CAMBRIDGE, Mass., Nov. 1, 2010 (GLOBE NEWSWIRE) -- Momenta Pharmaceuticals, Inc. (Nasdaq:MNTA), a biotechnology company specializing in the characterization and engineering of complex drugs, today announced its financial results for the quarter ended September 30, 2010.
For the third quarter of 2010, the Company reported a net income of $32.1 million, or $0.70 per diluted share, compared with a net loss of $14.6 million, or $0.38 per share, for the same period last year. At September 30, 2010, the Company had cash, cash equivalents, and marketable securities of $65.7 million, compared with $95.7 million at December 31, 2009.
"Momenta reached profitability in the third quarter thanks to a very strong enoxaparin launch by our collaboration partner, Sandoz," commented Craig A. Wheeler, President and Chief Executive Officer. "For the nine weeks in the quarter that enoxaparin was on the market, Momenta earned $44.2 million in profit share in addition to a $5.0 million milestone payment," he continued. "Sales continue to be strong, and because the Sandoz product continues to be the only approved source of generic Lovenox®, Momenta continues to earn a significant profit share on product sales," Wheeler concluded.
Third Quarter 2010 Financial Results
Revenue for the third quarter of 2010 was $52.0 million, compared to $4.0 million for the same period last year. The increase in revenue in the current year's quarter was due to $44.2 million of profit share earned from commercial sales of enoxaparin sodium injection and the $5.0 million regulatory milestone earned upon FDA marketing approval of enoxaparin sodium injection in July of 2010.
Research and development expenses for the third quarter of 2010 were $12.5 million, compared to $12.9 million for the same period last year. The decrease in research and development expenses principally resulted from a decrease in manufacturing, process development and third-party research costs in support of our M356 program.
General and administrative expenses for the third quarter of 2010 totaled $7.3 million, compared with $5.6 million for the same period last year. The increase in general and administrative expenses was due to an increase in royalty and license fees associated with the product revenues of enoxaparin sodium injection and an increase in personnel and related costs primarily due to performance payments made in connection with the regulatory approval of enoxaparin sodium injection.
- Approval by FDA and successful launch of enoxaparin sodium injection on July 23, 2010.
- Ongoing regulatory review of generic Copaxone ANDA; Copaxone patent litigation heading toward trial.
- Two new patents issued relating to chain mapping of enoxaparin sodium injection.
- M118 named a Top Ten CV/Metabolic Project to Watch by Windhover Information and the publishers of In Vivo and Startup.
Conference Call Information
Management will host a conference call on Monday, November 1, 2010 at 11:00 am EDT to discuss these results and provide an update on the Company. To access the call, please dial (877) 224-9084 (domestic) or (720) 545-0022 (international) prior to the scheduled conference call time and provide the access code 15660292. A replay of the call will be available approximately two hours after the call and will be accessible through November 14, 2010. To access the replay, please dial (800) 642-1687 (domestic) or (706) 645-9291 (international) and provide the access code 15660292.
A live audio webcast of the call will be available on the "Investors" section of the Company's website, . Please go to the site at least 15 minutes prior to the call in order to register, download, and install any necessary software. An archived version of the webcast will be posted on the Momenta website approximately two hours after the call and will be available through November 14, 2010.
Momenta Pharmaceuticals is a biotechnology company, headquartered in Cambridge, MA, specializing in the detailed structural analysis of complex mixture drugs. Momenta is applying its technology to the development of generic versions of complex drug products, as well as to the discovery and development of novel drugs.
To receive additional information about Momenta, please visit the website at www.momentapharma.com, which does not form a part of this press release.
Forward Looking Statements
Statements in this press release regarding management's future expectations, beliefs, intentions, goals, strategies, plans or prospects, including our beliefs regarding the potential sales of enoxaparin sodium injection, revenue associated with enoxaparin sodium injection, the Copaxone litigation with Teva, and the development and commercialization opportunity for our development product candidates, may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by terminology such as "anticipate," "believe," "could," "could increase the likelihood," "hope," "target," "project," "goals," "potential," "predict," "might," "estimate," "expect," "intend," "is planned," "may," "should," "will," "will enable," "would be expected," "look forward," "may provide," "would" or similar terms, variations of such terms or the negative of those terms. Such forward-looking statements involve known and unknown risks, uncertainties and other factors referred to in the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2010 filed with the Securities and Exchange Commission under the section "Risk Factors," as well as other documents that may be filed by Momenta from time to time with the Securities and Exchange Commission. As a result of such risks, uncertainties and factors, the Company's actual results may differ materially from any future results, performance or achievements discussed in or implied by the forward-looking statements contained herein. Momenta is providing the information in this press release as of this date and assumes no obligation to update the information included in this press release or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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CONTACT: Momenta Pharmaceuticals, Inc. Beverly Holley 617-395-5189 firstname.lastname@example.org