Business in the Burbs

Progenics reports $2.4 million loss in Q2

August

Progenics Pharmaceuticals of Eastview said this morning its $2.4 million second-quarter loss matched its loss from the second quarter of last year. On a per-share basis, the company lost 8 cents, compared to 9 cents last year.

Revenues grew to $28.6 million from $25.5 million.

The company said it earned a $15 million payment during the quarter when the U.S. Food and Drug Administration approved its application to market the constipation drug Relistor, which is the companyâ€™s first commercial product. The company got a $9 million payment last year in connection with the drug application.

This yearâ€™s quarter also included $321,000 in royalties based on sales of the drug. The company recognized $42,000 of that as revenue during the quarter.

This entry was posted on Friday, August 8th, 2008 at 8:38 am by Allan Drury. You can follow any responses to this entry through the RSS 2.0 feed.
Category: Earnings season

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