PARSIPPANY, NJ -- (Marketwire) -- 02/20/13 -- The Medicines Company (NASDAQ: MDCO), a global biopharmaceutical company focused on advancing the treatment of critical care patients through the delivery of innovative, cost-effective medicines, today announced fourth quarter and full year financial results for 2012.
Financial highlights for the fourth quarter of 2012:
•Net revenue increased by 20.6% to $159.5 million for the fourth quarter of 2012 from $132.2 million in the fourth quarter of 2011.•Angiomax U.S. net revenue increased by 13.7% to $141.2 million in the fourth quarter of 2012 compared to $124.2 million in the fourth quarter of 2011. •Angiomax/Angiox international net revenue in the fourth quarter of 2012 increased by 77.2% to $14.0 million compared with $7.9 million in the fourth quarter of 2011.•Net income for the fourth quarter of 2012 was $20.7 million, or $0.38 per share, compared with net income of $19.6 million, or $0.36 per share, for the fourth quarter of 2011. •Non-GAAP net income for the fourth quarter of 2012 was $42.9 million, or $0.78 per share, compared to non-GAAP net income of $28.7 million, or $0.52 per share for the fourth quarter 2011. Non-GAAP net income excludes stock-based compensation expense, non-cash interest expense and non-cash income taxes.
Financial highlights for the full year 2012:
•Net revenue increased by 15.2% to $558.6 million for 2012 from $484.7 million in 2011.•Angiomax U.S. net revenue increased by 10.9% to $501.7 million in 2012 compared with $452.3 million in 2011. •Angiomax/Angiox international net revenue in 2012 increased by 47.4% to $46.5 million compared with $31.6 million in 2011.•Net income for 2012 was $51.3 million, or $0.93 per share, compared with net income of $127.9 million, or $2.35 per share, for 2011. •Non-GAAP net income for 2012 was $105.6 million, or $1.91 per share, compared with non-GAAP net income of $85.7 million, or $1.57 per share for 2011. Non-GAAP net income excludes stock-based compensation expense, non-cash interest expense and non-cash income taxes.
Glenn Sblendorio, President and Chief Financial Officer, stated, "In 2012, global revenue growth was driven by rapid year on year percentage growth in Europe and continued growth in the United States. Since 2010, we have been realizing the operating leverage we anticipated. Our Phase 3 R&D projects have produced positive results recently and we look forward to the oritavancin Phase 3 SOLO-2 trial completion and preparing for worldwide regulatory filings for cangrelor."
There will be a conference call with management today at 8:30 a.m. Eastern Time to discuss fourth quarter and full year 2012 financial results, operational developments and 2013 financial guidance. The conference call will be available via phone and webcast. The webcast can be accessed at The Medicines Company website at www.themedicinescompany.com. A guidance worksheet will be posted to the front page of The Medicines Company's website.
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