The Medicines Company Reports Second Quarter and First Half 2013 Financial Results
27% Increase in Second Quarter Net Revenue to $172.8 Million; 25% Increase in First Half Net Revenue to $328.6 Million
(firmenpresse) - PARSIPPANY, NJ -- (Marketwired) -- 07/24/13 -- The Medicines Company (NASDAQ: MDCO), a global biopharmaceutical company focused on saving lives, alleviating suffering and improving the economic efficiency of the world's leading hospitals, today announced second quarter and first half financial results for 2013.
Financial highlights for the second quarter of 2013 were as follows:
Net revenue increased by 27% to $172.8 million for the second quarter of 2013 from $135.7 million in the second quarter of 2012.
Angiomax US sales increased by 14% to $137.9 million in the second quarter of 2013 compared to $121.2 million in the second quarter of 2012.
Recothrom US sales were $17.9 million for the second quarter of 2013.
Angiomax/Angiox international net revenue in the second quarter of 2013 increased by 11% to $13.2 million compared with $11.9 million in the second quarter of 2012.
Net income for the second quarter of 2013 was $18.1 million, or $0.30 per share, compared with net income of $13.8 million, or $0.25 per share, for the second quarter of 2012. The second quarter of 2013 includes a one-time expense for an arbitration award in the amount of $5.0 million.
Adjusted net income for the second quarter of 2013 increased 62% to $29.2 million, or $0.50 per share, compared to adjusted net income of $18.0 million, or $0.32 per share, for the second quarter 2012. Adjusted net income excludes amortization of acquired intangible assets, deal related charges, stock-based compensation expense, arbitration award, changes in contingent consideration, non-cash interest and net income tax adjustments.
Financial highlights for the first half of 2013 were as follows:
Net revenue increased by 25% to $328.6 million for the first half of 2013 from $262.3 million in the first half of 2012.
Angiomax US sales increased by 14% to $269.3 million in the first half of 2013 compared to $236.7 million in the first half of 2012.
Recothrom US sales were $26.5 million for the first half of 2013.
Angiomax/Angiox international net revenue in the first half of 2013 increased by 10% to $24.8 million compared with $22.6 million in the first half of 2012.
Net income for the first half of 2013 was $6.5 million, or $0.11 per share, compared with net income of $21.3 million, or $0.38 per share, for the first half of 2012. The first half of 2013 includes one-time costs in the amount of $40.6 million including licensing costs of $25 million for a transaction with Alnylam on the PCSK9 RNAi hypercholesterolemia program, a restructuring charge of $6.4 million, $4.2 million of deal costs and an arbitration award in the amount of $5.0 million.
Adjusted net income for the first half of 2013 increased 64% to $47.2 million, or $0.82 per share, compared to adjusted net income of $28.7 million, or $0.52 per share, for the first half of 2012. Adjusted net income excludes upfront collaboration payments, amortization of acquired intangible assets, acquisition related charges, restructuring charges, stock-based compensation expense, arbitration award, changes in contingent consideration, non-cash interest and net income tax adjustments.
Glenn Sblendorio, President and Chief Financial Officer of The Medicines Company, stated, "Our first half 2013 revenues show a continued diversification of growth sources, as our hospital portfolio and global geographies expand. Additionally, our near term anticipated growth drivers advanced significantly in the second quarter, as we reported positive Phase 3 results of the oritavancin Phase 3 SOLO II trial, filed for US approval for cangrelor, and completed clinical work toward filings for IONSYS."
In addition to financial information prepared in accordance with U.S. GAAP, this press release also contains adjusted financial measures that we believe provide investors and management with supplemental information relating to operating performance and trends that facilitate comparisons between periods and with respect to projected information. These adjusted measures are non-GAAP and should be considered in addition to, but not as a substitute for, the information prepared in accordance with U.S. GAAP. We typically exclude certain GAAP items that management does not believe affect our basic operations and that do not meet the GAAP definition of unusual or non-recurring items. Other companies may define these measures in different ways. See the attached Reconciliations of GAAP to Adjusted Net Income for explanations of the amounts excluded and included to arrive at adjusted net income and adjusted earnings per share amounts for the three- month periods and year to date periods ended June 30, 2013 and June 30, 2012.
There will be a conference call with management today at 8:30 a.m. Eastern Time to discuss first half 2013 financial results, operational developments and outlook. The conference call will be available via phone and webcast. The webcast can be accessed at The Medicines Company website at .
The conference call will be available via phone and webcast. The dial in information is listed below:
Domestic Dial In: 866 515 2913
International Dial In: +617 399 5127
Passcode for both dial in numbers: 42165066
Replay is available from 10:30 a.m. Eastern Time following the conference call through August 8, 2013. To hear a replay of the call dial 888 286.8010 (domestic) and 617 801 6888 (international). Passcode for both dial in numbers is 40760900.
This call is being webcast and can be accessed via The Medicines Company website at .
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, 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 9, 2013, which are incorporated herein by reference. The Company specifically disclaims any obligation to update these forward-looking statements.
Contact:
Michael Mitchell
The Medicines Company
973-290-6097
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Datum: 24.07.2013 - 06:00 Uhr
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