EXHIBIT 99.1
P R E S S R E L E A S E
[THE MEDICINES COMPANY LOGO]
Contact: Michael Mitchell
Director of Corporate Communications
The Medicines Company
973-656-1616
investor.relations@themedco.com
FOR IMMEDIATE RELEASE:
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THE MEDICINES COMPANY REPORTS SECOND QUARTER 2003 AND MID-YEAR
FINANCIAL RESULTS
- SECOND QUARTER REVENUES OF $18.8 MILLION RESULTS IN FIRST HALF
REVENUES OF $35.5 MILLION; INCREASES OVER 2002 OF 162% AND 138%
RESPECTIVELY
- MDCO REVISES 2003 REVENUE GUIDANCE UPWARD TO $75-90 MILLION FROM
$70-90 MILLION
- CHEMILOG APPROVAL EXPECTED TO IMPROVE MANUFACTURING
EFFICIENCY
PARSIPPANY, NJ, July 22, 2003 - The Medicines Company (Nasdaq: MDCO) today
announced its financial results for the second quarter and first half of 2003.
Financial highlights include:
- Revenues of $18.8 million, compared to $7.2 million for the second
quarter 2002. For the first half of 2003, net revenue was $35.5
million, compared to $14.9 million for the same period in 2002.
- Net loss of $6.6 million, compared to $13.1 million for the second
quarter 2002. For the first half of 2003, net loss was $13.0
million, compared to $24.8 million for the same period in 2002.
- Net loss per share of $0.14 compared to $0.37 for the second quarter
in 2002. For the first half of 2003, net loss per share was $0.30
compared to $0.71 for the same period in 2002.
Recent operations highlights include:
- FDA approval of the Chemilog manufacturing process, which the
Company expects will significantly improve the efficiency of
Angiomax(R)(bivalirudin) manufacturing and enable scale-up to meet
long-term supply needs.
- Acquisition of exclusive worldwide rights (except for Japan) to
Clevelox(R)(clevidipine) from AstraZeneca.
Dave Stack, President and Chief Executive Officer of The Medicines Company
stated, "We have continued to see Angiomax adoption in coronary angioplasty,
which we believe is attributed to ease of use, safety, cost effectiveness and
efficacy of Angiomax demonstrated in REPLACE-2. We are today tightening upwards
our guidance range for annual net revenues, which was $70-90 million to $75-90
million. We believe that our performance in the first half, combined with
anticipated further penetration in the endovascular marketplace in the second
half of 2003 should get us into that range, which could be more than double what
our sales were in 2002."
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The Medicines Company 8 Campus Drive Parsippany, New Jersey 07054
Tel: (973)656-1616 Fax: (973)656-9898
[THE MEDICINES COMPANY LOGO]
Clive Meanwell, Executive Chairman added, "The operations progress for the first
half of 2003 has put us in a great position to build on the success of Angiomax
in coronary angioplasty. We are developing Angiomax for additional indications,
developing Clevelox, and hope to acquire additional similar products consistent
with our mission to become a leader in acute hospital care."
There will be a conference call with management today at 5:00 P.M. to discuss
the financial results and guidance for the remainder of 2003. To listen in: dial
800-472-8325 and request The Medicines Company 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:
1779885.
ABOUT THE MEDICINES COMPANY: The Medicines Company meets the demands of the
world's most advanced medical practitioners by developing products that improve
hospital acute 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.
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Statements contained in this press release about The Medicines Company's
position and the success of its products in the marketplace, projected revenues
for 2003, the development of its products and the acquisition of additional
products, and all other statements that are not purely historical, are
forward-looking statements for purposes of the safe harbor provisions under The
Private Securities Litigation Reform Act of 1995. These forward-looking
statements involve known and unknown risks and uncertainties that may cause the
Company's actual results, levels of activity, performance or achievements to be
materially different from those expressed or implied by these forward-looking
statements. Important factors that may cause or contribute to such differences
include the extent of the commercial success of Angiomax, whether the Company's
products will advance in the clinical trials process, whether the Company's
products will receive approval from regulatory agencies, physicians' acceptance
of clinical trial results, and the Company's ability to identify, select and
acquire additional product candidates, as well as the risk factors detailed from
time to time in the Company's periodic reports and registration statements filed
with the Securities and Exchange Commission including, without limitation, the
risk factors detailed in the Company's Quarterly Report on Form 10-Q filed on
May 13, 2003, which are incorporated herein by reference. The Company
specifically disclaims any obligation to update these forward-looking
statements.
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The Medicines Company 8 Campus Drive Parsippany, New Jersey 07054
Tel: (973)656-1616 Fax: (973)656-9898
[THE MEDICINES COMPANY LOGO]
THE MEDICINES COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
ALL FIGURES IN THOUSANDS EXCEPT FOR THREE MONTHS ENDED JUNE 30,
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PER-SHARE AMOUNTS (UNAUDITED)
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2003 2002
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Revenue $ 18,750 $ 7,156
Operating Expenses
Cost of revenue 6,970 1,647
Research and development 8,202 9,392
Selling, general and administrative 10,577 9,401
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Total operating expenses 25,749 20,440
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Loss from operations (6,999) (13,284)
Interest income (expense), net 412 142
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Net loss $ (6,587) $ (13,142)
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Basic and diluted net loss attributable to
common stockholders per common share $ (0.14) $ (0.37)
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Shares used in computing net loss attributable
to common stockholders per common share:
Basic and diluted 46,758 35,391
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The Medicines Company 8 Campus Drive Parsippany, New Jersey 07054
Tel: (973)656-1616 Fax: (973)656-9898
[THE MEDICINES COMPANY LOGO]
YEAR-TO-DATE JUNE 30,
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ALL FIGURES IN THOUSANDS EXCEPT FOR 2003 2002
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PER-SHARE AMOUNTS $ 35,455 $ 14,871
Operating Expenses
Cost of revenue 13,233 2,733
Research and development 15,453 18,701
Selling, general and administrative 20,356 18,732
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Total operating expenses 49,042 40,166
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Loss from operations (13,587) (25,295)
Interest income (expense), net 584 513
Net loss $ (13,003) $ (24,782)
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Basic and diluted net loss attributable to common
stockholders per common share $ (0.30) $ (0.71)
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Shares used in computing net loss attributable to
common stockholders per common share:
Basic and diluted 43,973 35,011
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The Medicines Company 8 Campus Drive Parsippany, New Jersey 07054
Tel: (973)656-1616 Fax: (973)656-9898
[THE MEDICINES COMPANY LOGO]
CONDENSED CONSOLIDATED BALANCE SHEETS JUNE 30, DECEMBER 31,
ALL FIGURES IN THOUSANDS 2003 2002
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ASSETS
Cash, cash equivalents, available for sales securities $ 133,942 $ 43,509
Accrued interest receivable 851 129
Accounts receivable 11,934 15,078
Inventories 5,402 14,179
Fixed assets, net 1,378 924
Other assets 1,074 895
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Total Assets $ 154,581 $ 74,714
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities $ 16,006 $ 19,384
Deferred revenue 1,333 1,396
Stockholders' equity 137,242 53,934
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Total Liabilities and Stockholders' Equity $ 154,581 $ 74,714
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The Medicines Company 8 Campus Drive Parsippany, New Jersey 07054
Tel: (973)656-1616 Fax: (973)656-9898