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Millennium Pharmaceuticals


reported a narrower first-quarter loss, aided by a large charge taken in the year-ago quarter. On a pro forma basis, the biotech missed Wall Street expectations on light revenue.

The Cambridge, Mass.-based biotech firm reported a first-quarter net loss of $137.9 million, or 47 cents per share, compared to a net loss of $303.9 million, or $1.20 per share, in the year-ago quarter. Included in the year-ago quarter was a $242 million merger-related writeoff.

On a pro forma basis, Millennium lost $100 million, or 34 cents per share, in the first quarter. Analysts were looking for the company to lose 30 cents per share.

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Total revenue in the quarter came in at $81.7 million, below expectations. Revenue from the blood-thinning drug Integrilin totaled $50.9 million, based on worldwide sales of $89 million, which are shared with



. This was in line with Wall Street's expectations.

But revenue derived from Millennium partners came up short at $30.8 million. The company also spent $126.8 million on research and development, more than expected.