PARSIPPANY, NJ, Jul 27, 2011 (MARKETWIRE via COMTEX) --
- Quarterly Net Revenues Rise 9% to $119.6 Million vs 2010
The Medicines Company (NASDAQ: MDCO), a global pharmaceutical company focused on advancing the treatment of critical care patients through the delivery of innovative, cost-effective medicines, today announced results for the second quarter and first half of 2011. Highlights include:
-- A 9% increase in net revenues in the second quarter of 2011 to $119.6
million from $110.1 million in the comparable 2010 period.
-- Increased investments in R&D as Phase III trials for cangrelor and
oritavancin accelerated
-- As a result, net income for the second quarter of 2011 was $11.4
million, or $0.21 per share, compared with net income of $15.4
million, or $0.29 per share, for the second quarter of 2010; net
income for the first half of 2011 was $35.7 million, or $0.66 per
share, compared with net income of $24.9 million, or $0.47 per share,
for the first half of 2010.
R&D portfolio highlights for the second quarter included positive Phase IIa clinical trial results from MDCO-2010 in cardiac surgery patients and pre-clinical results from key mode-of-action and toxicology studies for MDCO-216. Detailed data from these Phase IIa and preclinical studies are expected to be presented at major medical meetings in the fourth quarter of 2011. The Company also continued enrollment in Phase III trials of oritavancin and cangrelor. For cangrelor, the BRIDGE trial studying a prolonged infusion was completed with data also expected to be presented in 4Q 2011.
Clive Meanwell, Chairman and Chief Executive Officer, stated, "Second quarter and first half year 2011 results reaffirm our ability to execute our strategy of growing net revenue, investing aggressively in our R&D portfolio; and making stepwise investments to extend our geographic reach while still generating significant positive cash flow. Our second quarter and first half year 2011 results evidence real growth consistent with our short and medium-term goals. Looking ahead, we expect continued revenue growth led by Angiomax(R) | Angiox(R) (bivalirudin) for years to come, and robust progress in R&D and geographic reach."
Dr. Meanwell added, "We were very excited by multiple R&D developments in the second quarter that show the vibrancy and longer term commercial promise of our R&D programs -- all of which are expected to generate products which serve the same customer channel we are building for Angiomax and Cleviprex -- namely, acute and intensive care hospitals worldwide. We expect continuous news flow because of the breadth and depth of our technologies."
Financial highlights for the second quarter of 2011:
-- Net revenue increased by 9% to $119.6 million for the second quarter
of 2011 from $110.1 million in the second quarter of 2010.
-- Angiomax U.S. sales increased by 7% to $112.0 million in the
second quarter of 2011 compared with $104.4 million in the second
quarter of 2010.
-- Angiomax/Angiox international net revenue in the second quarter of
2011 increased by 27% to $7.3 million compared with $5.8 million
in the second quarter of 2010.
-- Net income for the second quarter of 2011 was $11.4 million, or $0.21
per share, compared with net income of $15.4 million, or $0.29 per
share, for the second quarter of 2010.
-- Non-GAAP net income for the second quarter of 2011 was $13.2 million,
or $0.24 per share, compared with non-GAAP net income of $18.3
million, or $0.35 per share for the second quarter 2010. Non-GAAP net
income excludes stock-based compensation expense and non-cash income
taxes.
Financial highlights for the half of 2011:
-- Net revenue increased by 9% to $231.7 million for the first half of
2011 from $212.2 million in the first half of 2010.
-- Angiomax U.S. sales increased by 8% to $217.0 million in the first
half of 2011 compared with $200.0 million in the first half of
2010.
-- Angiomax/Angiox international net revenue in the first half of
2011 increased by 27% to $14.4 million compared with $11.4 million
in the first half of 2010.
-- Net income for the first half of 2011 was $35.7 million, or $0.66 per
share, compared with net income of $24.9 million, or $0.47 per share,
for the first half of 2010.
-- Non-GAAP net income for the first half of 2011 was $47.7 million, or
$0.88 per share, compared with non-GAAP net income of $30.8 million,
or $0.58 per share for the first half of 2010. Non-GAAP net income
excludes stock-based compensation expense and non-cash income taxes.
|
