Millennium Pharmaceuticals, Inc. (MLNM) Message Board

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

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To: Icebrg who wrote (2993)	2/25/2008 2:11:13 PM
From: Icebrg	of 3044

>>MORGAN STANLEY DOWNS MLNM..AS OVERVALUED! 21-Dec-07 09:17 am >> [Someone will end up having to explain why there are eggs on the face] Analyst Sees Velcade Sales Doubling Monday February 25, 11:12 am ET FBR Analyst Says Millenium Pharma Could Double Sales of Cancer Drug Velcade, Shares Rise NEW YORK (AP) -- Shares of Millennium Pharmaceuticals Inc. rose 5 percent Monday, as a Friedman, Billings, Ramsey analyst said the biopharmaceutical company is on the verge of doubling sales of its main driver, the blood cancer drug Velcade. In December, Millenium shares surged after a late-stage study of multiple myeloma drug Velcade quadrupled complete remission rates when used as an initial treatment. Velcade is already approved in the U.S. to treat patients who have taken at least one treatment, but the FDA agreed to speed its review as an initial treatment. Approval is now expected around the middle of this year. FBR's Jim Reddoch maintained his "Outperform" rating and $20 price target on the stock, saying first-line approval opens Millenium up to an entirely new market and one in which patients would receive nearly double the number of Velcade injections they currently receive as a second-line treatment. Reddoch expects Velcade sales to beat the $345 million top end of guidance this year. Millennium has forecast sales of $320 million to $345 million, representing growth of 20 percent to 30 percent. Reddoch also said the company has heard investor concerns about its sizable research and development budget and is looking for ways to streamline it, possibly through drug development partnerships.

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