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Biotech / Medical : Millennium Pharmaceuticals, Inc. (MLNM)
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To: software salesperson who wrote (1465)4/15/2003 8:39:19 PM
From: microcapfun  Read Replies (1) of 3044
 
Thanks, sales. I am always a few days behind in listening at the cc's.

Two questions.

1. 30.8 collaborative revenue was on budget; the current decrease was because of conclusion of Monsanto deal.

That is surely the main contribution, but it doesn't seem to explain it all. Monsanto generated $42.4M revenues for MLNM last year with the collaboration ending in Q4, and $44.3M in 2001. Assume $11M in revs from MLNM Q1 2002. Subtract that from Q1 2002 collaborative revenues of $46.5M and you get $35.5M. MLNM had $30.8M in collaborative revenues Q1 2003. So MLNM was 'light' $4.7M Q1 2003. Why?

Is it just a timing issue, perhaps associated with the $40M in annual Campath-related money from ILEX, or are they not delivering as many targets as they did last year? The targets are associated with milestones.

This is a medium-sized red flag for me.

2. I am unclear whether the 2003 revenue guidance of $450M - $475M includes money from the Velcade partnership. Does anyone know - perhaps by looking up some old cc notes? I am not referring to Velcade sales, mind you, but partnership funding. It was stated that there would be upfront funding associated with the partnership, and MLNM could book that as revenue.
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