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|  |  777 Old Saw Mill River RoadTarrytown, New York 10591(914) 789-2800www.progenics.com |
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| Contact:  | Amy MartiniCorporate Affairs(914) 789-2816amartini@progenics.com | Kathleen FredriksenCorporate Development(914) 789-2871kfredriksen@progenics.com |
|----------------|------------------------------------------------------------------|---------------------------------------------------------------------------------|
|                     |   | Three Months Ended |   |   | Year Ended    |
|--------------------------|--------|--------------------|--------|--------|---------------|
|                     |   | December 31,       |   |   | September 30, |   |   | December 31, |
|                     |   | 2012               |   |   | 2011          |   |   | 2012 |   |   | 2012 |   |   | 2011 |
| U.S.                     |   | $                  | 4.1    |   |          | $ | 8.0 |   |   | $ | 3.8 |   |   | $ | 29.2 |   |   | $ | 21.5 |
| Ex-U.S.                  |   |               | 1.1    |   |          |   | 0.8 |   |   |   | 1.1 |   |   |   | 4.0 |   |   |   | 5.5 |
|    Global |   | $                  | 5.2    |   |          | $ | 8.8 |   |   | $ | 4.9 |   |   | $ | 33.2 |   |   | $ | 27.0 |

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| · | Completed underwritten public offering of 12,650,000 primary common shares resulting in $23.3 million net proceeds. |
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| · | Out-licensed C. difficile preclinical program for $5.0 million upfront payment (received in January) with potential future milestones and royalties. |
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| · | Fourth quarter Relistor global net sales increased 8% from the third quarter, but decreased 40% from the prior year period due to 2011 stocking activity. Annual Relistor global net sales increased 23% over 2011. |
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| · | Acquired Molecular Insight Pharmaceuticals, expanding our oncology pipeline with diagnostic and small molecule therapeutic candidates targeting PSMA and prostate cancer. |
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| · | Reported positive clinical data from a study of two novel radiolabeled small molecule imaging agents – 123I-MIP-1072 and 123I-MIP-1095 – targeting PSMA. |
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| PROGENICS PHARMACEUTICALS, INC.CONSOLIDATED STATEMENTS OF OPERATIONS(unaudited)(in thousands, except net (loss) income per share)  |   |
|-----------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                                    |   | For the Three Months EndedDecember 31, |   |   | For the Year EndedDecember 31, |   |
|                                                                                                                                    |   | 2012 |   |   | 2011 |   |   | 2012 |   |   | 2011 |   |
| Revenues:                                                                                                                               |   |  |   |   |  |   |   |  |   |   |  |   |
|   Royalty income                                                                                                              |   | $ | 782 |   |   | $ | 1,279 |   |   | $ | 4,963 |   |   | $ | 3,046 |   |
|   Collaboration revenue                                                                                                       |   |   | 8,004 |   |   |   | 366 |   |   |   | 8,525 |   |   |   | 76,764 |   |
|   Research grants                                                                                                             |   |   | 71 |   |   |   | 464 |   |   |   | 488 |   |   |   | 4,810 |   |
|   Other revenues                                                                                                              |   |   | 28 |   |   |   | 88 |   |   |   | 72 |   |   |   | 176 |   |
|      Total revenues                                                                                            |   |   | 8,885 |   |   |   | 2,197 |   |   |   | 14,048 |   |   |   | 84,796 |   |
| `                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Expenses:                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Research and development                                                                                              |   |   | 5,423 |   |   |   | 8,296 |   |   |   | 31,840 |   |   |   | 53,183 |   |
|    License fees – research and development                                                                         |   |   | 510 |   |   |   | 12 |   |   |   | 1,170 |   |   |   | 578 |   |
|    Royalty expense                                                                                                       |   |   | 79 |   |   |   | 131 |   |   |   | 499 |   |   |   | 405 |   |
|    General and administrative                                                                                            |   |   | 2,953 |   |   |   | 4,035 |   |   |   | 14,706 |   |   |   | 18,248 |   |
|    Depreciation and amortization                                                                                         |   |   | 261 |   |   |   | 485 |   |   |   | 1,324 |   |   |   | 2,066 |   |
|       Total expenses                                                                                      |   |   | 9,226 |   |   |   | 12,959 |   |   |   | 49,539 |   |   |   | 74,480 |   |
|                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating (loss) income                                                                                                                 |   |   | (341 | ) |   |   | (10,762 | ) |   |   | (35,491 | ) |   |   | 10,316 |   |
|                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Other income:                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Interest income                                                                                                       |   |   | 17 |   |   |   | 16 |   |   |   | 60 |   |   |   | 65 |   |
|       Total other income                                                                                  |   |   | 17 |   |   |   | 16 |   |   |   | 60 |   |   |   | 65 |   |
|                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net (loss) income before income taxes                                                                                                   |   |   | (324 | ) |   |   | (10,746 | ) |   |   | (35,431 | ) |   |   | 10,381 |   |
|    Income tax benefit                                                                                                    |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Net (loss) income                                                                                                                       |   | $ | (324 | ) |   | $ | (10,746 | ) |   | $ | (35,431 | ) |   | $ | 10,381 |   |
|                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net (loss) income per share; basic                                                                                                      |   | $ | (0.01 | ) |   | $ | (0.32 | ) |   | $ | (1.02 | ) |   | $ | 0.31 |   |
| Weighted average shares outstanding; basic                                                                                              |   |   | 37,590 |   |   |   | 33,700 |   |   |   | 34,754 |   |   |   | 33,375 |   |
|                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income (loss) per share; diluted                                                                                                    |   | $ | (0.01 | ) |   | $ | (0.32 | ) |   | $ | (1.02 | ) |   | $ | 0.31 |   |
| Weighted average shares outstanding; diluted                                                                                            |   |   | 37,590 |   |   |   | 33,700 |   |   |   | 34,754 |   |   |   | 33,494 |   |
| CONDENSED CONSOLIDATED BALANCE SHEETS(unaudited)(in thousands) |   |
|----------------------------------------------------------------|--------|
|                                                           |   | December 31,2012 |   |   | December 31,2011 |   |
|                                                           |   |  |   |   |  |   |
| Cash and cash equivalents                                      |   | $ | 58,838 |   |   | $ | 70,105 |   |
| Accounts receivable                                            |   |   | 6,937 |   |   |   | 1,516 |   |
| Auction rate securities                                        |   |   | 3,240 |   |   |   | 3,332 |   |
| Fixed assets, net                                              |   |   | 3,399 |   |   |   | 4,038 |   |
| Other assets                                                   |   |   | 3,894 |   |   |   | 1,119 |   |
|    Total assets                                 |   | $ | 76,308 |   |   | $ | 80,110 |   |
|                                                           |   |   |   |   |   |   |   |   |
| Liabilities                                                    |   | $ | 8,902 |   |   | $ | 7,943 |   |
| Deferred revenue                                               |   |   | 838 |   |   |   | 366 |   |
|     Total liabilities                      |   |   | 9,740 |   |   |   | 8,309 |   |
|     Stockholders' equity                   |   |   | 66,568 |   |   |   | 71,801 |   |
| Total liabilities and stockholders' equity                     |   | $ | 76,308 |   |   | $ | 80,110 |   |

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