The Medicines Company (NASDAQ: MDCO) today announced its financial results for the first quarter of 2008. Financial highlights for the first quarter of 2008:
- Net revenue increased by 19% to $79.4 million for the first quarter of 2008 from $66.6 million for the first quarter of 2007.
- Angiomax(R) (bivalirudin) U.S. sales increased by 16% to $76.9 million for the first quarter of 2008 from $66.3 million for the first quarter of 2007.
- Angiomax/Angiox international net revenue in the first quarter of 2008 increased $2.2 million to $2.5 million compared to $0.3 million in the first quarter of 2007.
- Net income for the first quarter of 2008 was $4.9 million, or $0.09 per share, compared to net income of $3.0 million, or $0.06 per share for the first quarter of 2007.
- Excluding stock-based compensation expense and non-cash income taxes, the Company reported first quarter non-GAAP net income of $12.4 million, or $0.24 per share, compared to non-GAAP net income of $8.2 million, or $0.15 per share for the first quarter of 2007.
John Kelley, President and Chief Operating Officer, stated, "This was a strong quarter. We are pleased with the top line growth in our base business which we expect to continue. We are also excited about our other platforms for growth including expansion into Europe, near term pipeline opportunities and business development activities."
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.