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| x      | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934     |
|--------|------------------------------------------------------------------------------------------|
|   | For the fiscal year ended December 31, 2011                                              |
|   | Or                                                                                       |
| ¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|   | For the transition period from ___________ to ___________                                |

| Delaware                                                      | 13-3379479                              |
|---------------------------------------------------------------|-----------------------------------------|
| (State or other jurisdiction ofincorporation or organization) | (I.R.S. Employer Identification Number) |

|                    Securities registered pursuant to Section 12(g) of the Act: | None |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------|

| Large Accelerated Filer  ¨                                             | Accelerated Filer  x              |
|---------------------------------------------------------------------------------------|---------------------------------------------|
| Non-accelerated Filer  ¨ (Do not check if a smaller reporting company) | Smaller Reporting Company  ¨ |

| (1)   | Calculated by excluding all shares that may be deemed to be beneficially owned by executive officers, directors and five percent stockholders of the Registrant, without conceding that any such person is an “affiliate” of the Registrant for purposes of the Federal securities laws. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| PART I                                     |                                                                                                               |   |
|--------------------------------------------|--------------------------------------------------------------------------------------------------------------------|--------|
| Item 1.                                    | Business                                                                                                           | 1      |
| Item 1A.                                   | Risk Factors                                                                                                       | 10     |
| Item 1B.                                   | Unresolved Staff Comments                                                                                          | 18     |
| Item 2.                                    | Properties                                                                                                         | 18     |
| Item 3.                                    | Legal Proceedings                                                                                                  | 18     |
| Item 4.                               | Not Applicable                                                                                                     | 18     |
| PART II                                    |                                                                                                               |   |
| Item 5.                                    | Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities | 19     |
| Item 6.                                    | Selected Financial Data                                                                                            | 20     |
| Item 7.                                    | Management’s Discussion and Analysis of Financial Condition and Results of Operations                        | 21     |
| Item 7A.                                   | Quantitative and Qualitative Disclosures about Market Risk                                                         | 33     |
| Item 8.                                    | Financial Statements and Supplementary Data                                                                        | 33     |
| Item 9.                                    | Changes in and Disagreements With Accountants on Accounting and Financial Disclosure                               | 33     |
| Item 9A.                                   | Controls and Procedures                                                                                            | 34     |
| Item 9B.                              | Other Information                                                                                                  | 34     |
| PART III                                   |                                                                                                               |   |
| Item 10.                                   | Directors, Executive Officers and Corporate Governance                                                             | 35     |
| Item 11.                                   | Executive Compensation                                                                                             | 35     |
| Item 12.                                   | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters                     | 35     |
| Item 13.                                   | Certain Relationships and Related Transactions, and Director Independence                                          | 35     |
| Item 14.                              | Principal Accounting Fees and Services                                                                             | 35     |
| PART IV                                    |                                                                                                               |   |
| Item 15.                              | Exhibits, Financial Statement Schedules                                                                            | 36     |
| INDEX TO CONSOLIDATED FINANCIAL STATEMENTS | F-1                                                                                                                |
| SIGNATURES                                 | S-1                                                                                                                |
| EXHIBIT INDEX                              | E-1                                                                                                                |

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|                               |   |                                                                                                                        |
|------------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------|
|  RELISTOR®               |   |                                                                                                                        |
|                               |   |                                                                                                                        |
| Marketed commercial product        |   | Approved indication                                                                                                         |   | Status |   |
|                               |   |                                                                                                                        |
| RELISTOR-Subcutaneous injection    |   | Treatment of OIC in advanced-illness patients receiving palliative care when laxative therapy has not been sufficient  |   | Marketed in the U.S., E.U., Canada, Australia and elsewhere; Licensed to Salix Pharmaceuticals worldwide other than Japan |   |
|                               |   |                                                                                                                        |   |   |   |
| Clinical product candidates        |   | Proposed indication                                                                                                         |   | Status |   |
|                               |   |                                                                                                                        |   |   |   |
| RELISTOR-Subcutaneous injection    |   | Treatment of OIC in patients with non-cancer pain                                                                           |   | PDUFA action date of April 27, 2012 for pending sNDA |   |
|                               |   |                                                                                                                        |   |   |   |
| RELISTOR-Subcutaneous injection    |   | Treatment of OIC (Japan)                                                                                                    |   | Development being conducted by Ono Pharmaceutical |   |
|                               |   |                                                                                                                        |   |   |   |
| RELISTOR-Oral                      |   | Treatment of OIC                                                                                                            |   | Phase 3 testing completed |   |
|                               |   |                                                                                                                        |
| ONCOLOGY                           |   |                                                                                                                        |   |   |   |
|                               |   |                                                                                                                        |   |   |   |
| Clinical product candidate         |   | Proposed indication                                                                                                         |   | Status |   |
|                               |   |
| PSMA ADC                           |   | Prostate cancer                                                                                                             |   | Phase 1 in advanced prostate cancer |   |
|                               |   |                                                                                                                        |   |   |   |
| Research                           |   | Proposed indication                                                                                                         |   | Status |   |
|                               |   |
| Multiplex PI3K inhibitor compounds |   | Cancer                                                                                                                      |   | Discovery research |   |
|                               |   |                                                                                                                        |   |   |   |
|                               |   |                                                                                                                        |   |   |   |
|                               |   |                                                                                                                        |   |

|          (ii)   | Phase 1-3 clinical trials are safety and efficacy tests in humans: |
|-------------------------------------------------------------------|--------------------------------------------------------------------|

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|             | FirstQuarter                      |   | SecondQuarter                      |   | ThirdQuarter                       |   | FourthQuarter                     |   | FullYear                                 |
|------------------|-----------------------------------|--------|------------------------------------|--------|------------------------------------|--------|-----------------------------------|--------|------------------------------------------|
|             |                              |   |                               |   | (in thousands)                     |   |                              |   |                                     |
| 2011:            |                              |
| Net Sales        | $3,300                            |   | $5,200                             |   | $9,700                             |   | $8,800                            |   | $27,000                                  |
| Royalties Earned |      -   |   |      527  |   |   1,240                  |   |   1,279                 |   |     3,046            |
| 2010:            |                              |
| Net Sales        | $4,200                            |   | $3,800                             |   | $4,100                             |   | $4,000                            |   | $16,100                                  |
| Royalties Earned |      625 |   |      581  |   |      620  |   |     -         |   |     1,826            |
| 2009:            |                              |
| Net Sales        |  $1,900                      |   |  $3,200                       |   |  $3,300                       |   | $3,900                            |   | $12,300                                  |
| Royalties Earned |       280     |   |       487 |   |      497       |   |      589      |   |     1,853                 |
| 2008:            |                              |   |                               |   |                               |   |                              |   |                                     |
| Net Sales        |    n.a                  |   | $2,100                             |   |     $800            |   | $1,500                            |   |  $4,400                             |
| Royalties Earned |    n.a                  |   |      321  |   |       117 |   |      227 |   |        665 |

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| RELISTOR and          |   | Number of Patents |   | Expiration    |   | Number of Patent Applications |
|-----------------------|--------|-------------------|--------|---------------|--------|-------------------------------|
| Product Candidates    |   | U.S.              |   | International |   | Dates (1)                     |   | U.S. |   | International |
| RELISTOR              |   | 8                 |   | 30            |   | 2015-2028                     |   | 22 |   | 179 |
|                  |   |              |   |          |   |                          |   |   |   |   |
| Oncology (PSMA; PI3K) |   | 7                 |   | 25            |   | 2013-2026                     |   | 6 |   | 20 |
|                  |   |              |   |          |   |                          |   |   |   |   |
| Other                 |   | -                 |   | -             |   | -                             |   | 1 |   | 4 |
|                  |   |              |   |          |   |                          |   |   |   |   |

|                                                        (1)   | Patent term extensions and pending patent applications may extend the period of patent protection afforded our products and product candidates under development. |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   |           |   | High   |   |   | Low    |
|--------|----------------|--------|--------|--------|--------|--------|
| 2011:  | Fourth quarter | $      | 9.19   |   | $      | 5.01   |
|   | Third quarter  |   | 7.93   |   |   | 4.50   |
|   | Second quarter |   | 8.69   |   |   | 5.97   |
|   | First quarter  |   | 6.50   |   |   | 5.32   |
|   |           |   |   |   |   |   |
| 2010:  | Fourth quarter |   | 5.69   |   |   | 4.41   |
|   | Third quarter  |   | 5.72   |   |   | 4.00   |
|   | Second quarter |   | 7.00   |   |   | 4.25   |
|   | First quarter  |   | 5.50   |   |   | 4.16   |

