said second-quarter sales dropped from a year ago and fell short of analysts' expectations.
Revenue for the quarter was $110.6 million, which missed Wall Street's estimates of $119.2 million. The company recorded $145.3 million in revenue a year earlier.
Millennium lost $44.1 million, or 14 cents a share, compared with $53.9 million, or 18 cents a share, a year ago. Excluding certain charges, the company's loss for the quarter was $32.6 million, or 11 cents a share, in line with analysts' consensus forecast.
In the second quarter of last year, Millennium received $50 million in milestone payments from its partner Ortho Biotech, a unit of
Johnson & Johnson
, for the blood cancer drug Velcade. Sales of Velcade reached $43.9 million in the second quarter, up 26% from a year ago.
"Velcade, already the market leader in relapsed multiple myeloma, continues to gain market share in the second-line setting and in the front-line setting, for which we do not promote the product," Millennium said in a press release. "We're advancing the development of Velcade in indications that present larger market opportunities, such as non-Hodgkin's lymphoma and nonsmall cell lung cancer."
On the same day Millennium announced its quarterly earnings,
touted its own Thalomid as the most widely used treatment for early-stage multiple myeloma. Though Thalomid is currently only approved for leprosy, the drug is prescribed off-label to treat multiple myeloma and myelodysplastic syndromes.
Millennium agreed to transfer exclusive U.S. commercialization and development rights for Integrilin to Schering-Plough. As a result, Millennium has removed its 2005 GAAP guidance until the company determines the restructuring charges associated with the transaction. Millennium expects to update its GAAP outlook during its third-quarter earnings announcement.
However, Millennium said it still expects a non-GAAP loss of less than $100 million and U.S. Velcade sales of between $185 million and $195 million for the year.