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Progenics Pharmaceuticals (NASDAQ:PGNX) Losses Down in Fourth Quarter


Monday, March 15th, 2010

Progenics Pharmaceuticals (NASDAQ:PGNX) released its fourth-quarter results today, and the company was able to decrease its losses in the fourth quarter from last year, ending down by $639,000, or 2 cents a share.

Revenue for the quarter was over double it was last year, reaching $17.2 million, in contrast to the $6.8 million in 2009. Revenue increased primarily from a payment from Wyeth (NYSE:WYE) after they ended working with Progenics.

Analysts had been looking for revenue of $13.9 million, and a 15 cents a share loss.

The windfall in revenue came when Wyeth, the Pfizer (NYSE:PFE), quit working together after the development of Relistor, drug used for the relief of constipation coming from the side effect of using opioid painkillers. The rights to the drug went back to Progenics when Wyeth was acquired by Pfizer in the latter part of 2009.

On the other hand, some revenue has been lost from the research Wyeth paid Progenics for, which was reimbursed from Wyeth in the partnership.

While not a great performer, over the couple of years it has been on the market, Relistor generated $3.9 million in the fourth quarter of 2008 and $12.3 million for all of 2009.

For all of their last year, Progenic generated $48.9 million in revenue with losses of $30.6 million, or 98 cents a share.



Article by Gary B

The views expressed are the subjective opinion of the article's author and not of FinancialAdvisory.com



Tags: pfizer , progenics , quarterly results , relistor , wyeth