EXHIBIT 99.1 Contact: Michael Mitchell Director of Corporate Communications The Medicines Company 973-656-1616 investor.relations@themedco.com FOR IMMEDIATE RELEASE: THE MEDICINES COMPANY REPORTS FOURTH QUARTER AND FULL YEAR 2002 FINANCIAL RESULTS - 2002 REVENUES UP 169% COMPARED TO 2001 - EXPANDING SALES FORCE 10% BY MARCH 1, 2003 TO MEET CUSTOMER DEMAND DRIVEN BY POSITIVE REPLACE-2 RESULTS - PHASE III CABG PROGRAMS UNDERWAY; PHASE III TRIAL IN ANGIOPLASTY PATIENTS WITH HIT/HITTS COMPLETED PARSIPPANY, NJ, February 11, 2003 - The Medicines Company (Nasdaq: MDCO) announced today its results for the fourth quarter and full year ended December 31, 2002. Financial highlights for the quarter ended December 31, 2002 included: - Revenues of $14.3 million compared to $6.8 million for the same period in 2001 - Net loss of $9.8 million compared to $8.5 million for the same period in 2001 - Loss per share of $0.25 in 4Q02 vs. $0.25 in 4Q01 Financial highlights for full year 2002 included: - Revenues of $38.3 million in 2002 compared to $14.2 million in 2001 - Net loss of $45.8 million in 2002 compared to $54.9 million in 2001 - Loss per share of $1.23 in 2002 vs. $1.67 in 2001 Recent operations highlights: - Results of the REPLACE-2 clinical trial were presented at The American Heart Association's Scientific Sessions 2002 in November. All of the primary and secondary objectives for the post-marketing trial of Angiomax(R) (bivalirudin) were met. Publication of these results in a major journal is anticipated in the first quarter 2003. - In part due to REPLACE-2, sales of Angiomax accelerated 56% from third quarter to fourth quarter. Dave Stack, President and CEO of The Medicines Company stated, "We believe that the strong fourth quarter 2002 momentum accelerated following the presentation of REPLACE-2 results at the American Heart Association conference in November. The number of hospitals purchasing Angiomax increased by more than 20% and the number of hospitals purchasing four or more boxes of Anigomax increased by 40%. Our customers are impressed with Angiomax ease of use, noting the short duration of therapy, as well as safety and cost-effectiveness associated with replacing a complex heparin-based regimen with Angiomax. We expect to continue rapid revenue growth in 2003 due to increasing awareness of the benefits of Angiomax, especially with the impending publication of REPLACE-2, which provides a vital tool for our marketing and sales organization to deliver the REPLACE-2 message." Mr. Stack added that The Medicines Company is in the process of expanding its sales force this month to meet customer demands, increasing the number of dedicated field-based personnel from 86 to 97, and potentially adding more later in the year. The Company also announced today that it completed enrollment in ATBAT, a clinical study of Angiomax in patients undergoing coronary angioplasty who have heparin-induced thrombocytopenia/ heparin-induced thrombocytopenia thrombosis syndrome (HIT/HITTS), a complication of heparin use, marked by a severe drop in platelet counts, coupled with problematic clotting. The Company expects to submit the data to the U.S. Food and Drug administration for a potential HIT/HITTS label supplement in 2003. There will be a conference call with management today at 5:00 P.M. to discuss the financial results. To listen in: dial 800-472-8325 and request The Medicines Company 2002 financial results call. From outside U.S.: dial 1-706-679-0816. Replay available for two weeks following call: 800-642-1687 Replay outside the U.S.: 1-706-645-9291 Replay passcode: 8312312. ABOUT THE MEDICINES COMPANY: The Medicines Company meets the demands of the world's most advanced medical practitioners by developing products that improve specialized care. The Company markets Angiomax(R) (bivalirudin), an anticoagulant approved in the U.S. and other countries for use in patients undergoing coronary angioplasty procedures. The Medicines Company creates value using its range of clinical and commercial skills to develop products acquired from leading life science innovators. This press release contains forward-looking statements that involve a number of risks and uncertainties. For this purpose, any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the foregoing, the words "believes," "anticipates," "plans," "expects," "intends" and similar expressions are intended to identify forward-looking statements. Important factors that could cause actual results to differ materially from the expectations described in these forward-looking statements are set forth under the caption "Risk Factors" in the Company's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on October 31, 2002 and incorporated herein by reference. These risk factors include risks as to the commercial success of Angiomax; how long the Company will be able to operate on its existing capital resources; whether the Company's products (other than Angiomax for its approved indication) will advance in the clinical trials process, the timing of such clinical trials, whether the clinical trial results will warrant continued product development, whether and when, if at all, the Company's products will receive approval from the U.S. Food and Drug Administration or equivalent regulatory agencies, and for which indications, and, if such products receive approval, whether they will be successfully marketed; the Company's history of net losses; and the Company's dependence on third parties, including manufacturers, suppliers and collaborators. We do not assume any obligation to update any forward-looking statements. THE MEDICINES COMPANY CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS $000 THREE MONTHS ENDED DECEMBER 31, ---------------------------- (UNAUDITED) ---------------------------- 2002 2001 -------- -------- Revenue $ 14,297 $ 6,813 Operating Expenses Cost of revenue 5,324 894 Research and development 9,384 5,538 Selling, general and administrative 9,609 9,208 -------- -------- Total operating expenses 24,317 15,640 -------- -------- Loss from operations (10,020) (8,827) Interest income (expense), net 183 311 Loss on sale of investments -- -- -------- -------- Net loss $ (9,837) $ (8,516) ======== ======== Basic and diluted net loss attributable to common stockholders per common share $ (0.25) $ (0.25) ======== ======== Shares used in computing net loss attributable to common stockholders per common share: Basic and diluted 39,587 34,559 ======== ======== YEAR ENDED DECEMBER 31, --------------------------- $000 2002 2001 -------- -------- Revenue $ 38,301 $ 14,248 Operating Expenses Cost of revenue 10,284 2,111 Research and development 37,951 32,767 Selling, general and administrative 36,808 36,567 -------- -------- Total operating expenses 85,043 71,445 -------- -------- Loss from operations (46,742) (57,197) Interest income (expense), net 911 3,163 Loss on sale of investments -- (850) -------- -------- Net loss $(45,831) $(54,884) ======== ======== Basic and diluted net loss attributable to common stockholders per common share $ (1.23) $ (1.67) ======== ======== Shares used in computing net loss attributable to common stockholders per common share: Basic and diluted 37,210 32,926 ======== ======== CONDENSED CONSOLIDATED BALANCE SHEETS DECEMBER 31, DECEMBER 31, $000 2002 2001 ------------ ------------ ASSETS Cash, cash equivalents, available for sales securities $43,509 $54,009 Accrued interest receivable 129 7 Accounts receivable 12,758 5,347 Inventories 14,179 16,611 Fixed assets, net 924 1,223 Other assets 895 704 ------------ ------------ Total Assets $72,394 $77,901 ============ ============ LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities $17,038 $16,780 Deferred revenue 1,396 -- Stockholders' equity 53,960 61,121 ------------ ------------ Total Liabilities and Stockholders' Equity $72,394 $77,901 ============ ============