Form 8-K Q2 2013

0001113481-13-000028.txt : 20130724 0001113481-13-000028.hdr.sgml : 20130724 20130724080429 ACCESSION NUMBER: 0001113481-13-000028 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20130724 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20130724 DATE AS OF CHANGE: 20130724 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: 13982545 BUSINESS ADDRESS: STREET 1: 8 SYLVAN WAY CITY: PARSIPPANY STATE: NJ ZIP: 07054 BUSINESS PHONE: 973-290-6000 MAIL ADDRESS: STREET 1: 8 SYLVAN WAY CITY: PARSIPPANY STATE: NJ ZIP: 07054 FORMER COMPANY: FORMER CONFORMED NAME: MEDICINES CO/ MA DATE OF NAME CHANGE: 20000504 8-K 1 form8-kq22013.htm 8-K Form 8-K Q2 2013

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 24, 2013

The Medicines Company

(Exact Name of Registrant as Specified in Charter)



Delaware	000-31191	04-3324394
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)



8 Sylvan Way Parsippany, New Jersey		07054
(Address of Principal Executive Offices)		(Zip Code)

Registrant's telephone number, including area code: (973) 290-6000

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):


o	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)


o	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)


o	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))


o	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02. Results of Operations and Financial Condition.

On July 24, 2013, The Medicines Company (the “Company”) announced financial results for the three and six months ended June 30, 2013. The full text of the press release issued in connection with the announcement is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information in this Form 8-K (including Exhibit 99.1) 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.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits

The following exhibit relating to Item 2.02 shall be deemed to be furnished, and not filed:


99.1	Press release dated July 24, 2013 entitled “The Medicines Company Reports Second Quarter and First Half 2013 Financial Results”

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 24, 2013

By: /s/ Paul M. Antinori

Paul M. Antinori

Senior Vice President and General Counsel

Exhibit Index



Exhibit No.	Description
99.1	Press release dated July 24, 2013 entitled “The Medicines Company Reports Second Quarter and First Half 2013 Financial Results”

EX-99.1 2 pressreleaseq22013.htm EXHIBIT 99.1 Press Release (Q2 2013)

Exhibit 99.1


Contact:	Michael Mitchell

The Medicines Company

973-290-6097

michael.mitchell@themedco.com

FOR IMMEDIATE RELEASE:

THE MEDICINES COMPANY REPORTS SECOND QUARTER AND FIRST HALF

2013 RESULTS

27% INCREASE IN SECOND QUARTER NET REVENUE TO $172.8 MILLION; 25% INCREASE IN FIRST HALF NET

REVENUE TO $328.6 Million

PARSIPPANY, NJ, July 24, 2013 --The Medicines Company (NASDAQ: MDCO), a global biopharmaceutical company focused on saving lives, alleviating suffering and improving the economic efficiency of the world's leading hospitals, today announced second quarter and first half financial results for 2013.

Financial highlights for the second quarter of 2013 were as follows:


•	Net revenue increased by 27% to $172.8 million for the second quarter of 2013 from $135.7 million in the second quarter of 2012.


•	Angiomax US sales increased by 14% to $137.9 million in the second quarter of 2013 compared to $121.2 million in the second quarter of 2012.


•	Recothrom US sales were $17.9 million for the second quarter of 2013.


•	Angiomax/Angiox international net revenue in the second quarter of 2013 increased by 11% to $13.2 million compared with $11.9 million in the second quarter of 2012.


•	Net income for the second quarter of 2013 was $18.1 million, or $0.30 per share, compared with net income of $13.8 million, or $0.25 per share, for the second quarter of 2012. The second quarter of 2013 includes a one-time expense for an arbitration award in the amount of $5.0 million.

•

Adjusted net income for the second quarter of 2013 increased 62% to $29.2 million, or $0.50 per share, compared to adjusted net income of $18.0 million, or $0.32 per share, for the second quarter 2012. Adjusted net income excludes amortization of acquired intangible assets, deal related charges, stock-based compensation expense, arbitration award, changes in contingent consideration, non-cash interest and net income tax adjustments.

Financial highlights for the first half of 2013 were as follows:


•	Net revenue increased by 25% to $328.6 million for the first half of 2013 from $262.3 million in the first half of 2012.


•	Angiomax US sales increased by 14% to $269.3 million in the first half of 2013 compared to $236.7 million in the first half of 2012.


•	Recothrom US sales were $26.5 million for the first half of 2013.

