The Medicines Company Reports Second Quarter and First Half 2011 Results
Quarterly Net Revenues Rise 9% to $119.6 Million vs 2010
(firmenpresse) - PARSIPPANY, NJ -- (Marketwire) -- 07/27/11 -- 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® | Angiox® (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."
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.
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.
The following table provides reconciliations between GAAP and non-GAAP net income for second quarter (Q2) and first half of 2011 and 2010. Non-GAAP net income excludes stock-based compensation expense and non-cash income taxes:
Reconciliations between GAAP and non-GAAP fully diluted earnings per share (EPS) for the second quarter (Q2) and first half of 2011 and 2010 are provided in the following table:
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, 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 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 .
The dial in information is listed below:
Domestic Dial In: 800-638-4930
International Dial In: 617-614-3944
Passcode for both dial in numbers: 15988273
Replay is available from 11:30 a.m. Eastern Time following the conference call through August 10, 2011. To hear a replay of the call dial 888-286-8010 (domestic) and 617-801-6888 (international). Passcode for both dial in numbers is 84976700.
The Medicines Company (NASDAQ: MDCO) provides medical solutions to improve health outcomes for patients in acute and intensive care hospitals worldwide. These solutions comprise medicines and knowledge that directly impact the survival and well being of critically ill patients. The Medicines Company's website is .
Statements contained in this press release about The Medicines Company that are not purely historical, and all other statements that are not purely historical, may be deemed to be forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Without limiting the foregoing, the words "believes," "anticipates" and "expects" and similar expressions, including the Company's preliminary revenue results, are intended to identify forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties that may cause the Company's actual results, levels of activity, performance or achievements to be materially different from those expressed or implied by these forward-looking statements. Important factors that may cause or contribute to such differences include the extent of the commercial success of Angiomax, the Company's ability to develop its global operations and penetrate foreign markets, whether the Company's products will advance in the clinical trials process on a timely basis or at all, whether the Company will make regulatory submissions for product candidates on a timely basis, whether its regulatory submissions will receive approvals from regulatory agencies on a timely basis or at all, whether physicians, patients and other key decision makers will accept clinical trial results, risks associated with the establishment of international operations, and such other factors as are set forth in the risk factors detailed from time to time in the Company's periodic reports and registration statements filed with the Securities and Exchange Commission including, without limitation, the risk factors detailed in the Company's Quarterly Report on Form 10-Q filed on, May 10, 2011, which are incorporated herein by reference. The Company specifically disclaims any obligation to update these forward-looking statements.
Contact:
Michael Mitchell
The Medicines Company
973-290-6000
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Datum: 27.07.2011 - 12:00 Uhr
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News-ID 38151
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