- Worldwide VELCADE(R) (bortezomib) for Injection sales surpassed $765
million in 2007 -
- VELCADE granted priority review by FDA in newly diagnosed multiple
myeloma, with launch on track for first half of 2008 -
CAMBRIDGE, Mass., Feb. 7 /PRNewswire-FirstCall/ -- Millennium
Pharmaceuticals, Inc. (Nasdaq: MLNM) today reported 2007 non-GAAP net
income of $86.9 million and GAAP net income of $14.9 million.(1) These
results exceeded the Company's 2007 financial guidance, driven by strong
worldwide sales of VELCADE, the global market leader for the treatment of
patients with relapsed multiple myeloma.
(Logo: http://www.newscom.com/cgi-bin/prnh/19991220/MLNMLOGO )
"Millennium over-delivered on high expectations in 2007, including the
achievement of record financial results," said Deborah Dunsire, M.D.,
President and Chief Executive Officer. "Millennium is uniquely situated for
growth with a blockbuster oncology product, a pipeline of innovative
product candidates and strong financials."
"We remain committed to positioning the Company to deliver sustainable
earnings growth," stated Marsha Fanucci, Chief Financial Officer. "In 2008,
the Company is focused on elevating its success by maximizing the launch of
VELCADE in newly diagnosed multiple myeloma, initiating a pivotal trial
program with MLN0002 in inflammatory bowel disease and achieving our
financial guidance."
2007 Financial Results
-- The Company achieved full-year non-GAAP net income of $86.9 million or
non-GAAP earnings per share of $0.27. The 125 percent increase over
non-GAAP net income in 2006 of $38.6 million was primarily the result
of:
-- A 20 percent increase in VELCADE U.S. net sales to $265.2 million;
and
-- A 24 percent increase in royalties to $166.9 million, as a result
of strong growth in VELCADE sales outside of the U.S. This growth
led to the earlier than anticipated achievement of a non-recurring
$40 million milestone from Ortho Biotech Products, L.P., a member
of the Johnson & Johnson Family of Companies, which was due when
VELCADE sales outside of the U.S. surpassed $500 million. The
milestone was recorded as strategic alliance revenue.
This strong revenue growth was partially offset by:
-- A six percent increase in combined non-GAAP selling, general and
administrative (SG&A) and non-GAAP research and development (R&D)
expense to $451.0 million (corresponding GAAP SG&A and GAAP R&D
expense, including stock-based compensation, of
$476.2 million).(2) The increase was the result of enhanced sales
and marketing investment to support the continued growth of
VELCADE, offset in part by a four percent decrease in non-GAAP
R&D expense.
-- The Company achieved full-year GAAP net income of $14.9 million or
GAAP earnings per share of $0.05. The transition to GAAP
profitability from a GAAP net loss in 2006 of $44.0 million was
primarily the result of the drivers listed above as well as a
$17.0 million decrease in stock-based compensation expense and a
$7.5 million decrease in restructuring charges.
-- As of December 31, 2007, the Company had $891.3 million in cash, cash
equivalents and marketable securities. The outstanding principal
amount of convertible debt was $250.0 million.
Recent VELCADE Highlights
-- In 2007, VELCADE strengthened its position as the U.S. market-leading
treatment for relapsed multiple myeloma and mantle cell lymphoma.
Sales increased steadily throughout the year as a result of the
increasing impact of the Company's enhanced sales and marketing
programs, which improved share-of-voice for the product in the market.
-- The Company submitted a supplemental New Drug Application (sNDA) to
the U.S. Food and Drug Administration (FDA) in December 2007 for
VELCADE expansion into newly diagnosed multiple myeloma. The filing,
based on data from the Phase III VISTA trial, conducted with its
co-development partner, Johnson & Johnson Pharmaceutical Research &
Development, L.L.C. (J&JPRD), was granted priority review by the FDA.
The FDA decision date for the sNDA is scheduled for June 20, 2008.
