Drugs

Dendreon's 4Q Revenue Rises, Provenge Has Solid Launch

Biotech company Dendreon Corp. said fourth quarter revenue rose compared to the third quarter and the same quarter a year earlier, noting its Provenge oncology drug was one of the top products in its category.

Gross product revenue in the fourth quarter, which ended in December, rose about 25 percent from third quarter earnings to $82 million. The fourth quarter revenue was also up 230 percent from the same quarter a year earlier.

Mitchell H. Gold, MD, the company’s president and CEO said its newly launched drug, Provenge, was one of the top 10 oncology product launches based on revenues. Dendreon said 615 sites have either used Provenge or have their patients scheduled for their first regimen of the drug.

Gold attributed the drug’s revenue performance to various factors.

"Given our results for the past two quarters, physician and patient interest in PROVENGE clearly continues to grow. We believe that the improved reimbursement landscape, along with our improved sales execution and physician education initiatives, are contributing to the increased use of PROVENGE in the community urology and oncology settings," Gold said.

Dendreon said the reported average time to payment is less than 30 days for physicians, better than the industry average. Federal programs now cover infusion costs associated with the drug, Dendreon said.

The biotechnology company hopes to produce Provenge more efficiently.

Loading...