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Millennium Reports Outstanding Third-Quarter Results Driven by VELCADE(R) (Bortezomib) for Injection Sales

xcluded from

non-GAAP net income. Year-to-date, the Company reduced GAAP net loss

to $26.2 million from $52.2 million for the same period of 2006.

-- As of September 30, 2007, the Company had $876.3 million in cash,

cash equivalents and marketable securities. The outstanding

principal amount of convertible debt was $250.0 million.

Full-Year 2007 Financial Guidance

The Company is raising its full-year 2007 financial guidance for the second time, having also raised its guidance in July 2007. Full-year 2007 financial guidance as of January 4, July 26, and November 1 of this year, is as follows:

2007 Financial Guidance as of as of as of

(dollars in millions) Jan 4, 2007 Jul 26, 2007 Nov 1, 2007

VELCADE U.S. net sales $240 - 260 $250 - 260 $~265

Royalties $140 - 150 $150 - 155 $~160


expense $~425 $440 - 450 $440 - 450

GAAP R&D, SG&A expense $455 - 465 $465 - 480 $465 - 475

Non-GAAP net income $10 - 20 $20 - 30 $40 - 45

GAAP net loss (3) $60 - 90 $50 - 60 $30 - 35

Amortization $~34 $~34 $~34

Stock-based compensation $30 - 40 $25 - 30 $~25

Restructuring $15 - 25 $15 - 20 $~15

Cash, cash equivalents,

and marketable

securities $ > 800 $ > 800 $ > 800

VELCADE Highlights

"VELCADE sales showed considerable strength this quarter resulting from the convergence of a number of growth drivers. In multiple myeloma, VELCADE use increased significantly with expanded use of VELCADE based combinations and re-treatment. In mantle cell lymphoma, our launch continues successfully with more

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

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