SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Biotech / Medical : Millennium Pharmaceuticals, Inc. (MLNM)
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: Icebrg who wrote (2095)4/29/2004 11:46:26 AM
From: Icebrg  Read Replies (1) of 3044
 
Millennium Pharmaceuticals downgraded to "neutral"

Thursday, April 29, 2004 7:03:21 AM ET
Robert W. Baird

NEW YORK, April 29 (New Ratings) – Analysts at Robert W Baird downgrade Millennium Pharmaceuticals Inc (MLNM.NAS) from "outperform" to "neutral," while revising their estimates for the company. The target price has been reduced from $23 to $17.

Shares of Millennium Pharmaceuticals, a leading integrated biopharmaceutical company, are currently trading at $17.28.

According to Robert W Baird’s research note published this morning, Millennium Pharmaceuticals reported lower-than-expected 1Q04 sales of Integrilin and Velcade at $67.7 million and $29.6 million, respectively. Recent data about the usage of Velcade also indicates a slowdown in the drug’s adoption rate, the analysts mention. The drug’s physician and patient penetration has remained flat in the past few months, the analysts add.

Velcade’s potential in the solid tumor market is expected to be offset by increased competition in the lung cancer segment, according to Robert W Baird. The sales estimates for Velcade have been reduced in view of the disappointing user data and increased competition, the analysts add. The revenue estimates for Velcade for FY04 and FY05 have been reduced from $165.5 million to $145 million and from $329 million to $292.8 million.

The EPS estimates for FY04 and FY05 have been revised from -$0.58 to -$0.50 and from -$0.21 to -$0.33, respectively.

Robert W Baird downgrades Millennium Pharmaceuticals from "outperform" to "neutral."
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  

HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2025 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News