This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
$1 buys you full access to ALL of TheStreet's Subscription Services! Learn More

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.

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,827.75 +12.81 0.07%
S&P 500 2,072.83 +5.80 0.28%
NASDAQ 4,787.3170 +29.0650 0.61%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs