Alkermes Posts 4Q Profit As Royalty Payments Rise

barbara.lempert

NEW YORK, May 24, 2013  (AP) — PLC said Thursday that it was profitable in its fiscal fourth quarter as it received bigger and more revenue for drug manufacturing.

The Irish company said revenue from manufacturing and royalty payments climbed 33 percent during the quarter, and its total revenue rose 25 percent. Its biggest sources of revenue are manufacturing and royalty payments on the antipsychotics drugs Risperdal Consta and Invega Sustenna, which are sold by Johnson & Johnson.

Alkermes said it earned $ 3 million, or 2 cents per share, over the three months ended March 31. A year earlier it lost $ 63.4 million, or 49 cents per share. The company said its earnings totaled 40 cents per share if special items are excluded.

Revenue rose to $ 163.4 million from $ 130.5 million.

Analysts expected Alkermes to report earnings of 17 cents per share on revenue of $ 127.3 million, according to FactSet.

Alkermes also gets payments for Ampyra, a multiple sclerosis drug sold by Acorda Therapeutics Inc. and Biogen Idec Inc., Bydureon, a diabetes treatment sold by Bristol-Myers Squibb Co., the cholesterol drug Tricor, attention deficit hyperactivity disorder treatment Ritalin LA, and blood pressure and chest pain drug Verelan.

The company also sells the addiction treatment Vivitrol, and said revenue from that drug grew to $ 14.6 million from $ 11 million.

Alkermes said it earned $ 25 million, or 18 cents per share, in its latest fiscal year after losing $ 113.7 million, or 99 cents per share, a year ago. Revenue rose 48 percent, to $ 575.5 million from $ 390 million. The company’s revenue grew after Alkermes acquired Elan Corp. PLC’s drug technology business in September 2011.

The company also said Thursday that it is switching from a fiscal year ending in March to a calendar year ending Dec. 31. Over the next nine months Alkermes said it expects to be breakeven and could earn as much as $ 25 million…Read more

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