The Medicines Co. first-quarter revenue drops 20.6% to $34.6 million

By Lisa Kerner

Erie, Pa., April 19 - The Medicines Co. said first-quarter net revenues fell 20.6% to $34.6 million from $43.6 million for the first quarter of 2005.

Net loss was $12.1 million, or $0.24 per share, for the first quarter of 2006, compared with net income of $2.3 million, or $0.05 per share, for the first quarter of 2005.

"An increase in underlying demand for Angiomax in the United States enabled us to reduce wholesaler inventories to the target we guided in October of last year," executive vice president and chief financial officer Glenn Sblendorio said in a company news release.

"This clears the way for our reported sales to be more consistent with end user demand. For the quarter, net sales in the United States were $32.8 million and other revenues were $1.8 million."

A major highlight for the company during the first quarter was the presentation of Angiomax results in the Acuity trial. The Medicines Co. also began enrollment in its phase 3 trial of the novel intravenous antiplatelet candidate, cangrelor, officials said.

Company guidance for 2006 includes net revenues of $200 million to $210 million, cost of revenues of 25%, and research and development expenses of $63 million to $65 million.

Located in Parsippany, N.J., The Medicines Co. develops products used in acute hospital care.

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