Millennium Pharmaceuticals Inc. 2Q financial results

Millennium Pharmaceuticals Inc. cut its second-quarter loss by more than half as revenue increased and expenses declined.

The Cambridge drug maker lost $17.7 million, or 6 cents per share, compared with a loss of $44.1 million, or 14 cents per share, a year ago. Earnings, excluding charges, amounted to $3.9 million, or a 1-cent gain.

Revenue jumped 9 percent to $120.1 million from $110.6 million, topping analysts' projection of $115.8 million in revenue.

The company attributed improved results to strong sales of multiple myeloma treatment Velcade, more royalties and revenue from strategic alliances, and cutting expenses 16 percent.