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Biotech / Medical : Millennium Pharmaceuticals, Inc. (MLNM)
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From: mopgcw1/6/2006 9:35:23 AM
   of 3044
 
gs: MLNM (IL/N): 1st take: 2006 guidance in-line

52-Week Range US$11-8
YTD Price Change 3.61%
Market Cap US$3.1bn
Fiscal Year (ending in Dec)
2004 2005E 2006E
US$-0.59 US$-0.48 US$-0.17

MLNM issued 2006 guidance on Velcade sales, royalties, operating expenses, non-GAAP
income and cash that were essentially consistent with our forecasts. Management
continues to expect to turn profitable in 2006. The development goals, including those for
Velcade, were in line with expectations. We may fine-tune our model after the
management call tomorrow (1/6/06) at 8:30am. Dial 212-896-6053. We maintain an
In-Line rating and Neutral coverage view.

Table 1: MLNM guidance for 2006 vs. estimates
in $MM Guidance Estimate Velcade - U.S. 225 - 250 242 Royalty revenue 115 - 125 128
Operating expenses * 425 427 Net income - non-GAAP ** 5 2 Net income - GAAP (95) -
(115) (122) Cash, marketable securities > 500 534 * R&D + SG&A ** excludes ESO
expensing

Source: Company data, Goldman Sachs Research estimates

I, Maykin Ho, Ph.D., hereby certify that all of the..
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