Cancer is not a single disease but a group of diverse disorders that, taken together, are among the leading causes of death throughout the world. While there have been great advances in dealing with cancer, it is still widely recognized as the leading area of unmet medical need. Many forms of cancer cannot be cured.

Our company develops and markets VELCADE^® (bortezomib) for Injection, a novel, market-leading cancer therapy for the treatment of patients with multiple myeloma and relapsed mantle cell lymphoma. The drug has quickly become a standard of care in second and third-line multiple myeloma and has broad potential in non-Hodgkin's lymphoma (NHL). More than 100,000 patients in 85 countries have been treated with VELCADE.

At Millennium, a drug is only considered a 'blockbuster' if it safely and effectively meets a critical unmet need for patients. Ideally, it changes the treatment paradigm for patients with cancer. That's our scientific goal, that's our commercial goal, and that's our personal goal as employees of this company. By that definition, VELCADE is a blockbuster drug. And we are excited about the continuing potential of this drug to treat even more patients with cancer.

We also celebrate the commercial success of VELCADE, as it promises to exceed global sales in 2008 of one billion dollars. Revenues help drive our future scientific innovation in order to deliver treatments that change the paradigm of care for people with cancer around the world.

VELCADE is co-developed by Millennium and Johnson & Johnson Pharmaceutical Research & Development, L.L.C (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.

We have several novel compounds in our R&D pipeline that are targeted to treat various forms of cancer. We pride ourselves on our discovery science and its ability to identify novel compounds that promise significant potential clinical advances to patients. Matched by our highly skilled development capability to take these compounds through the essential testing phases, we feel confident in our ability to bring important cancer therapies to market.

With our recent acquisition by Takeda Pharmaceutical Company Limited (May 2008), the size of our pipeline is growing as we merge the relevant resources of our companies and become Takeda's global center of excellence for oncology. We will have further updates on our pipeline and portfolio as they become available.