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

To: Icebrg who wrote (2095)	4/28/2004 5:39:31 PM
From: Ian@SI	Respond to of 3044

Either Briefing sure got this one wrong, or the market is delaying its reaction by a day or 2... Perhaps, Briefing just doesn't make a distinction between MELANOMA and MYELOMA.<G> * 09:26 ET Millennium Pharma: Watch for potential pop in MLNM on Celgene trial halt news (MLNM) 18.45: -- Update -- * 09:25 ET Celgene announces plans to stop Phase III Melanoma (CELG) 58.24: Co announced that it plans to stop its pivotal Phase III REVLIMID trial based on the verbal recommendation of the Data Monitoring Committee (DMC). The DMC yesterday afternoon reviewed the unblinded interim results of co's Phase III monotherapy REVLIMID melanoma trials and has determined that the trials would not demonstrate a statistically significant treatment effect and therefore recommended based on stopping rules that co halt the trials. Co has accepted this recommendation and following formal notification and review of the analysis, physicians and patients will be advised of this information. The results of this later stage monotherapy trial do not effect our development plan or timelines for other indications such as myelodysplastic syndromes, myeloma and other solid tumors for which this agent is being or planned to be investigated. Co is also planning combination trials in melanoma. Co notes that this drug was generally well tolerated in these advanced cancer patients. (Stock currently halted)

To: Icebrg who wrote (2095)	4/29/2004 11:46:26 AM
From: Icebrg	Read Replies (1) \| Respond to of 3044

Millennium Pharmaceuticals downgraded to "neutral" Thursday, April 29, 2004 7:03:21 AM ET Robert W. Baird NEW YORK, April 29 (New Ratings) – Analysts at Robert W Baird downgrade Millennium Pharmaceuticals Inc (MLNM.NAS) from "outperform" to "neutral," while revising their estimates for the company. The target price has been reduced from $23 to $17. Shares of Millennium Pharmaceuticals, a leading integrated biopharmaceutical company, are currently trading at $17.28. According to Robert W Baird’s research note published this morning, Millennium Pharmaceuticals reported lower-than-expected 1Q04 sales of Integrilin and Velcade at $67.7 million and $29.6 million, respectively. Recent data about the usage of Velcade also indicates a slowdown in the drug’s adoption rate, the analysts mention. The drug’s physician and patient penetration has remained flat in the past few months, the analysts add. Velcade’s potential in the solid tumor market is expected to be offset by increased competition in the lung cancer segment, according to Robert W Baird. The sales estimates for Velcade have been reduced in view of the disappointing user data and increased competition, the analysts add. The revenue estimates for Velcade for FY04 and FY05 have been reduced from $165.5 million to $145 million and from $329 million to $292.8 million. The EPS estimates for FY04 and FY05 have been revised from -$0.58 to -$0.50 and from -$0.21 to -$0.33, respectively. Robert W Baird downgrades Millennium Pharmaceuticals from "outperform" to "neutral."