The Medicines Company Reports First Quarter 2006 Financial Results

Financial highlights include:

-- Net revenues were $34.6 million for the first quarter 2006, compared to $43.6 million for the first quarter of 2005.

-- Through March 31, 2006, the Company estimates that wholesalers reduced inventories by approximately $39 million, achieving the target range of 4-6 weeks.

-- Net loss was $12.1 million for the first quarter 2006, compared to net income of $2.3 million for the first quarter 2005.

Glenn Sblendorio, Executive Vice President and Chief FinancialOfficer of The Medicines Company stated, "An increase in underlyingdemand for Angiomax in the U.S. enabled us to reduce wholesalerinventories to the target we guided in October of last year. Thisclears the way for our reported sales to be more consistent with enduser demand. For the quarter, net sales in the U.S. were $32.8 millionand other revenues were $1.8 million."

John Kelley, President and Chief Operating Officer, said, "Themajor highlight of the first quarter was the presentation of excellentAngiomax results in the ACUITY trial. We also made significantprogress with the future drivers of our acute care franchise.Enrollment in Phase III trials for clevidipine continues and we expectcompletion of enrollment in 2006. We also commenced Phase III patientenrollment for our novel IV antiplatelet candidate, cangrelor."

The Medicines Company is providing guidance for 2006 as follows.The Company expects:

-- Net revenues of $200 million to $210 million.

-- Cost of revenues of 25%

-- Sales, general and administrative expenses of $75 million to $80 million

-- Research and development expenses of $63 million to $65 million

-- Stock option expense of $6 million

-- Investment income of $3.5 million to $4.5 million

Glenn Sblendorio added, "Based on this guidance, we expect toreturn to profitability for the year."

There will be a conference call with management today at 8:30 A.M.to discuss financial results, guidance, outlook and operationaldevelopments. To listen live, webcast login is available athttp://www.themedicinescompany.com. Alternatively, the call dial-in is800-561-2601 (passcode is 99550021). From outside U.S.: dial617-614-3518 (passcode is 99550021). Replay is available from 10:30A.M. EDT following the conference call through May 3, 2006. To hear areplay of the call, dial 888-286-8010 (domestic) and 617-801-6888(international). Passcode for both dial in numbers is 16244808.

The Medicines Company meets the demands of the world's mostadvanced medical practitioners by developing products that improveacute hospital care. The Company markets Angiomax(R) (bivalirudin) inthe U.S. and other countries for use in patients undergoing coronaryangioplasty, a procedure to clear restricted blood flow in arteriesaround the heart. The Medicines Company creates value using its rangeof clinical and commercial skills to develop products acquired fromleading life science innovators. The Company's website ishttp://www.themedicinescompany.com.

Statements contained in this press release about The MedicinesCompany, the Company's projected revenues and financial results,expected benefits of the Company's restructured wholesalerarrangements, the timing of clinical trials and clinical trialresults, and all other statements that are not purely historical, maybe deemed to be forward-looking statements for purposes of the safeharbor provisions under The Private Securities Litigation Reform Actof 1995. Without limiting the foregoing, the words "believes","anticipates", "plans", "expects", "intends", "potential", "estimates"and similar expressions are intended to identify forward-lookingstatements. These forward-looking statements involve known and unknownrisks and uncertainties that may cause the Company's actual results,levels of activity, performance or achievements to be materiallydifferent from those expressed or implied by these forward-lookingstatements. Important factors that may cause or contribute to suchdifferences include the extent of the commercial success of Angiomax,the Company's dependence on wholesalers and international distributionpartners for sales of Angiomax and the fluctuation of revenues basedon the buying patterns of these wholesalers and internationaldistribution partners, the success of the Company's arrangements withthe Company's wholesalers referred to in this release, that thesewholesaler arrangements are subject to termination on short notice,physicians' acceptance of Angiomax clinical trial results, whether theCompany will be able to obtain regulatory approval for additionalindications of Angiomax, whether the Company's products will receiveapprovals from regulatory agencies, whether the Company's productswill advance in the clinical trials process on the timelinesanticipated by the Company or at all, whether the clinical trialresults will warrant submission of applications for regulatoryapproval, and such other factors as are set forth in the risk factorsdetailed from time to time in the Company's periodic reports filedwith the Securities and Exchange Commission including, withoutlimitation, the risk factors detailed in the Company's Annual Reporton Form 10-K filed on March 15, 2006, which are incorporated herein byreference. The Company specifically disclaims any obligation to updatethese forward-looking statements.

The Medicines Company
Consolidated Statements of Operations

(in thousands, except per share data) Three months ended March 31,
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2006 2005
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Net revenue $ 34,642 $ 43,572
Operating expenses:
Cost of revenue 8,498 10,597
Research and development 14,548 17,572
Selling, general and administrative 25,035 13,851
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Total operating expenses 48,081 42,020
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(Loss)/income from operations (13,439) 1,552
Other income 1,351 870
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(Loss)/income before income taxes (12,088) 2,422
Provision for income taxes (26) (84)
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Net (loss)/income $ (12,114) $ 2,338
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Basic (loss)/earnings per common share $ (0.24) $ 0.05
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Shares used in computing basic
(loss)/earnings per common share 49,760 48,986
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Diluted (loss)/earnings per common share $ (0.24) $ 0.05
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Shares used in computing diluted
(loss)/earnings per common share 49,760 50,228
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The Medicines Company
Condensed Consolidated Balance Sheets


March 31, December 31,
(in thousands) 2006 2005
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ASSETS
Cash, cash equivalents, available for
sales securities $ 124,181 $ 140,089
Accrued interest receivable 976 922
Accounts receivable, net 18,015 14,611
Inventories 45,434 47,985
Prepaid expenses and other current assets 1,881 971
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Total current assets 190,487 204,578
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Fixed assets, net 3,676 3,990
Other assets 143 139
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Total assets $ 194,306 $ 208,707
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LIABILITIES AND STOCKHOLDER'S EQUITY
Current liabilities $ 29,855 $ 34,666
Deferred revenue 3,060 3,142
Stockholders' equity 161,391 170,899
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Total liabilities and stockholders'
equity $ 194,306 $ 208,707
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