The Medicines Company Reports Second Quarter Financial Results

The Medicines Company has announced its financial results for the second quarter of 2009, where net revenue increased by 20% to $104.2 million from $86.7 million for the second quarter of 2008. Net income for the second quarter of 2009 was $3.8 million, or $0.07 per share, compared to net income of $4.1million, or $0.08 per share, for the second quarter of 2008.

Non-GAAP net income for the second quarter of 2009 was $12.3 million, or $0.24 per share, compared to non-GAAP net income of $14.5 million, or $0.28 per share, for the second quarter of 2008. Non-GAAP net income excludes the transaction costs associated with the Targanta acquisition, stock-based compensation expense and non-cash income taxes.

For the first six months of 2009, net revenue increased by 22% to $203.4 million from $166.2 million for the same period in 2008. Net income for the first six months of 2009 was $0.5 million, or $0.01 per share, and includes costs for Targanta acquisition, as compared to net income of $8.9 million, or $0.17 per share, in the first six months of 2008.

The company reported non-GAAP net income of $15.5 million, or $0.29 per share, for the first six months of 2009, as compared to non-GAAP net income of $26.9 m, or $0.51 per share, for the first six months of 2008. Non-GAAP net income excludes the Targanta acquisition, stock-based compensation expense and non-cash income taxes.

John Kelley, president and chief operating officer, The Medicines Company, said: The core business, Angiomax and Angiox, is strong and growing. Cleviprex is becoming accepted by more and more hospitals, initial use has been in a wide range of patients, and we continue to view this product as an important and substantial opportunity.