Millennium Pharmaceuticals Inc., maker
of the cancer drug Velcade, reduced 2003 revenue estimates as
sales of its Integrilin heart treatment slowed.
The biotechnology company now expects revenue of $410 million
to $420 million, about $40 million to $55 million less than
anticipated, Millennium said in a PR Newswire release.
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The market for clot-preventing drugs such as Integrilin is “softening,” the Cambridge, Massachusetts-based company said. Millennium now expects the medication to generate $320 million to
$330 million this year, down from an estimate of $365 million.
Millennium last month announced plans to fire 600 workers by
the end of next year and end programs to focus on medicines in
more advanced development. The company won approval for Velcade,
which treats the blood cancer multiple myeloma, in May.
Bloomberg News