Page 1 of 6


•	Angiomax/Angiox international net revenue in the first half of 2013 increased by 10% to $24.8 million compared with $22.6 million in the first half of 2012.

•

Net income for the first half of 2013 was $6.5 million, or $0.11 per share, compared with net income of $21.3 million, or $0.38 per share, for the first half of 2012. The first half of 2013 includes one-time costs in the amount of $40.6 million including licensing costs of $25 million for a transaction with Alnylam on the PCSK9 RNAi hypercholesterolemia program, a restructuring charge of $6.4 million, $4.2 million of deal costs and an arbitration award in the amount of $5.0 million.

•

Adjusted net income for the first half of 2013 increased 64% to $47.2 million, or $0.82 per share, compared to adjusted net income of $28.7 million, or $0.52 per share, for the first half of 2012. Adjusted net income excludes upfront collaboration payments, amortization of acquired intangible assets, acquisition related charges, restructuring charges, stock-based compensation expense, arbitration award, changes in contingent consideration, non-cash interest and net income tax adjustments.

Glenn Sblendorio, President and Chief Financial Officer of The Medicines Company, stated, "Our first half 2013 revenues show a continued diversification of growth sources, as our hospital portfolio and global geographies expand. Additionally, our near term anticipated growth drivers advanced significantly in the second quarter, as we reported positive Phase 3 results of the oritavancin Phase 3 SOLO II trial, filed for US approval for cangrelor, and completed clinical work toward filings for IONSYS.”

In addition to financial information prepared in accordance with U.S. GAAP, this press release also contains adjusted financial measures that we believe provide investors and management with supplemental information relating to operating performance and trends that facilitate comparisons between periods and with respect to projected information. These adjusted measures are non-GAAP and should be considered in addition to, but not as a substitute for, the information prepared in accordance with U.S. GAAP. We typically exclude certain GAAP items that management does not believe affect our basic operations and that do not meet the GAAP definition of unusual or non-recurring items. Other companies may define these measures in different ways. See the attached Reconciliations of GAAP to Adjusted Net Income for explanations of the amounts excluded and included to arrive at adjusted net income and adjusted earnings per share amounts for the three- month periods and year to date periods ended June 30, 2013 and June 30, 2012.

There will be a conference call with management today at 8:30 a.m. Eastern Time to discuss first half 2013 financial results, operational developments and outlook. The conference call will be available via phone and webcast. The webcast can be accessed at The Medicines Company website at www.themedicinescompany.com.

The conference call will be available via phone and webcast. The dial in information is listed below:

Domestic Dial In: 866 515 2913

International Dial In: +617 399 5127

Passcode for both dial in numbers: 42165066

Replay is available from 10:30 a.m. Eastern Time following the conference call through August 8, 2013. To hear a replay of the call dial 888 286.8010 (domestic) and 617 801 6888 (international). Passcode for both dial in numbers is 40760900.

This call is being webcast and can be accessed via The Medicines Company website at www.themedicinescompany.com.

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The Medicines Company
Condensed Consolidated Statements of Operations
(unaudited)
(in thousands, except per share data)	Three months ended June 30,
	2013			2012

Net revenue	$	172,826		$	135,702
Operating expenses:
Cost of revenue	63,938			42,681
Research and development	27,025			32,962
Selling, general and administrative	52,944			40,467
Total operating expenses	143,907			116,110

Income from operations	28,919			19,592
Co-promotion income	4,068			2,500
Interest expense	(3,704		)	(784		)
Other income	605			697
Income before income taxes	29,888			22,005
Provision for income taxes	(11,854		)	(8,251		)

Net income	18,034			13,754
Net loss attributable to non-controlling interest	60			1
Net income attributable to The Medicines Company	$	18,094		$	13,755

Basic earnings per common share attributable to The Medicines Company	$	0.33		$	0.25
Shares used in computing basic earnings per common share	55,553			54,035

Diluted earnings per common share attributable to The Medicines Company	$	0.30		$	0.25
Shares used in computing diluted earnings per common share	60,261			55,556

Page 3 of 6




The Medicines Company
Condensed Consolidated Statements of Operations
(unaudited)
(in thousands, except per share data)	Six months ended June 30,
	2013			2012

Net revenue	$	328,579		$	262,312
Operating expenses:
Cost of revenue	120,653			81,344
Research and development	85,221			65,740
Selling, general and administrative	116,426			83,653
Total operating expenses	322,300			230,737

Income from operations	6,279			31,575
Co-promotion income	7,818			2,500
Interest expense	(7,377		)	(784		)
Other income	803			759
Income before income taxes	7,523			34,050
Provision for income taxes	(1,095		)	(12,725		)

