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Biotech / Medical : Millennium Pharmaceuticals, Inc. (MLNM) -- Ignore unavailable to you. Want to Upgrade?

To: software salesperson who wrote (1464)	4/15/2003 7:36:07 PM
From: software salesperson	Read Replies (2) \| Respond to of 3044

4/15/03 conference call notes 1. 1 q results 30.8 collaborative revenue was on budget; the current decrease was because of conclusion of Monsanto deal guidance remains unchanged V partnership still in 2 q 1.7 b cash 683 m convertible debt 4/22 deadline to amend maturity 1.3 b year-end cash 2. 1q products’ accomplishments V- - us and europe filings; majority of oncology sales force has been hired; apex trial to complete enrollment by year-end; over 30 trials in various cancers; 4 signals by year-end I - - >64% market share; been increasing market share while market has been flat; 3 pronged strategy to grow market in early use within 1st 24 hours (a) leverage patient crusade data - - only 35% of patients receive a gp IIb-IIIa inhibitor within 1st 24 hours (b) new sales effort in emergency room and ccu- - adding salespeople (c) new clinical trials- - unspecified 3. 1 q highlights and upcoming events by year-end, 97% of r&d will be on own pipeline rapidly consolidating facilities portfolio mgmt.- - prioritize pipeline, and alliances for non-key assets preparing for upcoming meetings: mln02 for ibd in late may; asco late may for early V data in both hematological and solid tumors 4. q&a (i) break out I sales ? - - us, 84 m; non-us 5 m (ii) I inventory levels? - - spike early in q; in march, inventory levels will be down; inventory levels between flat and up ½ month; December was 1.4 (iii) V partnership update? - - no later than end of 2 q (iv) decreased r&d costs to continue? - - r&d guidance remains unchanged (v) IIb-IIIa pricing dynamics? - - has not seen a dramatic change in pricing; does see end of q sales spike by one competitor based on price (vi) angiomax sales/effect? - - no direct answer; ( it’s encouraging that vaughan has finally learned not to answer for the competition. one would think that he took sales 101 at some point - - (vaughan’s not one of my favorites) ) (vii) # of V sales force? - - no direct answer ; all are experienced oncology reps; can launch in us for mm by itself (viii) I inventory levels at 2 months rather than 1? - -no direct answer; always buying ahead of possible price increase; gained market share during month (mlnm clearly does not like to engage in discussions of I inventory levels) (ix) I manufacturing problems in puerto rico which affect us? - - there is no problem (x) guidance update for revenues? (?) - - there is no update (xi) will apex trial be affected by same placebo issues/problems as genz’s recent trial was? (?) - - apex is not a placebo trial; besides, the trial is well-designed (xii) I cost of co-promotion revenue going down? - - no trend (xiii) # V salespeople vs. clinical liaisons— - vast majority are salespeople (xiv) $ 40m milestone from ilex? - - if hit milestone in 2 q, 40 m will be paid (nature of milestone was never answered on the call) (xv) 2006 breakeven update? - - no change; new partnerships; new product sales; rebalance expenses; more focus on fewer amount of projects (xvi) asco data? - - safety data on solid tumors with combo therapies; activity data on mantel cell lymphoma; there will be NO lung, colon, prostate, ovarian, nor renal cell at asco; p 2 qol data on mm (xvii) does breakeven assume V revenue from solid tumors? - - no direct answer (xviii) need an odac panel for V approval? - - there is no fixed requirement for odac panel; in daily contact with fda (xix) where will the new I salespeople be focusing? - - on clinical cardiologists (xx) since crusade data , can you measure to what extent sales increased as a result?- - no direct answer 5. impressions a lot more deals will be coming in the next 18 months or so; as erik has pointed out, the ibd data and meeting was the 1st mentioned under upcoming events; it was encouraging to hear that an odac panel was not necessary for V approval; otherwise, it was a solid call with the analyst community liking the level of expense reduction sales