $27.0 million for the quarter
ended March 31, 2011.
Net loss in the first quarter of 2012 was $103.9 million or $0.70 per
share, compared to a net loss of $112.8 million, or $0.78 per share, for
the same period in 2011. The current period results include
approximately $17 million in cash and non-cash severance expenses.
Excluding these expenses, the company had a net loss of $87.1 million or
$0.59 per share.
As of March 31, 2012, Dendreon had approximately $559.1 million in cash,
cash equivalents, and short-term and long-term investments compared to
$617.7 million as of December 31, 2011.
Recent Highlights:
-
Increased demand for PROVENGE® (sipuleucel-T):
-
Added 128 new infusion sites in the first quarter, totaling 723
infusion sites since launch
-
Increased use of PROVENGE in large community oncology practices
and community urology practices
-
Reimbursement landscape remains stable for physicians:
-
Reported average time to payment remains less than 30 days for
physicians
-
Q-Code will remain in effect according to recent CMS preliminary
decision
-
Launched urology key account managers
-
Announced executive appointments:
-
Joe DePinto, Executive Vice President, Global Commercial Operations
-
Christine Mikail, Executive Vice President, Corporate Development,
General Counsel and Secretary
-
Robert S. Poulton, Executive Vice President, Technical Operations
"Dendreon continues to make significant progress in establishing
PROVENGE as the foundation of care for men with advanced prostate
cancer," said John H. Johnson, president and chief executive officer.
"We are pleased to have exceeded our guidance of low single digit
quarter-over-quarter growth and the progress we have made in
strengthening our commercial organization."
Conference Call Information
Dendreon will host a conference call on Monday, May 7, 2012 at 4:30 p.m.
ET. To access the live call, dial 1-877-548-9590 (domestic) or
+1-720-545-0037 (international); the conference ID number is 70198839.
The call will also be audio webcast and will be available from the
Company's website at http://www.dendreon.com
under the "Investor/Webcasts and Presentations" section. A recorded
rebroadcast will be available for interested parties unable to
participate in the live conference call by dialing 1-800-585-8367 or
+1-404-537-3406 for international callers; the conference ID number is
70198839. The replay will be available from 7:30 p.m. EDT on Monday, May
7, until 11:59 p.m. EDT on Monday, May 14. In addition, the webcast will
be archived for on-demand listening for 90 days at www.dendreon.com.
About Dendreon
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 and potential revenue and
earnings from product sales, and progress generally on 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
by law.
|
|
|
DENDREON CORPORATION
|
|
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
(in thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
|
2012
|
|
2011
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
Product revenue, net
|
|
$
|
81,972
|
|
|
$
|
27,001
|
|
|
Royalty and other revenue
|
|
|
102
|
|
|
|
21
|
|
|
Total revenue
|
|
|
82,074
|
|
|
|
27,022
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
Cost of product revenue
|
|
|
60,041
|
|
|
|
18,338
|
|
|
Research and development
|
|
|
17,343
|
|
|
|
17,609
|
|
|
Selling, general and administrative
|
|
|
95,315
|
|
|
|
95,289
|
|
|
Restructuring
|
|
|
(124
|
)
|
|
|
—
|
|
|
Total operating expenses
|
|
|
172,575
|
|
|
|
131,236
|
|
|
Loss from operations
|
|
|
(90,501
|
)
|
|
|
(104,214
|
)
|
|
Interest income
|
|
|
383
|
|
|
|
400
|
|
|
Interest expense
|
|
|
(13,812
|
)
|
|
|
(8,993
|
)
|
|
Other income
|
|
|
16
|
|
|
|
—
|
|
|
Net loss
|
|
$
|
(103,914
|
)
|
|
$
|
(112,807
|
)
|
|
|
|
|
|
|
|
Basic and diluted net loss per share
|
|
$
|
(0.70
|
)
|
|
$
|
(0.78
|
)
|
|
|
|
|
|
|
|
Shares used in computation of basic and diluted net loss per share
|
|
|
147,599
|
|
|
|
145,494
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
|
|
December 31,
|
|
|
|
2012
|
|
2011
|
|
Balance Sheet Data:
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
337,661
|
|
|
$
|
427,100
|
|
|
Short-term investments
|
|
|
159,879
|
|
|
|
111,525
|
|
|
Long-term investments
|
|
|
61,554
|
|
|
|
79,071
|
|
|
Trade accounts receivable
|
|
|
41,657
|
|
|
|
35,541
|
|
|
Prepaid antigen costs
|
|
|
4,417
|
|
|
|
7,490
|
|
|
Inventory
|
|
|
73,968
|
|
|
|
69,502
|
|
|
Total assets
|
|
|
941,958
|
|
|
|
1,001,491
|
|
|
Convertible senior notes due 2016
|
|
|
514,316
|
|
|
|
508,418
|
|
|
Convertible senior subordinated notes due 2014
|
|
|
27,685
|
|
|
|
27,685
|
|
|
Total stockholders' equity
|
|
|
279,526
|
|
|
|
352,637
|
|
|
|
|
DENDREON CORPORATION
|
|
RECONCILIATION OF GAAP TO NON-GAAP NET LOSS
|
|
(in thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
|
2012
|
|
2011
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
GAAP net loss
|
|
$
|
(103,914
|
)
|
|
$
|
(112,807
|
)
|
|
Non-GAAP adjustments:
|
|
|
|
|
|
Depreciation and amortization expense
|
|
|
10,864
|
|
|
|
7,311
|
|
|
Imputed interest related to the convertible senior notes due 2016
|
|
|
5,898
|
|
|
|
4,300
|
|
|
Restructuring
|
|
|
(124
|
)
|
|
|
—
|
|
|
Management severance and other termination benefits:
|
|
|
|
|
|
Severance expense
|
|
|
5,173
|
|
|
|
—
|
|
|
Non-cash stock-based compensation expense
|
|
|
11,678
|
|
|
|
—
|
|
|
Other stock-based compensation expense
|
|
|
19,475
|
|
|
|
14,676
|
|
|
Non-GAAP net loss
|
|
$
|
(50,950
|
)
|
|
$
|
(86,520
|
)
|
|
|
|
|
|
|
|
Non-GAAP net loss per share- basic and diluted
|
|
$
|
(0.35
|
)
|
|
$
|
(0.59
|
)
|
|
|
|
|
|
|
|
Shares used in computation of basic and diluted net loss per share
|
|
|
147,599
|
|
|
|
145,494
|
|
The above table provides certain non-GAAP financial measures that
include adjustments to GAAP figures. Dendreon believes that these
non-GAAP financial measures, when considered together with the GAAP
figures, can enhance an overall understanding of Dendreon's financial
performance and its prospects for the future. The non-GAAP financial
measures are included with the intent of providing investors with a more
complete understanding of operational results and trends. We believe
excluding these non-cash items provides important insight into our
operational results, important for a company at our stage in development.
In addition, these non-GAAP financial measures are among the
indicators Dendreon management uses for planning and forecasting
purposes and measuring the Company's performance. These non-GAAP
financial measures are not intended to be considered in isolation or as
a substitute for GAAP figures.
Dendreon Corporation
Investor Relations
Nicole Soley,
206-455-2220
InvestorRelations@dendreon.com
Source: Dendreon Corporation
News Provided by Acquire Media
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