Velcade Drives Millennium
By Jeff Hwang
October 16, 2003
Millennium Pharmaceuticals (Nasdaq: MLNM), the world's ninth-largest biotech company, is making a run for the No. 8 spot.
For the third quarter, Millennium saw revenue jump 51% year over year to $144.8 million, narrowing the company's loss to $92.3 million, or $0.31 per share. Driving the gain was Velcade, its blockbuster hopeful.
Approved in May, Velcade garnered $23.0 million in product sales during its first full quarter on the market, and has accounted for $30.9 million since its launch. As a treatment for multiple myeloma, Millennium now expects full-year sales to exceed $50 million, rather than the $25 million to $30 million it had previously forecast.
The company's revenue share from Integrilin, the heart drug Millennium co-promotes with Schering-Plough (NYSE: SGP), increased slightly to $47.9 million from $45.0 million. However, Millennium gained market share to 71%, reflecting its larger sales force.
In addition to product sales, the company received a $30 million milestone payment from its new partner for Velcade, Johnson & Johnson (NYSE: JNJ) subsidiary Ortho Biotech Products. Including the milestone payment for Velcade -- for which J&J owns marketing rights outside the U.S. -- strategic alliance revenue increased 46% to $73.9 million.
Jeff Hwang can be reached at JHwang@fool.com.
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