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Biotech / Medical : Millennium Pharmaceuticals, Inc. (MLNM)
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To: software salesperson who wrote (2533)10/28/2005 9:53:42 PM
From: tom pope   of 3044
 
Here's ML's take, dated 10/27 - EDIT - dull as dishwater, like so much of ML's biotech analysis, I think.

Highlights:
Millennium’s third quarter EPS loss of ($0.02) reflects inline
Velcade sales offset by lower operating expenses. The
key point is that the company continues its restructuring
and refocusing efforts. Maintain NEUTRAL rating.
Velcade In-Line. Velcade U.S. sales totaled $51 MM, inline
with our estimate and consensus. The company
narrowed full year sales guidance to $190-195 MM. We
are maintaining our 2005 estimate at $193 MM.
Restructuring. The quarter reflected the transfer of
Integrilin rights to Schering, including the change over to
royalties from co-promote revenues and the sale of
inventory offset by a COGS expense for the transfer.
Importantly, the company continues to cut operating
expenses, as R&D and SG&A were lower than expected.
Going forward the company expects to reduce total R&D
and SG&A expenses by an impressive 30% in 2006
compared to 2004.
Refocusing. Millennium will continue its efforts to
concentrate on its core strength of oncology and reduce
early discovery programs in other areas such as
inflammatory disease.
Updated Guidance. Loss guidance for 2005 was
narrowed to $85-95 MM from a loss of < $100 MM. We
expect a 2005 loss of $91 MM and estimate EPS losses of
($0.29) in 2005 and ($0.13) in 2006.
Maintain Neutral. We believe MLNM is becoming a
more interesting biotech story as it concentrates on its core
strengths and as the new CEO gains footing. There is
some lack of visibility with regard to strategic alliance and
royalty revenues, and we look for further clarification on
revenue possibilities. Millennium is holding an analyst day
on Nov. 2 in New York and we look for its pipeline plans.
We maintain our Neutral rating, but would be
opportunistic on weakness in the stock as the prospects for
the company are brightening.
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