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|                                          |   | Years Ended December 31,              |   |
|-----------------------------------------------|--------|---------------------------------------|--------|
|                                          |   | 2011                                  |   |   | 2010 |   |   | 2009 |   |   | 2008 |   |   | 2007 |   |
|                                          |   | (in thousands, except per share data) |   |
| Statement of Operations Data:                 |   |                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Revenues:                                     |   |                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Collaboration revenue                         |   | $                                     | 76,764 |   |   | $ | 1,413 |   |   | $ | 44,351 |   |   | $ | 59,885 |   |   | $ | 65,455 |   |
| Royalty income                                |   |                                  | 3,046  |   |   |   | 1,826 |   |   |   | 2,372 |   |   |   | 146 |   |   |   | - |   |
| Research grants and contract                  |   |                                  | 4,810  |   |   |   | 4,573 |   |   |   | 1,968 |   |   |   | 7,460 |   |   |   | 10,075 |   |
| Other revenues                                |   |                                  | 176    |   |   |   | 140 |   |   |   | 256 |   |   |   | 180 |   |   |   | 116 |   |
| Total revenues                                |   |                                  | 84,796 |   |   |   | 7,952 |   |   |   | 48,947 |   |   |   | 67,671 |   |   |   | 75,646 |   |
| Expenses:                                     |   |                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Research and development                      |   |                                  | 53,183 |   |   |   | 50,640 |   |   |   | 49,798 |   |   |   | 82,290 |   |   |   | 95,234 |   |
| License fees – research and development |   |                                  | 578    |   |   |   | 1,270 |   |   |   | 1,058 |   |   |   | 2,830 |   |   |   | 942 |   |
| General and administrative                    |   |                                  | 18,248 |   |   |   | 22,832 |   |   |   | 25,106 |   |   |   | 28,834 |   |   |   | 27,901 |   |
| Royalty expense                               |   |                                  | 405    |   |   |   | 241 |   |   |   | 237 |   |   |   | 15 |   |   |   | - |   |
| Depreciation and amortization                 |   |                                  | 2,066  |   |   |   | 2,853 |   |   |   | 5,078 |   |   |   | 4,609 |   |   |   | 3,027 |   |
| Total expenses                                |   |                                  | 74,480 |   |   |   | 77,836 |   |   |   | 81,277 |   |   |   | 118,578 |   |   |   | 127,104 |   |
| Operating income (loss)                       |   |                                  | 10,316 |   |   |   | (69,884 | ) |   |   | (32,330 | ) |   |   | (50,907 | ) |   |   | (51,458 | ) |
| Other income:                                 |   |                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest income                               |   |                                  | 65     |   |   |   | 64 |   |   |   | 1,481 |   |   |   | 6,235 |   |   |   | 7,770 |   |
| Gain on sale of marketable securities         |   |                                  | -      |   |   |   | - |   |   |   | 237 |   |   |   | - |   |   |   | - |   |
| Total other income                            |   |                                  | 65     |   |   |   | 64 |   |   |   | 1,718 |   |   |   | 6,235 |   |   |   | 7,770 |   |
| Net income (loss) before income taxes         |   |                                  | 10,381 |   |   |   | (69,820 | ) |   |   | (30,612 | ) |   |   | (44,672 | ) |   |   | (43,688 | ) |
| Income tax benefit                            |   |                                  | -      |   |   |   | 95 |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Net income (loss)                             |   | $                                     | 10,381 |   |   | $ | (69,725 | ) |   | $ | (30,612 | ) |   | $ | (44,672 | ) |   | $ | (43,688 | ) |
| Per share amounts on net income (loss):       |   |                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic                                         |   | $                                     | 0.31   |   |   | $ | (2.14 | ) |   | $ | (0.98 | ) |   | $ | (1.48 | ) |   | $ | (1.59 | ) |
| Diluted                                       |   | $                                     | 0.31   |   |   | $ | (2.14 | ) |   | $ | (0.98 | ) |   | $ | (1.48 | ) |   | $ | (1.59 | ) |

|                                   |   | December  31, |   |
|----------------------------------------|--------|--------------------|--------|
|                                   |   | 2011               |   |   | 2010 |   |   | 2009 |   |   | 2008 |   |   | 2007 |   |
|                                   |   | (in thousands)     |   |
| Balance Sheet Data:                    |   |               |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash and cash equivalents              |   | $                  | 70,105 |   |   | $ | 47,918 |   |   | $ | 90,903 |   |   | $ | 56,186 |   |   | $ | 10,423 |   |
| Marketable and auction rate securities |   |               | 3,332  |   |   |   | 3,608 |   |   |   | 5,293 |   |   |   | 85,188 |   |   |   | 159,947 |   |
| Working capital                        |   |               | 65,890 |   |   |   | 42,207 |   |   |   | 95,388 |   |   |   | 85,983 |   |   |   | 102,979 |   |
| Total assets                           |   |               | 80,110 |   |   |   | 62,738 |   |   |   | 113,613 |   |   |   | 157,833 |   |   |   | 189,539 |   |
| Deferred revenue – current       |   |               | 204    |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Deferred revenue – long term     |   |               | 162    |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 9,131 |   |
| Other liabilities – long term    |   |               | 1,497  |   |   |   | 1,635 |   |   |   | - |   |   |   | 266 |   |   |   | 359 |   |
| Total stockholders’ equity       |   |               | 71,801 |   |   |   | 51,308 |   |   |   | 107,607 |   |   |   | 119,369 |   |   |   | 147,499 |   |

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| Sources of Revenue    |   | 2011                            |   | 2010                                 |   | 2009                                  |   | 2011 vs. 2010                          |   | 2010 vs. 2009 |
|-----------------------|--------|---------------------------------|--------|--------------------------------------|--------|---------------------------------------|--------|----------------------------------------|--------|---------------|
|                  |   |                            |   |                                 |   |                                  |   | Percent Change                         |
|                  |   |                            |   |                                 |   |                                  |   |                                   |   |          |
| Collaboration revenue |   | $    76,764 |   | $     1,413 |   | $     44,351 |   | 5,333%                                 |   | (97%)         |
| Royalty income        |   | 3,046                           |   | 1,826                                |   | 2,372                                 |   |      67%           |   | (23%)         |
| Research grants       |   | 4,810                           |   | 4,573                                |   | 1,968                                 |   |       5% |   | 132%          |
| Other revenues        |   | 176                             |   | 140                                  |   | 256                                   |   |     26%            |   | (45%)         |
|                  |   | $    84,796 |   | $     7,952 |   | $     48,947 |   |    966%                 |   | (84%)         |

|                     |   |  RELISTOR Net Sales Reported by Collaborators |
|--------------------------|--------|----------------------------------------------------|
|                     |   | Years Ended December 31,                           |
|                     |   | 2011                                               |   | 2010 |   | 2009 |
| U.S.                     |   | $    21,500                    |   | $    9,500 |   | $     7,100 |
| Ex-U.S.                  |   |        5,500    |   |       6,600 |   |        5,200 |
|    Global |   | $    27,000                    |   | $  16,100 |   | $   12,300 |

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|                  | 2011    |   | 2010    |   | 2009    |   | 2011 vs. 2010  |   | 2010 vs. 2009 |
|-----------------------|---------|--------|---------|--------|---------|--------|----------------|--------|---------------|
|                  |    |   |    |   |    |   | Percent change |
| Salaries and benefits | $18,658 |   | $18,469 |   | $21,576 |   | 1%             |   | (14%)         |

|                     | 2011               |   | 2010   |   |   2009         |   |                  2011 vs. 2010 |   |                    2010 vs. 2009 |   |
|--------------------------|--------------------|--------|--------|--------|--------------------------|--------|----------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------|--------|
|                     |               |   |   |   |                     |   | Percent change                                                                                                 |
| Share-based compensation |   $4,499 |   | $5,091 |   |    $7,225 |   |   (12%)                                                                                                   |   |          (30%)                                                                     |   |

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|                 |      2011   |   |        2010  |   |   2009         |   | 2011 vs. 2010  |   | 2010 vs. 2009 |
|----------------------|---------------------------------|--------|--------------------------------------------|--------|---------------------|--------|----------------|--------|---------------|
|                 |                            |   |                                       |   |                |   | Percent change |
| Clinical trial costs |     $10,099 |   |       $7,056 |   |    $2,198 |   | 43%            |   | 221%          |

|                                  |     2011                    |   |        2010 |   |   2009                                                                                               |   | 2011 vs. 2010  |   | 2010 vs. 2009 |
|---------------------------------------|--------------------------------------------|--------|-------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------|--------|----------------|--------|---------------|
|                                  |                                       |   |                                      |   |                                                                                                           |   | Percent change |
| Laboratory and manufacturing supplies |       $4,203 |   |       $2,388     |   |                    $3,011 |   |  76%      |   |  (21%)   |

|                                      |     2011               |   |        2010 |   |   2009         |   | 2011 vs. 2010     |   | 2010 vs. 2009 |
|-------------------------------------------|---------------------------------------|--------|-------------------------------------------|--------|---------------------|--------|-------------------|--------|---------------|
|                                      |                                  |   |                                      |   |                |   | Percent change    |
| Contract manufacturing and subcontractors |       $6,713 |   |       $6,853     |   |    $8,040 |   |    (2%) |   | (15%)         |

|        |     2011                     |   |         2010 |   |    2009   |   | 2011 vs. 2010  |   | 2010 vs. 2009 |
|-------------|---------------------------------------------|--------|-------------------------------------------------|--------|---------------------|--------|----------------|--------|---------------|
|        |                                        |   |                                            |   |                |   | Percent change |
| Consultants |        $1,270 |   |       $3,310           |   |    $1,007 |   |  (62%)    |   | 229%          |

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|         |     2011                                     |   |         2010 |   |    2009   |   | 2011 vs. 2010  |   | 2010 vs. 2009 |
|--------------|-------------------------------------------------------------|--------|-------------------------------------------------|--------|---------------------|--------|----------------|--------|---------------|
|         |                                                        |   |                                            |   |                |   | Percent change |
| License fees |           $578 |   |       $1,270           |   |    $1,058 |   |  (54%)    |   |   20%    |

|            |    2011                                           |   |         2010       |   |    2009                   |   | 2011 vs. 2010  |   | 2010 vs. 2009 |
|-----------------|-------------------------------------------------------------|--------|-------------------------------------------------------|--------|-------------------------------------|--------|----------------|--------|---------------|
|            |                                                        |   |                                                  |   |                                |   | Percent change |
| Royalty expense |           $405 |   |          $241 |   |       $237 |   | 68%            |   | 2%            |

|                     |    2011                     |   | 2010                            |   | 2009          |   | 2011 vs. 2010  |   | 2010 vs. 2009 |
|--------------------------|---------------------------------------|--------|---------------------------------|--------|---------------|--------|----------------|--------|---------------|
|                     |                                  |   |                            |   |          |   | Percent change |
| Other operating expenses |       $7,741 |   |      $7,473 |   |   $6,741 |   | 4%             |   | 11%           |

|                  |    2011                     |   | 2010                            |   | 2009          |   | 2011 vs. 2010  |   | 2010 vs. 2009 |
|-----------------------|---------------------------------------|--------|---------------------------------|--------|---------------|--------|----------------|--------|---------------|
|                  |                                  |   |                            |   |          |   | Percent change |
| Salaries and benefits |       $7,228 |   |      $8,086 |   |   $8,257 |   | (11%)          |   |  (2%)    |

|                     |    2011                     |   | 2010                            |   | 2009                |   | 2011 vs. 2010  |   | 2010 vs. 2009 |
|--------------------------|---------------------------------------|--------|---------------------------------|--------|---------------------|--------|----------------|--------|---------------|
|                     |                                  |   |                            |   |                |   | Percent change |
| Share-based compensation |       $1,863 |   |      $4,424 |   |    $5,761 |   | (58%)          |   | (23%)         |

