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Progenics Pharmaceuticals Announces Second Quarter 2012 Financial Results

Stocks in this article: PGNX

TARRYTOWN, N.Y., Aug. 9, 2012 (GLOBE NEWSWIRE) -- Progenics Pharmaceuticals, Inc. (Nasdaq:PGNX) today announced its results of operations for the second quarter and six months ended June 30, 2012.

Net loss for the quarter was $10.7 million or $0.32 basic and diluted per share, compared to net income of $55.5 million or $1.64 per share in 2011. The 2011 results reflect recognition of upfront payment and development cost reimbursement revenues related to the Salix collaboration. Net loss for the six months ended June 30, 2012 was $23.8 million or $0.70 basic and diluted per share, compared to net income of $32.6 million or $0.97 per share in 2011. At June 30, 2012, Progenics had cash, cash equivalents and securities of $51.1 million, reflecting use of $8.3 million in the second quarter.

Second quarter revenue totaled $1.8 million, down $72.6 million from the 2011 period. The decrease reflects a decline in upfront and reimbursement revenue from the Salix collaboration and lower research grant revenue, partially offset by a $1.1 million increase in royalty revenue. Current quarter royalty revenue decreased $0.2 million from the first quarter of 2012. For the first half of 2012, Progenics reported revenues of $4.0 million, compared to $76.8 million in the 2011 period.

Net sales reported by Progenics' Relistor collaborators were:

  Relistor Net Sales Reported by Collaborators (millions)
  Three Months Ended Six Months Ended
  June 30, March 31, June 30,
  2012 2011 2012 2012 2011
U.S. $ 10.0 $ 3.5 $ 11.3 $ 21.3 $ 5.3
Ex-U.S.  0.8  1.7    1.0  1.8  3.2
Global $ 10.8 $ 5.2 $ 12.3 $ 23.1 $ 8.5

Second quarter and year-to-date research and development expenses decreased by $5.2 million and $13.7 million compared to the prior year periods, respectively, primarily from decreased clinical trial and contract manufacturing expenses as a result of the 2011 Salix agreement and lower operating expenses. Second quarter and year-to-date general and administrative expenses decreased $0.9 million and $2.4 million, respectively, primarily from lower consulting, professional fees and operating expenses. Company-wide salaries and benefits decreased $1.3 million and $0.7 million for the three and six months ended June 30, 2012, respectively, as compared to the same periods in the prior year.

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