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

To: IRWIN JAMES FRANKEL who wrote (1899)	10/17/2003 8:07:19 AM
From: PCSS	Respond to of 3044

Goldman-Sachs Research this morning (summary): At an analyst meeting yesterday, MLNM management reiterated the goals of growing the pipeline and achieving profitability in 2006. We believe company fundamentals are improving, with a more focused R&D program and better than expected launch of Velcade. Based on the lower expenses after restructuring, we have revised our 2003 loss estimate to $0.82 from $1.00 and our 2004 estimate to $0.50 from $0.61. We maintain our IL rating for MLNM based on the momentum from the Velcade launch, a broad pipeline, good cash position and a fair valuation. Risks to our rating include slower sales, failure in clinical development and higher expenses. Our sector coverage view remains Neutral.