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|                             |    2011                     |   | 2010                            |   | 2009                |   | 2011 vs. 2010  |   | 2010 vs. 2009 |
|----------------------------------|---------------------------------------|--------|---------------------------------|--------|---------------------|--------|----------------|--------|---------------|
|                             |                                  |   |                            |   |                |   | Percent change |
| Consulting and professional fees |       $4,389 |   |      $5,843 |   |    $6,696 |   | (25%)          |   | (13%)         |

|                     |    2011                     |   | 2010                            |   | 2009                |   | 2011 vs. 2010  |   | 2010 vs. 2009 |
|--------------------------|---------------------------------------|--------|---------------------------------|--------|---------------------|--------|----------------|--------|---------------|
|                     |                                  |   |                            |   |                |   | Percent change |
| Other operating expenses |       $4,768 |   |      $4,479 |   |    $4,392 |   | 6%             |   | 2%            |

|                          |    2011                     |   | 2010                            |   |  2009               |   | 2011 vs. 2010  |   | 2010 vs. 2009 |
|-------------------------------|---------------------------------------|--------|---------------------------------|--------|--------------------------|--------|----------------|--------|---------------|
|                          |                                  |   |                            |   |                     |   | Percent change |
| Depreciation and amortization |       $2,066 |   |      $2,853 |   |    $5,078 |   | (28%)          |   | (44%)         |

|            |    2011                  |   | 2010                                                 |   |  2009          |   | 2011 vs. 2010  |   | 2010 vs. 2009 |
|-----------------|------------------------------------|--------|------------------------------------------------------|--------|---------------------|--------|----------------|--------|---------------|
|            |                               |   |                                                 |   |                |   | Percent change |
| Interest income |       $65 |   |          $64 |   |    $1,481 |   | 2%             |   | (96%)         |

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|           |   | 2011   |   |   | 2010   |   |   | 2009   |   |
|----------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
|           |   |   |   |
| RELISTOR       |   | $      | 23,197 |   |   | $      | 23,325 |   |   | $ | 7,759 |   |
| Cancer         |   |   | 18,168 |   |   |   | 14,690 |   |   |   | 20,127 |   |
| HIV            |   |   | 3,772  |   |   |   | 5,447  |   |   |   | 11,787 |   |
| Other programs |   |   | 9,029  |   |   |   | 8,689  |   |   |   | 11,420 |   |
| Total          |   | $      | 54,166 |   |   | $      | 52,151 |   |   | $ | 51,093 |   |

|                                  |   |          |   |   | Payments due by Year-end |   |
|---------------------------------------|--------|---------------|--------|--------|--------------------------|--------|
|                                  |   | Total         |   |   | 2012                     |   |   |   | 2013-2014 |   |   |   | 2015-2016 |   |   | Thereafter |   |
|                                  |   | (in millions) |   |
| Operating leases                      |   | $             | 23.1   |   |                     | $      | 2.5 |   |   | $ | 4.8 |   |   | $ | 5.0 |   |   | $ | 10.8 |   |
| License and collaboration agreements: |   |          |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| - Fixed payments                 |   |          | 2.4    |   |                     |   | 0.2 |   |   |   | 0.5 |   |   |   | 0.6 |   |   |   | 1.1 |   |
| - Contingent payments (1)        |   |          | 85.4   |   |                     |   | 2.4 |   |   |   | 2.3 |   |   |   | - |   |   |   | 80.7 |   |
| Total                                 |   | $             | 110.9  |   |                     | $      | 5.1 |   |   | $ | 7.6 |   |   | $ | 5.6 |   |   | $ | 92.6 |   |

| (1)   | Based on assumed achievement of milestones covered under each agreement, the timing and payment of which is highly uncertain. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------|

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| Item of Form 10-K                                                                                       | Location in 2012 Proxy Statement                                                                                                                                                                                                                                                                                      |
|---------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                    |                                                                                                                                                                                                                                                                                                                  |
| Item 10. Directors, Executive Officers and Corporate Governance                                         | Election of Directors.Board and Committee Meetings.Executive Officers of the Company.Section 16(a) Beneficial Ownership Reporting and Compliance.Code of Business Ethics and Conduct.**The full text of our code of business ethics and conduct is available on our website (http://www.progenics.com/documents.cfm). |
|                                                                                                    |                                                                                                                                                                                                                                                                                                                  |
| Item 11. Executive Compensation                                                                    | Executive Compensation.Compensation Committee Report.Compensation Committee Interlocks and Insider Participation.                                                                                                                                                                                                     |
|                                                                                                    |                                                                                                                                                                                                                                                                                                                  |
| Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters | Equity Compensation Plan Information.Security Ownership of Certain Beneficial Owners and Management.                                                                                                                                                                                                                  |
|                                                                                                    |                                                                                                                                                                                                                                                                                                                  |
| Item 13. Certain Relationships and Related Transactions, and Director Independence                 | Certain Relationships and Related Transactions.Affirmative Determinations Regarding Director Independence and Other Matters.                                                                                                                                                                                          |
|                                                                                                    |                                                                                                                                                                                                                                                                                                                  |
| Item 14. Principal Accounting Fees and Services                                                         | Fees Billed for Services Rendered by our Independent Registered Public Accounting Firm.Pre-approval of Audit and Non-Audit Services by the Audit Committee.                                                                                                                                                           |

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|   |         (a) | Documents filed as part of this Report: |
|--------|------------------------------------------------|-----------------------------------------|

|   | Consolidated Financial Statements of Progenics Pharmaceuticals, Inc.: |
|--------|-----------------------------------------------------------------------|

|   |         (b) | Financial Statement Schedules |
|--------|------------------------------------------------|-------------------------------|

|   |         (c) | Item 601 Exhibits |
|--------|------------------------------------------------|-------------------|

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INDEX

|                                                                                                                                         | Page   |
|----------------------------------------------------------------------------------------------------------------------------------------------|--------|
| Report of Independent Registered Public Accounting Firm                                                                                 | F-2    |
| Financial Statements:                                                                                                                   |   |
| Consolidated Balance Sheets at December 31, 2011 and 2010                                                                               | F-3    |
| Consolidated Statements of Operations for the years ended December 31, 2011, 2010 and 2009                                              | F-4    |
| Consolidated Statements of Stockholders’ Equity and Comprehensive Loss for the years ended December 31, 2011, 2010 and 2009  | F-5    |
| Consolidated Statements of Cash Flows for the years ended December 31, 2011, 2010 and 2009                                              | F-6    |
| Notes to Consolidated Financial Statements                                                                                                   | F-7    |

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CONSOLIDATED

|                                                                                                                                                          |   | December 31, |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------|--------|
|                                                                                                                                                          |   |  2011   |   |   |   |  2010 |   |
| Assets                                                                                                                                                        |   |         |   |   |   |   |   |
| Current assets:                                                                                                                                               |   |         |   |   |   |   |   |
| Cash and cash equivalents                                                                                                                                     | $      | 70,105       |   |   | $ | 47,918 |   |
| Accounts receivable                                                                                                                                           |   | 1,516        |   |   |   | 2,283 |   |
| Other current assets                                                                                                                                          |   | 919          |   |   |   | 1,801 |   |
| Total current assets                                                                                                                                          |   | 72,540       |   |   |   | 52,002 |   |
| Auction rate securities                                                                                                                                       |   | 3,332        |   |   |   | 3,608 |   |
| Fixed assets, at cost, net of accumulated depreciation and amortization                                                                                       |   | 4,038        |   |   |   | 5,878 |   |
| Other assets                                                                                                                                                  |   | 200          |   |   |   | 1,250 |   |
| Total assets                                                                                                                                                  | $      | 80,110       |   |   | $ | 62,738 |   |
|                                                                                                                                                          |   |         |   |   |   |   |   |
| Liabilities and Stockholders’ Equity                                                                                                                    |   |         |   |   |   |   |   |
| Current liabilities:                                                                                                                                          |   |         |   |   |   |   |   |
| Accounts payable and accrued expenses                                                                                                                         | $      | 6,331        |   |   | $ | 9,683 |   |
| Deferred revenue - current                                                                                                                                    |   | 204          |   |   |   | - |   |
| Other current liabilities                                                                                                                                     |   | 115          |   |   |   | 112 |   |
| Total current liabilities                                                                                                                                     |   | 6,650        |   |   |   | 9,795 |   |
| Deferred revenue – long term                                                                                                                            |   | 162          |   |   |   | - |   |
| Other liabilities                                                                                                                                             |   | 1,497        |   |   |   | 1,635 |   |
| Total liabilities                                                                                                                                             |   | 8,309        |   |   |   | 11,430 |   |
| Commitments and contingencies (Note 9)                                                                                                                        |   |         |   |   |   |   |   |
| Stockholders’ equity:                                                                                                                                   |   |         |   |   |   |   |   |
| Preferred stock, $.001 par value; 20,000,000 shares authorized; issued and outstanding – none                                                           |   | -            |   |   |   | - |   |
| Common stock, $.0013 par value; shares authorized – 80,000,000 in 2011 and 40,000,000 in 2010; issued – 34,046,409 in 2011 and 33,325,802 in 2010 |   | 44           |   |   |   | 43 |   |
| Additional paid-in capital                                                                                                                                    |   | 463,440      |   |   |   | 453,353 |   |
| Accumulated deficit                                                                                                                                           |   | (388,674     | )      |   |   | (399,055 | ) |
| Accumulated other comprehensive loss                                                                                                                          |   | (268         | )      |   |   | (292 | ) |
| Treasury stock, at cost (200,000 shares in 2011 and 2010)                                                                                                     |   | (2,741       | )      |   |   | (2,741 | ) |
| Total stockholders’ equity                                                                                                                              |   | 71,801       |   |   |   | 51,308 |   |
| Total liabilities and stockholders’ equity                                                                                                              | $      | 80,110       |   |   | $ | 62,738 |   |