J&JPRD submitted a corresponding marketing application to the European
Medicines Evaluation Agency (EMEA).
-- Data from three large, well-controlled Phase III clinical trials of
VELCADE based combinations in newly diagnosed multiple myeloma were
featured at the 2007 Annual Meeting of the American Society of
Hematology (ASH). These trials are part of a comprehensive development
program designed to establish VELCADE as a critical component of the
standard of care regimens in the multiple myeloma transplant and
non-transplant settings. Data from the three Phase III trials are as
follows:
-- VISTA -- The combination therapy of VELCADE, melphalan and
prednisone (VcMP) showed statistically significant improvement
across all efficacy endpoints when compared to melphalan and
prednisone (MP) alone in 682 patients ineligible for stem cell
transplantation (SCT). Patients treated with VcMP had a 35 percent
immunofixation-negative complete remission rate compared to five
percent with MP. Preliminary results showed that at 16 months
follow-up, VcMP significantly reduced the risk of death in
patients by 40 percent with median survival not yet reached.
-- IFM (Intergroupe Francophone du Myelome) cooperative group -- In
482 patients, the combination of VELCADE and dexamethasone (VcD)
demonstrated a significantly higher immunofixation-negative and
positive complete remission rate of 21 percent, compared to eight
percent with vincristine, adriamycin and dexamethasone (VAD), a
commonly used induction therapy prior to SCT. The VELCADE based
induction regimen enhanced post SCT outcomes for patients by
achieving a significantly higher immunofixation-negative and
positive complete remission rate of 41 percent compared to 29
percent with VAD.
-- GIMEMA (Italian Myeloma Network) cooperative group -- The
combination of VELCADE, thalidomide, and dexamethasone (VcTD), as
induction therapy prior to SCT, showed a dramatic fourfold
increase in complete remission rate when compared to thalidomide
and dexamethasone (TD), the most commonly used induction regimen
in the U.S. for patients eligible for SCT. These results from 256
patients prior to SCT showed a 36 percent immunofixation-negative
and positive complete remission rate for VcTD compared to nine
percent for TD. Once again, the VELCADE based induction regimen
enhanced post SCT outcomes for patients by achieving a
significantly higher immunofixation-negative and positive complete
remission rate of 57 percent compared to 28 percent for TD.
-- The safety profile in these Phase III studies was similar to that
observed in other VELCADE clinical trials in patients with newly
diagnosed multiple myeloma.
-- The Company announced that the national compendia organization,
DrugPoints Systems, included VELCADE as a recommended therapy for use
in newly diagnosed multiple myeloma patients.
-- The FDA granted approval for VELCADE use, without dose adjustments, in
patients with impaired renal function, including those requiring
dialysis. Impaired kidney function is a common complication related to
multiple myeloma, affecting approximately 30 percent of patients at
diagnosis and a growing percentage throughout the course of the
disease.
-- The Company and J&JPRD announced that more than three-quarters of the
targeted 670 patients have been enrolled to date in the Company-
sponsored Phase III non-Hodgkin's lymphoma (NHL) trial. The trial is
evaluating VELCADE in combination with rituximab compared to rituximab
alone in previously treated NHL patients. Patient accrual is expected
to be completed in the first half of 2008.
Recent Development Pipeline Highlights
The Company is advancing a pipeline of innovative molecules in cancer
and inflammatory diseases. In 2007, the Company achieved important
milestones within its inflammatory bowel disease and protein homeostasis
oncology programs:
-- Inflammatory bowel disease program
-- MLN0002 (novel anti-alpha4beta7 antibody) -- The Company reported
preliminary results from bridging studies showing favorable
pharmacokinetic, pharmacodynamic and safety profiles of MLN0002
from the new commercially scaleable cell line. MLN0002 is a
gut-specific therapy being developed to treat ulcerative colitis
and Crohn's disease and is on track to enter pivotal trials in
late 2008/early 2009.
