Full Year EPS Is $1.97 per Share vs Year Ago Loss; Revenues of $437.6 Million vs Year Ago $404.2 Million
PARSIPPANY, NJ, Feb 16, 2011 (MARKETWIRE via COMTEX) --
The Medicines Company (NASDAQ: MDCO) today announced its financial results for the fourth quarter and full year of 2010.
Financial highlights for the fourth quarter of 2010:
-- Net revenue increased by 17.2% to $119.7 million for the fourth
quarter of 2010 from $102.1 million in the fourth quarter of 2009.
-- Angiomax U.S. sales increased by 16.3% to $112 million in the
fourth quarter of 2010 compared to $96.3 million in the fourth
quarter of 2009.
-- Angiomax/Angiox international net revenue in the fourth quarter of
2010 increased by 48% to $7.7 million compared with $5.2 million
in the fourth quarter of 2009.
-- Net income for the fourth quarter of 2010 was $58.6 million, or $1.09
per share, compared with a net loss of ($73.5) million, or ($1.40) per
share, for the fourth quarter of 2009.
-- Net income impacted by the company's decision to reinstate a
portion of its deferred tax assets in the amount of $44 million.
-- Non-GAAP net income for the fourth quarter of 2010 was $16.0 million,
or $0.30 per share, compared to non-GAAP net loss of ($25.6 million),
or ($0.49) per share for 2009. Non-GAAP net income excludes costs
associated with the Targanta acquisition, stock-based compensation
expense and non-cash income taxes.
Financial highlights for the full year of 2010:
-- Net revenue increased by 8.3% to $437.6 million for 2010 from $404.2
million in 2009.
-- Angiomax U.S. sales increased by 7.7% to $412.3 million in 2010
compared with $382.9 million in 2009.
-- Angiomax/Angiox international net revenue in 2010 increased by
34.4% with $24.6 million compared with $18.3 million in 2009.
-- Net income for 2010 was $104.6 million, or $1.97 per share, compared
with a net loss of ($76.2) million, or ($1.46) per share, for 2009.
-- Net income impacted by the company's decision to reinstate a
portion of its deferred tax assets in the amount of $44 million.
-- Non-GAAP net income for 2010 was $69.7 million, or $1.31 per share,
compared to non-GAAP net loss of ($4.8 million), or ($0.09) per share,
for 2009. Non-GAAP net income excludes costs associated with the
Targanta acquisition, stock-based compensation expense and non-cash
income taxes.
Clive Meanwell, Chairman and Chief Executive Officer, stated, "This past quarter and past year our main products, Angiomax and Angiox, grew briskly through relentless innovation with our hospital customers. We believe our late-stage pipeline products progressed through perhaps the most efficient and intelligent R&D efforts in this industry. And throughout it all we created -- and continue to create -- enormous operating leverage to meet our global ambitions."
The following table provides reconciliations between GAAP and non-GAAP net (loss) income for the full year (FY) and fourth quarter (Q4) of 2010 and 2009. Non-GAAP net income excludes the transaction charges related to the Targanta acquisition, stock-based compensation expense and non-cash income taxes:
Non-cash
(Benefit)
FAS 123R Provision
Reported Targanta Stock-Based for Non-GAAP
GAAP Net Acquisition Compensation Income Net Income
(in millions) Income Costs Expense Taxes (1)
-------- ----------- ------------ --------- ----------
FY 2010 $ 104.6 $ - $ 8.3 $ (43.3) $ 69.7
FY 2009 $ (76.2) $ 4.3 $ 19.4 $ 47.7 $ (4.8)
Q4 2010 $ 58.6 $ - $ 1.5 $ (44.0) $ 16.0
Q4 2009 $ (73.5) $ - $ 4.1 $ 43.8 $ (25.6)
Note: Amounts may not sum due to rounding.
(1) Excluding the Targanta acquisition costs, stock-based compensation
expense and the non-cash provision (benefit) for income taxes.
Reconciliations between GAAP and non-GAAP fully diluted (loss) earnings per share (EPS) for the FY and Q4 of 2010 and 2009 are provided in the following table:
Non-cash
(Benefit)
FAS 123R Provision
Targanta Stock-Based for
Reported Acquisition Compensation Income Non-GAAP
(per share) GAAP EPS Costs Expense Taxes EPS (1)
-------- ----------- ------------ --------- ----------
FY 2010 $ 1.97 $ - $ 0.16 $ (0.81) $ 1.31
FY 2009 $ (1.46) $ 0.08 $ 0.37 $ 0.91 $ (0.09)
Q4 2010 $ 1.09 $ - $ 0.03 $ (0.82) $ 0.30
Q4 2009 $ (1.40) $ - $ 0.08 $ 0.84 $ (0.49)
Note: Amounts may not sum due to rounding.
(1) Excluding the Targanta acquisition costs, stock-based compensation
expense and the non-cash provision for income taxes.
The Company believes that presenting the non-GAAP information contained in the financial tables and in this press release assists investors and others in gaining a better understanding of the Company's core operating results and future prospects, expected growth rates or forecasted guidance, particularly as related to transaction charges associated with the Targanta acquisition, stock-based compensation expense and non-cash income taxes. Management uses this non-GAAP information, in addition to the GAAP information, as the basis for measuring the Company's core operating performance and comparing such performance to that of prior periods and to the performance of its competitors. Such measures are also used by management in its financial and operating decision-making. Non-GAAP information is not meant to be considered superior to or a substitute for the Company's results of operations prepared in accordance with GAAP. A reconciliation of GAAP results with non-GAAP results may also be found in the attached financial tables.
There will be a conference call with management today at 8:30 a.m. Eastern Time to discuss full year and fourth quarter 2010 financial results and operational developments. The conference call will be available via phone and webcast. The webcast can be accessed at The Medicines Company website at www.themedicinescompany.com
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