| Contact:  | Amy MartiniCorporate Affairs(914) 789-2816amartini@progenics.com |   |
|----------------|------------------------------------------------------------------|--------|

|                     |   | RELISTOR Net Sales Reported by Collaborators (in millions) |   |
|--------------------------|--------|------------------------------------------------------------|--------|
|                     |   | Three Months Ended                                         |   |   | Year Ended |   |
|                     |   | December 31,                                               |   |   | September 30, |   |   | December 31, |   |
|                     |   | 2011                                                       |   |   | 2010 |   |   | 2011 |   |   | 2011 |   |   | 2010 |   |
| U.S.                     |   | $                                                          | 8.0    |   |   | $ | 2.4 |   |   | $ | 8.2 |   |   | $ | 21.5 |   |   | $ | 9.5 |   |
| Ex-U.S.                  |   |                                                       | 0.8    |   |   |   | 1.6 |   |   |   | 1.5 |   |   |   | 5.5 |   |   |   | 6.6 |   |
|    Global |   | $                                                          | 8.8    |   |   | $ | 4.0 |   |   | $ | 9.7 |   |   | $ | 27.0 |   |   | $ | 16.1 |   |

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|   | · | Salix and Progenics completed and announced positive highly statistically significant results from a phase 3 trial of oral methylnaltrexone in chronic, non-cancer pain patients with opioid-induced constipation. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|     ·   | The company presented at ASCO GU a summary of interim results from its ongoing phase 1 study of PSMA ADC. |
|---------------------------------------|-----------------------------------------------------------------------------------------------------------|

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| PROGENICS PHARMACEUTICALS, INC.CONSOLIDATED STATEMENTS OF OPERATIONS(unaudited)(in thousands, except net income (loss) per share) |   |
|-----------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                              |   | For the Three Months EndedDecember 31, |   |   | For the Year EndedDecember 31, |   |
|                                                                                                                              |   | 2011 |   |   | 2010 |   |   | 2011 |   |   | 2010 |   |
| Revenues:                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |
|   Collaboration revenue                                                                                                 |   | $ | 366 |   |   | $ | 238 |   |   | $ | 76,764 |   |   | $ | 1,413 |   |
|   Royalty income                                                                                                        |   |   | 1,279 |   |   |   | - |   |   |   | 3,046 |   |   |   | 1,826 |   |
|   Research grants                                                                                                       |   |   | 464 |   |   |   | 1,906 |   |   |   | 4,810 |   |   |   | 4,573 |   |
|   Other revenues                                                                                                        |   |   | 88 |   |   |   | 13 |   |   |   | 176 |   |   |   | 140 |   |
|      Total revenues                                                                                      |   |   | 2,197 |   |   |   | 2,157 |   |   |   | 84,796 |   |   |   | 7,952 |   |
|                                                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Expenses:                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Research and development                                                                                        |   |   | 8,296 |   |   |   | 15,122 |   |   |   | 53,183 |   |   |   | 50,640 |   |
|    License fees – research and development                                                                   |   |   | 12 |   |   |   | 53 |   |   |   | 578 |   |   |   | 1,270 |   |
|    General and administrative                                                                                      |   |   | 4,035 |   |   |   | 5,264 |   |   |   | 18,248 |   |   |   | 22,832 |   |
|    Royalty expense                                                                                                 |   |   | 131 |   |   |   | 59 |   |   |   | 405 |   |   |   | 241 |   |
|    Depreciation and amortization                                                                                   |   |   | 485 |   |   |   | 570 |   |   |   | 2,066 |   |   |   | 2,853 |   |
|       Total expenses                                                                                |   |   | 12,959 |   |   |   | 21,068 |   |   |   | 74,480 |   |   |   | 77,836 |   |
|                                                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating income (loss)                                                                                                           |   |   | (10,762 | ) |   |   | (18,911 | ) |   |   | 10,316 |   |   |   | (69,884 | ) |
|                                                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Other income:                                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Interest income                                                                                                 |   |   | 16 |   |   |   | 16 |   |   |   | 65 |   |   |   | 64 |   |
|       Total other income                                                                            |   |   | 16 |   |   |   | 16 |   |   |   | 65 |   |   |   | 64 |   |
|                                                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income (loss) before income taxes                                                                                             |   |   | (10,746 | ) |   |   | (18,895 | ) |   |   | 10,381 |   |   |   | (69,820 | ) |
|    Income tax benefit                                                                                              |   |   | - |   |   |   | 95 |   |   |   | - |   |   |   | 95 |   |
| Net income (loss)                                                                                                                 |   | $ | (10,746 | ) |   | $ | (18,800 | ) |   | $ | 10,381 |   |   | $ | (69,725 | ) |
|                                                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income (loss) per share; basic                                                                                                |   | $ | (0.32 | ) |   | $ | (0.57 | ) |   | $ | 0.31 |   |   | $ | (2.14 | ) |
| Weighted average shares outstanding; basic                                                                                        |   |   | 33,700 |   |   |   | 33,031 |   |   |   | 33,375 |   |   |   | 32,590 |   |
|                                                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income (loss) per share; diluted                                                                                              |   | $ | (0.32 | ) |   | $ | (0.57 | ) |   | $ | 0.31 |   |   | $ | (2.14 | ) |
| Weighted average shares outstanding; diluted                                                                                      |   |   | 33,700 |   |   |   | 33,031 |   |   |   | 33,494 |   |   |   | 32,590 |   |

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| CONDENSED CONSOLIDATED BALANCE SHEETS(unaudited)(in thousands) |   |
|----------------------------------------------------------------|--------|
|                                                           |   | December 31, 2011 |   |   | December 31, 2010 |   |
|                                                           |   |   |   |   |   |   |
| Cash and cash equivalents                                      |   | $ | 70,105 |   |   | $ | 47,918 |   |
| Accounts receivable                                            |   |   | 1,516 |   |   |   | 2,283 |   |
| Auction rate securities                                        |   |   | 3,332 |   |   |   | 3,608 |   |
| Fixed assets, net                                              |   |   | 4,038 |   |   |   | 5,878 |   |
| Other assets                                                   |   |   | 1,119 |   |   |   | 3,051 |   |
|    Total assets                                 |   | $ | 80,110 |   |   | $ | 62,738 |   |
|                                                           |   |   |   |   |   |   |   |   |
| Liabilities                                                    |   | $ | 7,943 |   |   | $ | 11,430 |   |
| Deferred revenue                                               |   |   | 366 |   |   |   | - |   |
|     Total liabilities                      |   |   | 8,309 |   |   |   | 11,430 |   |
|     Stockholders’ equity             |   |   | 71,801 |   |   |   | 51,308 |   |
| Total liabilities and stockholders’ equity               |   | $ | 80,110 |   |   | $ | 62,738 |   |

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