2009-10-28 13:13:06 -

PARSIPPANY, NJ -- (Marketwire) -- 10/28/09 -- The Medicines Company (NASDAQ: MDCO) today announced its financial results for the third quarter of 2009.



Financial highlights for the third quarter of 2009:

--  Net revenue increased by 12% to $98.8 million for the third quarter of
    2009 from $88.1 million for the third quarter of 2008.

    --  Angiomax U.S. sales increased by 9% to $92.2 million in the third
        quarter of 2009 compared to $85.0 million in the third quarter of
        2008.

    --  Angiomax/Angiox international net revenue in the third quarter of
        2009 increased by 74% to $5.5 million compared to $3.1 million in
        the third quarter of 2008.

    --  Cleviprex has now been accepted by more than 345 hospital
        formularies and has been purchased by more than 400 hospitals in
        the United States. Net revenue in the third quarter of 2009 was
        $1.1 million, up from $0.9 million in the second quarter.

--  Net loss for the third quarter of 2009 was ($3.2) million, or ($0.06)
    per share, compared to a net loss of ($13.2) million, or ($0.25) per
    share, for the third quarter of 2008.

--  Non-GAAP net income for the third quarter of 2009 was $5.1 million, or
    $0.10 per share, compared to non-GAAP net income of $8.5 million, or
    $0.16 per share, for the third quarter of 2008.  Non-GAAP net income
    excludes the transaction costs associated with the Targanta and
    Curacyte acquisitions, stock-based compensation expense and non-cash
    income taxes.

Clive Meanwell, Chairman and Chief Executive Officer, stated, "This was a challenging quarter in terms of market dynamics. We estimate that inpatient PCI volume declined 9% year on year, including a dramatic 17 % reduction in elective PCIs, set against a 4% increase in emergent or urgent procedures. Despite this, we grew U.S. Angiomax volume and year on year, net sales worldwide are up 19%. Angiox and Cleviprex are beginning to make meaningful contributions to our top line. Our development programs are making progress."



Recent operational highlights:

--  HORIZONS-AMI one-year trial results were published in The Lancet. The
    trial showed that Angiomax reduced cardiac-related death by 43 percent (p
    equals 0.005), improved overall survival by 27 percent (p equals 0.037) and
    reduced major bleeding complications by 39 percent (p is less than 0.0001)
    compared with heparin plus a GP IIb/IIIa inhibitor. Angiomax showed an
    absolute reduction of 1.7 percent in cardiac-related death and 1.3 percent
    in all-cause death at one year.

--  The United States Patent and Trademark Office issued 2 new patents
    relating to a more consistent and improved Angiomax drug product, which
    were listed in the U.S. Food and Drug Administration's publication
    "Approved Drug Products with Therapeutic Equivalence Evaluations," which is
    commonly known as the Orange Book, for Angiomax.

--  The Company entered into a license agreement with Eagle
    Pharmaceuticals, Inc. under which The Medicines Company will have rights in
    the United States and Canada to an innovative, ready-to-use formulation of
    Argatroban, which is currently under review by the U.S. Food and Drug
    Administration (FDA).

--  The Committee for Medicinal Products for Human Use (CHMP) granted a
    positive opinion applicable to all Member States of the European
    Union/European Economic Area that will extend the use of Angiox to include
    patients with heart attacks (so-called ST segment elevation myocardial
    infarction (STEMI)) undergoing emergency heart procedures called primary
    percutaneous coronary intervention (PCI).
    

Financial highlights for the first nine months of 2009:



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The following table provides reconciliations between GAAP and non-GAAP net (loss) income for the third quarter (Q3) and first nine months (9M) of 2009 and 2008. Non-GAAP net income excludes the transaction charges related to the Targanta and Curacyte acquisitions, stock-based compensation expense and non-cash income taxes:



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Note: Amounts may not sum due to rounding.



(1) Excluding the transaction charges related to the Targanta and Curacyte acquisitions, stock-based compensation expense and non-cash income taxes.



Reconciliations between GAAP and non-GAAP fully diluted (loss) earnings per share (EPS) for the third quarter (Q3) and first nine months (9M) of 2009 and 2008 are provided in the following table:



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Note: Amounts may not sum due to rounding.



(1) Excluding the transaction charges related to the Targanta and Curacyte acquisitions, stock-based compensation expense and non-cash income taxes.



The Company believes that presenting the non-GAAP information contained in the financial tables and in this press release assists investors and others in gaining a better understanding of the Company's core operating results and future prospects, expected growth rates or forecasted guidance, particularly as related to transaction charges associated with the Targanta acquisition, stock-based compensation expense and non-cash income taxes.
Management uses this non-GAAP information, in addition to the GAAP information, as the basis for measuring the Company's core operating performance and comparing such performance to that of prior periods and to the performance of its competitors. Such measures are also used by management in its financial and operating decision-making. Non-GAAP information is not meant to be considered superior to or a substitute for the Company's results of operations prepared in accordance with GAAP. A reconciliation of GAAP results with non-GAAP results may also be found in the attached financial tables.



2009 Guidance (in millions, except percentages and per share data)


The Medicines Company is changing guidance for fiscal year 2009 as follows:



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Non-GAAP net income (loss) and non-GAAP EPS each exclude expense from the Targanta acquisition, compensation expense relating to SFAS 123R, and non-cash tax provision.



There will be a conference call with management today at 8:30 a.m. Eastern Time to discuss third quarter 2009 financial results and operational developments. The conference call will be available via phone and webcast.
The webcast can be accessed at The Medicines Company website at www.themedicinescompany.com : .



The dial in information is listed below:



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Replay is available from 11:30 a.m. Eastern Time following the conference call through November 4, 2009. To hear a replay of the call dial 888-286-8010 (domestic) and 617-801-6888 (international). Passcode for both dial in numbers is 57422848.



About The Medicines Company


The Medicines Company (NASDAQ: MDCO) is focused on advancing the treatment of critical care patients through the delivery of innovative, cost-effective medicines to the worldwide hospital marketplace. The Company markets Angiomax® (bivalirudin) in the United States and other countries for use in patients undergoing coronary angioplasty, and Cleviprex® (clevidipine butyrate) injectable emulsion in the United States for the reduction of blood pressure when oral therapy is not feasible or not desirable. The Company recently licensed rights in the United States and Canada to an innovative formulation of Argatroban, which is currently under regulatory review in the United States. The Company also has two products in late stage development, cangrelor, an investigational antiplatelet agent and oritavancin, a semi-synthetic lipoglycopeptide antibiotic. The Company's pipeline also includes a serine protease inhibitor, CU2010, in early-stage development. The Medicines Company's website is www.themedicinescompany.com : .



Statements contained in this press release about The Medicines Company that are not purely historical, 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 whether we receive regulatory approval for additional indications, whether the Company's products will advance in the clinical trials process on a timely basis or at all, whether clinical trial results will warrant submission of applications for regulatory approval, whether the Company will be able to obtain regulatory approvals, whether physicians, patients and other key decision-makers will accept clinical trial results, 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 August 10, 2009, which are incorporated herein by reference. The Company specifically disclaims any obligation to update these forward-looking statements.



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Contact:
Robyn Brown
Vice President, Investor Relations
The Medicines Company
973-290-6000
investor.relations@themedco.com :