Progenics Pharmaceuticals shares fell Monday after the drug-maker reported a wider-than-expected Q4 loss on negative revenue.
The company reported a net loss of $12.2 million, or $0.18 per share, wider than its net loss of $8.6 million, or $0.14 per share, for the same quarter of 2013. Analysts’ mean estimate was for a loss of $0.13 per share, according to Capital IQ.
The company posted negative revenue of $571,000 as a result of Relistor royalty losses due to Salix Pharmaceuticals’ (SLXP) plan to accelerate the reduction of wholesaler inventory levels and cease all sales efforts to wholesalers for Q4 2014. This compares with three analysts’ mean estimate for $2.8 million in revenue, versus $3.0 million in revenue for the same quarter last year.
Salix is Progenics’ marketing partner for Relistor, a treatment used by patients with chronic pain to treat the constipating effect of opioids in the gastrointestinal tract. Shares of PGNX were down 7.2% recently at $6.58, in a 52-week range of $3.10 to $7.84.