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Millennium Sees Revenue Growth in Q4

NEW YORK, Jan. 28 - Millennium Pharmaceuticals today reported increased revenue for the fourth quarter of 2002.


The company said its total revenue was $96.8 million in the fourth quarter which ended December 31, up from $54.6.8 million in the same quarter of 2001. Total revenue for the 2002 year was $353 million, compared to $246 million in 2001, according to the company.


Millennium reported a net loss based on generally accepted accounting principles of $79.7 million, or $.28 per share, in the fourth quarter of 2002 compared to a net loss of $67 million, or $.30 per share, in the year-ago period. Total net loss for 2002 was $590 million, or $2.13 per share, compared to a net loss of $192 million, or $.88 per share, in 2001.


R&D spending for the fourth quarter 2002 was $146.9 million compared to $114.6 million in the same period a year ago. Total R&D spending for 2002 was $511.2 million compared to $400.6 million in 2001. Millennium said the year-over-year increase in R&D was due to expenses related to clinical testing of several of lead compounds.


Millennium also reported $1.8 billion in cash, cash equivalents, and marketable securities at the end of December 2002.


Millennium merged with COR Therapeutics in February 2002.


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