-- Protein homeostasis oncology program
-- MLN4924 (novel Nedd8-activating enzyme inhibitor) -- An
investigational new drug (IND) application for MLN4924 was
accepted by the FDA in January 2008 for this small molecule
inhibitor of the novel Millennium discovered target. The Company
expects this molecule will enter Phase I clinical trials in the
first half of 2008. MLN4924 acts by inhibiting Cullin-based
ligases, which are enzymes involved in the regulation of cancer
cell growth and survival. Pre-clinical data showed MLN4924
significantly inhibited tumor growth in xenograft models of
colorectal cancer and several lymphomas.
-- MLN2238 (novel proteasome inhibitor) -- The Company advanced
MLN2238, a wholly-owned second generation proteasome inhibitor, to
the development pipeline. In pre-clinical models, MLN2238 showed
superior efficacy compared to VELCADE with potential in a broader
set of hematological and solid tumors. This molecule is expected
to move forward in both oral and IV routes of administration.
Phase I trials are expected to start in early 2009.
-- The Company and Harvard Medical School announced a collaborative
agreement to conduct research in the area of protein homeostasis,
an emerging field of cancer biology.
2008 Financial Guidance
On January 4, 2008, the Company announced its financial guidance for
2008, as follows:
-- VELCADE U.S. net sales are expected to increase 20 to 30 percent to
$320 million to $345 million;
-- Royalties are expected to be in the range of $175 million to
$185 million;
-- Non-GAAP R&D and non-GAAP SG&A expenses are expected to total
approximately $450 million (corresponding GAAP R&D and SG&A expenses,
which includes stock-based compensation expense, are expected to total
approximately $480 million);
-- Non-GAAP net income is expected to be in the range of $80 million to
$95 million;(3)
-- GAAP net income is expected to be in the range of $10 million to
$25 million.(4)
Presentation Reminder
Dr. Dunsire and Ms. Fanucci will present additional detail on 2007
financial results and 2008 goals and financial guidance on February 7,
2008, at the Merrill Lynch 2008 Global Pharmaceutical, Biotechnology &
Medical Device Conference. The presentation will be webcast live at 8:00
a.m. ET and may be accessed by visiting the Investors section of the
Company's website at: http://www.millennium.com.
About VELCADE
VELCADE is being co-developed by Millennium Pharmaceuticals, Inc. and
J&JPRD. Millennium is responsible for commercialization of VELCADE in the
U.S. and Janssen-Cilag is responsible for commercialization in Europe and
the rest of the world. Janssen Pharmaceutical K.K. is responsible for
commercialization in Japan. For a limited period of time, Millennium and
Ortho Biotech Inc. are co-promoting VELCADE in the U.S. VELCADE is approved
in 85 countries worldwide. More than 85,000 patients have been treated with
VELCADE globally.
In the U.S., VELCADE is indicated for the treatment of patients with
multiple myeloma who have received at least one prior therapy. VELCADE is
also indicated for the treatment of patients with mantle cell lymphoma who
have received at least one prior therapy. VELCADE is contraindicated in
patients with hypersensitivity to bortezomib, boron, or mannitol. VELCADE
should be administered under the supervision of a physician experienced in
the use of antineoplastic therapy. In the European Union and many other
countries worldwide, VELCADE is approved for patients with multiple myeloma
after first relapse.
