Millennium Pharmaceuticals second-quarter net income up to $3.9 million

By Lisa Kerner

Charlotte, N.C., July 27 - Millennium Pharmaceuticals, Inc. said its non-GAAP net income for the second quarter of 2006 improved significantly to $3.9 million, compared with non-GAAP net loss of $32.6 million for the second quarter of 2005.

GAAP net loss for second-quarter 2006 narrowed to $17.7 million, or $0.06 per share, from a net loss of $44.1 million, or $0.14 per share, in the prior-year period.

Total revenues for the period of $120.1 million were up from $110.6 million in the second quarter of 2005.

At June 30, Millennium had $626.0 million in cash, cash equivalents and marketable securities.

Millennium said U.S. net sales of Velcade grew 34%.

"We continue to grow Velcade and manage expenses keeping us on track to achieve non-GAAP profitability and to reduce our GAAP net loss for full-year 2006," chief financial officer Marsha Fanucci said in a company news release.

In addition to advancing Velcade, Millennium is on track to advance at least two new molecules to development candidate status for inflammatory disease.

The company reiterated financial guidance for full-year 2006, including Velcade U.S. net product sales of $225 million to $250 million, non-GAAP net income up to $5 million and GAAP net loss of $95 million to $115 million.

Millennium is a biopharmaceutical company based in Cambridge, Mass.

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