Wednesday, pharmaceutical company Medicines Co. (MDCO) reported a decline in second quarter earnings from a year ago despite top line growth, owing to higher expenses.
The Parsippany, New Jersey-based Medicines second-quarter net income dipped to $3.8 million or $0.07 per share from $4.1 million or $0.08 per share in the same quarter last year. On average, five analysts polled by Thomson Reuters expected the company to report $0.05 per share. Analysts' estimates typically exclude the special items.
On a non-GAAP basis, net income was $12.3 million or $0.24 per share, down compared to $14.5 million or $0.28 per share a year ago.
Net revenue rose 20% to $104.2 million in the quarter from $86.7 million a year ago, yet falling short of analysts estimate of $106.60 million.
Angiomax U.S. sales increased by 17% to $98.8 million in the quarter, compared to $84.5 million a year ago. Angiomax/Angiox international net revenue surged 96% to $4.5 million from $2.3 million in the prior-year period.
Operating expenses increased to $98.05 million in the quarter from $80.51 million a yer ago.
Net income for the first six months of 2009 was $0.5 million or $0.01 per share, compared to net income of $8.9 million or $0.17 per share in the first six months of 2008.
The company reported non-GAAP net income of $15.5 million or $0.29 per share, for the first six months of 2009, compared to non-GAAP net income of $26.9 million or $0.51 per share a year ago. Non-GAAP net income excludes the Targanta acquisition, stock-based compensation expense and non-cash income taxes.
Total revenues for the first six months improved to $203.39 million from $166.16 million last year.
MDCO is trading at $8.40, up $0.01 or 0.12% on a volume of about 442 thousand shares.
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