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Momenta Pharmaceuticals Reports Financial Results For The Fourth Quarter And Year End 2010

Stocks in this article: MNTA

CAMBRIDGE, Mass., Feb. 10, 2011 (GLOBE NEWSWIRE) -- Momenta Pharmaceuticals, Inc. (Nasdaq:MNTA), a biotechnology company specializing in the characterization and engineering of complex drugs, today reported its financial results for the fourth quarter and year ended December 31, 2010.

For the fourth quarter of 2010 the Company reported a net income of $36.3 million, or $0.77 per diluted share, compared to a net loss of $14.7 million, or $0.34 per share, for the same period in 2009. For the year ended December 31, 2010, the Company reported a net income of $37.3 million, or $0.81 per diluted share, compared to a net loss of $64.0 million, or $1.60 per share, for the same period in 2009. At December 31, 2010, the Company had cash, cash equivalents, and marketable securities of $152.8 million, compared to $95.7 million at December 31, 2009. 

"The successful launch of generic Lovenox® made 2010 a pivotal year for Momenta as we achieved profitability for the first time," reflected Craig A. Wheeler, President and Chief Executive Officer. "Looking forward, the FDA review of the ANDA for generic Copaxone® continues to advance and we expect to build on our 2010 momentum into 2011 as we move this product and our follow-on biologics and novel drug pipeline forward."

Financial Results

Revenue for the fourth quarter of 2010 was $58.3 million, compared to $5.6 million for the same period in 2009. For the year ended December 31, 2010, revenue was $116.8 million, compared to $20.2 million for 2009. The increase in revenue in both periods was due to profit share earned from commercial sales of enoxaparin sodium injection which received FDA marketing approval in July of 2010.

At December 31, 2010 the receivables for the fourth quarter enoxaparin profit share was $52.4 million and our cash, cash equivalents and marketable securities balance totaled $152.8 million.

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