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
|SOURCE Millennium Pharmaceuticals, Inc.|
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