U.S. News

Progenics Pharma 1Q loss widens to $18.6 million


Biopharmaceutical company Progenics Pharmaceuticals Inc. said Monday its first-quarter loss widened, as research and development revenue sank compared to last year, when the company also received a $15 million payment.

The Tarrytown, N.Y., company said it lost $18.6 million, or 58 cents per share, in the three months that ended March 31. That compares to a loss of $1.8 million, or 6 cents per share, in the first quarter of 2009.

First-quarter revenue dropped to $1.5 million from $20.9 million.

Analysts expected a loss of 41 cents per share on nearly $6 million in revenue, according to a survey by Thomson Reuters.

The company attributed part of its revenue decline to the end of a collaboration with Wyeth, which was purchased by Pfizer Inc. last year. Progenics also recorded a $15-million payment from Ono Pharmaceutical Co. Ltd. in the first quarter of 2009.

Progenics said worldwide sales of the drug Relistor grew 6 percent to $4.2 million in the first quarter. Relistor is designed to treat constipation caused by use of opioid painkillers, which is a common side effect of treatment with those drugs.

The company's expenses also fell 14 percent in the first quarter to $20.1 million, due mainly to lower compensation expenses from a headcount reduction. Research and development expenses fell 20 percent to $11.9 million.

Shares of Progenics fell 10 cents to $5.43 in afternoon trading Monday.