Medicines Co.

(MDCO) - Get Report

slipped 5% Wednesday after the drug company missed first-quarter estimates.

For its first quarter ended March 31, the Parsippany, N.J., company earned $2.3 million, or a nickel a share, down from the year-ago $4.2 million, or 9 cents a share. Revenue rose to $43.6 million from the year-ago $31.3 million.

Latest-quarter figures fell shy of the Wall Street analyst consensus estimate, which called for earnings of 6 cents a share on revenue of $44.5 million.

"We expect a big growth year in 2005 and first-quarter performance gets us off to a great start," said CEO Clive Meanwell. "Demand for Angiomax continues to accelerate. We believe our development programs can deliver sustained growth, and The Medicines Company is on track for another record year."

Early Wednesday, Medicines Co. dropped $1.22 to $21.28.