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Millennium Reports Increased Revenues, Flat Losses for Q2

NEW YORK, July 22 -Millennium Pharmaceuticals reported increased revenues for the second quarter, amid flat net losses and significant restructuring charges.

 

The company's revenues for the quarter totaled $121.7 million, compared to $91.9 million for the second quarter of 2002.

 

R&D expenses rose slightly to $130.6 million, from $122.4 million for the year-ago period.

 

The company's net losses for the quarter were $107.1 million, compared to $107.7 million for the same period of 2002.

 

The company in June announced a major restructuring, and its expenses included a $65.3 million restructuring charge related to facilities that Millennium is no longer going to use, the company said.

 

At the end of June, Millennium had $965.8 million in cash, cash equivalents and marketable securities.

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