Third Quarter Financial Results:
Net sales for the third quarter were $1.511 billion as compared to $1.482 billion for the third quarter of 2004, an increase of two percent. Worldwide coronary stent sales for the third quarter were $633 million as compared to $686 million for the third quarter of 2004. Worldwide sales of TAXUS® paclitaxel-eluting coronary stent systems were $601 million.
During the quarter, the Company recorded special charges of $616 million, net of tax. The after-tax special charges for the quarter consisted primarily of $598 million related to the previously announced settlement agreement with Medinol. The reported net loss for the quarter, including net special charges, was $269 million, or $0.33 per share.
Net income for the quarter, excluding net special charges, was $347 million, or $0.42 per share, as compared to $404 million, or $0.47 per share in the third quarter of 2004.
Fourth Quarter and Full Year 2005 Guidance:
For the fourth quarter, worldwide sales are expected to range between $1.550 billion and $1.590 billion. Earnings per share for the fourth quarter, excluding net special charges, are expected to range between $0.40 and $0.44 per share.
Worldwide sales for the full year are expected to range between $6.293 billion and $6.333 billion. Earnings per share for 2005, excluding net special charges, are expected to range between $1.81 and $1.85 per share.
“During the quarter, we maintained our drug-eluting stent leadership position and experienced significant growth in international TAXUS