PARSIPPANY, N.J. -- The Medicines Company reported a steep drop in third-quarter earnings Wednesday compared with the year-ago period, when the company's results were boosted by a large income tax benefit.
Sales rose 13.3 percent for the period to $136.8 million, primarily driven by the company's injectable blood thinner Angiomax.
Net income fell to $9.3 million, or 17 cents per share, compared with $72.6 million, or $1.34 per share, for the third quarter of 2011. The company's results in that quarter benefitted from a $66.5 million tax boost.
Excluding that gain the company would have earned $21.8 million, or 40 cents per share in the most recent period.
Analysts predicted earnings per share of 22 cents on sales of $136.6 million, according to FactSet.
Shares of The Medicines Co. slumped earlier this month after the company said it was ending development of a drug designed to reduce bleeding during surgery. The company cited "serious unexpected patient safety issues," but did not disclose further details.
The company is studying several other clotting products and an experimental broad-spectrum antibiotic.
Shares fell 78 cents, or3.3 percent, to $22.85 in afternoon trading.