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Biotech / Medical : Millennium Pharmaceuticals, Inc. (MLNM)
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To: Larry Liebman who wrote (492)1/26/2000 2:25:00 PM
From: software salesperson  Read Replies (2) of 3044
 
notes on conference call:

1. financial- - 184 MM (1999) vs. 134 MM (1998) from strategic alliances

160 MM vs. 114 MM r&d expenditures

.06 vs .43 eps

begin 2000 with 650 MM cash

anticipates > 200 MM in strategic alliances in 2000

anticipates 50-75 MM yearly losses til 2003, when expects to be breakeven

2. 1999 accomplishments- - BMY,wyeth,lilly alliances; campath;tcell receptor;
patents; monsanto;incyte,lexicon database deals

anticipates finishing gene identification process
within 12-18 months

3. goals for 2000- - (i) 2 products on market:campath,melastatin
(ii) 10 molecules in clinical trials
(iii) dozens of targets in screening
(iv) 2 B in alliance funding
(v)enhance productivity >100% over 4 years
(vi) major m&a activities

4. vision- - biopharmaceutical co. of the future

(i) therapeutic medicine + predictive medicine
= personalized medicine
(ii)focus on small molecules and biotherapeutics
(iii) have leading discovery platform
(iv)major m&a activities
(v)dealing with organizational change--partners,internet
(vi) want to be top 10 pharma co.- - create value in range
of 50-150 B

5. q&a

(i) many questions on specifics of 10 molecules in clinic- -
campath(multiple indications-- ms),crohns,asthma,oncology ,
stroke(they were rattling off product #s too quickly
to take it all down accurately)- - mentioned genentech
multiple times

some of the 10 would be with partners;some alone

(ii) questions on how would they prioritize- - mentioned
sophisticated portfolio mgmt. system

(iii) questions on did they have enough mgmt. and r&d talent--
will be hiring,acquiring, and using partners' talent

(iv)anticipates small molecules in clinic based on genomic
target in 2000 or 2001

6. impressions- - remarkably well-scripted; as bright as the present appears,
the future seems more so; obviously, these are people with
a time-sensitive mission; felt like this call was an
interruption to their important work ahead

sales
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