Progenics reports $10.7m loss as revenue falls by $73m

Progenics Pharmaceuticals, based in Tarrytown, which develops cancer drugs, reported a second-quarter loss of $10.7 million, or 32 cents a share, compared with earnings of $55.5 million, or $1.64 a share in the second quarter of 2011.

Last year”™s results reflected revenues related to Progenics”™ collaboration with Salix Pharmaceuticals, which has the development and marketing rights to Progenics”™ first commercial product, Relistor, a laxative for patients who are receiving opium-based drugs. Revenue was $1.8 million, down almost $73 million from last year.

For the six months ended June 30, Progenics lost $24 million, or 70 cents a share, compared with earnings of $32 million, or 97 cents a share in 2011. Revenue was $4 million, down from almost $77 million in 2011. This was due to a decline in revenue from the partnership with Salix, as well as a decline in research grant revenue.

Sales of Relistor in the second quarter were up 109 percent from the second quarter of 2011, but down 12 percent compared to the first quarter of 2012.  For the six-month period, sales were up 173 percent from the first six months of last year.