Millennium Pharmaceuticals, Inc. (MLNM) Message Board

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

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From: tom pope	9/26/2006 1:26:11 PM
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ML - neutral (we'll see whether they update to reflect ANOR) Velcade sales looking light; fewer trials in lung cancer Based on NDC monthly Velcade sales data for July and August and company statements concerning the outlook, we are lowering our 3Q06 Velcade sales estimate modestly to $57mn from $61mn. Separately, MLNM announced it is not going forward with selected clinical trials of Velcade in lung cancer as the data did not justify continued investment. With modestly lower Velcade sales estimates offset by our lower R&D expense estimates, we maintained our 2006 EPS estimate at $0.01. Maintain Neutral. Lowering Velcade 3Q sales estimate modestly MLNM reported Velcade sales of $59mn last quarter, but with some potential drawdown of the 1-2 weeks of inventory and the competitive impact of Revlimid in multiple myeloma, MLNM does not believe Velcade will reach last quarter’s numbers. In addition to lowering 3Q estimates, we lowered our full year Velcade estimates to $232mn from $238mn in ‘06 and to $280mn from $295mn in ‘07. Thinning the Velcade trials in lung cancer MLNM announced that response data did not justify going forward with certain clinical trials of Velcade in the treatment of lung cancer, including a phase II single agent trial in bronchoalveolar carcinoma (BAC), a phase II trial in combination with Tarceva in 2nd line non-small cell lung cancer (NSCLC), and a phase II trial in combination with gemcitabine/carboplatin in front-line NSCLC. MLNM will, however, continue a phase II trial of Velcade in combination with Alimta in 2nd line NSCLC. The data for Velcade in lung cancer has thus far been mixed and we have low to modest expectations for eventual success. We expect MLNM to continue taking a hard look at how to allocate its R&D spending.

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