Progenics Pharmaceuticals (PGNX) 10-Q 2012 Q2 Quarterly report

Exhibit 12.1

Progenics Pharmaceuticals, Inc.

Ratio of Earnings (Loss) to Combined Fixed Charges and Preferred Stock Dividends

(in thousands)

	Six Months Ended June 30,			Years Ended December 31,
	2012			2011		2010			2009			2008			2007
Determination of earnings (loss):
(Loss) income from operations	$	(23,806	)	$	10,381	$	(69,820	)	$	(30,612	)	$	(44,672	)	$	(43,688	)
Add:
Fixed charges		153			695		709			555			594			483
Earnings (loss), as adjusted	$	(23,653	)	$	11,076	$	(69,111	)	$	(30,057	)	$	(44,078	)	$	(43,205	)
Fixed charges:
Estimate of interest within rental expense		153			695		709			555			594			483
Fixed charges	$	153		$	695	$	709		$	555		$	594		$	483
Preferred stock dividends	$	-		$	-	$	-		$	-		$	-		$	-
Ratio of earnings (loss) to fixed charges and preferred stock dividends		*			16		*			*			*			*
Coverage deficiency amount for total fixed charges and preferred stock dividends (1)	$	23,806		$	-	$	69,820		$	30,612		$	44,672		$	43,688

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(1) For the years ended 2007 through 2010 and for the six months ended June 30, 2012, the Company’s coverage ratio is less than one-to-one and it must generate additional earnings of these specified amounts to achieve a coverage ratio of 1:1.