Millennium Pharmaceuticals, Inc. (MLNM) Message Board

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

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From: Icebrg	4/28/2005 1:08:22 PM
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Millennium Pharma's Drive For Long-Term Growth 04.28.05, 12:52 PM ET Credit Suisse First Boston maintained a "hold" rating on Millennium Pharmaceuticals (nasdaq: MLNM - news - people ) after the biotechnology company reported results for the first quarter. Millennium reported Thursday morning a first-quarter loss of 9 cents per share, compared with CSFB's estimated loss of 17 cents per share. The company posted a narrower-than-expected loss on higher Velcade sales milestones from partner Ortho Biotech, a unit of Johnson & Johnson (nyse: JNJ - news - people ), and lower research and development spending. "Much debate has centered on Millennium's ability to reach 2006 profitability without a reacceleration of revenue growth or drastic cost cuts. We are more concerned about long-term earnings prospects and project 2008 earnings-per-share of just 13 cents," said CSFB. "We believe Millennium will seek late-stage in-licensing opportunities over the next year in a bid to drive longer-term growth, at the potential expense of 2006 profits." The research firm narrowed its 2005 forecasted loss of 38 cents per share from 31 cents per share and trimmed the price target on Millennium to $12 from $14. CSFB noted that the most appealing program in the company's early pipeline is MLN1202, a multiple sclerosis treatment. forbes.com

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