Progenics Pharmaceuticals, Inc.
) reported a loss of 14 cents per share, narrower than the Zacks
Consensus Estimate of a loss of 19 cents, but wider than the
year-ago loss of 1 cent per share.
Fourth quarter revenues were $2.968 million, down 66.6% from
the year-ago quarter. Revenues, however, surpassed the Zacks
Consensus Estimate of $2 million.
In 2013, Progenics reported a loss of 76 cents per share,
narrower than the year-ago loss of $1.02 per share and the Zacks
Consensus Estimate of a loss of 81 cents per share.
Revenues were $7.9 million in 2013, down 44% from the previous
year. Revenues surpassed the Zacks Consensus Estimate of $7
Progenics' fourth quarter 2013 revenues declined from the
year-ago quarter primarily due to lower collaboration
In the reported quarter, Progenics' revenues primarily
comprised royalty income of $2.9 million, up 267.1% from the
year-ago quarter. Progenics earned royalties from partner
Salix Pharmaceuticals Ltd.
) on sales of Relistor (opioid-induced constipation (OIC)). Net
sales of Relistor increased 296% sequentially.
Research and development (R&D) expenses increased 32.8%
year over year to $7.2 million.
General and administrative (G&A) expenses increased 33.9%
year over year to $3.9 million. This increase was primarily
driven by a non-cash intangible assets impairment charge.
Progenics is working on strengthening its pipeline. In 2014,
the company will initiate a study on MIP-1095, an oncology
candidate, for the treatment of advanced prostate cancer.
Progenics intends to file an Investigational New Drug (IND)
application for MIP-1095 later this year.
Meanwhile, the company is enrolling patients, who have not
undergone chemotherapy, in its phase II study on PSMA ADC for the
treatment of prostate cancer. Patient enrolment is expected to be
completed in the first half of 2014.
Additionally, the company is planning an end of phase II
meeting with the U.S. Food and Drug Administration (FDA) for its
diagnostic imaging agent, 1404.
Progenics also said that it will resume patient enrolment for
a registration study on Azedra early in 2015, for the treatment
of pheochromocytoma and paraganglioma. Azedra has orphan drug
status in the U.S.
Progenics currently carries a Zacks Rank #3 (Hold). Some
better-ranked stocks in the biotech sector include
Alexion Pharmaceuticals, Inc.
). Both stocks carry a Zacks Rank #1 (Strong Buy).
ALKERMES INC (ALKS): Free Stock Analysis
ALEXION PHARMA (ALXN): Free Stock Analysis
PROGENICS PHARM (PGNX): Free Stock Analysis
SALIX PHARM-LTD (SLXP): Free Stock Analysis
To read this article on Zacks.com click here.