MLNM reports (4) cents loss, much better than First Call of (17) cents loss:
Millennium Reports Third Quarter 2001 Financial Results
CAMBRIDGE, Mass., Oct 16, 2001 /PRNewswire via COMTEX/ -- Millennium Pharmaceuticals, Inc. (Nasdaq: MLNM chart, msgs) today reported consolidated financial results for the three and nine months ended September 30, 2001.
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Revenue for the quarter ended September 30, 2001 was $82.2 million compared to $43.9 million for the same period in 2000, with Millennium's alliances continuing to provide the Company with substantial funding to finance the progress of its clinical and preclinical pipeline. This quarter's revenue increase was driven by achievement of milestones and increased revenue from the Company's existing strategic alliances.
Millennium is aggressively accelerating development of its clinical pipeline. Expenditures for research and development for the quarter ended September 30, 2001 increased to $98.8 million from $68.8 million for the same period in 2000. The Company has made significant progress in accruing patients for its clinical trials and maintains an emphasis on building clinical and drug development efforts.
Millennium continues to expand its business operations as part of the overall growth of the Company resulting in general and administrative expense for the quarter of $18.3 million compared to $12.4 million for the same period in 2000.
Net operating loss, before acquisition-related amortization charges, for the quarter ended September 30, 2001 was ($9.5) million or ($0.04) per basic and diluted share, compared to net operating loss, before acquisition-related amortization charges and debt conversion expenses, of ($31.9) million or ($0.16) per basic and diluted share for the same period in 2000.
In addition, Millennium recorded amortization charges of $15.7 million for the quarter resulting from strategic acquisitions completed in prior years.
As of September 30, 2001, Millennium had approximately $1.5 billion in cash, cash equivalents and marketable securities.
"We are pleased that our pipeline of novel products is moving so successfully through the clinic," commented Kevin Starr, executive vice president, business operations and chief financial officer of Millennium. "In particular, our oncology product candidates are increasingly being recognized by the scientific and clinical communities as representing significant potential advances in the treatment of a variety of cancers. We look forward to expanding our clinical portfolio from both our genomically-derived targets and external sources." |
