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Biotech / Medical : Millennium Pharmaceuticals, Inc. (MLNM)
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From: Icebrg2/28/2006 10:16:26 AM
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P Morgan Cuts Millennium Pharm To Underweight >MLNM

Tuesday, February 28, 2006 8:00:26 AM ET
Dow Jones Newswires

J.P. Morgan cut Millennium Pharmaceuticals Inc. (MLNM.NAS) to underweight from neutral because of faster-than-expected pressure on the cancer drug Velcade.

With U.S. sales of Velcade flattening in the fourth quarter, limited off-label use and a more robust competitive threat than projected, the broker said it sees downside to the 2006 Velcade sales consensus of $238 million
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