Updated from April 28

Millennium Pharmaceuticals ( MLNM) shares fell more than 5% Thursday after the company late Wednesday reported a narrower loss but lower-than-expected revenue in the first quarter.

The Cambridge, Mass.-based biotech company had a net loss of $40.6 million, or 13 cents a share, compared with a loss of $137.9 million, or 47 cents a share a year ago. Revenue rose to $92.6 million from $81.7 million in the year-ago period. Excluding items, the company lost 7 cents a share.

The consensus forecast was for a loss of $65 million, or 20 cents a share, on revenue of $106.9 million, according to Thomson First Call.

Shares fell 99 cents, or 5.7%, to $16.29, having touched a 52-week high of $19.87 in February.

Sales of its Velcade cancer treatment, which was approved by the Food and Drug Administration in the second quarter of last year, were $29.6 million.

Millennium also held to its previous forecast for a full-year loss of $255 million to $285 million on a GAAP basis and a $175 million to $200 million loss on a non-GAAP basis. Analysts are forecasting a loss of $175 million.

Research and development costs fell to $96.3 million from $126.8 million a year ago.

Millennium said Tuesday that it had won regulatory approval of Velcade in the European Union. Johnson & Johnson ( JNJ ) will market the drug outside of the U.S. with Millennium receiving royalties on sales.