Millennium Trims Loss

The drugmaker benefits from sales of its cancer treatment Velcade.
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Millennium Pharmaceuticals

(MLNM)

narrowed its third-quarter loss, as sales of its cancer drug Velcade showed strong growth.

The Massachusetts-based company reported a loss of $63.1 million, or 21 cents a share, vs. a loss of $92.3 million, or 31 cents a share. Excluding items, Millennium lost 18 cents a share, compared with 10 cents a share in the year-ago period. Analysts expected a 23-cent-a-share loss.

Revenue fell to $110 million, from $144.8 million, reflecting lower strategic alliance revenue, due primarily to the timing of certain milestone payments and the end of certain alliances.

Net product sales of multiple myeloma treatment Velcade for injection grew 63% to $37.7 million, compared to $23 in the year-ago quarter. Sales of Integrilin, its treatment for acute coronary syndrome, were $88.4 million vs. $73.5 million in the 2003 quarter.

Shares fell 5 cents to $12.25 in premarket trading.