Millennium Over-Delivers on 2007 Goals and Financia...(2006 of $38.6 million was primarily the ...)

of:

-- A 20 percent increase in VELCADE U.S. net sales to $265.2 million;

and

-- A 24 percent increase in royalties to $166.9 million, as a result

of strong growth in VELCADE sales outside of the U.S. This growth

led to the earlier than anticipated achievement of a non-recurring

$40 million milestone from Ortho Biotech Products, L.P., a member

of the Johnson & Johnson Family of Companies, which was due when

VELCADE sales outside of the U.S. surpassed $500 million. The

milestone was recorded as strategic alliance revenue.

This strong revenue growth was partially offset by:

-- A six percent increase in combined non-GAAP selling, general and

administrative (SG&A) and non-GAAP research and development (R&D)

expense to $451.0 million (corresponding GAAP SG&A and GAAP R&D

expense, including stock-based compensation, of

$476.2 million).(2) The increase was the result of enhanced sales

and marketing investment to support the continued growth of

VELCADE, offset in part by a four percent decrease in non-GAAP

R&D expense.

-- The Company achieved full-year GAAP net income of $14.9 million or

GAAP earnings per share of $0.05. The transition to GAAP

profitability from a GAAP net loss in 2006 of $44.0 million was

primarily the result of the drivers listed above as well as a

$17.0 million decrease in stock-based compensation expense and a

$7.5 million decrease in restructuring charges.

-- As of December 31, 2007, the Company had $891.3 million in cash, cash

equivalents and marketable securities. The outstanding principal

amount of convertible debt was $250.0 million.

Recent VELCADE Highlights

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