Millennium gets neutral from Merrill

Merrill Lynch analyst Tom McGahren rated Millennium Pharmaceuticals Inc. at neutral after monthly sales data for Velcade in the third-quarter came in line with the analyst's estimate of $57 million. The company reports third-quarter results on Oct. 26. McGahren expects total revenue of about $105 million, slightly lower than the consensus of $111 million. While Millennium was recently outbid by Genzyme for the acquisition of AnorMED, McGahren believes the acquisition would have depleted the company's cash, while acquiring a product (Mozobil) that might have a better chance for success in the hands of a company with more of a worldwide marketing reach. Shares of the Cambridge, Mass.-based pharmaceutical company were down 27 cents, or 2.52%, at $10.46. (Nasdaq: MLNM)

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