Medicines Co.'s 4Q profit grows 5 percent
PARSIPPANY, N.J. (AP) — Medicines Co.'s fourth-quarter net income rose 5 percent as sales grew for the drug developer's injectable blood thinner, Angiomax.
The Parsippany, N.J., company said Wednesday it earned $20.7 million, or 38 cents per share, in the three months that ended Dec. 31. That compares with profit of $19.6 million, or 36 cents per share, in the final quarter of 2011.
Revenue climbed 21 percent to $159.5 million, as U.S. revenue from Angiomax grew about 14 percent to $141.2 million.
Analysts surveyed by FactSet expected, on average, earnings of 27 cents per share on $147.3 million in revenue.
The company's costs also increased. Selling, general and administrative expenses rose 28 percent to $44.7 million, while total expenses rose 10 percent to $123.1 million.
For the full year, Medicines Co. earned $51.3 million, or 93 cents per share, on $558.6 million in revenue.
Shares rose 51 cents, or 1.6 percent, to $31.66 in morning trading. The stock has climbed about 30 percent in 2013. In early January, shares jumped to their highest price in almost five years after the company said its anti-clotting drug cangrelor worked in a late-stage clinical trial.
Medicines Co. plans to seek marketing approval of cangrelor this year.