Medicines Company losses narrow for 2008 on strong Angiomax sales, despite dip in Q4
The Medicines Company has reported narrowed losses its 2008 fiscal full year, despite widened losses for the fourth quarter of 2008, which ended Dec. 31.
For 2008, the company booked a net loss, primarily related to the Curacyte Discovery acquisition in the third quarter of 2008, of $8.5 million, compared with a net loss of $18.3 million for 2007, which were primarily due to the Nycomed transaction in the third quarter of 2007. The net loss for the 2008 fourth quarter was $4.2 million, compared to net income of $1.5 million for the fourth quarter of 2007.
For the year, the Parsippany, N.J.-based Medicines said its net revenue increased by 35 percent to $348.2 million for 2008 from $257.5 million for 2007. The U.S. net revenue of Angiomax (bivalirudin) increased by 31 percent to $334.2 million for 2008 from $255 million for 2007. The 2008 international sales of Angiomax, equated to 444 percent increase in net revenue to $13.6 million compared to $2.5 million in 2007. The 2008 U.S. net revenue for Cleviprex (clevidipine butyrate) was $400,000. Cleviprex was launched in the U.S. on Sept. 15, 2008.
For the 2008 fourth quarter, the net revenue increased by 30 percent to $93.9 million from $72.3 million for the same period in 2007. The U.S. net revenue for Angiomax increased 21 percent to $87.9 million for the fourth quarter of 2008 from $72.8 million for the fourth quarter of 2007. The international net revenue of Angiomax in the fourth quarter of 2008 increased $6.1 million to $5.6 million, compared to $500,000 in the fourth quarter 2007.
For 2008, the company booked a net loss, primarily related to the Curacyte Discovery acquisition in the third quarter of 2008, of $8.5 million, compared with a net loss of $18.3 million for 2007, which were primarily due to the Nycomed transaction in the third quarter of 2007. The net loss for the 2008 fourth quarter was $4.2 million, compared to net income of $1.5 million for the fourth quarter of 2007.
For the year, the Parsippany, N.J.-based Medicines said its net revenue increased by 35 percent to $348.2 million for 2008 from $257.5 million for 2007. The U.S. net revenue of Angiomax (bivalirudin) increased by 31 percent to $334.2 million for 2008 from $255 million for 2007. The 2008 international sales of Angiomax, equated to 444 percent increase in net revenue to $13.6 million compared to $2.5 million in 2007. The 2008 U.S. net revenue for Cleviprex (clevidipine butyrate) was $400,000. Cleviprex was launched in the U.S. on Sept. 15, 2008.
For the 2008 fourth quarter, the net revenue increased by 30 percent to $93.9 million from $72.3 million for the same period in 2007. The U.S. net revenue for Angiomax increased 21 percent to $87.9 million for the fourth quarter of 2008 from $72.8 million for the fourth quarter of 2007. The international net revenue of Angiomax in the fourth quarter of 2008 increased $6.1 million to $5.6 million, compared to $500,000 in the fourth quarter 2007.