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 $76.8 million in the 2011 period.Net sales reported by Progenics' Relistor collaborators were:
|Relistor Net Sales Reported by Collaborators (millions)|
|Three Months Ended||Six Months Ended|
|June 30,||March 31,||June 30,|
|U.S.||$ 10.0||$ 3.5||$ 11.3||$ 21.3||$ 5.3|
|Global||$ 10.8||$ 5.2||$ 12.3||$ 23.1||$ 8.5|