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CONSOLIDATED 

|                                                                | Years Ended December 31, |
|---------------------------------------------------------------------|--------------------------|
|                                                                | 2011                     |   | 2010 |   | 2009 |
| Revenues:                                                           |                     |   |   |   |   |   |   |   |   |   |
| Collaboration revenue                                               | $                        | 76,764 |   | $ | 1,413 |   |   | $ | 44,351 |   |
| Royalty income                                                      |                     | 3,046 |   |   | 1,826 |   |   |   | 2,372 |   |
| Research grants                                                     |                     | 4,810 |   |   | 4,573 |   |   |   | 1,968 |   |
| Other revenues                                                      |                     | 176 |   |   | 140 |   |   |   | 256 |   |
| Total revenues                                                      |                     | 84,796 |   |   | 7,952 |   |   |   | 48,947 |   |
|                                                                |                     |   |   |   |   |   |   |   |   |   |
| Expenses:                                                           |                     |   |   |   |   |   |   |   |   |   |
| Research and development                                            |                     | 53,183 |   |   | 50,640 |   |   |   | 49,798 |   |
| License fees – research and development                       |                     | 578 |   |   | 1,270 |   |   |   | 1,058 |   |
| General and administrative                                          |                     | 18,248 |   |   | 22,832 |   |   |   | 25,106 |   |
| Royalty expense                                                     |                     | 405 |   |   | 241 |   |   |   | 237 |   |
| Depreciation and amortization                                       |                     | 2,066 |   |   | 2,853 |   |   |   | 5,078 |   |
| Total expenses                                                      |                     | 74,480 |   |   | 77,836 |   |   |   | 81,277 |   |
|                                                                |                     |   |   |   |   |   |   |   |   |   |
| Operating income (loss)                                             |                     | 10,316 |   |   | (69,884 | ) |   |   | (32,330 | ) |
|                                                                |                     |   |   |   |   |   |   |   |   |   |
| Other income:                                                       |                     |   |   |   |   |   |   |   |   |   |
| Interest income                                                     |                     | 65 |   |   | 64 |   |   |   | 1,481 |   |
| Gain on sale of marketable securities                               |                     | - |   |   | - |   |   |   | 237 |   |
| Total other income                                                  |                     | 65 |   |   | 64 |   |   |   | 1,718 |   |
|                                                                |                     |   |   |   |   |   |   |   |   |   |
| Net income (loss) before income taxes                               |                     | 10,381 |   |   | (69,820 | ) |   |   | (30,612 | ) |
|                                                                |                     |   |   |   |   |   |   |   |   |   |
|          Income tax benefit |                     | - |   |   | 95 |   |   |   | - |   |
|                                                                |                     |   |   |   |   |   |   |   |   |   |
| Net income (loss)                                                   | $                        | 10,381 |   | $ | (69,725 | ) |   | $ | (30,612 | ) |
|                                                                |                     |   |   |   |   |   |   |   |   |   |
| Net income (loss) per share - basic                                 | $                        | 0.31 |   | $ | (2.14 | ) |   | $ | (0.98 | ) |
| Weighted-average shares - basic                                     |                     | 33,375 |   |   | 32,590 |   |   |   | 31,219 |   |
|                                                                |                     |   |   |   |   |   |   |   |   |   |
| Net income (loss) per share - diluted                               | $                        | 0.31 |   | $ | (2.14 | ) |   | $ | (0.98 | ) |
| Weighted-average shares - diluted                                   |                     | 33,494 |   |   | 32,590 |   |   |   | 31,219 |   |

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|                                                                                   |   | Common Stock |   |   | Additional |   |   |           |   |   | AccumulatedOther   |   |   | Treasury Stock             |     |   |   |   |
|----------------------------------------------------------------------------------------|--------|--------------|--------|--------|------------|--------|--------|----------------|--------|--------|--------------------|--------|--------|----------------------------|----------|--------|--------|--------|
|                                                                                   |   | Shares       |   |   | Amount     |   |   | Paid-InCapital |   |   | AccumulatedDeficit |   |   | ComprehensiveIncome (Loss) |     |   | Shares |   |   | Amount |   |   | Total |   |
|  Balance at December 31, 2008                                                     |   |         | 30,807 |   |       | $      | 40     |           |   | $      | 422,085            |   |   | $                          | (298,718 | )      |   | $      | (1,297 | ) |   |   | (200 | ) |   | $ | (2,741 | ) |   | $ | 119,369 |   |
|  Comprehensive loss:                                                              |   |         |   |   |       |   |   |           |   |   |               |   |   |                       |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net loss                                                                               |   |         | -      |   |       |   | -      |           |   |   | -                  |   |   |                       | (30,612  | )      |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (30,612 | ) |
| Net unrealized gain on marketable and auction rate securities                          |   |         | -      |   |       |   | -      |           |   |   | -                  |   |   |                       | -        |   |   |   | 990 |   |   |   | - |   |   |   | - |   |   |   | 990 |   |
| Total comprehensive loss:                                                              |   |         |   |   |       |   |   |           |   |   |               |   |   |                       |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (29,622 | ) |
| Compensation expenses for share-based payment arrangements                             |   |         | -      |   |       |   | -      |           |   |   | 12,986             |   |   |                       | -        |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 12,986 |   |
| Issuance of restricted stock, net of forfeitures                                       |   |         | 266    |   |       |   | -      |           |   |   | -                  |   |   |                       | -        |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Sale of common stock under employee stock purchase plans and exercise of stock options |   |         | 1,069  |   |       |   | 2      |           |   |   | 4,872              |   |   |                       | -        |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 4,874 |   |
|  Balance at December 31, 2009                                                     |   |         | 32,142 |   |       |   | 42     |           |   |   | 439,943            |   |   |                       | (329,330 | )      |   |   | (307 | ) |   |   | (200 | ) |   |   | (2,741 | ) |   |   | 107,607 |   |
|  Comprehensive loss:                                                              |   |         |   |   |       |   |   |           |   |   |               |   |   |                       |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net loss                                                                               |   |         | -      |   |       |   | -      |           |   |   | -                  |   |   |                       | (69,725  | )      |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (69,725 | ) |
| Net unrealized gain on marketable and auction rate securities                          |   |         | -      |   |       |   | -      |           |   |   | -                  |   |   |                       | -        |   |   |   | 15 |   |   |   | - |   |   |   | - |   |   |   | 15 |   |
| Total comprehensive loss:                                                              |   |         |   |   |       |   |   |           |   |   |               |   |   |                       |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (69,710 | ) |
| Compensation expenses for share-based payment arrangements                             |   |         | -      |   |       |   | -      |           |   |   | 9,515              |   |   |                       | -        |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 9,515 |   |
| Issuance of restricted stock, net of forfeitures                                       |   |         | 173    |   |       |   | -      |           |   |   | -                  |   |   |                       | -        |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Sale of common stock under employee stock purchase plans and exercise of stock options |   |         | 1,011  |   |       |   | 1      |           |   |   | 3,895              |   |   |                       | -        |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 3,896 |   |
|  Balance at December 31, 2010                                                     |   |         | 33,326 |   |       |   | 43     |           |   |   | 453,353            |   |   |                       | (399,055 | )      |   |   | (292 | ) |   |   | (200 | ) |   |   | (2,741 | ) |   |   | 51,308 |   |
|  Comprehensive income:                                                            |   |         |   |   |       |   |   |           |   |   |               |   |   |                       |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income                                                                             |   |         | -      |   |       |   | -      |           |   |   | -                  |   |   |                       | 10,381   |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 10,381 |   |
| Net unrealized gain on auction rate securities                                         |   |         | -      |   |       |   | -      |           |   |   | -                  |   |   |                       | -        |   |   |   | 24 |   |   |   | - |   |   |   | - |   |   |   | 24 |   |
| Total comprehensive income:                                                            |   |         |   |   |       |   |   |           |   |   |               |   |   |                       |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 10,405 |   |
| Compensation expenses for share-based payment arrangements                             |   |         | -      |   |       |   | -      |           |   |   | 6,362              |   |   |                       | -        |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 6,362 |   |
| Forfeitures of restricted stock                                                        |   |         | (38    | )      |       |   | -      |           |   |   | -                  |   |   |                       | -        |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Sale of common stock under employee stock purchase plans and exercise of stock options |   |         | 758    |   |       |   | 1      |           |   |   | 3,725              |   |   |                       | -        |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 3,726 |   |
|  Balance at December 31, 2011                                                     |   |         | 34,046 |   |       | $      | 44     |           |   | $      | 463,440            |   |   | $                          | (388,674 | )      |   | $      | (268 | ) |   |   | (200 | ) |   | $ | (2,741 | ) |   | $ | 71,801 |   |

