Dendreon announced that it missed its revenue target for sales of Provenge in Qtr 2 - selling $49.6 M versus a minimum analyst expectation of $55 M. The company, specifically its CEO Mitchell Gold, backed away from its previously bullish forecast of $350 M to $400 M for the year. Gold said that "we believe the launch trajectory will reflect a more gradual adoption of Provenge as physicians gain confidence in this positive reimbursement landscape." See Xconomy.
Unfortunately, with this more gradual trajectory, Dendreon said that it will need to lay off employees. Pharmagossip (via Bnet) also reported that Gold sold about $1 M in shares between the time the earnings conference was scheduled on July 8th and today's announcement to analysts and investors.
Posted by Bruce Lehr Aug 3rd 2011.
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