-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, PSL4gzI5uH0kw/7HS+tjYX0vyuArbx7BYXE/5UFMUq/jIccvnzIKMx/iJcBemNMv FqB5t2KMd0o45O078jkfWQ== 0000950135-03-003921.txt : 20030722 0000950135-03-003921.hdr.sgml : 20030722 20030722162941 ACCESSION NUMBER: 0000950135-03-003921 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030722 ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030722 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MEDICINES CO /DE CENTRAL INDEX KEY: 0001113481 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 043324394 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-31191 FILM NUMBER: 03796709 BUSINESS ADDRESS: STREET 1: 8 CAMPUS DRIVE CITY: PARSIPPANY STATE: NJ ZIP: 07054 BUSINESS PHONE: 973-656-1616 FORMER COMPANY: FORMER CONFORMED NAME: MEDICINES CO/ MA DATE OF NAME CHANGE: 20000504 8-K 1 b47263mce8vk.txt THE MEDICINES COMPANY UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON D.C. 20549 ------------ FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of report (Date of earliest event reported): JULY 22, 2003 THE MEDICINES COMPANY - -------------------------------------------------------------------------------- (Exact Name of Registrant as Specified in Charter) DELAWARE 000-31191 04-3324394 - ---------------------------- -------------- ---------------------------- (State or Other Jurisdiction (Commission (IRS Employer of Incorporation) File Number) Identification No.) 8 CAMPUS DRIVE PARSIPPANY, NEW JERSEY 07054 - ---------------------------------------- ----------------------------------- (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code: (973) 656-1616 - -------------------------------------------------------------------------------- (Former Name or Former Address, if Changed Since Last Report) ITEM 9. REGULATION FD DISCLOSURE (INFORMATION FURNISHED PURSUANT TO ITEM 12, "DISCLOSURE OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION"). On July 22, 2003, The Medicines Company (the "Company") announced its financial results for the quarter and six month period ended June 30, 2003. The full text of the press release issued in connection with the announcement is attached as Exhibit 99.1 to this Current Report on Form 8-K. In accordance with the procedural guidance in SEC Release No. 33-8216, the information in this Current Report on Form 8-K, including Exhibit 99.1, is being furnished under "Item 9. Regulation FD Disclosure" rather than under "Item 12. Disclosure of Results of Operations and Financial Condition." In accordance with General Instruction B.6 of Form 8-K, the information shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. THE MEDICINES COMPANY Date: July 22, 2003 By: /s/ Steven H. Koehler -------------------------- Steven H. Koehler Vice President and Chief Financial Officer EXHIBIT INDEX
Exhibit No. Description ----------- ----------- 99.1 Press release dated July 22, 2003 entitled "The Medicines Company Reports Second Quarter 2003 and Mid-Year Financial Results."
EX-99.1 3 b47263mcexv99w1.txt PRESS RELEASE DATED JULY 22, 2003 EXHIBIT 99.1 P R E S S R E L E A S E [THE MEDICINES COMPANY LOGO] Contact: Michael Mitchell Director of Corporate Communications The Medicines Company 973-656-1616 investor.relations@themedco.com FOR IMMEDIATE RELEASE: - -------------------------------------------------------------------------------- THE MEDICINES COMPANY REPORTS SECOND QUARTER 2003 AND MID-YEAR FINANCIAL RESULTS - SECOND QUARTER REVENUES OF $18.8 MILLION RESULTS IN FIRST HALF REVENUES OF $35.5 MILLION; INCREASES OVER 2002 OF 162% AND 138% RESPECTIVELY - MDCO REVISES 2003 REVENUE GUIDANCE UPWARD TO $75-90 MILLION FROM $70-90 MILLION - CHEMILOG APPROVAL EXPECTED TO IMPROVE MANUFACTURING EFFICIENCY PARSIPPANY, NJ, July 22, 2003 - The Medicines Company (Nasdaq: MDCO) today announced its financial results for the second quarter and first half of 2003. Financial highlights include: - Revenues of $18.8 million, compared to $7.2 million for the second quarter 2002. For the first half of 2003, net revenue was $35.5 million, compared to $14.9 million for the same period in 2002. - Net loss of $6.6 million, compared to $13.1 million for the second quarter 2002. For the first half of 2003, net loss was $13.0 million, compared to $24.8 million for the same period in 2002. - Net loss per share of $0.14 compared to $0.37 for the second quarter in 2002. For the first half of 2003, net loss per share was $0.30 compared to $0.71 for the same period in 2002. Recent operations highlights include: - FDA approval of the Chemilog manufacturing process, which the Company expects will significantly improve the efficiency of Angiomax(R)(bivalirudin) manufacturing and enable scale-up to meet long-term supply needs. - Acquisition of exclusive worldwide rights (except for Japan) to Clevelox(R)(clevidipine) from AstraZeneca. Dave Stack, President and Chief Executive Officer of The Medicines Company stated, "We have continued to see Angiomax adoption in coronary angioplasty, which we believe is attributed to ease of use, safety, cost effectiveness and efficacy of Angiomax demonstrated in REPLACE-2. We are today tightening upwards our guidance range for annual net revenues, which was $70-90 million to $75-90 million. We believe that our performance in the first half, combined with anticipated further penetration in the endovascular marketplace in the second half of 2003 should get us into that range, which could be more than double what our sales were in 2002." PAGE 1 OF 5 The Medicines Company 8 Campus Drive Parsippany, New Jersey 07054 Tel: (973)656-1616 Fax: (973)656-9898 [THE MEDICINES COMPANY LOGO] Clive Meanwell, Executive Chairman added, "The operations