Millennium Pharma 1Q loss narrows
Millennium Pharmaceuticals Inc., a developer of treatments for cancer and heart conditions, said Thursday that its first-quarter loss narrowed 43 percent as total costs fell.
The company reported a net loss of $20.8 million, or 7 cents per share, from $36.4 million, or 12 cents per share, a year ago. Excluding one-time charges and stock option expenses, the company reported a loss of 3 cents per share for the latest quarter.
Revenue fell 1 percent to $122.5 million from $123.7 million last year, despite a 19 percent rise in U.S. sales of cancer treatment Velcade to $53.4 million, because of lower revenue from collaborations.
Millenium develops Velcade with Johnson & Johnson.
Analysts surveyed by Thomson Financial expected a loss per share of 3 cents on revenue of $116.5 million. Estimates exclude stock option expenses.
Total costs and expenses fell 11 percent to $145.2 million from a year ago.
The company reiterated its full-year outlook of a net loss of $95 million to $115 million. U.S. sales of Velcade and royalties are expected to total $340 million to $375 million.
Shares of Millenium on Wednesday closed down 4 cents at $9.52 on the Nasdaq. (AP)