Risks associated with VELCADE therapy include new or worsening
peripheral neuropathy, hypotension observed throughout therapy, cardiac and
pulmonary disorders, gastrointestinal adverse events, thrombocytopenia,
neutropenia and tumor lysis syndrome. Women of childbearing potential
should avoid becoming pregnant while being treated with VELCADE. Cases of
severe sensory and motor peripheral neuropathy have been reported. The
long-term outcome of peripheral neuropathy has not been studied in mantle
cell lymphoma. Acute development or exacerbation of congestive heart
failure, and/or new onset of decreased left ventricular ejection fraction
has been reported, including reports in patients with few or no risk
factors for decreased left ventricular ejection fraction. There have been
rare reports of acute diffuse infiltrative pulmonary disease of unknown
etiology such as pneumonitis, interstitial pneumonia, lung infiltration and
Acute Respiratory Distress Syndrome in patients receiving VELCADE. Some of
these events have been fatal. A higher proportion of these events have been
reported in Japan. There have been rare reports of Reversible Posterior
Leukoencephalopathy Syndrome (RPLS) in patients receiving VELCADE. RPLS is
a rare, reversible, neurological disorder which can present with seizure,
hypertension, headache, lethargy, confusion, blindness, and other visual
and neurological disturbances. VELCADE is associated with thrombocytopenia
and neutropenia. There have been reports of gastrointestinal and
intracerebral hemorrhage in association with VELCADE. Transfusions may be
considered. Complete blood counts (CBC) should be frequently monitored
during treatment with VELCADE. Rare cases of acute liver failure have been
reported in patients receiving multiple concomitant medications and with
serious underlying medical conditions.
Integrated Safety Data: Safety data from Phase 2 and 3 studies of
single-agent VELCADE 1.3 mg/m2/dose twice weekly for 2 weeks followed by a
10-day rest period in 1163 patients with multiple myeloma (N=1008) and
mantle cell lymphoma (N=155) were integrated and tabulated. In these
studies, the safety profile of VELCADE was similar in patients with
multiple myeloma and mantle cell lymphoma. In the integrated analysis, the
most commonly reported adverse events were asthenic conditions (including
fatigue, malaise, and weakness) (64%), nausea (55%), diarrhea (52%),
constipation (41%), peripheral neuropathy NEC (including peripheral sensory
neuropathy and peripheral neuropathy aggravated) (39%), thrombocytopenia
and appetite decreased (including anorexia) (each 36%), pyrexia (34%),
vomiting (33%), and anemia (29%). Twenty percent (20%) of patients
experienced at least 1 episode of >/= Grade 4 toxicity, most commonly
thrombocytopenia (5%) and neutropenia (3%). A total of 50% of patients
experienced serious adverse events (SAEs) during the studies. The most
commonly reported SAEs included pneumonia (7%), pyrexia (6%), diarrhea
(5%), vomiting (4%), and nausea, dehydration, dyspnea and thrombocytopenia
(each 3%). Adverse events thought by the investigator to be drug-related
and leading to discontinuation occurred in 22% of patients. The reasons for
discontinuation included peripheral neuropathy (8%), asthenic conditions
(3%) and thrombocytopenia and diarrhea (each 2%). In total, 2% of the
patients died and the cause of death was considered by the investigator to
be possibly related to study drug: including reports of cardiac arrest,
congestive heart failure, respiratory failure, renal failure, pneumonia and
sepsis. This integrated analysis does not include the Phase 3, VELCADE plus
DOXIL study.
For more information about VELCADE clinical trials, patients and
physicians can contact the Millennium Medical Product Information
Department at 1-866-VELCADE (1-866-835-2233).
About Millennium
Millennium Pharmaceuticals, Inc., a leading biopharmaceutical company
based in Cambridge, Mass., markets VELCADE, a novel cancer product, and has
a robust clinical development pipeline of product candidates. Millennium's
research, development and commercialization activities are focused in two
therapeutic areas: oncology and inflammation. By applying its knowledge of
the human genome, understanding of disease mechanisms and industrialized
drug discovery platform, Millennium is developing an exciting pipeline of
innovative product candidates. Millennium's website is
http://www.millennium.com.
