The Medicines Company has reported its financial results for the third quarter of 2008, which ended Sept. 30, reflecting mixed results for the pharmaceutical vendor.
The company posted a net loss for the third quarter of 2008 was $13.2 million, compared to net loss of $23.6 million in the third quarter of 2007. Medicines said the loss is primarily related to the Curacyte Discovery acquisition on Aug. 11 for $23.7 million.
However, despite the overall losses, the Parsippany, N.J.-based Medicines said its net revenue increased by 42 percent to $88.1 million for the 2008 third quarter from $62.2 million for the third quarter of 2007.
Also, they reported that Angiomax (bivalirudin) U.S. sales increased by 40 percent to $85 million for the 2008 third quarter from $60.7 million for the third quarter of 2007. Also, Angiomax/Angiox international net revenue in the third quarter of 2008 increased $1.6 million to $3.1 million, compared to $1.5 million in year-ago results.
“Angiomax is gaining market share across the spectrum of PCI patients, which is translating into solid top-line sales growth both in the U.S. and internationally. We continue to make progress in building our European organization, with an expected roll out of the field force in January,” according to John Kelley, president and chief operating officer.
Research and development (R &D) expenses for the quarter surged to $44.1 million from $18.7 million in the corresponding quarter last year, the company reported. Despite raisining its 2008 fiscal year guidance from $335 million - $355 million to $340 million - $360 million, the company said it expects overall losses for the 2008 fiscal year due to the higher-than-expected R &D costs.