Millennium Pharmaceuticals, Inc. (MLNM) Message Board

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Biotech / Medical : Millennium Pharmaceuticals, Inc. (MLNM)

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To: Miljenko Zuanic who wrote (1894)	10/16/2003 8:08:46 PM
From: bob zagorin	Read Replies (1) of 3044

FBR today.. MLNM: reit' outperform - TGT$20; Strong 3Q driven by Velcade and expense reductions. Millennium reported strong 3Q results, with Velcade sales of $23 million and pro forma EPS of ($0.10) coming in ahead of our estimates and Street estimates. In addition, R&D expenses declined sequentially, indicating that Millennium's cost-cutting measures are starting to take hold. We believe this quarter will eventually be thought of as a major turning point for Millennium, given that Velcade has completed its first full quarter of sales and is now one of the most exciting products in biotech. In addition, Millennium can focus on cutting lower priority clinical programs, given that it now has a legitimate driver of top-line growth.

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