Millenium Pharmaceuticals (NASDAQ:MLNM) is a new favorite among Wall Street Analysts. The favorable clinical results for Velcade help MLNM rise 38% in 2007. Now a survey of 50 Oncologists treating Multiple Myeloma lead Analyst Howard Liang of Leerink Swann to conclude that Velcade and rival Revlimid from Celgene (NASDAQ:CELG) may split equally first line treatment. This is an important trend for Velcade, an injectable drug, generally considered an underdog to oral drug Revlimid. Lehman Brother analyst Jim Birchenough predicts 4th quarter 2007 sales of $ 81.2 million for Velcade, more optimistic than Millenium estimate of $ 73.9 million and previous Wall Street estimates at $ 66. 3 million.
Velcade sales are also strong in Europe, where it is marketed by Johnson & Johnson and its price is higer than in the US.
On January 2nd, 2008, Millenium Pharma was up 8.1% closing at $16.19. Millenium Pharma’s CEO, Deborah Dunsire, MD, will be presenting at the JP Morgan Conference in san Francisco on January 9, 2008 at 3.30 pm PST.
source: Forbes and Associated Press
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