- Revenues Rise 9.8% to $112.1 Million vs. Year Ago Period
PARSIPPANY, NJ, Apr 27, 2011 (MARKETWIRE via COMTEX) --
The Medicines Company (NASDAQ: MDCO), a global pharmaceutical company focused on advancing the treatment of critical care patients through the delivery of innovative, cost-effective medicines, today announced that earnings per share rose to $0.45 in the first quarter of 2011, compared with $0.18 in the first quarter of 2010.


Net revenues in the first quarter of 2011 were $112.1 million versus $102.1 million in the comparable 2010 period.

"2011 first quarter results represent further proof that the Company's business model is built to deliver performance and real growth," said Clive Meanwell, Chairman and Chief Executive Officer. "Our market-leading product Angiomax and Angiox performed as expected. Late-stage pipeline products again showed meaningful progress. Cangrelor and oritavancin Phase 3 trials are each ahead of enrollment schedule. Our global operating leverage drove strong cash flow throughout the period."

Financial highlights for the first quarter of 2011:

-- Net revenue increased by 9.8% to $112.1 million for the first quarter
of 2011 from $102.1 million in the first quarter of 2010.
- Angiomax U.S. sales increased by 9.7% to $105.0 million in the
first quarter of 2011 compared to $95.7 million in the first
quarter of 2010.
- Angiomax/Angiox international net revenue in the first quarter of
2011 increased by 26.9% to $7.1 million compared with $5.6
million in the first quarter of 2010.
-- Net income for the first quarter of 2011 was $24.2 million, or $0.45
per share, compared with net income of $9.4 million, or $0.18 per
share, for the first quarter of 2010.
-- Non-GAAP net income for the first quarter of 2011 was $34.5 million, or
$0.64 per share, compared to non-GAAP net income of $12.5 million, or
$0.24 per share for the first quarter 2010. Non-GAAP net income
excludes stock-based compensation expense and non-cash income taxes.

The following table provides reconciliations between GAAP and non-GAAP net income for first quarter (Q1) of 2011 and 2010. Non-GAAP net income excludes stock-based compensation expense and non-cash income taxes:

ASC 718
Stock-Based Non-cash
Reported GAAP Compensation Provision for Non-GAAP Net
(in millions) Net Income Expense Income Taxes Income(1)
------------- ------------- ------------- -------------
Q1 2011 $ 24.2 $ 2.3 $ 8.0 $ 34.5
Q1 2010 $ 9.4 $ 2.7 $ 0.3 $ 12.5
Note: Amounts may not sum due to rounding.
(1) Excluding stock-based compensation expense and the non-cash provision
for income taxes.

Reconciliations between GAAP and non-GAAP fully diluted earnings per share (EPS) for the first quarter (Q1) of 2011 and 2010 are provided in the following table:

ASC 718
Stock-Based Non-cash
Reported GAAP Compensation Provision for Non-GAAP EPS
(per share) EPS Expense Income Taxes (1)
------------- ------------- ------------- -------------
Q1 2011 $ 0.45 $ 0.04 $ 0.15 $ 0.64
Q1 2010 $ 0.18 $ 0.05 $ 0.01 $ 0.24
Note: Amounts may not sum due to rounding.
(1) Excluding stock-based compensation expense and the non-cash provision
for income taxes.

The Company believes that presenting the non-GAAP information contained in the financial tables and in this press release assists investors and others in gaining a better understanding of the Company's core operating results and future prospects, expected growth rates or forecasted guidance, stock-based compensation expense and non-cash income taxes. Management uses this non-GAAP information, in addition to the GAAP information, as the basis for measuring the Company's core operating performance and comparing such performance to that of prior periods and to the performance of its competitors. Such measures are also used by management in its financial and operating decision-making. Non-GAAP information is not meant to be considered superior to or a substitute for the Company's results of operations prepared in accordance with GAAP. A reconciliation of GAAP results with non-GAAP results may also be found in the attached financial tables.

There will be a conference call with management today at 8:30 a.m. Eastern Time to discuss financial results and operational developments. The conference call will be available via phone and webcast. The webcast can be accessed at The Medicines Company website at www.themedicinescompany.com

Benoeming van.. J.C. Kelly
The Medicines Company (NASDAQ: MDCO) today announced the appointment of John C. Kelly to the Company's Board of Directors and Audit Committee of the Board. Mr. Kelly has more than 40 years of experience in accounting and finance, as well as a background in healthcare. He recently retired after serving as Vice President and Controller of Wyeth. Mr. Kelly also serves on the Boards of C.R. Bard and Horizon Blue Cross Blue Shield of New Jersey.


Mr. Kelly stated, "The Medicines Company's expert focus on acute and intensive care in hospitals is particularly exciting. Throughout my experience, I have observed that innovation in this area of healthcare can make a substantial difference."

From October 2009 to February 2010, Mr. Kelly served as senior vice president, finance of Pfizer Inc. From June 2002 to March 2008, Mr. Kelly held several senior positions at Wyeth, including most recently, vice president and controller. Prior to joining Wyeth, where he handled a wide range of assignments in finance, he spent more than 35 years in public accounting at Arthur Andersen in various leadership capacities, including as the partner in charge of audit and business consulting practices in the New York metropolitan area. Mr. Kelly is currently a director of C.R. Bard, Inc., a medical device company, and Horizon Blue Cross Blue Shield of New Jersey. He is a certified public accountant and was an elected member of the Council of the American Institute of Certified Public Accountants. Mr. Kelly earned both his B.S. in business administration and M.B.A. in international finance from Seton Hall University.