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)
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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
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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
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Total Assets $72,394 $77,901
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities $17,038 $16,780
Deferred revenue 1,396 --
Stockholders' equity 53,960 61,121
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Total Liabilities and Stockholders' Equity $72,394 $77,901
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