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Progenics reports narrowed 4Q loss, revenue rise

Mon, 03/15/2010 - 8:17am
The Associated Press

Biopharmaceutical company Progenics Pharmaceuticals Inc. said Monday its fourth-quarter loss narrowed, as revenue spiked due to a payment from Wyeth, which ended a collaboration between the companies.

The Tarrytown, N.Y., company said it lost $639,000, or 2 cents per share, in the final quarter of 2009. That compares with a loss of $14.6 million, or 48 cents per share, in the last quarter of 2008.

Revenue more than doubled to $17.2 million in the quarter from $6.8 million.

Analysts polled by Thomson Reuters expected, on average, a loss of 15 cents per share on $13.9 million in revenue.

Progenics said Wyeth, which is now a subsidiary of Pfizer, agreed to pay $10 million as it ended a collaboration between the companies. Progenics developed the constipation drug Relistor with Wyeth, and Progenics regained the rights after Wyeth was sold to Pfizer Inc. in October.

Progenics also revenue rose due to an increase in amortization of a $60-million, 2005 payment from Wyeth.

But those gains were partially offset by a drop in reimbursement revenue from Wyeth for Relistor research.

Relistor is designed to treat constipation caused by use of opioid painkillers, which is a common side effect of treatment with those drugs.

Relistor was launched in June 2008 and registered $3.9 million in global sales in the fourth quarter and $12.3 million for 2009.

For the full year, Progenics lost $30.6 million, or 98 cents per share, on $48.9 million in revenue.

Shares of Progenics fell 7 cents to $5.25 in midday trading Monday.

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