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Millennium Revamps Operations

The pharmaceuticals company plans to cut around 600 jobs and restructure operations.

Biopharmaceutical company

Millennium Pharmaceuticals


said Thursday that it plans to cut around 600 jobs and restructure operations, in order to become profitable by 2006.

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Millennium said the job cuts will mostly take place in administrative functions and the research department, and that the cuts will begin in the second quarter of 2003.

Also a part of the restructuring, research and development operations will be concentrated at the company's Cambridge, Mass., headquarters, while operations in South San Francisco and Cambridge, U.K., will be phased out.

The company said it expects to provide a revised earnings guidance reflecting the restructuring at the release of its second-quarter results on July 22. Millennium lost 92 cents a share last year and lost 34 cents a share in its most recent first quarter. Analysts expect the company to lose $1.03 a share for the full year.

Shares of the company were up about 0.9% at $16.29 around midday.