A double-digit gain in Angiomax sales marked a profitable fiscal 2009 second quarter for the Medicines Company, although net income took a downturn for the period.
The company reported a net income for the second quarter of 2009 of $3.8 million, compared with a net income of $4.1 million for the second quarter of 2008.
However, the Parsippany, N.J.-based Medicines said its revenue increased by 20 percent to $104.2 million for the second quarter of 2009 from $86.7 million for the second quarter of 2008. Its net income was adversely affected by the transaction costs associated with the Targanta acquisition ($300,000), stock-based compensation expense ($5.4 million) and non-cash income taxes ($2.8 million).
Specifically, its U.S. Angiomax (bivalirudin) sales increased by 17 percent to $98.8 million in the second quarter of 2009, compared with $84.5 million in the second quarter of 2008. The Angiomax/Angiox international net revenue in this year's second quarter increased by 96 percent to $4.5 million, compared with $2.3 million in the same quarter last year.
Cleviprex (clevidipine butyrate), an injectable emulsion used for the reduction of blood pressure when oral therapy is not feasible or not desirable, has now been accepted by more than 240 hospital formularies and has been purchased by more than 300 hospitals in the U.S. The company booked a net revenue in the 2009 second quarter of $900,000, up from $500,000 in the first quarter.