The Medicines Company: Good for what ails you
If financial headlines are making you queasy — and who isn’t a little out of sorts these days? — The Medicines Company (Nasdaq:MDCO) has something for what ails you: a strong dose of good news. There are steamy sales, a recent FDA drug approval and a purchase of an early-stage drug candidate that’s put life into the pipeline.
The Medicines Company acquires, develops and commercializes pharmaceutical products in late stages of development. Through a license with Biogen, now owned by Biogen IDEC (Nasdsaq:BIIB), it markets Angiomax, an anticoagulant for use in acute cardiovascular care. It owns rights to Cleviprex, an intravenous drug to reduce blood pressure, which was cleared by the FDA in August and will be introduced this year. And it also has rights to Cangrelor, an antiplatelet agent for use in coronary procedures and now in Phase III trials.
Nearly all of the Parsippany, N.J., company’s revenues come from Angiomax in the United States. Revenue grew 54% to $86.7 million in the second quarter through June, and earnings per share were $0.08, quadrupling the $0.02 earned in the same quarter a year ago. As of June 30, the company had $238.1 million in cash and liquid securities, up from $216.5 million at the same time in 2007.
Because of the success of Angiomax, The Medicines Company raised guidance for full-year revenues to $335 million to $355 million, from $325 million to $345 million. Guidance on earnings was left unchanged at $0.22 to $0.30 per share. Analysts expect earnings to jump to $0.98 in 2009.
Just days after the late July release of second-quarter results, the company purchased from German biopharmaceutical firm Curacyte AG an early-stage surgical . . .
The Medicines Company acquires, develops and commercializes pharmaceutical products in late stages of development. Through a license with Biogen, now owned by Biogen IDEC (Nasdsaq:BIIB), it markets Angiomax, an anticoagulant for use in acute cardiovascular care. It owns rights to Cleviprex, an intravenous drug to reduce blood pressure, which was cleared by the FDA in August and will be introduced this year. And it also has rights to Cangrelor, an antiplatelet agent for use in coronary procedures and now in Phase III trials.
Nearly all of the Parsippany, N.J., company’s revenues come from Angiomax in the United States. Revenue grew 54% to $86.7 million in the second quarter through June, and earnings per share were $0.08, quadrupling the $0.02 earned in the same quarter a year ago. As of June 30, the company had $238.1 million in cash and liquid securities, up from $216.5 million at the same time in 2007.
Because of the success of Angiomax, The Medicines Company raised guidance for full-year revenues to $335 million to $355 million, from $325 million to $345 million. Guidance on earnings was left unchanged at $0.22 to $0.30 per share. Analysts expect earnings to jump to $0.98 in 2009.
Just days after the late July release of second-quarter results, the company purchased from German biopharmaceutical firm Curacyte AG an early-stage surgical . . .
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About the Author
Contributing author Jennifer Allen has two decades of experience as a writer and editor, mainly as a financial wire service correspondent.