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Medicines Co. Profit Rises 5%

Wed, 02/20/2013 - 9:55am

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

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