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

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To: Miljenko Zuanic who wrote (2275)11/16/2004 11:05:41 PM
From: PCSS  Read Replies (1) of 3044
 
G-S RESEARCH TONITE

At its R&D day yesterday, MLNM discussed a growing pipeline that has benefited from renewed focus and a broad platform of technologies to improve productivity.

We expect 8 products drug candidates to be in clinical trials for inflammation, cancer and cardiovascular diseases in 2005.

Management also reiterated the goal of breaking even in 2006.

We believe sustainable growth beyond 2006 will depend on expansion of indications for Velcade & Integrilin, approval of some of the current drug candidates and continued cost control.

Despite the broad platform and growing pipeline, we maintain our In-Line rating while awaiting for Phase II data on the next wave of candidates.

Risks are slower sales, failure in development and higher expenses. Our coverage view is Neutral.
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