Miljenko
I am looking at these figures. I believe our main "difference" is what to make of Other revenues, which is revenues from alliance partners. We know that this revenue will decrease over the next couple of years on one hand, but will also be supported by milestones from J&J. However due to their nature, I don't look upon the milestones as a permanent part of Millennium's revenue picture. Before I am satisfied, I would like to see MLNM profitable before these one-off milestones payments are applied.
MLNM were very smart when the J&J contract was made. As they have it set-up almost all the J&J revenue will go straight into the P&L as a current operating revenue, making the company appear to be more profitable/less lossmaking than it really is.
Erik
Q3_03 Q2_03 Q1_03 Q4_02 Q3_02 Q2_02 Q1_02
Revenue 70,9 61,0 50,8 47,9 45,0 44,9 22,1
Other revenue 73,9 60,7 30,8 49,0 50,7 46,9 46,5
Total revenue 144,8 121,7 81,6 96,9 95,7 91,8 68,6
Cost of Revenue -17,8 -15,6 -15,6 -18,9 -18,8 -12,6 -6,9
Gross Profit 127,1 106,1 66,0 78,0 76,9 79,2 61,7
S,G & A -43,0 -40,8 -38,4 -38,3 -37,4 -45,2 -38,0
R&D -119,7 -130,6 -126,8 -146,9 -140,5 -122,4 -101,3
Depr. /Amort. -9,7 -9,7 -9,7 -9,8 -9,8 -9,8 -5,5
Other op. Exp. -28,2 -3,0 54,0 0,0
Total Op. Exp. -172,4 -181,1 -203,1 -198,0 -187,7 -231,4 -144,8
Op. Income -45,4 -75,0 -137,1 -120,0 -110,8 -152,2 -83,1
Interest, net 5,8 -6,9 -0,8 8,9 11,3 4,5 21,4
Campath, etc. 40,0 31,5 0,5 40,0
Other, net -52,7 -65,3
Total Non-op. -46,9 -32,2 -0,8 40,4 11,8 44,5 21,4
NI bef. tax -92,3 -107,2 -137,9 -79,6 -99,0 -107,7 -61,7
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