Medicines Sets 3Q Revenue Outlook Below Forecasts

PARSIPPANY, N.J. (AP) — Drugmaker Medicines Co. said Tuesday it expects third-quarter revenue below Wall Street forecasts.

The company said it expects revenue between $96 million and $98 million, up from $88.1 million a year prior. Still, the outlook falls short of the $110.4 million in revenue expected by analysts surveyed by Thomson Reuters.

Medicines will announce its quarterly results Oct. 28.

Leerink Swann Research analyst Joseph P. Schwartz said macro economic pressures and changes in purchasing behavior likely hurt Medicines.

Shares of Medicines fell 19 cents to $10.29 in midday trading.