Earnings Preview: Millennium Pharmaceuticals

Millennium Pharmaceuticals (MLNM) is expected to report Q4 earnings at the Merrill Lynch 19th Global Pharmaceutical, Biotechnology & Medical Device Conference scheduled for 8:00 am ET.

Guidance

Analysts are looking for a profit of 13c on revenue of $159M. The consensus range is (3c) to 20c for EPS, and revenue of $129M to $175M, according to First Call. Millennium's key drug is Velcade for blood cancer.

Backdrop

The company recently announced that the FDA had given priority review status to its application to expand the use of Velcade into a front-line treatment against multiple myeloma.

Analyst analysis

In January, Baird increased their Q407 and 2008 revenue estimates, but said they would not set their expectations too high.

JP Morgan upgraded the shares to Neutral from Overweight, citing their positive view on Velcade forecasts.