This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Progenics Pharmaceuticals Announces Second Quarter 2012 Financial Results

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.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,812.19 +19.51 0.11%
S&P 500 2,089.14 +2.55 0.12%
NASDAQ 5,102.8080 +0.33 0.01%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs