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Biotech / Medical : Biotechnology & Drugs -- Ignore unavailable to you. Want to Upgrade?

To: SusieQ1065 who wrote (122)	7/18/2002 9:21:22 PM
From: SusieQ1065	Read Replies (1) \| Respond to of 232

MLNM($9-$11)..PE Zero..MC 3B...beats by 3 cents, rev's light.. Archive Headline 16-Jul-02 16:08 ET Millennium Pharm beats by 3 cents, revs light (MLNM) 11.09 +0.71: Reports Q2 pro forma loss of $0.16, $0.03 better than the Multex consensus; revs were $91.9 mln, vs consensus of $95.3 mln. Tuesday July 16, 6:57 pm Eastern Time Reuters Company News Millennium loss widens on research spending By Toni Clarke (Adds comments from company executives, details) NEW YORK, July 16 (Reuters) - Millennium Pharmaceuticals Inc. (NasdaqNM:MLNM - News) said on Tuesday its second-quarter loss widened as higher research spending offset increased sales of its blood-thinning drug Integrilin. ADVERTISEMENT Millennium, which is based in Cambridge, Massachusetts, posted a net loss of $107.7 million, or 38 cents a share, compared with a loss of $46.7 million, or 21 cents, a year ago. Revenue rose to $91.9 million from $59.1 million as sales of Integrilin, a drug that fights blood clots, rose 16 percent. Millennium, which is working to develop drugs by researching the function of genes, acquired Integrilin with its $2 billion purchase of Cor Therapeutics Inc. at the end of last year. The company said it is on track for a loss, excluding one-time charges, of $175 million to $200 million in 2002. It said it expects to meet its 2002 sales goal of $300 million and reiterated that it expects to break even in 2004. However, the company said macro economic events such as potential mergers and acquisitions in the drug industry, have increased the risk that partnerships it had hoped to forge by the end of the year will be delayed, which would delay some expected revenue. "A number of our potential partners in the pharmaceuticals industry are at different stages of looking at their product pipelines," said Chief Financial Office Kevin Starr on a conference call with investors. "Speculation about mergers and acquisitions is affecting how they are looking at the world." Drug companies are examining new potential mergers following Pfizer Inc.'s (NYSE:PFE - News) agreement to acquire rival Pharmacia Corp. (NYSE:PHA - News) for $60 billion earlier this week. Starr said Millennium itself is looking to make acquisitions. "Whether that takes place this year or next year is impossible to predict," said Starr. Millennium is moving to bolster its revenue by acquiring drugs from other companies as it waits for its own drugs to move, more slowly than originally predicted, through clinical trials. On Monday, the company said it was discontinuing development of its oral asthma drug after several patients suffered liver problems. The company was developing the drug with Taisho Pharmaceutical Co. Ltd. of Japan (Tokyo:4535.T - News). Millennium markets Integrilin -- one of two drugs it has on the market -- with Schering-Plough Corp. (NYSE:SGP - News). The two share revenue on U.S. sales. Schering-Plough pays Millennium a royalty on sales outside the U.S. Worldwide sales of Integrilin rose 16 percent to $77.7 million in the latest quarter, of which $71.3 million came from the U.S. Research and development costs jumped to $122.4 million from $94.6 million as the company spent more to develop drugs from its genetic research. Millennium took several charges in the quarter, including nearly $15 million for losses from investments in telecommunication company bonds including WorldCom Inc. Millennium also took a charge of $54 million to finance debt assumed in its merger with Cor Therapeutics. Excluding charges and gains, the company posted a loss of $44 million, or 16 cents a share. On that basis, analysts had expected a loss of 19 cents a share, according to market research firm Thomson First Call.