Net income	6,428			21,325
Net loss attributable to non-controlling interest	93			1
Net income attributable to The Medicines Company	$	6,521		$	21,326

Basic earnings per common share attributable to The Medicines Company	$	0.12		$	0.39
Shares used in computing basic earnings per common share	54,804			54,036

Diluted earnings per common share attributable to The Medicines Company	$	0.11		$	0.38
Shares used in computing diluted earnings per common share	59,154			55,614

Page 4 of 6



Balance Sheet Items
(in thousands)	June 30,		December 31,
	2013		2012
	(unaudited)
ASSETS
Cash, cash equivalents and available for sales securities	$	301,003	$	570,321
Total assets	$	1,149,923	$	972,182
Convertible senior notes (due 2017)	$	231,025	$	226,109
Stockholders' equity	$	657,611	$	586,306

Page 5 of 6



The Medicines Company
Reconciliation of GAAP to Adjusted Net Income
(unaudited)

		Three months ended June 30,						Six months ended June 30,
(in thousands)		2013			2012			2013			2012

Net income attributable to The Medicines Company - GAAP		$	18,094		$	13,755		$	6,521		$	21,326
Before tax adjustments:
Cost of revenue: (excluding amortization of acquired intangible assets)
Stock based compensation expense	⁽¹⁾	67			38			105			73
Restructuring charges	⁽²⁾	—			—			581			—
Research and development:
Stock based compensation expense	⁽¹⁾	966			480			1,738			1,026
Restructuring charges	⁽²⁾	—			—			1,252			—
Upfront collaboration payments	⁽³⁾	—			—			25,000			—
Selling, general and administrative: (excluding amortization of acquired intangible assets)
Stock based compensation expense	⁽¹⁾	4,813			3,663			8,360			6,196
Restructuring charges	⁽²⁾	—			—			4,525			—
Expenses incurred for certain transactions	⁽⁴⁾	581			—			4,169			—
Arbitration award	⁽⁵⁾	5,000			—			5,000			—
Amortization of acquired intangible assets	⁽⁶⁾	6,137			1,133			11,075			2,172
Change in contingent value rights	⁽⁷⁾	(5,283		)	573			(5,648		)	1,137
Other:
Non-cash interest expense	⁽⁸⁾	2,759			577			5,487			577
Net income tax adjustments	⁽⁹⁾	(3,900		)	(2,192		)	(20,938		)	(3,796		)
Net income attributable to The Medicines Company - Adjusted		$	29,234		$	18,027		$	47,227		$	28,711

Net income per share attributable to The Medicines Company - Adjusted
Basic		$	0.53		$	0.33		$	0.86		$	0.53
Diluted	⁽¹⁰⁾	$	0.50		$	0.32		$	0.82		$	0.52

Note: Amounts may not sum due to rounding

Explanation of Adjustments:

(1) Exclude share based compensation of $5,846 and $4,181 for three months ended June 30, 2013 and June 30, 2012,

and $10,203 and $7,295 for the six months ended June 30, 2013 and June 30, 2012.

(2) Exclude restructuring charges relating to headcount reduction of $6,358 for six months, June 30, 2013.

(3) Exclude upfront payments for research and development collaboration arrangements.

(4) Exclude charges related to the acquisition of Incline, license of Recothrom and acquiring option for ProFibrix.

(5) Exclude one time arbitration award to Eagle.

(6) Exclude amortization of intangible assets resulting from transactions with Nycomed, CSL, APP, Teva, and BMS.

(7) Exclude changes in contingent value rights due to shareholders of Targanta Therapeutics and Incline Therapeutics.

(8) Exclude non-cash interest expense related to convertible senior notes.

(9) Net income tax adjustments reflect the estimated tax effect of the above adjustments and the impact of certain other

non-operating tax adjustments.

(10) Reflects impact of note hedge transactions on outstanding diluted share amounts associated with convertible senior notes.

In addition to the financial information prepared in accordance with U.S. GAAP, this press release also contains adjusted financial measures that we believe provide investors and management with supplemental information relating to operating performance and trends that facilitate comparisons between periods and with respect to projected information. These adjusted measures should be considered in addition to, but not as a substitute for, the information prepared in accordance with U.S. GAAP. We typically exclude certain GAAP items that management does not believe affect our basic operations and that do not meet the GAAP definition of unusual or non-recurring items. Other companies may define these measures in different ways.

Page 6 of 6

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