Millennium narrows loss

Millennium Pharmaceuticals Inc., which makes drugs for cancer and inflammatory diseases, today said its first-quarter loss narrowed on a roughly 10-percent drop in costs and expenses.

The company reported a net loss of $6.8 million, or 2 cents per share, compared with a loss of $20.8 million, or 7 cents per share, last year. Excluding one-time costs, Millennium reported a profit of $12.7 million, or 4 cents per share.

Sales slipped to $110.7 million from $122.5 million mostly due to revenue from strategic alliances falling to $15.7 million from $38.6 million last year.

Analysts polled by Thomson Financial expected a break-even quarter on sales of $110.1 million.

Total costs and expenses dropped to $130.2 million from $145.2 million in first quarter of 2006.

Shares of Millennium closed Wednesday at $11.96 on the Nasdaq Stock Market, where they have traded between $7.83 and $12.29 in the past year. (AP)