Dendreon Plans to Go It Alone in Europe, Build Provenge Factory in Germany
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investors next week at the JP Morgan Healthcare Conference in San Francisco.
First, the company said it generated Provenge sales of about $48 million in its first year, and $25 million of that came in the final three months. That performance is limited by constraints on its manufacturing capacity at the moment, as it finishes expansion work at its factories in New Jersey, Los Angeles, and Atlanta.
Dendreon said it still expects to sell about $350 million to $400 million worth of Provenge in the U.S. this year. While Dendreon continues to build up its sales, marketing, and manufacturing capabilities, it expects to lose about $310 million to $350 million this year when measured by generally accepted accounting principles, according to Schiffman, the finance chief.
The company also had a little bit to say to analysts today about the future beyond Provenge. Dendreon filed an application to start a new trial of a therapy that’s designed to stimulate the immune system in a similar way, but aimed at a different target, Her2neu, that’s relevant to patients with bladder cancer. That trial is expected to enroll 180 patients, and randomly assign them to the Dendreon treatment or a control group, to measure the difference in patients’ survival time, CEO Mitch Gold said on the call with analysts.
The plan to boost sales in the U.S., start moving seriously toward Europe, and building enthusiasm for the second coming of Provenge will certainly give the Dendreon execs a lot to chat about as they meet with investors next week at the JP Morgan Healthcare Conference.
“2011 is a year we are establishing a foundation for growth,” Gold said.
The company’s stock climbed 2 percent to $36.14 at 10:37 am Eastern time after the news.