Financial Report: Millennium

Millennium 

4Q Revenues: $181.2 million (+30%)

4Q Earnings: $41.0 million (earnings were $8.3 million in 4Q2006)

FY Revenues: $527.5 million (+8%)

FY Earnings: $14.9 million (loss of $44.0 million FY2006)

Comments: U.S. sales of Velcade were $265.2 million, up 20% for the year, and royalties were $166.9 million, up 24% due to growth in Velcade sales outside of the U.S., which were more than $500 million. This growth led to achievement of a non-recurring $40 million milestone from Ortho Biotech Products. FY results include a $17.0 million decrease in stock-based compensation expense and a $7.5 million decrease in restructuring charges. 4Q and FY R&D expenses were $76.4 million (-6%) and $287.1 million (-8%).