Medicines Co. falls in late trading as company warns 1Q sales of anticlotting drug dropped
Medicines Co. said Thursday that sales of its anti-clotting drug Angiomax fell by at least $50 million year over year in the first quarter, and its forecast came up far short of Wall Street estimates.
The company said Angiomax sales declined because generic versions could reach the market as early as June. It expects to report $97 million to $105 million in first-quarter revenue from the drug, a drop of at least one-third from the $155.7 million it reported in the first quarter of 2014.
Medicines Co. is forecasting $125 million to $130 million in total quarterly revenue, a decrease of at least 26 percent from a year ago. That's far short of Wall Street estimates, as FactSet says analysts were expecting $183.2 million in revenue, on average.
Generic versions of Angiomax, or bivalirudin, could go on sale in the U.S. as soon as June 15 depending on the outcome of patent litigation.
The Parsippany, New Jersey-based company is scheduled to report its quarter results before the market opens on May 5.
The company's stock sank $2.03, or 7.3 percent, to $25.79 in after-hours trading. Shares of Medicines Co. are up less than 1 percent in 2015 and closed at $27.82 Thursday.