This press release contains "forward-looking statements," including
statements about the Company's growth, future operating results, discovery,
development of products and strategic alliances. Various important risks
may cause the Company's actual results to differ materially from the
results indicated by these forward-looking statements, including: adverse
results in its drug discovery and clinical development programs; failure to
obtain patent protection for its discoveries; commercial limitations
imposed by patents owned or controlled by third parties; the Company's
dependence upon strategic alliance partners to develop and commercialize
products and services based on its work; difficulties or delays in
obtaining regulatory approvals to market products and services resulting
from its development efforts; product withdrawals; competitive factors;
difficulties or delays in manufacturing the Company's products; government
and third-party reimbursement rates; the commercial success of VELCADE and
INTEGRILIN(R) (eptifibatide) Injection; achieving revenue consistent with
internal forecasts; and the requirement for substantial funding to conduct
research and development and to expand commercialization activities. For a
further list and description of the risks and uncertainties the Company
faces, see the reports it has filed with the Securities and Exchange
Commission. The Company disclaims any intention or obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise.
Editors' Note: This press release is also available under the Media
section of the Company's website at: http://www.millennium.com.
(1) Non-GAAP net income, non-GAAP earnings per share, non-GAAP R&D
expenses and non-GAAP SG&A expenses are financial measures that are not
prepared in accordance with U.S. generally accepted accounting principles
(GAAP). Please see the Form 8-K, furnished on February 7, 2008, by the
Company to the Securities and Exchange Commission for a discussion of why
the Company believes these non-GAAP measures are useful to investors and
the additional purposes for which management uses these measures.
(2) The Company adopted Statement of Financial Accounting Standards No.
123R (SFAS 123R) as of January 1, 2006 and records stock-based compensation
expense in its statement of operations. Although this expense is a
significant ongoing expense affecting the Company's results of operations,
the Company excludes this charge from its non-GAAP R&D, non-GAAP SG&A and
non-GAAP net income because: (1) the Company's management excludes this
expense from the Company's budget and planning process used to allocate
resources in the Company's ongoing portfolio prioritization efforts, (2)
the Company believes that excluding this expense could be helpful in
comparing the Company's financial results to periods prior to January 1,
2006 because stock-based compensation charges are excluded in the various
operating expense categories and (3) as a result of varying available
valuation methodologies, subjective assumptions and the variety of award
types, the Company believes that excluding stock-based compensation may
enable useful comparisons of the Company's operating results to its
competitors. Non-GAAP net income and other non-GAAP financial measures
disclosed by the Company should not be considered in isolation or as a
substitute for GAAP.
(3) In 2007, non-GAAP and GAAP net income included a non-recurring
milestone of $40 million. The Company does not expect to achieve any
material milestones in 2008.
(4) GAAP net income for 2008 is expected to include stock-based
compensation expense of approximately $30 million, amortization of
intangibles of $34 million, and restructuring charges of less than $5
million. There could be additional charges excluded from the Company's GAAP
net income, to arrive at non-GAAP net income, which are dependent on
unknown future events and are difficult to predict and estimate at this
time.
Contacts:
Kyle Kuvalanka (investors) Jennifer Snyder (media)
(617) 761-4734 (617) 444-1439
Millennium Pharmaceuticals, Inc.
Condensed Consolidated Statements of Operations
(unaudited)
Three Months Ended Year Ended
December 31, December 31,
2007 2006 2007 2006
(in thousands, except per share amounts)
Revenues:
Net product sales $73,691 $55,132 $265,241 $220,452
Revenue under strategic
alliances 57,249 48,685 95,417 131,675
Royalties 50,250 36,321 166,867 134,703
Total revenues 181,190 140,138 527,525 486,830
Costs and expenses:
Cost of sales 10,712 8,785 28,380 45,445
Research and development
(Note 1, 2) 76,362 80,868 287,094 310,910
Selling, general and
administrative (Note 1, 2) 53,126 50,371 189,062 162,893
Restructuring (164) 14,656 12,886 20,393
Amortization of intangibles 8,488 8,488 33,950 33,950
Total costs and expenses 148,524 163,168 551,372 573,591
Income (loss) from operations 32,666 (23,030) (23,847) (86,761)
Other income (expense):
Investment income, net 10,753 14,936 48,810 30,973
Interest expense (2,358) (3,134) (10,054) (11,068)
Other income (Note 3) - 19,500 - 22,903
Net income (loss) $41,061 $8,272 $14,909 $(43,953)
Amounts per common share:
Earnings per share, basic and
diluted (Note 4) $0.13 $0.03 $0.05 $(0.14)
Weighted average shares,
basic 320,089 315,481 318,221 313,724
Weighted average shares,
diluted 340,668 318,468 321,320 313,724
(1) In accordance with SFAS 123R, stock-based compensation expense is
allocated between research and development and selling, general and
administrative expense as follows:
Three Months Ended Year Ended
December 31, December 31,
2007 2006 2007 2006
Research and development $2,439 $5,345 $10,674 $23,280
Selling, general and
administrative 3,736 4,570 14,484 18,861
(2) Certain prior year amounts have been reclassified between research
and development and selling, general and administrative expenses to conform
to the current year presentation. This reclassification has no impact on
previously reported results.
