NEW YORK, Oct. 15 - Millennium Pharmaceuticals today reported that a jump in R&D spending and the cost of acquiring Cor Therapeutics in February offset a surge in total revenue during the third quarter.
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Total revenue for the period ended Sept. 30 was $95.8 million compared with $82.2 million one year ago. However, receipts from strategic alliance fell to $50 million from $82 million in the same quarter last year, but were balanced by $45 million Millennium reported from co-promotion deals with Schering-Plough related to the sale of Millennium's Integrilin drug product.
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There were no such items in the same period one year ago, and Millennium noted that the "overall revenue mix ... reflects the company's ongoing transition into a product-focused commercial enterprise."
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R&D spending in the quarter increased to $140.5 million from $98.8 million year over year, and the cost to co-promote Integrilin came in at $18.8 million. Again, no such cost appeared in the third quarter of 2001, the company said.
As a result, net loss for the quarter increase to $98.9 million, or $.35 per share, from $25.2 million, or $.11 per share, one year ago. Net loss excluding acquisition costs and debt-related charge increased in the third quarter of 2002 to $89 million, or $.31 per share, from $9.5 million, or $.04, year over year.
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Millennium said it had $1.8 billion in cash, cash equivalents, and marketable securities as of Sept. 30.
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