Millennium sees mixed results in 3rd-qtr 2006

Massachusetts, USA-based Millennium Pharmaceuticals reported that its net loss for the quarter ended September 30, 2006, was $13.7 million, or $0.04 per share on a generally accepted accounting principals basis, down 81.4% on its loss in the year-earlier period. The firm said that the reduction was largely as a result of lower-than-expected restructuring charges.

On the negative side, Millennium's sales were down 48% to $104.1 million. The company remained positive, however, citing the performance of Velcade (bortezomib), which contributed $53.2 million, up 4%, as key to its future growth. The firm added that it has established a deal with Ortho Biotech to co-promote the product in the USA.

Despite the mixed results, shares in the New York-headquartered firm were up $0.53, or 5.1%, to $10.99 in afternoon trading on the Nasdaq, on the day of the announcement, October 26. The company also revealed that it plans to carry out a 14% reduction of its drug discovery staff, in an effort to increase its focus on the marketing of Velcade.