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Progenics Pharmaceuticals Announces Fourth Quarter And Year-End 2010 Financial Results

Stocks in this article: PGNX

Progenics Pharmaceuticals, Inc. (Nasdaq: PGNX) today announced its results of operations for the fourth quarter and year ended December 31, 2010.

Financial Results

Net loss for the fourth quarter was $18.8 million or $0.57, basic and diluted, per share, compared to $0.6 million or $0.02, basic and diluted, per share in the fourth quarter of 2009. Net loss for the year was $69.7 million or $2.14, basic and diluted, per share, compared to a net loss of $30.6 million or $0.98, basic and diluted, per share for 2009.

Progenics ended the year with cash, cash equivalents and securities of $51.5 million, reflecting use of cash of $10.5 million in the quarter and $44.7 million for the full year.

Fourth quarter revenue totaled $2.2 million, compared to $17.2 million for the same period of 2009, reflecting a decrease in reimbursement revenue from Wyeth, now a Pfizer, Inc. (NYSE: PFE) subsidiary, resulting from the transition of the Progenics-Wyeth collaboration for RELISTOR ®, Progenics’ drug approved for the treatment of opioid-induced constipation in advanced-illness patients. For the full year 2010, Progenics reported revenues of $8.0 million, compared to $48.9 million for 2009, as a result of both decreased 2010 reimbursement revenue and the 2009 recognition of a $15.0 million upfront payment from Ono Pharmaceutical Co., Ltd. (OSE-TYO: 4528), Progenics’ collaborator for subcutaneous RELISTOR in Japan.

RELISTOR royalty income from Wyeth was $1.8 million in 2010, compared with $2.4 million in 2009, as a result of royalties ending September 30, 2010 under the collaboration transition. Net sales of RELISTOR grew moderately from 2009 to 2010: full-year 2010 global net sales were $16.1 million, consisting of $9.5 million U.S. and $6.6 million ex-U.S., compared with $12.3 million, comprising $7.1 million U.S. and $5.2 million ex-U.S., in 2009.

Fourth quarter global net sales of RELISTOR were $4.0 million, compared to $4.1 million for the previous quarter and $3.9 million for the fourth quarter of 2009. U.S. net sales were $2.4 million for both the fourth and third quarters of 2010, compared with $2.1 million for the fourth quarter of 2009, while ex-U.S. sales were $1.6 million, compared to $1.7 million for the previous quarter and $1.8 million for the same period of 2009.

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