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

November 08, 2010 | About:
10qk

10qk

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Progenics Pharmaceuticals Inc. (PGNX) filed Quarterly Report for the period ended 2010-09-30.

Progenics Pharmaceuticals Inc. has a market cap of $162.73 million; its shares were traded at around $4.96 with and P/S ratio of 3.32. 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.
This is the annual revenues and earnings per share of PGNX over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of PGNX.


Highlight of Business Operations:

A majority of our expenditures to date have been for research and development activities. Expenses for our RELISTOR research program for the three months ended September 30, 2010, increased to $6.0 million, compared to $1.4 million for the same period in 2009, and for the nine months ended September 30, 2010, increased to $13.7 million, compared to $5.7 million for the same period in 2009. Expenses for our Cancer and HIV research programs during the three months ended September 30, 2010, decreased to $3.5 million and $1.3 million, respectively, compared to $4.6 million and $2.5 million, respectively for the same period in 2009, and during the nine months ended September 30, 2010, decreased to $11.7 million and $4.6 million, respectively, compared to $15.3 million and $9.9 million, respectively, for the same period in 2009.

Our net losses were $17,101 for the three months ended September 30, 2010, compared to $13,014 for the same period of 2009, and $50,925 for the nine months ended September 30, 2010, compared to $29,973 for the same period of 2009. Revenues were $1,967 for the three months ended September 30, 2010, compared to $5,419 for the same period of 2009, and $5,795 for the nine months ended September 30, 2010, compared to $31,792 for the same period of 2009. Expenses were $19,085 for the three months ended September 30, 2010, compared to $18,556 for the same period of 2009, and $56,768 for the nine months ended September 30, 2010, compared to $63,459 for the same period of 2009. Other income totaled $17 for the three months ended September 30, 2010, compared to $123 for the same period of 2009, and $48 for the nine months ended September 30, 2010, compared to $1,694 for the same period of 2009.

Wyeth Collaboration. During the three months ended September 30, 2010 and 2009, we recognized $55 and $4,425, respectively, of revenue from Wyeth, consisting of (i) $0 and $3,240, respectively, of the $60,000 upfront payment pursuant to the 2005 collaboration, (ii) $0 and $1,185, respectively, as reimbursement of expenses under the 2005 collaboration, and (iii) $55 and $0, respectively, as reimbursement of expenses under the 2009 Transition Agreement.

During the nine months ended September 30, 2010 and 2009, we recognized $1,145 and $14,153, respectively, of revenue from Wyeth, consisting of (i) $0 and $9,417, respectively, of the $60,000 upfront payment pursuant to the 2005 collaboration, (ii) $0 and $4,736, respectively, as reimbursement of expenses under the 2005 collaboration, and (iii) $1,145 and $0, respectively, as reimbursement of expenses under the 2009 Transition Agreement.

Royalty income. During the three months ended September 30, 2010 and 2009, we earned royalties from net sales by Wyeth of subcutaneous RELISTOR of $620 and $497, respectively, and recognized $620 and $509, respectively, of royalty income. During the nine months ended September 30, 2010 and 2009, we earned royalties from such net sales of $1,826 and $1,264, respectively, and recognized $1,826 and $976, respectively, of royalty income. As of September 30, 2009, we had recorded a cumulative total of $807 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 $4.1 million for the three months ended September 30, 2010, comprised of $2.4 million of U.S. and $1.7 million of ex-U.S. net sales. Global net sales were $3.3 million for the three months ended September 30, 2009, with U.S. and ex-U.S. net sales constituting $1.8 million and $1.5 million, respectively. Global net sales of RELISTOR were $12.2 million for the nine months ended September 30, 2010, comprised of $7.2 million of U.S. and $5.0 million of ex-U.S. net sales. Global net sales were $8.4 million for the nine months ended September 30, 2009, with U.S. and ex-U.S. net sales constituting $5.0 million and $3.4 million, respectively.

Read the The complete Report

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