The Medicines Company (MDCO) saw its loss narrow to $122.85 million, or $1.75 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $206.07 million, or $2.99 a share. On the other hand, adjusted net loss for the quarter widened to $84.14 million, or $1.19 a share from a loss of $59.26 million or $0.86 a share, a year ago. Revenue during the quarter plunged 62.48 percent to $25.20 million from $67.17 million in the previous year period.
Operating loss for the quarter was $112.68 million, compared with an operating loss of $75.43 million in the previous year period.
“Driven by strong execution against our strategic priorities, 2016 was a transformative year for the Company,” said Clive Meanwell, M.D., Ph.D., Chief Executive Officer of The Medicines Company. “We announced positive top-line results from the ORION-1 Phase II study of inclisiran, which continued to demonstrate compelling safety and efficacy data, reinforcing our belief in its highly-differentiated and competitive profile and providing a strong basis for advancing inclisiran into Phase III. We look forward to presenting full safety and efficacy data from the ORION-1 study, with six- to nine-month follow-up for all study patients, in the Late-Breaking Clinical Trials session at the American College of Cardiology’s 66th Annual Scientific Session.”
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