The Medicines Company Reports Full Year and Fourth Quarter 2007 Financial Results

The Medicines CompanyThe Medicines Company (NASDAQ: MDCO) today announced its financial results for the full year and fourth quarter of 2007. Financial highlights for the full year of 2007:
  • Net revenue increased by 20% to $257.5 million for 2007 from $214.0 million for 2006.
  • Angiomax(R) (bivalirudin) U.S. sales increased by 27% to $255.0 million for 2007 from $200.7 million for 2006.
  • Angiomax/Angiox international net revenue for the full year of 2007 was $2.5 million. This decrease from $11.3 million in 2006 was the result of no product sales to Nycomed in 2007, termination of our European distribution agreement with Nycomed in July and a reserve of $3.0 million against Nycomed inventories at year end.
  • Net loss for the full year of 2007 was $18.3 million, or $0.35 loss per share, resulting primarily from non-recurring charges related to the termination of our distribution agreement with Nycomed and the reacquisition of all development, commercial and distribution rights held by Nycomed for Angiox (R) (bivalirudin) in Europe.
  • Excluding the non-recurring Nycomed transaction charges and stock-based compensation expense, the Company reported non-GAAP net income of $25.2 million, or $0.49 per share.

John Kelley, President and Chief Operating Officer, stated "We made good progress in 2007. Angiomax has become the market leader for patients undergoing PCI, and with the availability of the HORIZONS data, we see a significant opportunity to further penetrate the high risk patient market. We expect to create a robust business in Europe. We look forward to potential FDA approvals of our sNDA for ACS for Angiomax in 2008, as well as the planned US launch of Cleviprex. We also anticipate that we will make significant progress towards filing a worldwide NDA for cangrelor."

Financial highlights for the fourth quarter of 2007:

  • Net revenue increased by 20% to $72.3 million for the fourth quarter of 2007 from $60.4 million for the fourth quarter of 2006.
  • Angiomax(R) (bivalirudin) U.S. sales increased by 23% to $72.8 million for the fourth quarter of 2007 from $59.0 million for the fourth quarter of 2006.
  • Angiomax/Angiox international net revenue in the fourth quarter of 2007 was ($0.5 million). This decrease from $1.2 million in the fourth quarter of 2006 was the result of $2.5 million in international revenue, offset by the $3.0 million Nycomed inventory reserve.
  • Net income for the fourth quarter of 2007 was $1.5 million, or $0.03 per share.
  • Excluding stock-based compensation expense, the Company reported fourth quarter non-GAAP net income of $5.6 million, or $0.11 per share.

About The Medicines Company
The Medicines Company (NASDAQ: MDCO) is committed to delivering innovative, cost-effective acute care products in the worldwide hospital marketplace. The Company markets Angiomax(R) / Angiox(R) (bivalirudin) in the United States and other countries for use in patients undergoing coronary angioplasty, a procedure to clear restricted blood flow in arteries around the heart. The Company also has two products in late-stage development, Cleviprex(TM) (clevidipine butyrate injectable emulsion) and cangrelor. The Company's website is http://www.themedicinescompany.com.

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