Medicines Co. Profit Rises 5%
Medicines Co.'s fourth-quarter net income rose 5% as sales grew for the drug developer's injectable blood thinner, Angiomax.
The Parsippany, NJ company said it earned $20.7 million, or 38 cents per share, in the three months that ended Dec. 31. That compares with profit of $19.6 million, or 36 cents per share, in the final quarter of 2011.
Revenue climbed 21% to $159.5 million, as U.S. revenue from Angiomax grew about 14% to $141.2 million.
Analysts surveyed by FactSet expected, on average, earnings of 27 cents per share on $147.3 million in revenue.
The company's costs also increased. Selling, general, and administrative expenses rose 28% to $44.7 million, while total expenses rose 10% to $123.1 million.
For the full year, Medicines Co. earned $51.3 million, or 93 cents per share, on $558.6 million in revenue.
In early January, the company announced that its anti-clotting drug cangrelor worked in a late-stage clinical trial.
Medicines Co. plans to seek marketing approval of cangrelor this year.
Date: February 20, 2013
Source: Associated Press