Alkermes revenues jump to US$126m in Q3

These were the first full quarter results for the combined company Alkermes, which was formed after Alkermes, Inc acquired Elan Drug Technologies from Elan Corporation on 16 September.

The company noted that in the third quarter of its fiscal 2011, Alkermes, Inc generated revenues of US$44m.

“These quarterly results demonstrate the powerful financial and operational entity Alkermes plc has become,” said Richard Pops, chief executive officer of Alkermes.

“We are now well-positioned to build a major biotech company. Our financial strength is driven by a significant and diverse commercial portfolio with five key products that will deliver growth in the near-term, while our promising late-stage pipeline of candidates reflects our world-class science and focused research and development strategy.”

“2012 will be an important year for Alkermes, with catalysts driving growth across the commercial portfolio and progress in our pipeline.”

Net loss on a GAAP basis was US$14.8m, or a basic and diluted loss per share of US$0.11.

For the third quarter of fiscal 2012, the company reported Adjusted EBITDA of US$29.7 million, or a basic and diluted Adjusted EBITDA per share of US$0.23 and US$0.22, respectively. This compares to an adjusted EBITDA loss of US$4.1m, or a basic and diluted adjusted EBITDA loss per share of US$0.04 for the same period in fiscal 2011.

“Our third quarter results were driven by the strong performance of our key commercial products, with particularly robust growth from our long-acting atypical antipsychotic franchise and AMPYRA, as well as strong contributions from a number of our mature products,” said James Frates, CFO, Alkermes.

“Today we are adjusting our financial expectations for fiscal 2012 to reflect stronger than anticipated revenues and our consistent financial discipline. We continue to focus on delivering on our Adjusted EBITDA goals, and we look forward to providing expectations for the upcoming fiscal year when we report our fiscal 2012 year-end financial results in May 2012.”