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Millennium Posts Large Gains in Revenues from Strategic Alliances

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CAMBRIDGE, Mass.--Millennium Pharmaceuticals here has reported third-quarter results that show major gains in revenues from its strategic alliances. However, the company's net loss also grew compared to year-ago figures, to $9.9 million from $0.7 million for the comparable quarter in 1996. For the quarter, revenues under strategic alliances increased to $13.7 million, from $9.6 million for the third quarter of 1996. A major cause of the disparity was a dramatic increase in R&D expenditures, from $9.3 million for the quarter in 1996, to $20.4 million this year.

For the nine months ended September 30, revenues from strategic alliances grew to $38 million, from $22.2 million for the same period in 1996, while the company's net loss expanded from $5 million to $106.8 million, but the latter figure includes a one-time charge of $83.8 million related to the company's merger with ChemGenics.

Millennium's R&D expenditures for the first nine months of 1997 were $50.4 million, compared to $24 million in for the same period in 1996.

Steven Holtzman, the company's chief business officer, commented, "Millennium experiences quarter-to-quarter fluctuations in revenue and income based on the timing of collaborative research and milestone payments. Our results in the third quarter were consistent with our overall expectations for the year." He added that the company's major new deal with Monsanto will have a positive effect on future expectations.

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