progress for the first half of 2003 has put us in a great position to build on the success of Angiomax in coronary angioplasty. We are developing Angiomax for additional indications, developing Clevelox, and hope to acquire additional similar products consistent with our mission to become a leader in acute hospital care." There will be a conference call with management today at 5:00 P.M. to discuss the financial results and guidance for the remainder of 2003. To listen in: dial 800-472-8325 and request The Medicines Company financial results call. From outside U.S.: dial 1-706-679-0816. Replay available for two weeks following call: 800-642-1687 Replay outside the U.S.: 1-706-645-9291 Replay passcode: 1779885. ABOUT THE MEDICINES COMPANY: The Medicines Company meets the demands of the world's most advanced medical practitioners by developing products that improve hospital acute care. The Company markets Angiomax(R) (bivalirudin), an anticoagulant approved in the U.S. and other countries for use in patients undergoing coronary angioplasty procedures. The Medicines Company creates value using its range of clinical and commercial skills to develop products acquired from leading life science innovators. - -------------------------------------------------------------------------------- Statements contained in this press release about The Medicines Company's position and the success of its products in the marketplace, projected revenues for 2003, the development of its products and the acquisition of additional products, and all other statements that are not purely historical, are forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks and uncertainties that may cause the Company's actual results, levels of activity, performance or achievements to be materially different from those expressed or implied by these forward-looking statements. Important factors that may cause or contribute to such differences include the extent of the commercial success of Angiomax, whether the Company's products will advance in the clinical trials process, whether the Company's products will receive approval from regulatory agencies, physicians' acceptance of clinical trial results, and the Company's ability to identify, select and acquire additional product candidates, as well as the risk factors detailed from time to time in the Company's periodic reports and registration statements filed with the Securities and Exchange Commission including, without limitation, the risk factors detailed in the Company's Quarterly Report on Form 10-Q filed on May 13, 2003, which are incorporated herein by reference. The Company specifically disclaims any obligation to update these forward-looking statements. PAGE 2 OF 5 The Medicines Company 8 Campus Drive Parsippany, New Jersey 07054 Tel: (973)656-1616 Fax: (973)656-9898 [THE MEDICINES COMPANY LOGO] THE MEDICINES COMPANY CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
ALL FIGURES IN THOUSANDS EXCEPT FOR THREE MONTHS ENDED JUNE 30, --------------------------- PER-SHARE AMOUNTS (UNAUDITED) --------------------------- 2003 2002 ------------ ------------ Revenue $ 18,750 $ 7,156 Operating Expenses Cost of revenue 6,970 1,647 Research and development 8,202 9,392 Selling, general and administrative 10,577 9,401 ------------ ------------ Total operating expenses 25,749 20,440 ------------ ------------ Loss from operations (6,999) (13,284) Interest income (expense), net 412 142 ------------ ------------ Net loss $ (6,587) $ (13,142) ============ ============ Basic and diluted net loss attributable to common stockholders per common share $ (0.14) $ (0.37) ============ ============ Shares used in computing net loss attributable to common stockholders per common share: Basic and diluted 46,758 35,391 ============ ============
PAGE 3 OF 5 The Medicines Company 8 Campus Drive Parsippany, New Jersey 07054 Tel: (973)656-1616 Fax: (973)656-9898 [THE MEDICINES COMPANY LOGO]
YEAR-TO-DATE JUNE 30, ------------------------ ALL FIGURES IN THOUSANDS EXCEPT FOR 2003 2002 ---------- ---------- PER-SHARE AMOUNTS $ 35,455 $ 14,871 Operating Expenses Cost of revenue 13,233 2,733 Research and development 15,453 18,701 Selling, general and administrative 20,356 18,732 ---------- ---------- Total operating expenses 49,042 40,166 ---------- ---------- Loss from operations (13,587) (25,295) Interest income (expense), net 584 513 Net loss $ (13,003) $ (24,782) ========== ========== Basic and diluted net loss attributable to common stockholders per common share $ (0.30) $ (0.71) ========== ========== Shares used in computing net loss attributable to common stockholders per common share: Basic and diluted 43,973 35,011 ========== ==========
PAGE 4 OF 5 The Medicines Company 8 Campus Drive Parsippany, New Jersey 07054 Tel: (973)656-1616 Fax: (973)656-9898 [THE MEDICINES COMPANY LOGO]
CONDENSED CONSOLIDATED BALANCE SHEETS JUNE 30, DECEMBER 31, ALL FIGURES IN THOUSANDS 2003 2002 ------------ ------------ ASSETS Cash, cash equivalents, available for sales securities $ 133,942 $ 43,509 Accrued interest receivable 851 129 Accounts receivable 11,934 15,078 Inventories 5,402 14,179 Fixed assets, net 1,378 924 Other assets 1,074 895 ------------ ------------ Total Assets $ 154,581 $ 74,714 ============ ============ LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities $ 16,006 $ 19,384 Deferred revenue 1,333 1,396 Stockholders' equity 137,242 53,934 ------------ ------------ Total Liabilities and Stockholders' Equity $ 154,581 $ 74,714 ============ ============
# # # PAGE 5 OF 5 The Medicines Company 8 Campus Drive Parsippany, New Jersey 07054 Tel: (973)656-1616 Fax: (973)656-9898 -----END PRIVACY-ENHANCED MESSAGE-----