PARSIPPANY, NJ -- (Marketwired) -- 04/24/13 -- 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 first quarter financial results for 2013.
Financial highlights for the first quarter of 2013 were as follows:
•Net revenue increased by 23% to $155.8 million for the first quarter of 2013 from $126.6 million in the first quarter of 2012.•Angiomax US sales increased by 14% to $131.3 million in the first quarter of 2013 compared to $115.5 million in the first quarter of 2012. •Recothrom US sales were $8.6 million for the period from February 8, 2013 (closing date) through March 31, 2013. •Angiomax/Angiox international net revenue in the first quarter of 2013 increased by 9% to $11.6 million compared with $10.6 million in the first quarter of 2012. This included a 16% increase in Europe.
•Net loss for the first quarter of 2013 was $11.6 million, or $0.21 per share, compared with net income of $7.6 million, or $0.14 per share, for the first quarter of 2012. The first quarter of 2013 includes one-time expenditures in the amount of $34.8 million, including licensing costs of $25 million for a transaction with Alnylam on the PCSK9 RNAi hypercholesterolemia program, a restructuring charge of $6.2 million, and $3.6 million of costs related to the Incline (IONSYS) and Recothrom® transactions.
•Adjusted net income for the first quarter of 2013 increased 66% to $17.7 million, or $0.31 per share, compared to adjusted net income of $10.7 million, or $0.19 per share, for the first quarter 2012. Adjusted net income excludes upfront collaboration payments, amortization of acquired intangible assets, acquisition related charges, restructuring charges, stock-based compensation expense, non-cash interest and net income tax adjustments.
Glenn Sblendorio, President and Chief Financial Officer of The Medicines Company, stated, "First quarter 2013 revenue growth puts us on a positive trajectory this year and continues momentum from recent performance and net loss for the quarter is slightly better than our guidance. We also advanced our portfolio of acute and intensive care hospital medicines, as we recently completed enrollment in the oritavancin Phase 3 SOLO-2 trial and reported the positive results of the Phase 3 cangrelor PHOENIX trial. We also added to the portfolio three new assets, including the acquisition of IONSYS and the license of Recothrom and the PCSK9 program."
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 ended March 31, 2013 and March 31, 2012.
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