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Dendreon Reports Second Quarter 2011 Financial Results
Date:8/3/2011

SEATTLE, Aug. 3, 2011 /PRNewswire/ -- Dendreon Corporation (Nasdaq: DNDN) today reported results for the second quarter ended June 30, 2011.  Net revenue for the quarter ended June 30, 2011 was $49.6 million compared to $2.8 million for the quarter ended June 30, 2010.  This included a $1.9 million reserve for estimated rebates and chargebacks associated with either Medicaid patients or other pricing discounts offered pursuant to mandatory federal and state government programs.  Gross revenue for the quarter ended June 30, 2011, excluding the impact of $1.9 million in estimated rebates and chargebacks, was $51.4 million compared to $2.8 million for the quarter ended June 30, 2010.  Net revenue for the six months ended June 30, 2011 was $77.6 million compared to $2.8 million for the six months ended June 30, 2010. Gross revenue for the six months ended June 30, 2011, excluding the impact of $2.3 million in estimated rebates and chargebacks, was $79.9 million.

Dendreon recorded a GAAP net loss for the quarter ended June 30, 2011 of $114.6 million, or $0.79 per share compared to a net loss of $142.6 million, or $1.04 per share for the quarter ended June 30, 2010.  GAAP net loss for the six months ended June 30, 2011 was $226.4 million, or $1.55 per share compared to $268.3 million, or $2.00 per share for the six months ended June 30, 2010.

On a pro-forma basis, excluding non-cash expenses associated with depreciation and amortization, non-cash imputed interest expense, and non-cash deferred stock compensation, Dendreon's net loss for the quarter ended June 30, 2011 was $83.5 million, or $0.57 per share, compared to $130.5 million, or $0.96 per share for the quarter ended June 30, 2010, which included a $0.55 charge for warrant revaluation.  The non GAAP net loss for the six months ended June 30, 20
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SOURCE Dendreon Corporation
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