(3) During the year ended December 31, 2006, the Company recognized a
$3.4 million deferred gain from the sale of assets to Gene Logic, Inc. and
a $19.5 million gain upon receipt of a termination fee as a result of the
termination of the support agreement with AnorMED in October 2006.
(4) When the assumed conversion of convertible notes into 16.2 million
shares of common stock has a dilutive effect, earnings per share is
computed by dividing (i) net income, after adding back interest expense
associated with convertible notes outstanding by (ii) basic shares plus
additional common equivalent shares including the assumed conversion of
convertible notes. The dilutive income adjustment was $1.8 million for the
three months ended December 31, 2007.
Millennium Pharmaceuticals, Inc.
Reconciliation of GAAP to Non-GAAP
(unaudited)
(in thousands, except per share amounts)
Three Months Ended December 31, 2007
Costs and Expenses
Selling, Earnings
Research General Earnings per
and and per Share,
Development Administrative Net Share, Diluted
(1) (1) Income Basic (2)
GAAP $76,362 $53,126 $41,061 $0.13 $0.13
Adjustments to reconcile to Non-GAAP:
Stock-based
Compensation (2,439) (3,736) 6,175 0.02 0.02
Restructuring - - (164) (0.00) (0.00)
Amortization of
Intangibles - - 8,488 0.02 0.02
Non-GAAP $73,923 $49,390 $55,560 $0.17 $0.17
Weighted average shares - GAAP 320,089 340,668
Weighted average shares - Non-GAAP 320,089 340,668
Three Months Ended December 31, 2006
Costs and Expenses
Selling, Earnings
Research General Earnings per
and and per Share,
Development Administrative Net Share, Diluted
(1) (1) Income Basic (2)
GAAP $80,868 $50,371 $8,272 $0.03 $0.03
Adjustments to reconcile to Non-GAAP:
Stock-based
Compensation (5,345) (4,570) 9,915 0.03 0.03
Restructuring - - 14,656 0.04 0.04
Amortization of
Intangibles - - 8,488 0.03 0.02
Termination Fee,
Net of Transaction
Costs (3) - (5,538) (13,962) (0.04) (0.04)
Non-GAAP $75,523 $40,263 $27,369 $0.09 $0.08
Weighted average shares - GAAP 315,481 318,468
Weighted average shares - Non-GAAP 315,481 334,628
(1) Certain prior year amounts have been reclassified between research
and development and selling, general and administrative expenses to conform
to the current year presentation. This reclassification has no impact on
previously reported results.
(2) When the assumed conversion of convertible notes into 16.2 million
shares of common stock has a dilutive effect, earnings per share is
computed by dividing (i) net income, after adding back interest expense
associated with convertible notes outstanding by (ii) basic shares plus
additional common equivalent shares including the assumed conversion of
convertible notes. The dilutive income adjustment was $1.8 million for the
three months ended December 31, 2007 on a GAAP and non-GAAP basis and $0.9
million for the three months ended December 31, 2006 on a non-GAAP basis.
