The Medicines Company has announced that its financial results for the 2010 fourth quarter and full year, which ended Dec. 31, 2010, were positively impacted by sales of bivalirudin (Angiomax)—particularly international sales—allowing the company to pull out of net losses.
Net income for 2010 was $104.6 million, compared with a net loss of $76.2 million for 2009. The Parsippany, N.J.-based company acknowledged that its 2010 net income was impacted by its decision to reinstate a portion of its deferred tax assets in the amount of $44 million.
However, Medicines also was positively impacted by its yearly net revenues, which increased by 8.3 percent to $437.6 million for 2010 from $404.2 million in 2009. Specifically, Angiomax U.S. sales increased by 7.7 percent to $412.3 million in 2010 compared with $382.9 million in 2009. Even stronger returns were seen internally, where the Angiomax/Angiox international net revenues in 2010 increased by 34.4 percent with $24.6 million, compared with $18.3 million in 2009.
For the 2010 fourth quarter, the net income was $58.6 million, compared with a net loss of $73.5 million for the fourth quarter of 2009. Again, the company noted that its quarterly net income was impacted by its decision to reinstate a portion of its deferred tax assets in the amount of $44 million during this quarter.
For the fourth quarter, the net revenue increased by 17.2 percent to $119.7 million for the fourth quarter of 2010 from $102.1 million in the 2009 fourth quarter. The Angiomax U.S. sales increased by 16.3 percent to $112 million in the fourth quarter of 2010 compared to $96.3 million in the previous year’s fourth quarter. Likewise, the Angiomax/Angiox international net revenue in the 2010 fourth quarter increased by 48 percent to $7.7 million compared with $5.2 million in the fourth quarter of 2009.
Interestingly, the company was able to decrease its total operating expenses for fourth quarter (by $23.2 million over 2009 fourth year) and for the 2010 (by $56.36 million over 2009). Its total operating expenses include its cost of revenue, research and development costs, as well as selling, general and administrative costs.
"This past quarter and past year, our main products, Angiomax and Angiox, grew briskly through relentless innovation with our hospital customers,” siad Clive Meanwell, chairman and CEO of Medicines.