Medicines Company losses narrow for 2008 on strong Angiomax sales, despite dip in Q4

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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.