The Med Co swings to $3M profit in 1st qtr

US drugmaker The Medicines Company reported first-quarter 2007 net revenue of $66.6 million and fully-diluted generally-accepted accounting principles earnings per share of $0.06, a significant rise on the $34.6 million it earned in the first quarter of 2006, due to strong domestic sales of Angiomax (bivalirudin), which generated $66.3 million. Outside the USA, the thrombin-specific anticoagulant netted $300,000 sales.

During the period, net income totaled $3.0 million versus a net loss of $12.1 million for the first quarter 2006. Excluding a stock-based compensation expense, the company saw a fully-diluted non-GAAP EPS of $0.12.

Commenting on the results, company chief financial officer Glenn Sblendorio said: "we are where we expected to be for first quarter earnings and we believe we are on track toward our 2007 GAAP earnings guidance of $22.0 to $25.0 million."