Millennium's 2005 revenues up, loss per share shrinks to $0.64

By Angela McDaniels

Seattle, Jan. 26 - Millennium Pharmaceuticals Inc. reported financial results for the year ended Dec. 31, including an increase in total revenue to $558.3 million from $448.2 million in 2004.

"For the third consecutive year, we achieved our financial guidance while continuing to build a solid foundation for profitable growth long term," senior vice president and chief financial officer Marsha Fanucci said in a company news release.

Non-GAAP net loss per share for 2005 narrowed 52% to $0.28 per share from $0.59 per share in 2004. Net loss on a GAAP basis for 2005, including restructuring and amortization of intangibles, narrowed 21% to $0.64 per share from $0.83 per share in 2004.

Research and development expenses in 2005 decreased to $342.2 million from $402.6 million in 2004, primarily as a result of cost reductions associated with the company's strategy refinement and restructuring efforts, according to the release.

U.S. net product sales for Velcade, the company's lead product, increased to $192.1 million in 2005 from $143.1 million in 2004. The company attributed this 34% increase to growth in the multiple myeloma second-line treatment setting, corresponding with the drug's full approval in March 2005.

Millennium is a biopharmaceutical company based in Cambridge, Mass. that develops and commercializes therapeutics for oncology and inflammation.

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