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Dendreon Corporation

Dendreon Shares Slump 16% On Poor Provenge Outlook

NEW YORK (Marketwatch) - Shares of Dendreon Corp. slumped 16% in premarket trade Friday after the pharmaceutical company cut its view on sales of its prostate-cancer drug Provenge amid weaker-than-expected revenue. Dendreon said after the close on Thursday that it doesn't expect enough of a sales increase in the second half of the year to meet its goal of increasing Provenge sales year-over-year. Provenge, which was approved in 2010 after a lengthy review process, recently has faced heightened competition from cancer drugs made by Johnson & Johnson and Astellas Pharma Inc. . Overall, Dendreon reported a loss of $68.8 million, or 45 cents a share, compared with a year-earlier loss of $96.1 million, or 65 cents a share. Revenue slid 8.3% to $73.3 million. Analysts polled by Thomson Reuters had projected a loss of 42 cents a share and revenue of $76 million.Copyright © 2013 MarketWatch, Inc....

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