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Biotech / Medical : Millennium Pharmaceuticals, Inc. (MLNM)
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To: Icebrg who wrote (1632)6/14/2003 5:07:33 PM
From: Icebrg  Read Replies (1) of 3044
 
Financial development - 12m figures



			  2000	    2001      2002  Q2/02-Q1/03
										
Revenue			 196 269   246 216   353 033   366 149
CoG	        	 -18 890   -18 696   -63 174   -74 142
Gross Profit		 196 269   246 216   289 859   292 007
										
R&D			-268 740  -400 575  -511 210  -536 708
GSA			- 49 315   -82 633  -152 984  -151 126
Other costs		-208 483   -64 554  -279 910   -70 238
Net op profit	        -330 269  -301 546  -654 245  -466 065
										
Financials	         -25 018   109 571    64 052    41 878
Tax				
Net income		-355 287  -191 975  -590 193  -424 187
										
Cash			1452 367  1474 868  1759 063  1651 851
										
L-T Debt		  95 927   683 285   683 285   683 285
										
Equity			1462 283  1568 237  2901 693  2804 848



Other costs is really other costs. A lot of non-cash charges in connection with the merge with Cor etc.

As bad as it is that R and D costs are not separated it is that sales and administrative costs are neither.

Revenues are a mix of contract revenue and co-promotion income.

For some reason Millennium puts the product cost together with the other costs. I have moved it up as a cost of goods. The gross profit percentage is not representative as there is a substantial chunk of contract revenue on the first line.

First quarter 2003 "real costs" i.e R&D and GSA costs were in real life about 23 mUSD lower than in Q4 2002. This is however not yet "reflected" in the 12m figures as the quarter "lost" was partly Cor-less. Q1 2003 was actually at the same cost level as Q2 2002. Hopefully Q4 2002 with total cost of 185.239 mUSD will represent the high point for some time to come.

Erik
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