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Progenics Pharmaceuticals Inc. Reports Operating Results (10-Q)

August 09, 2010 | About:
10qk

10qk

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Progenics Pharmaceuticals Inc. (PGNX) filed Quarterly Report for the period ended 2010-06-30.

Progenics Pharmaceuticals Inc. has a market cap of $158.44 million; its shares were traded at around $4.89 with and P/S ratio of 3.24. Progenics Pharmaceuticals Inc. had an annual average earning growth of 5.6% over the past 10 years.PGNX is in the portfolios of Paul Tudor Jones of The Tudor Group, Jim Simons of Renaissance Technologies LLC.

Highlight of Business Operations:

A majority of our expenditures to date have been for research and development activities. Expenses for our Cancer and HIV research programs during the three months ended June 30, 2010, decreased to $3.6 million and $1.3 million, respectively, compared to $5.1 million and $3.0 million, respectively for the same period in 2009, and during the six months ended June 30, 2010, decreased to $8.2 million and $3.3 million, respectively, compared to $10.7 million and $7.4 million, respectively, for the same period in 2009. Expenses for our RELISTOR research program for the three months ended June 30, 2010, increased to $3.9 million, compared to $1.9 million for the same period in 2009, and for the six months ended June 30, 2010, increased to $7.7 million, compared to $4.3 million for the same period in 2009.

Our net losses were $15,241 for the three months ended June 30, 2010, compared to $15,171 for the same period of 2009, and $33,824 for the six months ended June 30, 2010, compared to $16,959 for the same period of 2009. Revenues were $2,305 for the three months ended June 30, 2010, compared to $5,469 for the same period of 2009, and $3,828 for the six months ended June 30, 2010, compared to $26,373 for the same period of 2009. Expenses were $17,562 for the three months ended June 30, 2010, compared to $21,421 for the same period of 2009, and $37,683 for the six months ended June 30, 2010, compared to $44,903 for the same period of 2009. Other income totaled $16 for the three months ended June 30, 2010, compared to $781 for the same period of 2009, and $31 for the six months ended June 30, 2010, compared to $1,571 for the same period of 2009.

Wyeth Collaboration. During the three months ended June 30, 2010 and 2009, we recognized $880 and $4,631, respectively, of revenue from Wyeth, consisting of (i) $0 and $2,995, respectively, of the $60,000 upfront payment pursuant to the 2005 collaboration, (ii) $0 and $1,636, respectively, as reimbursement of expenses under the 2005 collaboration, and (iii) $880 and $0, respectively, as reimbursement of expenses under the 2009 Transition Agreement.

During the six months ended June 30, 2010 and 2009, we recognized $1,090 and $9,728, respectively, of revenue from Wyeth, consisting of (i) $0 and $6,177, respectively, of the $60,000 upfront payment pursuant to the 2005 collaboration, (ii) $0 and $3,551, respectively, as reimbursement of expenses under the 2005 collaboration, and (iii) $1,090 and $0, respectively, as reimbursement of expenses under the 2009 Transition Agreement.

Royalty income. During the three months ended June 30, 2010 and 2009, we earned royalties from net sales by Wyeth of subcutaneous RELISTOR of $581 and $487, respectively, and recognized $581 and $292, respectively, of royalty income. During the six months ended June 30, 2010 and 2009, we earned royalties from such net sales of $1,206 and $767, respectively, and recognized $1,206 and $467, respectively, of royalty income. As of June 30, 2009, we had recorded a cumulative total of $819 as deferred revenue – current. This amount and all remaining deferred royalty revenue recorded in 2009, was recognized as royalty income during the fourth quarter of 2009, when the 2005 collaboration agreement terminated. Royalties from net sales by Wyeth of RELISTOR, as defined, are based on royalty rates under our 2005 collaboration, ranging up to 30% of U.S. and 25% of foreign net sales at the highest sales levels.

Global net sales of RELISTOR were $3.8 million for the three months ended June 30, 2010, comprised of $2.3 million of U.S. and $1.5 million of ex-U.S. net sales. Global net sales were $3.2 million for the three months ended June 30, 2009, with U.S. and ex-U.S. net sales constituting $2.0 million and $1.2 million, respectively. Global net sales of RELISTOR were $8.0 million for the six months ended June 30, 2010, comprised of $4.7 million of U.S. and $3.3 million of ex-U.S. net sales. Global net sales were $5.1 million for the six months ended June 30, 2009, with U.S. and ex-U.S. net sales constituting $3.2 million and $1.9 million, respectively.

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