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

tion of worldwide VELCADE sales growth. Year-to-date, we have approximately tripled our non-GAAP net income and reduced GAAP net loss by 50 percent, compared to the same period last year," (1) commented Marsha Fanucci, Chief Financial Officer, Millennium. "Our increased financial guidance now projects that VELCADE U.S. net sales will grow 20 percent in 2007 to approximately $265 million."

Third Quarter 2007 Financial Results

-- The Company achieved non-GAAP net income of $15.3 million in the third

quarter of 2007 compared to $6.4 million in the third quarter of 2006.

This significant improvement resulted from an increase in VELCADE U.S.

net sales and royalties. These improvements were partially offset by

an increase in investments to support the continued growth of VELCADE.

Key financial results for the quarter, as compared to the third quarter

of 2006, included:

-- VELCADE U.S. net sales of $70.4 million, a 32 percent increase;

-- Royalties of $41.3 million, a 23 percent increase;

-- Net investment income of $8.6 million, a 31 percent increase;

-- Non-GAAP research and development (R&D) expense of $69.5 million

(corresponding GAAP R&D expense, including stock-based compensation,

of $72.6 million); (2) and

-- Non-GAAP selling, general and administrative (SG&A) expense of $39.2

million (corresponding GAAP SG&A expense, including stock-based

compensation, of $42.9 million). (2)

Year-to-date, the Company achieved $31.3 million in non-GAAP net

income compared to $11.2 million for the same period of 2006.

-- The Company narrowed GAAP net loss to $1.7 million for the third

quarter of 2007 from $13.7 million in the third quarter of 2006. The

improvement in the Company's GAAP net loss reflected a $3.4 million

decrease in stock-based compensation expense, which is e
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SOURCE Millennium Pharmaceuticals, Inc.
Copyright©2007 PR Newswire.
All rights reserved

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