Dendreon Falls 18% After Q4 Earnings

Dendreon

released its quarterly earnings results after the closing bell on Monday. The company reported a profit of $38.1 million or $0.26 per share, compared to a loss of $91.83 million or $0.64 per share, in last year's corresponding quarter. On an adjusted basis, the company reported EPS of $0.45 versus a loss of $0.50 in last year's fourth quarter. This compared to Wall Street consensus EPS estimates which called for a loss of $0.23 per share. Revenues for the quarter were $202.15 million compared to $25 million in the year ago period. Product revenues were $77 million versus $25 million last year. This came up short of Street estimates of $120.80 million. Most of Dendreon's revenues and earnings in the quarter were attributable to a $125 million payment the company received on the sale of Victrelis royalty interest. Vicetrelis is a drug which has been approved for the treatment of chronic hepatitis C. Backing out this payment, DNDN's results were disappointing. The stock has lost roughly 18% to $12.18 in Monday's trading session in the wake of the quarterly results.