Momenta Pharmaceuticals Reports Financial Results for the First Quarter of 2011
CAMBRIDGE, Mass., May 5, 2011 (GLOBE NEWSWIRE) -- Momenta Pharmaceuticals, Inc. (Nasdaq:MNTA - News), a biotechnology company specializing in the characterization and engineering of complex drugs, today reported its financial results for the quarter ended March 31, 2011.
For the first quarter of 2011, the Company reported a net income of $57.0 million, or $1.13 per diluted share, compared to a net loss of $16.1 million, or $0.37 per share, for the same period in 2010. At March 31, 2011, the Company had cash, cash equivalents, and marketable securities of $182.0 million, compared to $152.8 million at December 31, 2010.
"Sales of generic Lovenox(R) continue to drive our profitability, and the first quarter earnings reflect enoxaparin profit-share revenues of nearly $76 million," stated Craig A. Wheeler, President and Chief Executive Officer. "We plan to use these financial resources wisely to advance our pipeline and follow-on biologics business."
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