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CONSOLIDATED

|                                                                                                        | Years Ended December 31, |
|-------------------------------------------------------------------------------------------------------------|--------------------------|
|                                                                                                        | 2011                     |   | 2010 |   | 2009 |
| Cash flows from operating activities:                                                                       |                     |   |   |   |   |   |   |
| Net income (loss)                                                                                           | $                        | 10,381 |   |   | $ | (69,725 | ) |   | $ | (30,612 | ) |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:          |                     |   |   |   |   |   |   |   |   |   |   |
| Depreciation and amortization                                                                               |                     | 2,066 |   |   |   | 2,853 |   |   |   | 5,078 |   |
| Write-off of fixed assets                                                                                   |                     | - |   |   |   | - |   |   |   | 334 |   |
| Amortization of discounts, net of premiums, on marketable securities                                        |                     | - |   |   |   | - |   |   |   | 889 |   |
| Expenses for share-based compensation awards                                                                |                     | 6,362 |   |   |   | 9,515 |   |   |   | 12,986 |   |
| Gain on sale of marketable securities                                                                       |                     | - |   |   |   | - |   |   |   | (237 | ) |
| Changes in assets and liabilities:                                                                          |                     |   |   |   |   |   |   |   |   |   |   |
| Decrease (increase) in accounts receivable                                                                  |                     | 767 |   |   |   | 5,239 |   |   |   | (6,185 | ) |
| Decrease (increase) in other current assets                                                                 |                     | 882 |   |   |   | (333 | ) |   |   | 2,063 |   |
| Decrease (increase) in other assets                                                                         |                     | 1,050 |   |   |   | 617 |   |   |   | (1,667 | ) |
| (Decrease) increase in accounts payable and accrued expenses                                                |                     | (3,352 | ) |   |   | 3,847 |   |   |   | (660 | ) |
| Increase (decrease) in deferred revenue - current                                                           |                     | 204 |   |   |   | - |   |   |   | (31,645 | ) |
| Increase (decrease) in other current liabilities                                                            |                     | 3 |   |   |   | (58 | ) |   |   | 113 |   |
| Increase in deferred revenue – long term                                                              |                     | 162 |   |   |   | - |   |   |   | - |   |
| (Decrease) increase in other liabilities                                                                    |                     | (138 | ) |   |   | 1,635 |   |   |   | (266 | ) |
| Net cash provided by (used in) operating activities                                                         |                     | 18,387 |   |   |   | (46,410 | ) |   |   | (49,809 | ) |
| Cash flows from investing activities:                                                                       |                     |   |   |   |   |   |   |   |   |   |   |
| Capital expenditures                                                                                        |                     | (226 | ) |   |   | (2,171 | ) |   |   | (901 | ) |
| Sales/maturities of marketable and auction rate securities                                                  |                     | 300 |   |   |   | 1,700 |   |   |   | 80,233 |   |
| Decrease (increase) in restricted cash                                                                      |                     | - |   |   |   | - |   |   |   | 320 |   |
| Net cash provided by (used in) investing activities                                                         |                     | 74 |   |   |   | (471 | ) |   |   | 79,652 |   |
| Cash flows from financing activities:                                                                       |                     |   |   |   |   |   |   |   |   |   |   |
| Proceeds from the exercise of stock options and sale of common stock under the Employee Stock Purchase Plan |                     | 3,726 |   |   |   | 3,896 |   |   |   | 4,874 |   |
| Net cash provided by financing activities                                                                   |                     | 3,726 |   |   |   | 3,896 |   |   |   | 4,874 |   |
| Net increase (decrease) in cash and cash equivalents                                                        |                     | 22,187 |   |   |   | (42,985 | ) |   |   | 34,717 |   |
| Cash and cash equivalents at beginning of period                                                            |                     | 47,918 |   |   |   | 90,903 |   |   |   | 56,186 |   |
| Cash and cash equivalents at end of period                                                                  | $                        | 70,105 |   |   | $ | 47,918 |   |   | $ | 90,903 |   |

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| Computer equipment      | 3 years                                 |
|-------------------------|-----------------------------------------|
| Machinery and equipment | 5-7 years                               |
| Furniture and fixtures  | 5 years                                 |
| Leasehold improvements  | Earlier of life of improvement or lease |

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|                    |   |                             |   | Fair Value Measurements at December 31, 2011                     |
|-------------------------|--------|----------------------------------|--------|------------------------------------------------------------------|
|                    |   | Balance at December 31,2011 |   | Quoted Pricesin ActiveMarkets forIdentical Assets (Level 1) |   | SignificantOtherObservableInputs (Level 2) |   | SignificantUnobservableInputs (Level 3) |
|                    |   |                             |   |                                                             |   |   |   |   |   |   |   |   |
| Money market funds      |   | $                                | 64,068 |                                                             | $ | 64,068 |   | $ | - |   | $ | - |
| Auction rate securities |   |                             | 3,332  |                                                             |   | - |   |   | - |   |   | 3,332 |
| Total                   |   | $                                | 67,400 |                                                             | $ | 64,068 |   | $ | - |   | $ | 3,332 |

|                    |   |                             |   | Fair Value Measurements at December 31, 2010                     |
|-------------------------|--------|----------------------------------|--------|------------------------------------------------------------------|
|                    |   | Balance at December 31,2010 |   | Quoted Pricesin ActiveMarkets forIdentical Assets (Level 1) |   | SignificantOtherObservableInputs (Level 2) |   | SignificantUnobservableInputs (Level 3) |
|                    |   |                             |   |                                                             |   |   |   |   |   |   |   |   |
| Money market funds      |   | $                                | 43,958 |                                                             | $ | 43,958 |   | $ | - |   | $ | - |
| Auction rate securities |   |                             | 3,608  |                                                             |   | - |   |   | - |   |   | 3,608 |
| Total                   |   | $                                | 47,566 |                                                             | $ | 43,958 |   | $ | - |   | $ | 3,608 |

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|                                                                                                                                                                                                            |   | Fair Value Measurements Using SignificantUnobservable Inputs(Level 3) |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------|--------|
| Description                                                                                                                                                                                                     |   | 2011                                                                  |   |   | 2010 |   |
|                                                                                                                                                                                                            |   |                                                                  |   |   |   |   |
| Balance at beginning of period                                                                                                                                                                                  |   | $                                                                     | 3,608  |   |   | $ | 3,792 |   |
| Transfers into Level 3                                                                                                                                                                                          |   |                                                                  | -      |   |   |   | - |   |
| Total realized/unrealized gains (losses)                                                                                                                                                                        |   |                                                                  |   |   |   |   |   |   |
| Included in net income (loss)                                                                                                                                                                                   |   |                                                                  | -      |   |   |   | - |   |
| Included in comprehensive income (loss) (1)                                                                                                                                                                     |   |                                                                  | 24     |   |   |   | 16 |   |
| Settlements                                                                                                                                                                                                     |   |                                                                  | (300   | ) |   |   | (200 | ) |
| Balance at end of period                                                                                                                                                                                        |   | $                                                                     | 3,332  |   |   | $ | 3,608 |   |
| (1)  Total amount of unrealized gains (losses) for the period included in other comprehensive loss attributable to the change in fair market value of related assets still held at the reporting date |   | $                                                                     | -      |   |   | $ | - |   |

|                                                               |   | Amortized  |   |   | Fair   |   |   | Unrealized Holding |   |
|--------------------------------------------------------------------|--------|------------|--------|--------|--------|--------|--------|--------------------|--------|
|                                                               |   | Cost Basis |   |   | Value  |   |   | Gains              |   |   | (Losses) |   |   | Net |   |
| 2011:                                                              |   |       |   |   |   |   |   |               |   |   |   |   |   |   |   |
| Maturities greater than ten years:                                 |   |       |   |   |   |   |   |               |   |   |   |   |   |   |   |
| Auction rate securities                                            |   | $          | 2,600  |   |   | $      | 2,392  |               |   | $ | - |   |   | $ | (208 | ) |   | $ | (208 | ) |
| Investments without stated maturity dates:                         |   |       |   |   |   |   |   |               |   |   |   |   |   |   |   |   |   |   |   |   |
|         Auction rate securities |   |       | 1,000  |   |   |   | 940    |               |   |   | - |   |   |   | (60 | ) |   |   | (60 | ) |
|                                                               |   | $          | 3,600  |   |   | $      | 3,332  |               |   | $ | - |   |   | $ | (268 | ) |   | $ | (268 | ) |

|                                                               |   | Amortized  |   |   | Fair   |   |   | Unrealized Holding |   |
|--------------------------------------------------------------------|--------|------------|--------|--------|--------|--------|--------|--------------------|--------|
|                                                               |   | Cost Basis |   |   | Value  |   |   | Gains              |   |   | (Losses) |   |   | Net |   |
| 2010:                                                              |   |       |   |   |   |   |   |               |   |   |   |   |   |   |   |
| Maturities greater than ten years:                                 |   |       |   |   |   |   |   |               |   |   |   |   |   |   |   |
| Auction rate securities                                            |   | $          | 2,900  |   |   | $      | 2,668  |               |   | $ | - |   |   | $ | (232 | ) |   | $ | (232 | ) |
| Investments without stated maturity dates:                         |   |       |   |   |   |   |   |               |   |   |   |   |   |   |   |   |   |   |   |   |
|         Auction rate securities |   |       | 1,000  |   |   |   | 940    |               |   |   | - |   |   |   | (60 | ) |   |   | (60 | ) |
|                                                               |   | $          | 3,900  |   |   | $      | 3,608  |               |   | $ | - |   |   | $ | (292 | ) |   | $ | (292 | ) |

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Table of Contents

|                      |   | Less than 12 Months |   |   | 12 Months or Greater |   |   | Total      |   |
|---------------------------|--------|---------------------|--------|--------|----------------------|--------|--------|------------|--------|
| Description of Securities |   | Fair Value          |   |   | UnrealizedLosses     |   |   | Fair Value |   |   | UnrealizedLosses |   |   | Fair Value |   |   | UnrealizedLosses |   |
|                      |   |                |   |   |                 |   |   |       |   |   |   |   |   |   |   |   |   |   |
| Auction rate securities   |   | $                   | -      |   |                 | $      | -      |       |   | $ | 3,332 |   |   | $ | (268 | ) |   | $ | 3,332 |   |   | $ | (268 | ) |
| Total                     |   | $                   | -      |   |                 | $      | -      |       |   | $ | 3,332 |   |   | $ | (268 | ) |   | $ | 3,332 |   |   | $ | (268 | ) |

|                      |   | Less than 12 Months |   |   | 12 Months or Greater |   |   | Total      |   |
|---------------------------|--------|---------------------|--------|--------|----------------------|--------|--------|------------|--------|
| Description of Securities |   | Fair Value          |   |   | UnrealizedLosses     |   |   | Fair Value |   |   | UnrealizedLosses |   |   | Fair Value |   |   | UnrealizedLosses |   |
|                      |   |                |   |   |                 |   |   |       |   |   |   |   |   |   |   |   |   |   |
| Auction rate securities   |   | $                   | -      |   |                 | $      | -      |       |   | $ | 3,608 |   |   | $ | (292 | ) |   | $ | 3,608 |   |   | $ | (292 | ) |
| Total                     |   | $                   | -      |   |                 | $      | -      |       |   | $ | 3,608 |   |   | $ | (292 | ) |   | $ | 3,608 |   |   | $ | (292 | ) |

|                          |   | 2011   |   |   | 2010   |
|-------------------------------|--------|--------|--------|--------|--------|
| Collaborators                 |   | $      | 77     |   |   | $ | 1,811 |
| Royalties                     |   |   | 1,279  |   |   |   | - |
| National Institutes of Health |   |   | 100    |   |   |   | 468 |
| Other                         |   |   | 60     |   |   |   | 4 |
| Total                         |   | $      | 1,516  |   |   | $ | 2,283 |

