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Progenics Pharmaceuticals Inc. Reports Operating Results (10-K)
Posted by: gurufocus (IP Logged)
Date: March 15, 2012 04:08PM

Progenics Pharmaceuticals Inc. (PGNX) filed Annual Report for the period ended 2011-12-31. Progenics Pharm has a market cap of $315 million; its shares were traded at around $9.39 with a P/E ratio of 233.3 and P/S ratio of 39.6. Progenics Pharm 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. During 2011, expenses for our RELISTOR research program were $23.2 million compared to $23.3 million in 2010 and $7.8 million in 2009. Expenses for our cancer and HIV research programs were $18.2 million and $3.8 million, respectively, during 2011 compared to (i) $14.7 million and $5.5 million, respectively in 2010 and (ii) $20.1 million and $11.8 million, respectively, in 2009. Our expenses and reimbursement revenue related to RELISTOR in the future will depend on the amount of research and development work we perform upon requests by Salix or Ono. We also expect to incur a significant amount of development expenses for our oncology programs as these programs progress. We expect future expenses related to research and development for which we receive reimbursement from the NIH, including the HIV program, to decline to the extent we out-license these programs.

Salix Collaboration. During the year ended December 31, 2011, we recognized $75,091 of revenue from Salix, which includes $59,634 from the $60,000 upfront cash payment under the License Agreement, $225 in respect of Salix ex-U.S. sublicensee revenue and $15,232 as reimbursement of our expenses, including $2,172 of manufacturing supplies, in accordance with the License Agreement. As of December 31, 2011, $204 and $162 are recorded in deferred revenue – current and long-term, respectively.

During the years ended December 31, 2010 and 2009, we recognized $1,383 and $29,298, respectively, of revenue from Wyeth, consisting of (i) $0 and $14,562, respectively, of the $60,000 upfront payment we received upon entering into our 2005 collaboration, (ii) $0 and $4,736, respectively, as reimbursement of our development expenses, and (iii) $1,383 and $10,000, respectively, as reimbursement of our expenses under the 2009 Transition Agreement.

2011 vs. 2010 We recognized $405 and $241, respectively, of royalty expenses during the years ended December 31, 2011 compared to the same period in 2010, due to increased net sales of RELISTOR in 2011. 2010 vs. 2009 We incurred $241 and $185, respectively, of royalty costs and recognized $241 and $237, respectively, of royalty expenses during the years ended December 31, 2010 and 2009.

Operating Activities. During the year ended December 31, 2011 we received $79,998 under our collaborations, consisting of (i) $60,000 Salix upfront cash payment and $225 in respect of Salix ex-U.S. sublicensee revenue (ii) $14,659 in reimbursement payments under the Salix License Agreement, (iii) $1,767 in royalties from Salix, (iv) $3,317 under the Transition Agreement with Wyeth and (v) $30 under the License Agreement with Ono. During the years ended December 31, 2010 and 2009, we received $10,351 and $6,385, respectively, from Wyeth, consisting of (i) $0 and $3,172 as reimbursements payments under the 2005 Wyeth collaboration, (ii) $7,906 and $1,666 under the Transition Agreement, (iii) $2,415 and $1,494 in royalties and (iv) $30 and $53, respectively under the License Agreement with Ono. Reimbursements under the 2005 collaboration have ceased as a result of its termination.

Read the The complete Report



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