Medicines Co. (MDCO) Prelm. Q1 Revenue Misses Expectations

Medicines Co. (NASDAQ: MDCO) announced preliminary worldwide net revenue for the first quarter of 2015.

The Company expects worldwide net revenue in the range of $125 million to $130 million for the first quarter of 2015, which reflects a 29% to 26% decrease from the $177.2 million in worldwide net revenue reported for the first quarter of 2014. The decrease in worldwide net revenue is a result of lower worldwide net revenue from sales of Angiomax® (bivalirudin)/Angiox® (bivalirudin), which the Company expects to be in the range of $97 million to $105 million compared to $155.7 million in the first quarter of 2014.

*** The Street sees Q1 revenue of $184.2 million.

”We believe the decline in first-quarter worldwide net revenue from sales of Angiomax reflects our customers’ current uncertainty regarding the product’s patent exclusivity in the United States past June 2015,” said Clive Meanwell, MD, PhD, Chairman and CEO of The Medicines Company. “We appreciate our customers’ concerns about managing their pharmaceutical inventories. At the same time, we are pleased to see growth in our other products year-on-year and we expect this to continue as we diversify our sources of revenue. We will continue to provide our hospital customers with the high level of product support they have come to expect from us for all of our brands.”

Final financial results for the first quarter are not yet available. The financial estimates presented are preliminary and are subject to change. Actual results for the quarter may differ materially from the estimates referenced above due to the completion of financial closing procedures, final adjustments and other developments that may arise between now and the time the financial results for the first quarter are finalized.

Upcoming First-Quarter Earnings Announcement Date

The Company expects to release its final results for the first quarter of 2015 on Tuesday, May 5th, 2015 and to hold a conference call at 8:30 a.m. Eastern Time to discuss its financial results and other operational developments.

The conference call will be available via phone and can be accessed via The Medicines Company website at www.themedicinescompany.com.

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