Exhibit 99.1
The Medicines Company Reports Second Quarter and First Half 2004 Financial
Results
PARSIPPANY, N.J.--(BUSINESS WIRE)--July 20, 2004--The Medicines Company:
-- 83% revenue growth from second quarter 2003 to second quarter 2004;
85% revenue growth from first half of 2003 to first half of 2004
-- Earnings of $2.8 million for second quarter 2004; earnings of $7.1
million for first half of 2004
The Medicines Company (NASDAQ:MDCO) today announced its financial results
for the second quarter and first half of 2004.
Financial highlights include:
-- Net revenue of $34.4 million for the second quarter 2004, compared to
$18.8 million for the second quarter 2003; for the first half of 2004,
net revenue was $65.7 million, compared to $35.5 million for the first
half of 2003.
-- Net income of $2.8 million for the second quarter 2004, compared to a
net loss of $6.6 million for the second quarter 2003; for the first
half of 2004, net income was $7.1 million, compared to a net loss of
$13.0 million for the first half of 2003.
-- Net income per share of $0.06 (diluted) for the second quarter 2004,
compared to a net loss per share of $0.14 for the second quarter 2003;
for the first half of 2004, net income per share was $0.14 (diluted),
compared to a net loss per share of $0.30 for the first half of 2003.
Operational developments include:
-- Adoption of a positive opinion by the scientific committee of the
European Medicines Agency (EMEA), recommending marketing authorization
of Angiox(TM) (bivalirudin) (U.S. tradename Angiomax(R)) in patients
undergoing percutaneous coronary intervention
-- Receipt of a non-approvable letter relating to the Company's
application to amend the existing Angiomax(R) (bivalirudin) label
-- Continued product development progress in:
-- Phase III trials of Angiomax in coronary artery bypass graft
(CABG) surgery
-- Phase III trials of Angiomax in patients presenting to the
emergency department with acute coronary syndromes
-- Phase III trials of Clevelox(TM) (clevidipine) in coronary
surgery
-- Manufacturing development of cangrelor
Clive Meanwell, Executive Chairman of The Medicines Company, stated, "We
believe our performance in the first half of 2004 has put us on track to meet
our anticipated business results for the year and set a foundation for continued
growth. The strength of Angiomax sales is driving revenue growth, our product
development programs are progressing well and we continue to build our
organization - both in capacity and capability. We expect to achieve full-year
profitability for the first time in 2004."
There will be a conference call with management today at 5:00 P.M. to
discuss financial and operations results, as well as guidance. To listen live,
webcast login is available at http://www.themedicinescompany.com. Alternatively,
the call dial-in is 800-472-8325 (request The Medicines Company 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:
8771814.
The Medicines Company meets the demands of the world's most advanced
medical practitioners by developing products that improve acute hospital care.
The Company markets Angiomax(R) (bivalirudin), an anticoagulant approved in the
U.S. and other countries for use in patients undergoing percutaneous
transluminal coronary angioplasty (PTCA) procedures. The Medicines Company
creates value using its range of clinical and commercial skills to develop
products acquired from leading life science innovators.
Statements contained in this press release about the Company and the
Company's projected revenues and financial results, and all other statements
that are not purely historical, may be deemed to be forward-looking statements
for purposes of the safe harbor provisions under The Private Securities
Litigation Reform Act of 1995. Without limiting the foregoing, the words
"believes," "anticipates" and "expects" and similar expressions are intended to
identify forward-looking statements. 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
risk that the EMEA will not accept the positive opinion of its scientific
committee or interpret the clinical data submitted by the Company in the same
manner as the committee and not approve Angiox (Angiomax), the extent of the
commercial success of Angiomax, physicians' acceptance of Angiomax clinical
trial results, whether the Company will be able to obtain regulatory approval
for additional indications of Angiomax, whether the Company's products will
receive approvals from regulatory agencies, whether the Company's products will
advance in the clinical trials process, and such other factors as are set forth
in 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 10, 2004, which are incorporated
herein by reference. The Company specifically disclaims any obligation to update
these forward-looking statements.
The Medicines Company
Condensed Consolidated Statements of Operations
(in thousands, except per share data) Three months ended June 30,
---------------------------
(unaudited)
---------------------------
2004 2003
------------ ------------
Net revenue $34,387 $18,750
Operating expenses:
Cost of revenue 7,174 6,970
Research and development 12,029 8,202
Selling, general and administrative 12,671 10,577
------------ ------------
Total operating expenses 31,874 25,749
------------ ------------
Income/(loss) from operations 2,513 (6,999)
Other income 487 412
------------ ------------
Income/(loss) before income taxes 3,000 (6,587)
Provision for income taxes (159) -
------------ ------------
Net income/(loss) $2,841 $(6,587)
============ ============
Basic earnings/(loss) per common share $0.06 $(0.14)
============ ============
Shares used in computing basic
earnings/(loss) per common share 47,670 46,758
============ ============
Diluted earnings/(loss) per common share $0.06 $(0.14)
============ ============
Shares used in computing diluted
earnings/(loss) per common share 49,882 46,758
============ ============
The Medicines Company
Condensed Consolidated Statements of Operations
(in thousands, except per share data) Six months ended June 30,
---------------------------
(unaudited)
---------------------------
2004 2003
------------ ------------
Net revenue $65,671 $35,455
Operating expenses:
Cost of revenue 11,181 13,232
Research and development 21,851 15,453
Selling, general and administrative 26,246 20,356
------------ ------------
Total operating expenses 59,278 49,041
------------ ------------
Income/(loss) from operations 6,393 (13,586)
Other income 959 583
------------ ------------
Income/(loss) before income taxes 7,352 (13,003)
Provision for income taxes (282) -
------------ ------------
Net income/(loss) $ 7,070 $(13,003)
============ ============
Basic earnings/(loss) per common share $ 0.15 $ (0.30)
============ ============
Shares used in computing basic earnings/(loss)
per common share 47,630 43,973
============ ============
Diluted earnings/(loss) per common share $ 0.14 $ (0.30)
============ ============
Shares used in computing diluted earnings/
(loss) per common share 49,834 43,973
============ ============
The Medicines Company
Condensed Consolidated Balance Sheets
(Unaudited)
June 30, December 31,
(in thousands) 2004 2003
---------- ------------
ASSETS
Cash, cash equivalents, available for sales
securities $128,089 $135,864
Accrued interest receivable 1,011 991
Accounts receivable, net 33,149 15,660
Inventories 14,708 11,460
Prepaid expenses and other current assets 966 976
---------- ------------
Total current assets 177,923 164,951
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Fixed assets, net 1,307 1,511
Other assets 160 200
---------- ------------
Total assets $179,390 $166,662
========== ============
LIABILITIES AND STOCKHOLDER'S EQUITY
Current liabilities $23,738 $25,227
Deferred revenue 3,708 1,270
Stockholders' equity 151,944 140,165
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Total liabilities and stockholders' equity $179,390 $166,662
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CONTACT: The Medicines Company
Michael Mitchell, 973-656-1616
investor.relations@themedco.com