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Millennium Reports Outstanding Third-Quarter Results Driven by VELCADE(R) (Bortezomib) for Injection Sales
Date:11/1/2007

.S. generally accepted accounting principles

(GAAP). Please see the Form 8-K, furnished on November 1, 2007, by

the Company to the Securities and Exchange Commission for a discussion

of why the Company believes these non-GAAP measures are useful to

investors and the additional purposes for which management uses these

measures.

(2) The Company adopted Statement of Financial Accounting Standards No.

123R (SFAS 123R) as of January 1, 2006 and records stock-based

compensation expense in its statement of operations. Although this

expense is a significant ongoing expense affecting the Company's

results of operations, the Company excludes this charge from its non-

GAAP R&D, non-GAAP SG&A, non-GAAP net income and non-GAAP net income

per share because: (1) the Company's management excludes this expense

from the Company's budget and planning process used to allocate

resources in the Company's ongoing portfolio prioritization efforts,

(2) the Company believes that excluding this expense could be helpful

in comparing the Company's financial results to periods prior to

January 1, 2006 because stock-based compensation charges are excluded

in the various operating expense categories and (3) as a result of

varying available valuation methodologies, subjective assumptions and

the variety of award types, the Company believes that excluding stock-

based compensation may enable useful comparisons of the Company's

operating results to its competitors. Non-GAAP net income and other

non-GAAP financial measures disclosed by the Company should not be

considered in isolation or as a substitute for GAAP. (3) GAAP net loss for 2007 includes amortization of intangibles of

approximately $34 million, stock-based compensation expense of


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SOURCE Millennium Pharmaceuticals, Inc.
Copyright©2007 PR Newswire.
All rights reserved

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