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Table of Contents

|                                            | 2011   |                                                      |   | 2010   |   |
|-------------------------------------------------|--------|-----------------------------------------------------------|--------|--------|--------|
| Computer equipment                              | $      | 2,133                                                |   |   | $      | 2,508 |   |
| Machinery and equipment                         |   | 12,035                                               |   |   |   | 13,380 |   |
| Furniture and fixtures                          |   | 230                                                  |   |   |   | 740 |   |
| Leasehold improvements                          |   | 11,526                                               |   |   |   | 13,354 |   |
| Construction in progress and other              |   | 175                                                  |   |   |   | 74 |   |
|                                            |   | 26,099                                               |   |   |   | 30,056 |   |
| Less, accumulated depreciation and amortization |   |          (22,061) |   |   |   | (24,178 | ) |
| Total                                           | $      | 4,038                                                |   |   | $      | 5,878 |   |

|                                        |   | 2011   |   |   | 2010   |
|---------------------------------------------|--------|--------|--------|--------|--------|
| Accrued consulting and clinical trial costs |   | $      | 1,637  |   |   | $ | 6,125 |
| Accrued payroll and related costs           |   |   | 3,149  |   |   |   | 1,725 |
| Restructuring accrual                       |   |   | 731    |   |   |   | - |
| Legal and professional fees                 |   |   | 371    |   |   |   | 1,116 |
| Accounts payable                            |   |   | 309    |   |   |   | 658 |
| Other                                       |   |   | 134    |   |   |   | 59 |
| Total                                       |   | $      | 6,331  |   |   | $ | 9,683 |

|                          |   | Severanceand RelatedBenefits |   |   | Other ExitCosts |   |   | ContractTerminationCosts |   |   | TotalRestructuringAccrual |   |
|-------------------------------|--------|-----------------------------------|--------|--------|-----------------|--------|--------|--------------------------|--------|--------|---------------------------|--------|
| Balance at September 30, 2011 |   | $                                 | 1,064  |   |            | $      | -      |                     |   | $      | -                         |   |   | $ | 1,064 |   |
| Additions                     |   |                              | 277    |   |            |   | 8      |                     |   |   | 292                       |   |   |   | 577 |   |
| Payments                      |   |                              | (770   | )      |            |   | (2     | )                        |   |   | (138                      | )      |   |   | (910 | ) |
| Balance at December 31, 2011  |   | $                                 | 571    |   |            | $      | 6      |                     |   | $      | 154                       |   |   | $ | 731 |   |

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| Years endingDecember 31,                                                                                                                                                                    |   | MinimumAnnual Payments |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------|
| 2012                                                                                                                                                                                             |   | $                      | 2,547 |
| 2013                                                                                                                                                                                             |   |                   | 2,410 |
| 2014                                                                                                                                                                                             |   |                   | 2,410 |
| 2015                                                                                                                                                                                             |   |                   | 2,470 |
| 2016                                                                                                                                                                                             |   |                   | 2,532 |
|          Thereafter                                                                                                                                 |   |                   | 10,777 |
|                                 Total |   | $                      | 23,146 |

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Table of Contents

| Agreement                              |   | Paid frominception toDecember 31,2011 |   | Future (1)Commitments |   | Terms                                                                                                                                                                                                                                                        |
|----------------------------------------|--------|---------------------------------------|--------|-----------------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Progenics agreements with:             |
|                                   |   |                                  |   |                  |   |                                                                                                                                                                                                                                                         |
| Lonza Sales AG                         |   | 909                                   |   | 3,863                 |   | Annual license fee payments, milestones and royalties, as applicable, in respect of oncology and other products.                                                                                                                                             |
|                                   |   |                                  |   |                  |   |                                                                                                                                                                                                                                                         |
| PSMA LLC agreements with:              |
| Seattle Genetics, Inc.                 |   | 3,800                                 |   | 14,300                |   | Milestone and periodic maintenance payments to use ADC technology to link chemotherapeutic agents to monoclonal antibodies that target prostate specific membrane antigen. ADC technology is based in part on technology licensed by SGI from third parties. |
|                                   |   |                                  |   |                  |   |                                                                                                                                                                                                                                                         |
| Amgen Fremont, Inc. (formerly Abgenix) |   | 850                                   |   | 6,250                 |   | Milestones and royalties to use XenoMouse® technology for generating fully human antibodies to PSMA LLC’s PSMA antigen.                                                                                                                           |
|                                   |   |                                  |   |                  |   |                                                                                                                                                                                                                                                         |
| Former member of PSMA LLC              |   | 203                                   |   | 52,244                |   | Annual minimum royalty payments and milestones to use technology related to PSMA.                                                                                                                                                                            |

|   | (1) Amounts based on known contractual obligations as specified in the respective license agreements, which are dependent on the achievement or occurrence of future milestones or events and exclude amounts for royalties which are dependent on future sales and are unknown. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                                   |   | 2011                |   | 2010                |   | 2009                |
|----------------------------------------|--------|---------------------|--------|---------------------|--------|---------------------|
|                                   |   |                |   |                |   |                |
| Expected volatility                    |   | 68% – 78%     |   | 68% – 87%     |   | 70% – 91%     |
| Expected dividends                     |   | zero                |   | zero                |   | zero                |
| Expected term (years)                  |   | 5.3 – 10      |   | 5.3 – 10      |   | 5.3 – 10      |
| Weighted average expected term (years) |   | 6.17                |   | 6.92                |   | 7.10                |
| Risk-free rate                         |   | 0.77% – 2.97% |   | 1.21% – 3.09% |   | 1.78% – 3.22% |

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Table of Contents

| Options                          |   | Shares                                                                                                                                                 |   |   | WeightedAverageExercisePrice                                                                                |   | Weighted AverageRemainingContractual Term(Yr.) |   | AggregateIntrinsicValue                           |
|----------------------------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|-------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------|--------|---------------------------------------------------|
|                             |   |                                                                                                                                                   |   |   |                                                                                                        |   |                                           |   |                                              |
| Outstanding at January 1, 2011   |   |                         5,265       |   |   |     $         14.20                             |   |                                           |   |                                              |
| Granted                          |   |                         1,373       |   |   |                   7.43 |   |                                           |   |                                              |
| Exercised                        |   |                          (170) |   |   |                   4.60 |   |                                           |   |                                              |
| Forfeited or expired             |   |                          (871) |   |   |                 15.68            |   |                                           |   |                                              |
| Outstanding at December 31, 2011 |   |                         5,597            |   |   |     $         12.60                             |   | 6.20                                           |   |   $      6,371 |
| Exercisable at December 31, 2011 |   |                         3,489       |   |   |     $          15.62                       |   | 4.67                                           |   |   $      2,552 |

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Table of Contents

| Restricted Stock Awards        |   | Shares |   |   | WeightedAverageGrant-DateFair Value |   |
|--------------------------------|--------|--------|--------|--------|-------------------------------------|--------|
|                           |   |   |   |   |                                |   |
| Nonvested at January 1, 2011   |   |   | 341    |   |                                | $      | 9.46 |   |
| Granted                        |   |   | -      |   |                                |   | - |   |
| Vested                         |   |   | (205   | )      |                                |   | 11.05 |   |
| Forfeited                      |   |   | (38    | )      |                                |   | 6.29 |   |
| Nonvested at December 31, 2011 |   |   | 98     |   |                                | $      | 7.40 |   |

|                |   | 2011                |   | 2010                |   | 2009                |
|---------------------|--------|---------------------|--------|---------------------|--------|---------------------|
|                |   |                |   |                |   |                |
| Expected volatility |   | 43% – 51%     |   | 45% – 72%     |   | 46% – 100%    |
| Expected dividends  |   | zero                |   | zero                |   | zero                |
| Expected term       |   | 6 months            |   | 6 months            |   | 6 months            |
| Risk-free rate      |   | 0.06% – 0.22% |   | 0.11% – 0.18% |   | 0.00% – 0.38% |

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Table of Contents

|   | Qualified Plan  |   | Non-Qualified Plan  |
|--------|-----------------|--------|---------------------|
|   | SharesPurchased |   | Price Range         |   | WeightedAverageGrant-DateFair Value |   | SharesPurchased |   | Price Range |   | WeightedAverageGrant-DateFair Value |
|   |            |   |                |   |   |   |   |   |   |   |   |
| 2011   | 428             |   | $4.62 – $5.65 |   | $0.88 |   | 162 |   | $4.62 – $5.65 |   | $0.84 |
| 2010   | 802             |   | $3.50 – $4.56 |   | $0.94 |   | 208 |   | $3.75 – $4.56 |   | $0.96 |
| 2009   | 872             |   | $3.37 – $9.13 |   | $1.49 |   | 189 |   | $3.98 – $9.13 |   | $1.58 |

|                       |   | 2011   |   |   | 2010   |   |   | 2009   |   |
|----------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| Recognized as:             |   |   |   |   |   |   |   |   |   |
| Research and Development   |   | $      | 4,499  |   |   | $      | 5,091  |   |   | $ | 7,225 |   |
| General and Administrative |   |   | 1,863  |   |   |   | 4,424  |   |   |   | 5,761 |   |
| Total                      |   | $      | 6,362  |   |   | $      | 9,515  |   |   | $ | 12,986 |   |

