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Millennium Announces 2008 Goals for Growth, Building on Record 2007 Results
Date:1/4/2008

>

inflammatory diseases, including initiating a global Phase III program

with MLN0002 in ulcerative colitis and Crohn's disease in late 2008 /

early 2009

-- Continue the flow of innovative molecules from discovery into

development with the potential advancement of another novel development

candidate

-- Continue to evaluate appropriate in-licensing, acquisition and

partnership opportunities

Deliver Top- and Bottom-Line Financial Growth

The Company continues to improve top- and bottom-line financial performance significantly, while continuing to invest in VELCADE and the pipeline for future growth. The Company is on track to exceed its 2007 non- GAAP net income and GAAP net loss financial guidance, as outlined during its third-quarter 2007 earnings call on November 1, 2007(1). This improvement was driven by a strong increase in worldwide VELCADE sales and the early achievement of a $40 million ex-U.S. sales milestone payment. Comprehensive financial results for 2007 will be issued in the Company's year-end earnings release on February 7, 2008. The Company's 2008 financial guidance is as follows:

-- VELCADE U.S. net sales are expected to increase 20 to 30 percent,

resulting in $320 million to $345 million

-- Royalties are expected to be in the range of $175 million to $185

million

-- Non-GAAP research and development (R&D) and non-GAAP selling, general

and administrative (SG&A) expenses are expected to be approximately

$450 million (corresponding GAAP R&D and SG&A expenses, which includes

stock-based compensation expense, are expected to be approximately $480

million)

-- Non-GAAP net income is expected to be in the range of $80 million to

$95 million

-- GAAP net income is expected to be in the range of $10 million to $25

million, with the difference between GAAP net income and non-GAAP n
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SOURCE Millennium Pharmaceuticals, Inc.
Copyright©2008 PR Newswire.
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