Alkermes reports 146pc increase in revenue for first quarter
ALKERMES, the pharma firm that last year paid nearly $1bn to buy an Athlone-based division owned by Elan, has reported a 146pc increase in revenue to $152.2m (€123.8m) for the first quarter as the acquisition fed into its numbers.
The company, which now has its headquarters in Ireland, said net income rose to $22.4m (€18.2m) in the quarter, compared to a $13.2m loss in the corresponding period last year.
It bought Elan's drug-technology unit last year, giving it access to drug-delivery technology as well as a portfolio of existing pharma products and a pipeline of others.
Alkermes' chief financial officer James Frates said the group's business was "performing as we expected" and that there were increasing revenue streams from the company's key commercial products and continued contributions from its legacy portfolio of products.
Chief executive officer Richard Pops said the company was in a "stronger position than ever before".
Alkermes said its manufacturing and royalty revenues from its portfolio of anti-psychotic drugs, such as Sustenna and Invega, were $47.9m in the first quarter.
Sales of its Vivitrol drug, which is used to treat addicts to substances including alcohol, rose 28pc to $12.4m.
Operating expenses climbed to $120.1m in the first quarter from $75.8m, due to the impact of expenses associated with the former Elan unit.
Last December, Alkermes launched phase-three trials of a drug that is designed to treat a number of central nervous disorders.
It is being tested on 690 patients who were experiencing acute exacerbation of schizophrenia. Data from the study is due to be released in the middle of next year.
Shares in Alkermes were unchanged at $18.70 by midday yesterday in New York.