The Medicines Company has reported a decrease in net losses for its financial results for the third quarter of 2009, due in part to strong sales of its anticoagulant drug Angiomax.
The Parsippany, N.J.-based company said that its net revenue increased by 12 percent to $98.8 million for the third quarter of 2009 from $88.1 million for the third quarter of 2008.
Specifically, Angiomax (bivalirudin) U.S. sales increased by 9 percent to $92.2 million in the third quarter of 2009 compared with $85 million in the third quarter of 2008. Angiomax (sold as Angiox outside the U.S.) international net revenue in the third quarter of 2009 increased by 74 percent to $5.5 million compared with $3.1 million in the third quarter of 2008.
Medicines' Cleviprex (clevidipine butyrate), an injectable emulsion used for the reduction of blood pressure, has now been accepted by more than 345 hospital formularies and has been purchased by more than 400 hospitals in the U.S., Medicines said. Net revenue in the third quarter of 2009 was $1.1 million, up from $900,000 in the 2009 second quarter. Cleviprex was launched in the third quarter of 2008, due to its FDA approval in August 2008.
"This was a challenging quarter in terms of market dynamics. We estimate that inpatient PCI volume declined 9 percent year on year, including a dramatic 17 percent reduction in elective PCIs, set against a 4 percent increase in emergent or urgent procedures,” according to Clive Meanwell, Medicines' chairman and CEO. “Despite this, we grew U.S. Angiomax volume and year-on-year net sales worldwide are up 19 percent. Angiox and Cleviprex are beginning to make meaningful contributions to our top line.”
However, the company still experienced net losses--a net loss for the third quarter of 2009 was $3.2 million, compared with a net loss of $13.2 million for the third quarter of 2008.