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|                                              |   | 2011   |     |   | 2010   |   |
|---------------------------------------------------|--------|--------|----------|--------|--------|--------|
| Depreciation and amortization                     |   | $      | 6,865    |   |   | $      | 6,881 |   |
| R&E tax credit carry-forwards                 |   |   | 11,966   |   |   |   | 11,543 |   |
| NYS investment tax credit carry-forwards          |   |   | 1,088    |   |   |   | 1,076 |   |
| AMT credit carry-forwards                         |   |   | 211      |   |   |   | 211 |   |
| Net operating loss carry-forwards                 |   |   | 85,110   |   |   |   | 95,848 |   |
| Capitalized research and development expenditures |   |   | 43,113   |   |   |   | 35,818 |   |
| Stock compensation                                |   |   | 13,789   |   |   |   | 13,942 |   |
| Other items                                       |   |   | 3,600    |   |   |   | 2,776 |   |
|                                              |   |   | 165,742  |   |   |   | 168,095 |   |
| Valuation allowance                               |   |   | (165,742 | )      |   |   | (168,095 | ) |
|                                              |   | $      | -        |   |   | $      | - |   |

|                                                             |   | 2011                   |   | 2010                     |   | 2009                   |
|------------------------------------------------------------------|--------|------------------------|--------|--------------------------|--------|------------------------|
|                                                             |   |                   |   |                     |   |                   |
| U.S. Federal statutory rate                                      |   |   35.0%      |   |   (34.0)%      |   |  (34.0)%          |
| State income taxes, net of Federal benefit                       |   | 8.0                    |   | (5.1)                    |   | (4.6)                  |
| Research and experimental tax credit                             |   | (4.1)                  |   | (1.7)                    |   | (4.0)                  |
| Change in valuation allowance                                    |   | (22.6)                 |   | 38.2                     |   | 40.4                   |
| Effect of federal tax rate bracket change on valuation allowance |   | (34.8)                 |   | -                        |   | -                      |
| Equity compensation                                              |   | 17.0                   |   | 2.3                      |   | 6.3                    |
| Investment tax credit                                            |   | (0.1)                  |   | 0.1                      |   | (3.8)                  |
| Other                                                            |   | 1.6                    |   | 0.1                      |   | (0.3)                  |
| Income tax provision (benefit)                                   |   |    0.0% |   |    (0.1)% |   |    0.0% |

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Table of Contents

|                                            | Net Income (Loss)(Numerator)                                              |   |   | Weighted AverageCommon Shares(Denominator) |   | Per ShareAmount                                       |   |
|-------------------------------------------------|---------------------------------------------------------------------------|--------|--------|--------------------------------------------|--------|-------------------------------------------------------|--------|
| 2011:                                           |                                                                      |   |   |                                       |   |                                                  |   |
| Basic                                           | $           10,381 |   |   | 33,375                                     |   | $        0.31 |   |
|   Dilutive effect of stock options    | -                                                                         |   |   | 66                                         |   |                                                  |   |
|   Dilutive effect of restricted stock | -                                                                         |   |   | 53                                         |   |                                                  |   |
| Diluted                                         | $           10,381 |   |   | 33,494                                     |   | $        0.31 |   |
| 2010:                                           |                                                                      |   |   |                                       |   |                                                  |   |
| Basic and diluted                               | $          (69,725      | )      |   | 32,590                                     |   | $       (2.14      | )      |
| 2009:                                           |                                                                      |   |   |                                       |   |                                                  |   |
| Basic and diluted                               | $          (30,612      | )      |   | 31,219                                     |   | $       (0.98      | )      |

|             | 2011                  |                                       | 2010   |                  | 2009                                       |
|------------------|-----------------------|--------------------------------------------|--------|-----------------------|--------------------------------------------|
|             | WeightedAverageNumber | WeightedAverageExercise Price              |   | WeightedAverageNumber | WeightedAverageExercise Price              |   | WeightedAverageNumber | WeightedAverageExercise Price |
| Options          | 4,543                 | $      14.92 |   | 5,037                 | $      15.17 |   | 4,705 | $     17.48 |
| Restricted stock | 45                    |                                       |   | 45                    |                                       |   | 34 |   |
| Total            | 4,588                 |                                       |   | 5,082                 |                                       |   | 4,739 |   |

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Table of Contents

|                                  |   | 2011 Quarter Ended |    |
|---------------------------------------|--------|--------------------|---------|
|                                  |   | March 31           |    |   | June 30 |   |   | September 30 |   |   | December 31 |   |
| Revenues                              |   | $                  | 2,388   |   |   | $ | 74,407 |   |   | $ | 5,804 |   |   | $ | 2,197 |   |
| Net income (loss)                     |   |               | (22,927 | ) |   |   | 55,486 |   |   |   | (11,432 | ) |   |   | (10,746 | ) |
| Net income (loss) per share - basic   |   |               | (0.69   | ) |   |   | 1.66 |   |   |   | (0.34 | ) |   |   | (0.32 | ) |
| Net income (loss) per share - diluted |   |               | (0.69   | ) |   |   | 1.64 |   |   |   | (0.34 | ) |   |   | (0.32 | ) |
|                                  |   |               |    |   |   |   |   |   |   |   |   |   |   |   |   |   |

|                                   |   | 2010 Quarter Ended |    |
|----------------------------------------|--------|--------------------|---------|
|                                   |   | March 31           |    |   | June 30 |   |   | September 30 |   |   | December 31 |   |
| Revenues                               |   | $                  | 1,523   |   |   | $ | 2,305 |   |   | $ | 1,967 |   |   | $ | 2,157 |   |
| Net loss                               |   |               | (18,583 | ) |   |   | (15,241 | ) |   |   | (17,101 | ) |   |   | (18,800 | ) |
| Net loss per share - basic and diluted |   |               | (0.58   | ) |   |   | (0.47 | ) |   |   | (0.52 | ) |   |   | (0.57 | ) |
|                                   |   |               |    |   |   |   |   |   |   |   |   |   |   |   |   |   |

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Table of Contents

SIGNATURES

|   | PROGENICS PHARMACEUTICALS, INC. |
|--------|---------------------------------|
|   | By:                             | /s/ MARK R. BAKER |
|   |                            | Mark R. Baker(Chief Executive Officer and Director) |

| Signature                              |   | Capacity                                                                                                              | Date           |
|----------------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------|----------------|
|  /s/ PETER J. CROWLEY             |   | Chairman                                                                                                              | March 14, 2012 |
| Peter J. Crowley                  |   |                                                                                                                  |           |
| /s/ PAUL J. MADDON                     |   | Vice Chairman, Chief Science Officer and Director                                                                     | March 14, 2012 |
| Paul J. Maddon, M.D., Ph.D.       |   |                                                                                                                  |           |
| /s/ MARK R. BAKER                      |   | Chief Executive Officer and Director(Principal Executive Officer)                                                     | March 14, 2012 |
| Mark R. Baker                          |   |                                                                                                                  |           |
|                                   |   |                                                                                                                  |           |
| /s/ CHARLES A. BAKER                   |   | Director                                                                                                              | March 14, 2012 |
| Charles A. Baker                  |   |                                                                                                                  |           |
| /s/ KURT W. BRINER                     |   | Director                                                                                                              | March 14, 2012 |
| Kurt W. Briner                    |   |                                                                                                                  |           |
| /s/ MARK F. DALTON                     |   | Director                                                                                                              | March 14, 2012 |
| Mark F. Dalton                    |   |                                                                                                                  |           |
| /s/ STEPHEN P. GOFF                    |   | Director                                                                                                              | March 14, 2012 |
| Stephen P. Goff, Ph.D.            |   |                                                                                                                  |           |
| /s/ DAVID A. SCHEINBERG                |   | Director                                                                                                              | March 14, 2012 |
| David A. Scheinberg, M.D., Ph.D.  |   |                                                                                                                  |           |
| /s/ NICOLE S. WILLIAMS                 |   | Director                                                                                                              | March 14, 2012 |
| Nicole S. Williams                |   |                                                                                                                  |           |
| /s/ ROBERT A. MCKINNEY                 |   | Chief Financial Officer, Senior Vice President, Finance & Operations (Principal Financial and Accounting Officer) | March 14, 2012 |
| Robert A. McKinney                     |   |                                                                                                                  |           |

