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Biotech / Medical : Millennium Pharmaceuticals, Inc. (MLNM)
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To: dalroi who wrote (1629)6/9/2003 6:45:51 AM
From: Icebrg  Read Replies (1) of 3044
 
Stefaan

Perhaps they have finally been able to figure out what is needed in order to reach profitability by 2006. Most of the pieces are in place now. If they don't manage to reach that goal Levin will be finished. He was excused once already, but I doubt there will be any support for him if he fails to deliver on HIS OWN "promises" by 2006.

- Velcade has been approved. I believe they should have a fair idea about how much revenue this product will generate.

- There will not be much growth coming from Integrillin.

- Terms and conditions for the Velcade license should be known by now. They have said that the partner's identity will be announced before mid-year.

So, the income side should in my opinion be pretty well defined by now. There will be no other major sources of income for the company over the next couple of years. Velcade was their only late-stage product.

As the revenues are now defined the rest of the exercise is simple. They just have to cut away enough to be able to show the profit they are looking for. Evidently they had to cut a lot. In many aspects this a very slow-moving side of the economy and there will be nothing more on that credit side, that can save them. What remains now is to reshuffle the clinical programs.

Erik
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