TARRYTOWN, N.Y.--(BUSINESS WIRE)--Progenics Pharmaceuticals, Inc. (Nasdaq: PGNX) today announced its results of operations for the third quarter and nine months ended September 30, 2007. Revenues for the third quarter ended September 30, 2007 totaled $17.0 million compared to $17.8 million for the same quarter in 2006. For the first nine months of 2007, Progenics reported revenues of $60.1 million compared to $48.0 million for the comparable period in 2006. Revenues primarily reflect amounts earned by Progenics in its collaboration with Wyeth (NYSE: WYE) regarding methylnaltrexone, including reimbursement received by the Company for its research and development activities and recognition of revenue relating to Wyeth’s upfront payment to Progenics in December 2005 upon the commencement of the collaboration. In addition, Progenics earned revenues of $9.0 million in milestone payments from Wyeth during the second quarter of 2007, following regulatory filings for the subcutaneous formulation of methylnaltrexone in the United States and European Union. Revenues also reflect amounts earned under government grants and contracts.
