-----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, CAryr8BoFkvEMip6XkMAYGnQjXilYA+1ncZ5eAHmSJliImXCeMo4rcoHoq6TqOHG 1S3BeYuQBqgTdaQZqIKQOA== 0000950135-03-005232.txt : 20031021 0000950135-03-005232.hdr.sgml : 20031021 20031021164751 ACCESSION NUMBER: 0000950135-03-005232 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20031021 ITEM INFORMATION: FILED AS OF DATE: 20031021 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: 03950153 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 b48175mce8vk.txt THE MEDICINES COMPANY FORM 8-K 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): OCTOBER 21, 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 12. DISCLOSURE OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION. On October 21, 2003, The Medicines Company (the "Company") announced its financial results for the quarter ended September 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. The information in this Current Report on Form 8-K and the Exhibit attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (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 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: October 21, 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 October 21, 2003 entitled "The Medicines Company Reports Third Quarter 2003 Financial Results." EX-99.1 3 b48175mcexv99w1.txt PRESS RELEASE DATED 10-21-2003 P R E S S R E LE A S E [LOGO] THE MEDICINES COMPANY Contact: Michael Mitchell Director of Corporate Communications The Medicines Company 973-656-1616 investor.relations@themedco.com FOR IMMEDIATE RELEASE: - -------------------------------------------------------------------------------- THE MEDICINES COMPANY REPORTS THIRD QUARTER 2003 FINANCIAL RESULTS |X| REVENUES OF $21.2 MILLION INCREASE 133% OVER THIRD QUARTER 2002 |X| MDCO REVISES 2003 REVENUE GUIDANCE UPWARD TO $80-90 MILLION FROM $75-90 MILLION |X| REPLACE-2 RESULTS DRIVING ANGIOMAX(R)(BIVALIRUDIN) MARKET PENETRATION PARSIPPANY, NJ, October 21, 2003 - The Medicines Company (Nasdaq: MDCO) today announced its financial results for the third quarter and first three quarters of 2003. Financial highlights include: o Revenues of $21.2 million, compared to $9.1 million for the third quarter 2002. For the first three quarters of 2003, net revenue was $56.7 million, compared to $24.0 million for the same period in 2002 o Net loss of $6.2 million, compared to $11.2 million for the third quarter 2002. For the first three quarters of 2003, the net loss was $19.2 million, compared to $36.0 million for the same period in 2002 o Net loss per share of $0.13, compared to $0.29 for the third quarter in 2002. For the first three quarters of 2003, the net loss per share was $0.43, compared to $0.99 for the same period in 2002 Recent operations highlights include: o Presentation of six-month patient follow-up results for the 6,002-patient REPLACE-2 clinical trial at the 2003 Transcatheter Cardiovascular Therapeutics (TCT) conference o Submission of a supplemental New Drug Application to the U.S. Food and Drug Administration seeking an amended Angiomax product label to include data from the REPLACE and other programs o Submission of a Market Authorization Application in Europe for Angiomax use in patients undergoing percutaneous coronary interventions o Start of patient enrollment in the EVOLUTION and CHOOSE clinical trials of Angiomax use in coronary surgery o Initiation of patient enrollment in the 13,800-patient ACUITY trial of Angiomax in patients presenting to the emergency department with acute coronary syndromes o Completion of manufacturing commercial grade lots of Clevelox(R)(clevidipine) Dave Stack, President and Chief Executive Officer of The Medicines Company, stated, "The significant increase in revenues for the third quarter indicates that Angiomax continues to gain Page 1 of 5 The Medicines Company 8 Campus Drive Parsippany, New Jersey 07054 Tel: (973)656-1616 Fax: (973)656-9898 [LOGO] THE MEDICINES COMPANY market share versus heparin in coronary angioplasty. We believe this is attributable to the ease of use, safety, cost effectiveness and efficacy of Angiomax demonstrated in the REPLACE-2 trial's 30-day and six month patient follow-up findings. We are today tightening our annual revenue guidance upward to $80-90 million from the $75-90 million range announced last quarter. Given the results of the first three-quarters of 2003, combined with our expectations for a strong fourth quarter, we believe we are on track to more than double our 2002 revenues in 2003." 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: 3206975. 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, its projected revenues for 2003, and the development of its 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 August 5, 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 [LOGO] THE MEDICINES COMPANY THE MEDICINES COMPANY CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS UNAUDITED
(in thousands, except per share data) THREE MONTHS ENDED SEPTEMBER 30, -------------------------------- 2003 2002 -------------------------------- Net revenue $ 21,248 $ 9,133 Operating expenses Cost of revenue 6,602 2,227 Research and development 9,383 9,866 Selling, general and administrative 11,835 8,468 -------- -------- Total operating expenses 27,820 20,561 -------- -------- Loss from operations (6,572) (11,428) Interest income, net 410 216 Net loss (6,162) (11,212) ======== ======== Basic and diluted net loss per common share $ (0.13) $ (0.29) ======== ======== Shares used in computing net loss per common share: Basic and diluted 47,130 39,162 ======== ========
Page 3 of 5 The Medicines Company 8 Campus Drive Parsippany, New Jersey 07054 Tel: (973)656-1616 Fax: (973)656-9898 [LOGO] THE MEDICINES COMPANY
YEAR-TO-DATE SEPTEMBER 30, ------------------------------ (in thousands, except per share data) 2003 2002 ------------------------------ Net revenue $ 56,703 $ 24,004 Operating expenses Cost of revenue 19,835 4,960 Research and development 24,836 28,567 Selling, general and administrative 32,191 27,199 -------- -------- Total operating expenses 76,862 60,726 -------- -------- Loss from operations (20,159) (36,722) Interest income (expense), net 994 728 -------- -------- Net loss (19,165) (35,994) ======== ======== Basic and diluted net loss per common share $ (0.43) $ (0.99) ======== ======== Shares used in computing net loss per common share: Basic and diluted 45,036 36,409 ======== ========
Page 4 of 5 The Medicines Company 8 Campus Drive Parsippany, New Jersey 07054 Tel: (973)656-1616 Fax: (973)656-9898 [LOGO] THE MEDICINES COMPANY THE MEDICINES COMPANY CONDENSED CONSOLIDATED BALANCE SHEETS UNAUDITED
(in thousands) SEPTEMBER 30, DECEMBER 31, 2003 2002 ------------- ------------ ASSETS Cash, cash equivalents, available for sales securities $126,877 $43,509 Accrued interest receivable 874 129 Accounts receivable, net 18,795 15,078 Inventories 6,426 14,179 Fixed assets, net 1,433 924 Other assets 1,399 895 -------- ------- Total assets $155,804 $74,714 ======== ======= LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities $ 18,784 $19,384 Deferred revenue 1,302 1,396 Stockholders' equity 135,718 53,934 -------- ------- Total liabilities and stockholders' equity $155,804 $74,714 ======== =======
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