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Millennium achieves first-quarter 2006 non-GAAP profitability
By Lisa Kerner
Erie, Pa., April 27 - Millennium Pharmaceuticals, Inc. reported non-GAAP net income for the first quarter of 2006 of $1.0 million, compared with a net loss of $26.8 million for the first quarter last year.
Velcade sales for the first quarter rose 19% to $53.4 million, up from $44.8 in the first quarter of 2005. The company said the increase was due in part to growth in market share of Velcade as a second-line treatment in multiple myeloma.
Revenues from collaborators decreased to $69.1 million in the first quarter of 2006 from $78.9 million in the first quarter of 2005 as the result of lower net reimbursement for Schering-Plough Corp.'s Integrilin Injection.
Millennium had $632.5 million in cash, cash equivalents and marketable securities on March 31.
"Millennium achieved an important milestone of non-GAAP profitability for the quarter by driving Velcade and reducing operating expenses," chief financial officer and senior vice president Marsha Fanucci said in a news release.
"We accomplished this result while successfully executing on our refined strategy, investing in Velcade and our pipeline and evaluating late-stage oncology in-licensing opportunities to position the company for long-term top-line growth."
Millennium reiterated guidance for full-year 2006, forecasting U.S. net product sales of Velcade in the range of $225 million to $250 million, royalties are expected to be in the range of $115 million to $125 million and non-GAAP net income is projected to be up to $5 million. The company anticipates cash, cash equivalents and marketable securities to total more than $500 million on Dec. 31, 2006.
Millennium, a biopharmaceutical company based in Cambridge, Mass., focuses on the therapeutic areas of oncology and inflammation.
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