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EXHIBIT

|                         |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Exhibit                      |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| Number *                     |   | Description                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| 3.1(23)                      |   | Amended and Restated Certificate of Incorporation of the Registrant.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| 3.2(12)                      |   | Amended and Restated By-laws of the Registrant.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 4.1(1)                       |   | Specimen Certificate for Common Stock, $0.0013 par value per share, of the Registrant.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| 10.1(1)                      |   | Form of Registration Rights Agreement.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| 10.2(1)                      |   | 1989 Non-Qualified Stock Option Plan‡                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| 10.3(1)                      |   | 1993 Stock Option Plan, as amended‡                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| 10.4(1)                      |   | 1993 Executive Stock Option Plan‡                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| 10.5(3)                      |   | Amended and Restated 1996 Stock Incentive Plan‡                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 10.6(12)                     |   | 2005 Stock Incentive Plan‡                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| 10.6.1(8)                    |   | Form of Non-Qualified Stock Option Award Agreement‡                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| 10.6.2(8)                    |   | Form of Restricted Stock Award Agreement‡                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 10.6.3(14)                   |   | Amended 2005 Stock Incentive Plan ‡                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| 10.6.4(16)                   |   | Form of Non-Qualified Stock Option Award Agreement ‡                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| 10.6.5(16)                   |   | Form of Restricted Stock Award Agreement‡                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 10.7(13)                     |   | Form of Indemnification Agreement‡                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 10.8(17)                     |   | Employment Agreement, dated December 31, 2007, between the Registrant and Dr. Paul J. Maddon‡                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| 10.8.1(22)                   |   | First Amendment to Employment Agreement, dated March 31, 2011, between the Registrant and Dr. Paul J. Maddon‡                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| 10.9(1)                      |   | Letter dated August 25, 1994 between the Registrant and Dr. Robert J. Israel‡                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| 10.10(6)                     |   | Amended 1998 Employee Stock Purchase Plan‡                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| 10.11(6)                     |   | Amended 1998 Non-qualified Employee Stock Purchase Plan‡                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| 10.16(2)†              |   | Development and License Agreement, dated April 30, 1999, between Protein Design Labs, Inc. and the Registrant.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| 10.16.1(9)                   |   | Letter Agreement, dated November 24, 2003, relating to the Development and License Agreement between Protein Design Labs, Inc. and the Registrant.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| 10.18(4)                     |   | Director Stock Option Plan‡                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| 10.19(5)†              |   | Exclusive Sublicense Agreement, dated September 21, 2001, between the Registrant and UR Labs, Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| 10.19.1(7)                   |   | Amendment to Exclusive Sublicense Agreement, dated September 21, 2001, between the Registrant and UR Labs, Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| 10.21.1                      |   | Amended and Restated Agreement of Lease, dated October 28, 2009, between BMR-Landmark at Eastview LLC and the Registrant.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| 10.23                        |   | Information concerning compensation of the Registrant’s non-employee directors is included in the Registrant’s proxy material for its 2011 Annual Meeting of Stockholders and is incorporated herein by reference.‡                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 10.25(10) †            |   | Option and License Agreement, dated May 8, 1985, by and between the University of Chicago and UR Labs, Inc., as amended by (i) Amendment to Option and License Agreement, dated September 17, 1987, by and between the University of Chicago and UR Labs, Inc., (ii) Second Amendment to Option and License Agreement, dated March 3, 1989, by and among the University of Chicago, ARCH Development Corporation and UR Labs, Inc., and (iii) Letter Agreement Related to Progenics’ RELISTOR In-License dated, December 22, 2005, by and among the University of Chicago, acting on behalf of itself and ARCH Development Corporation, the Registrant, Progenics Pharmaceuticals Nevada, Inc. and Wyeth, acting throughits Wyeth Pharmaceuticals Division. |
| 10.26(11)                    |   | Membership Interest Purchase Agreement, dated April 20, 2006, between the Registrant Inc. and Cytogen Corporation.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| 10.27(11) †            |   | Amended and Restated PSMA/PSMP License Agreement, dated April 20, 2006, by and among the Registrant, Cytogen Corporation and PSMA Development Company LLC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 10.28(15)                    |   | Consulting Agreement, dated May 1, 1995, between Active Biotherapies, Inc. and Dr. David A. Scheinberg, M.D., Ph.D., as amended on June 13, 1995, as assigned to the Registrant, and as amended on January 1, 2001‡                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| 10.29(18)  † |   | License Agreement, dated as of October 16, 2008, by and among Ono Pharmaceutical Co., Ltd. and the Registrant.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| 10.30(18)  † |   | Partial Termination and License Agreement, dated October 16, 2008, by and among Wyeth, acting through Wyeth Pharmaceuticals Division, Wyeth-Whitehall Pharmaceuticals, Inc. and Wyeth-Ayerst Lederle, Inc. and the Registrant and Progenics Pharmaceuticals Nevada, Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |

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| 10.31(18)  †   |   | Consent, Acknowledgment and Agreement, dated as of October 16, 2008, by and among Wyeth, acting through Wyeth Pharmaceuticals Division, Wyeth-Whitehall Pharmaceuticals, Inc. and Wyeth-Ayerst Lederle, Inc., the Registrant and Ono Pharmaceutical Co., Ltd.                                                                                                       |
|--------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.32(18)  †   |   | 2008 Agreement Related to Progenics’ MNTX In-License, dated October 16, 2008, by and among the University of Chicago, acting on behalf of itself and ARCH Development Corporation, the Registrant, Progenics Pharmaceuticals Nevada, Inc. and Ono Pharmaceutical Co., Ltd.                                                                               |
| 10.33(19)  †   |   | Termination and Transition Agreement, effective as of October 1, 2009, by and among Wyeth, acting through Wyeth Pharmaceuticals Division, Wyeth-Whitehall Pharmaceuticals, Inc., Wyeth-Ayerst Lederle, Inc., and AHP Manufacturing B.V., and the Registrant, Progenics Pharmaceuticals Nevada, Inc. and Excelsior Life Sciences Ireland Limited.                    |
| 10.33.1(21)  † |   | First Amendment to Termination and Transition Agreement, effective as of October 1, 2010, by and among Wyeth LLC, acting through Wyeth Pharmaceuticals Division, Wyeth-Whitehall Pharmaceuticals LLC, Wyeth-Ayerst Lederle LLC, and AHP Manufacturing B.V., and the Registrant, Progenics Pharmaceuticals Nevada, Inc. and Excelsior Life Sciences Ireland Limited. |
| 10.34(20)  †   |   | Collaboration Agreement, effective June 14, 2005, by and between Seattle Genetics, Inc. and PSMA Development Company, LLC.                                                                                                                                                                                                                                          |
| 10.35(20)  †   |   | Collaboration Agreement, effective February 21, 2001, by and between Abgenix, Inc. and PSMA Development Company, LLC.                                                                                                                                                                                                                                               |
| 10.36(20)  †   |   | License Agreement, effective September 5, 2001, by and between AlphaVax Human Vaccines, Inc. and PSMA Development Company, LLC.                                                                                                                                                                                                                                     |
| 10.37(22)  †   |   | License Agreement dated as of February 3, 2011, by and between Salix Pharmaceuticals, Inc., the Registrant, Progenics Pharmaceuticals Nevada, Inc. and Excelsior Life Sciences Ireland Limited.                                                                                                                                                                     |
| 10.37.1(22) †            |   | 2010 Agreement Related to Progenics’ MNTX In-License, dated February 3, 2011, by and among the University of Chicago, acting on behalf of itself and ARCH Development Corporation, the Registrant, Progenics Pharmaceuticals Nevada, Inc. and Salix Pharmaceuticals, Inc.                                                                                     |
| 12.1                           |   | Statement re computation of ratio of earnings (loss) to combined fixed charges and preferred stock dividends.                                                                                                                                                                                                                                                  |
| 21.1(17)                       |   | Subsidiaries of the Registrant.                                                                                                                                                                                                                                                                                                                                     |
| 23.1                           |   | Consent of PricewaterhouseCoopers LLP.                                                                                                                                                                                                                                                                                                                              |
| 31.1                           |   | Certification of Mark R. Baker, Chief Executive Officer of the Registrant pursuant to 13a-14(a) and Rule 15d-14(a) under the Securities Exchange Act of 1934, as amended.                                                                                                                                                                                      |
| 31.2                           |   | Certification of Robert A. McKinney, Chief Financial Officer, Senior Vice President, Finance and Operations of the Registrant pursuant to 13a-14(a) and Rule 15d-14(a) under the Securities Exchange Act of 1934, as amended.                                                                                                                                       |
| 32.1                           |   | Certification of Mark R. Baker, Chief Executive Officer of the Registrant pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.                                                                                                                                                                       |
| 32.2                           |   | Certification of Robert A. McKinney, Chief Financial Officer, Senior Vice President, Finance and Operations of the Registrant pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.                                                                                                                        |

|   |   |                                                                                                                                                                               |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| *      |   | Exhibits footnoted as previously filed have been filed as an exhibit to the document of the Registrant referenced in the footnote below, and are incorporated by reference herein. |
|   |   |                                                                                                                                                                               |
| (1)    |   | Previously filed in Registration Statement on Form S-1, Commission File No. 333-13627.                                                                                   |
|   |
| (2)    |   | Previously filed in Quarterly Report on Form 10-Q for the quarterly period ended June 30, 1999.                                                                          |
|   |
| (3)    |   | Previously filed in Registration Statement on Form S-8, Commission File No. 333-120508.                                                                                  |
|   |
| (4)    |   | Previously filed in Annual Report on Form 10-K for the year ended December 31, 1999.                                                                                     |
|   |
| (5)    |   | Previously filed in Annual Report on Form 10-K for the year ended December 31, 2002.                                                                                     |
|   |
| (6)    |   | Previously filed in Registration Statement on Form S-8, Commission File No. 333-143671.                                                                                  |
|   |
| (7)    |   | Previously filed in Current Report on Form 8-K filed on September 20, 2004.                                                                                              |
|   |   |                                                                                                                                                                               |
| (8)    |   | Previously filed in Current Report on Form 8-K filed on July 8, 2008.                                                                                                         |
|   |
| (9)    |   | Previously filed in Annual Report on Form 10-K for the year ended December 31, 2004.                                                                                               |
|   |   |                                                                                                                                                                               |
| (10)   |   | Previously filed in Annual Report on Form 10-K for the year ended December 31, 2005.                                                                                               |
|   |

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Table of Contents

|    |   |                                                                                                        |
|---------|--------|-------------------------------------------------------------------------------------------------------------|
| (11)    |   | Previously filed in Quarterly Report on Form 10-Q for the quarterly period ending June 30, 2006.            |
|    |   |                                                                                                        |
| (12)    |   | Previously filed in Current Report on Form 8-K filed on May 13, 2005.                             |
|    |
| (13)    |   | Previously filed in Quarterly Report on Form 10-Q for the quarterly period ending March 31, 2007. |
|    |
| (14)    |   | Previously filed in Registration Statement on Form S-8, Commission File No. 333-143670.           |
|    |
| (15)    |   | Previously filed in Annual Report on Form 10-K/A for the year ended December 31, 2006.            |
|    |   |                                                                                                        |
| (16)    |   | Previously filed in Current Report on Form 8-K filed on July 8, 2008.                             |
|    |
| (17)    |   | Previously filed in Annual Report on Form 10-K for the year ended December 31, 2007.                        |
|    |
| (18)    |   | Previously filed in Annual Report on Form 10-K for the year ended December 31, 2008.                        |
|    |
| (19)    |   | Previously filed in Annual Report on Form 10-K for the year ended December 31, 2009.                        |
|    |
| (20)    |   | Previously filed in Amendment No. 2 to Annual Report on Form 10-K/A for the year ended December 31, 2009.   |
|    |
| (21)    |   | Previously filed in Annual Report on Form 10-K for the year ended December 31, 2010.                        |
|    |
| (22)    |   | Previously filed in Quarterly Report on Form 10-Q for the quarter ended March 31, 2011.                     |
|    |
| (23)    |   | Previously filed in Quarterly Report on Form 10-Q for the quarter ended June 30, 2011.                      |
|    |
|    |   |                                                                                                        |
| † |   | Confidential treatment granted as to certain portions omitted and filed separately with the Commission.     |
| ‡ |   | Management contract or compensatory plan or arrangement.                                                    |