Dendreon ($DNDN) has posted another woeful set of quarterly numbers. The company's new efforts to pump up sales of its prostate cancer vaccine, Provenge, had little to show: Product revenue actually fell 18%, to $67.6 million.
The Securities and Exchange Commission's insider trading team has Dendreon under a microscope. The agency has launched a civil investigation into stock trades by former CEO Mitchell Gold to see whether he acted on inside information about disappointing Provenge sales.
It isn't often that a Wall Street analyst admits to a mistake.
Dendreon ($DNDN) lost plenty of money in the fourth quarter, but it won the expectations game. Analysts were predicting a loss for the period: 55 cents per share, compared with earnings of 26 cents during the same quarter last year. But instead, Dendreon's loss came in at 26 cents a share.
Is there new hope for Dendreon's prostate cancer treatment? At least one analyst thinks so--and investors quickly hopped on the bandwagon.
Dendreon ($DNDN) has turned to real estate for a financial boost. The Seattle-based drugmaker, reeling from disappointing sales of its cancer vaccine Provenge, is selling off its New Jersey manufacturing plant to Novartis ($NVS). And it's looking to sublease a big chunk of headquarters space that's standing empty after big cutbacks at the company.
FiercePharma thought it would be instructive to look at the worst pratfalls. Of course, every train wreck will attract its share of gawkers. The point we'd like to make here is that every example below also offers some clear pointers on how to avoid a similar snafu. Hopefully, this report will also provide a bit of context for those peak sales estimates we're treated to on an ongoing basis. Each one of the drugs you see below once inspired great dreams of big money. Each of them failed to deliver. And a number of the top blockbuster prospects now in the pipeline will wind up on future lists of drug launch disasters. Read the report >>
Astellas Pharma and Medivation won FDA approval for their prostate cancer treatment Xtandi three months ahead of schedule. That's welcome news for them--but perhaps not so welcome for competitors, especially Johnson & Johnson, whose Zytiga pill will be Xtandi's closest rival.
Roche ($RHHBY) tried to sway the U.K.'s cost-effectiveness watchdogs toward its targeted melanoma drug Zelboraf. But it failed. The National Institute for Health and Clinical Excellence stuck to its rejection.
It's another round of cutbacks for Dendreon. As sales of its prostate cancer treatment Provenge continue to lag, the Seattle-based company says it will cut 600 jobs and shutter a New Jersey manufacturing plant. That's 41% of its current 1,475-employee workforce.