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Biotech / Medical : Millennium Pharmaceuticals, Inc. (MLNM)
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From: Icebrg7/21/2007 1:56:55 AM
   of 3044
 
Morgan Stanley - not too happy.

Based on IMS, Velcade sales are up 5 % largely in line with our 6 % QoQ growth estimate ($62MM in sales). We do note that the 25% MoM growth observed in May (which some on the Street have focused on) seem more like an aberration based on the broad swings observed in the previous months versus real growth. We continue to believe that Velcade will struggle to show meaningful growth. In absence of a sustained Velcade acceleration in 2H07 (the Street time frame to see impact from the JnJ collaboration), we believe the stock could see substantial downside. Integrilin sales were down 12 % QoQ, but the guaranteed royalty payment from Schering till Q307 makes it less of a focus.
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