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

To: Ian@SI who wrote (2057)	4/1/2004 12:58:55 AM
From: PCSS	Read Replies (2) \| Respond to of 3044

During a Goldman Sachs conference call, MLNM was upbeat about its cancer programs. The pipeline is growing with 5 Phase I programs and multiple new indications being explored for Velcade. Presentations at ASCO in June 2004 might include: 1) Phase III APEX data on Velcade in second line multiple myeloma (MM), 2) Interim Phase II data on Velcade in NHL, lung cancer and front line MM, and 3) Phase I/II data on MLN2704 for prostate cancer. MLNM expects to submit the APEX data to the FDA to support earlier use of Velcade in 2004. We estimate sales potential of Velcade to be $200-300mm in MM and over $500mm if effective in solid tumors. We maintain our In-Line rating based on expanding indications for Velcade, a broad pipeline, good cash position, fair valuation, and transition to profitability in 2006. Risks include slower sales, failure in clinical development and higher expenses. Our coverage view remains Neutral.