Dendreon (DNDN) reported earnings Monday 30 July 2012

Dendreon (DNDN) filed for Chapter 11 bankruptcy protection in November 2014. In February 2015, Valeant Pharmaceuticals (VRX) received approval to purchase all Dendreon assets.

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Late Monday, Dendreon posted a quarterly net loss of 65 cents a share, compared with a loss of 79 cents a share for the same period in 2011. Excluding various items, Dendreon said it would have reported a loss of 61 cents a share. According to a poll by Thomson Reuters, analysts expected the biotech group to post a loss of 59 cents a share.

Further rattling investors were signs that sales of Dendreon’s lone marketed product, Provenge, had stalled. While second-quarter net sales rose 66% to $80 million from the same period in 2011, they were down 2.4% sequentially from the previous quarter.

In conjunction with the disappointing sales report, Dendreon said it plans to undergo a restructuring over the next 12 months, laying off about 600 of its 1,475 employees. The company hopes to save around $150 million annually from the move.