EXHIBIT 99.1
[COR THERAPEUTICS, INC. LOGO]
Contact: COR Therapeutics, Inc. Burns McClellan, Inc.
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Peter S. Roddy Lisa Burns
Catherine C. Villegas Jonathan M. Nugent
(650) 244-6893 (212) 213-0006
FOR IMMEDIATE RELEASE
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STRONG SALES OF INTEGRILIN(R) (EPTIFIBATIDE) INJECTION
ACCOUNT FOR PROFITABLE FOURTH QUARTER AND YEAR END 2001
FOR COR THERAPEUTICS, INC.
South San Francisco, CA; January 22, 2002 -- COR Therapeutics, Inc.
(Nasdaq:CORR) announced today that worldwide sales of INTEGRILIN(R)
(eptifibatide) Injection were $230.8 million, with U.S. sales of $208.1 million,
for the year 2001, as reported to COR by its partner for INTEGRILIN,
Schering-Plough Corporation. Worldwide sales for the fourth quarter of 2001 were
$67.0 million, an increase of 33 percent from $50.4 million a year ago; U.S.
sales for the 2001 fourth quarter were $60.3 million, compared to $45.9 million
for the fourth quarter of 2000.
The Company reported copromotion revenue of $35.9 million for the fourth quarter
of 2001 related to the sales of INTEGRILIN by Schering-Plough in the United
States, compared to $29.2 million for the fourth quarter of 2000. COR reported
net income of $0.04 per share for the fourth quarter of 2001, compared to net
income of $0.02 per share for the fourth quarter of 2000.
COR also reported total contract revenues for 2001 of $133.0 million, compared
to $104.7 million for 2000. Net income for 2001 was $3.6 million, or $0.06 per
share, compared to a net loss of $16.7 million, or a loss of $0.31 per share for
2000. In addition, as of December 31, 2001, COR reported cash, cash equivalents
and short-term investments of $639.2 million.
COR Therapeutics, Inc. is dedicated to the discovery, development and
commercialization of novel pharmaceutical products for the treatment and
prevention of severe cardiovascular diseases. COR has complementary research and
development programs that seek to address critical needs in severe
cardiovascular care, including unstable angina, acute myocardial infarction,
deep vein thrombosis and restenosis.
In addition to the historical information contained herein, this press release
contains forward-looking statements that involve risks and uncertainties. Actual
results may differ materially from the anticipated results discussed in such
forward-looking statements, due to factors related to the commercialization of
INTEGRILIN and other factors discussed in the Company's SEC reports, including,
but not limited to, the Company's Quarterly Report on Form 10-Q for the quarter
ended September 30, 2001, and Annual Report on Form 10-K for the year ended
December 31, 2000. Forward-looking statements are based on current expectations
and the Company does not intend to update such information to reflect later
events or developments.
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(see attached table)
INTEGRILIN(R) is a registered trademark of COR Therapeutics, Inc.
Statements of Operations
(unaudited, in thousands, except per share amounts)
Three Months Ended Twelve Months Ended
December 31, December 31,
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2001 2000 2001 2000
---------------- --------------- ----------------- ----------------
Contract revenues:
Copromotion revenue $35,946 $29,218 $121,478 $96,943
Other contract revenue 3,224 2,632 11,558 7,798
---------------- --------------- ----------------- ----------------
Total contract revenues 39,170 31,850 133,036 104,741
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Expenses:
Cost of copromotion revenue 17,257 15,606 56,095 52,908
Research and development 11,184 10,041 46,297 43,031
Marketing, general and administrative 7,506 6,924 30,132 30,414
---------------- --------------- ----------------- ----------------
Total expenses 35,947 32,571 132,524 126,353
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Income (loss) from operations 3,223 (721) 512 (21,612)
Interest income 7,755 5,945 28,909 19,461
Interest expense (8,034) (4,216) (25,229) (14,500)
---------------- --------------- ----------------- ----------------
Income (loss) before income taxes 2,944 1,008 4,192 (16,651)
Provision for income taxes 586 -- 611 --
---------------- --------------- ----------------- ----------------
Net income (loss) $2,358 $1,008 $3,581 $(16,651)
================ =============== ================= ================
Basic net income (loss) per share $0.04 $0.02 $0.06 $(0.31)
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Shares used in computing basic net
income (loss) per share 55,710 54,664 55,456 53,243
================ =============== ================= ================
Diluted net income (loss) per share $0.04 $0.02 $0.06 $(0.31)
================ =============== ================= ================
Shares used in computing diluted net
income (loss) per share 58,836 59,574 59,132 53,243
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Condensed Balance Sheets
(unaudited, in thousands)
December 31, December 31,
2001 2000
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Assets:
Cash, cash equivalents and short-term investments $639,156 $339,878
Other current assets 108,012 71,972
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Total current assets 747,168 411,850
Property and equipment, net 9,211 3,724
Other assets 17,224 9,572
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$773,603 $425,146
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Liabilities and stockholders' equity:
Current liabilities $111,974 $75,356
Convertible senior notes 300,000 --
Convertible subordinated notes 300,000 300,000
Other long-term liabilities 1,909 1,659
Stockholders' equity 59,720 48,131
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$773,603 $425,146
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