As reported in Xconomy, Dendreon fell slightly short of the expected revenue goals projected by analysts for Q3 - hitting $20.2 M versus an expected $24 M figure. This is despite the company selling $9.5 M in October with its plant at full capacity. Dendreon is still hamstrung with inadequate capacity to meet full demand until its new plants come on line in 2011.
Dendreon expects to spend $460 M in cash this year to expand its plant in New Jersey by 75% and add plants in Atlanta, GA and Los Angeles, CA. Construction is substantially completed and the plants are going through validation in preparation for FDA pre-market inspection. When approved, Dendreon expects to be able to sell $350-$400 M of Provenge in 2011. The plants will have the capacity to produce up to $1.25 B to $2.5 B worth of the drug annually. The New Jersey plant should come on line in March. Dendreon expects to service approximately 2000 prostate cancer patients in the first calendar year that Provenge is on the market from May 2010 to May 2011.
Posted by Bruce Lehr November 3rd 2010.