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Biotech / Medical : Millennium Pharmaceuticals, Inc. (MLNM)
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To: tuck who wrote (2297)1/10/2005 11:43:08 AM
From: software salesperson  Read Replies (1) of 3044
 
1/10/05 cc q&a

1. any front line revenue in V guidance ‘05? - - modest increase until compendia approval

2. can you get to ’06 profitability without another restructuring? - - yes

3. based on ’05 revenue and expense guidance, there would seem to be a lot of strategic alliance revenue needed to reach profitability target in ’05? Maybe a doubling of current levels? - - no; some new alliance revenue; some jnj milestones; some V ex-US royalties

4. what is the 2nd line V approval milestone amount? - - no direct answer

5. V revenue has shown 7-8% q over q growth the last 2 qs. You are projecting 6-7% for ’05. what are your 2nd line expectations? - - in 3rd line, we have a 40-50% share; need retreatment trial to raise 3rd line revenue; current 2nd line share is 20-30%; should be 40-50% after apex approval snda

6. re: expenses, will r&d scaledown be 25%? - - will be modest r&d decline; g&a and depreciation will drive overall expense decrease

Impressions:

With the only real news being a more intense focus on strategic alliances and a no go in the docetaxel combo nsclc trial, it remains a mystery why the need for a special early call. Speculative issues concerning mgmt. turnover, possible selling/buying of I, and acquisition/merger/sale of/by company were not raised. Their strategic plans remain in place, as does ’06 non-gaap profitability.

sales
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