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Millennium Says Heavy R&D Costs, Acquisition Fees Offset Strong Revenue Growth in Q3

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.


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.


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."


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.


Millennium said it had $1.8 billion in cash, cash equivalents, and marketable securities as of Sept. 30.


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