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Millennium Over-Delivers on 2007 Goals and Financial Guidance

- Worldwide VELCADE(R) (bortezomib) for Injection sales surpassed $765

million in 2007 -

- VELCADE granted priority review by FDA in newly diagnosed multiple

myeloma, with launch on track for first half of 2008 -

CAMBRIDGE, Mass., Feb. 7 /PRNewswire-FirstCall/ -- Millennium Pharmaceuticals, Inc. (Nasdaq: MLNM) today reported 2007 non-GAAP net income of $86.9 million and GAAP net income of $14.9 million.(1) These results exceeded the Company's 2007 financial guidance, driven by strong worldwide sales of VELCADE, the global market leader for the treatment of patients with relapsed multiple myeloma.

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"Millennium over-delivered on high expectations in 2007, including the achievement of record financial results," said Deborah Dunsire, M.D., President and Chief Executive Officer. "Millennium is uniquely situated for growth with a blockbuster oncology product, a pipeline of innovative product candidates and strong financials."

"We remain committed to positioning the Company to deliver sustainable earnings growth," stated Marsha Fanucci, Chief Financial Officer. "In 2008, the Company is focused on elevating its success by maximizing the launch of VELCADE in newly diagnosed multiple myeloma, initiating a pivotal trial program with MLN0002 in inflammatory bowel disease and achieving our financial guidance."

2007 Financial Results

-- The Company achieved full-year non-GAAP net income of $86.9 million or

non-GAAP earnings per share of $0.27. The 125 percent increase over

non-GAAP net income in

SOURCE Millennium Pharmaceuticals, Inc.
Copyright©2008 PR Newswire.
All rights reserved

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