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Progenics Pharmaceuticals Inc. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: August 9, 2011 09:11PM
Progenics Pharmaceuticals Inc. (PGNX) filed Quarterly Report for the period ended 2011-06-30. Progenics Pharmaceuticals Inc. has a market cap of $146.6 million; its shares were traded at around $4.58 with and P/S ratio of 18.4. Progenics Pharmaceuticals Inc. had an annual average earning growth of 2.2% over the past 10 years.
Highlight of Business Operations:
A majority of our expenditures to date have been for research and development activities. For the three months ended June 30, 2011, our expenses for the RELISTOR research program increased to $5.7 million compared to $3.9 million for the same period in 2010. In this period expenses for our Cancer and HIV research programs increased to $3.8 million and $1.4 million, respectively, compared to $3.6 million and $1.3 million, respectively, for the same period in 2010.
For the first half of 2011 our expenses for the RELISTOR research program increased to $18.7 million compared to $7.7 million for the same period in 2010 primarily due to expenses related to the phase 3 study of oral methylnaltrexone and the submission of the sNDA for subcutaneous RELISTOR for non-cancer pain patients. Of this $18.7 million, we have received reimbursements totaling $7.7 million through June 30, 2011, and expect to receive an additional $4.4 million during the third quarter. Expenses for our Cancer and HIV research programs decreased to $7.3 million and $2.4 million for the first half of 2011, respectively, compared to $8.2 million and $3.3 million, respectively for the same period in 2010.
At June 30, 2011, we held $82.4 million in cash and cash equivalents (excluding $3.5 million of auction rate securities), a $6.3 million decrease from $88.7 million at March 31, 2011, and a $34.5 million increase from $47.9 million at December 31, 2010. We expect that this amount will be sufficient to fund operations as currently anticipated beyond one year. We may require additional funding in the future, and if we are unable to conclude favorable collaboration, license, asset sale, capital raising or other financing transactions, we will have to reduce, delay or eliminate spending on some current operations, and/or reduce salary and other overhead expenses, to extend our remaining operations. We are currently engaged in a Company-wide review and analysis of our various research and development programs and we may require additional funding to continue our current programs or conduct programs that we choose to undertake as a result of that evaluation. We continue to monitor our program expenditures, including headcount levels, in conjunction with current program and program candidates that we choose or are obligated to undertake. We expect to continue to incur operating losses during the near term.
Salix License Agreement. During the three and six months ended June 30, 2011, we recognized $71.9 million of revenue from Salix, which includes $59.5 million in previously deferred revenue in respect of its upfront payment under the License Agreement and $12.4 million as reimbursement of our expenses under the License Agreement. Of this amount, we received $67.2 million in cash during the first half of 2011 and expect to receive the remaining $4.4 million during the third quarter. As of June 30, 2011, $0.2 million and $0.3 million is recorded in deferred revenue – current and long-term, respectively, representing joint committee activities that remain to be completed.
Global net sales of RELISTOR were $5.2 million and $3.8 million for the three months ended June 30, 2011 and 2010, respectively, with U.S. and ex-U.S. net sales constituting $3.5 million and $1.7 million for the 2011 period, respectively, and $2.3 million and $1.5 million for the 2010 period, respectively. Global net sales of RELISTOR were $3.3 million, as adjusted, for the first quarter of 2011, with U.S. and ex-U.S. net sales representing $1.8 million and $1.5 million, respectively.
Global net sales of RELISTOR were $8.5 million and $8.0 million for the six months ended June 30, 2011 and 2010, respectively, with U.S. and ex-U.S. net sales constituting $5.3 million and $3.2 million for the 2011 period and $4.7 million and $3.3 million for the 2010 period, respectively. Approximately three-quarters of the increase from first to second quarter 2011 was attributable to volume and one-quarter was due to a price increase. The first quarter net U.S. sales amount was adjusted to exclude $0.5 million in inventory transfers between collaborators, originally reported as sales by Progenics' former partner.
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