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Millennium Narrows Net Loss in 2003; 4Q Revenues, R&D Spend Falls

NEW YORK, Jan. 28 (GenomeWeb News) - Millennium Pharmaceuticals of Cambridge, Mass., yesterday reported a net loss of $146 million for the fourth quarter ending Dec. 31, 2003.

 

The loss was attributable, in part, the company said, to restructuring charges, which totaled $191 million on a net loss of $484 million for the year, compared to $590 million in 2002.

 

The company reported revenues of $85 million for the fourth quarter, compared to $97 million for the same period in 2002, and revenues of $434 million for the year, compared to $353 for the year. The company spent $111 million on research and development for the period, compared to $147 million for the year-ago quarter and reported an R&D spend of $489 for the year, compared to $511 million for 2002.

 

As of Dec. 31, the company reported $915 million in cash, cash equivalents, and marketable securities on hand, as well as $106 million in principle amount of convertible debt.