(3) During the three months ended December 31, 2006, the Company
recognized a $19.5 million gain upon receipt of a termination fee as a
result of the termination of the support agreement with AnorMED in October
2006, net of transaction costs of approximately $5.5 million. Transaction
costs are included in selling, general and administrative expenses.
Millennium Pharmaceuticals, Inc.
Reconciliation of GAAP to Non-GAAP
(unaudited)
(in thousands, except per share amounts)
Year Ended December 31, 2007
Costs and Expenses
Selling, Earnings
Research General Earnings per
and and per Share,
Development Administrative Net Share, Diluted
(1) (1) Income Basic (2)
GAAP $287,094 $189,062 $14,909 $0.05 $0.05
Adjustments to reconcile to Non-GAAP:
Stock-based
Compensation (10,674) (14,484) 25,158 0.08 0.08
Restructuring - - 12,886 0.04 0.04
Amortization of
Intangibles - - 33,950 0.10 0.10
Non-GAAP $276,420 $174,578 $86,903 $0.27 $0.27
Weighted average shares - GAAP 318,221 321,320
Weighted average shares - Non-GAAP 318,221 321,320
Year Ended December 31, 2006
Costs and Expenses
Selling, Earnings
Research General Earnings per
and and Net per Share,
Development Administrative Income Share, Diluted
(1) (1) (Loss) Basic (2)
GAAP $310,910 $162,893 $(43,953) $(0.14) $(0.14)
Adjustments to reconcile to Non-GAAP:
Stock-based
Compensation (23,280) (18,861) 42,141 0.13 0.13
Restructuring - - 20,393 0.06 0.06
Amortization of
Intangibles - - 33,950 0.11 0.11
Termination Fee, Net
of Transaction
Costs (3) - (5,538) (13,962) (0.04) (0.04)
Non-GAAP $287,630 $138,494 $38,569 $0.12 $0.12
Weighted average shares - GAAP 313,724 313,724
Weighted average shares - Non-GAAP 313,724 331,786
(1) Certain prior year amounts have been reclassified between research
and development and selling, general and administrative expenses to conform
to the current year presentation. This reclassification has no impact on
previously reported results.
(2) When the assumed conversion of convertible notes into 16.2 million
shares of common stock has a dilutive effect, earnings per share is
computed by dividing (i) net income, after adding back interest expense
associated with convertible notes outstanding by (ii) basic shares plus
additional common equivalent shares including the assumed conversion of
convertible notes. The dilutive income adjustment was $0.9 million for the
year ended December 31, 2006 on a non-GAAP basis.
(3) During the year ended December 31, 2006, the Company recognized a
$19.5 million gain upon receipt of a termination fee as a result of the
termination of the support agreement with AnorMED in October 2006, net of
transaction costs of approximately $5.5 million. Transaction costs are
included in selling, general and administrative expenses.
Millennium Pharmaceuticals, Inc.
Condensed Consolidated Balance Sheets
(unaudited)
December 31, December 31,
2007 2006
(in thousands)
Cash, cash equivalents and marketable
securities $891,276 $894,349
Other current assets 142,794 121,305
Property and equipment, net 147,869 153,349
Restricted cash and other assets 37,611 35,500
Goodwill and intangible assets, net 1,516,950 1,547,309
Total assets $2,736,500 $2,751,812
Current liabilities $132,475 $125,948
Current portion of long term debt - 99,571
Other long term liabilities 43,337 56,075
Capital lease obligations, net of
current portion 73,795 75,041
Long term debt, net of current portion 250,000 250,000
Stockholders' equity 2,236,893 2,145,177
Total liabilities and
stockholders' equity $2,736,500 $2,751,812
SOURCE Millennium Pharmaceuticals, Inc.
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Related links:
http://www.millennium.com
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CONTACT:
Investors, Kyle Kuvalanka, +1-617-761-4734,
or Media, Jennifer Snyder, +1-617-444-1439
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