Alkermes ups profit forecasts
IRELAND-based pharma group Alkermes has raised its full-year profit guidance after delivering revenue growth off the back of its acquisition last year of Elan's EDT business.
Alkermes said it expects to post net income of between $120m (€93m) and $140m (€108m) in the 2013 fiscal year.
The company paid close to $1bn in cash and shares to buy Elan's Athlone-based drug delivery business last year. Alkermes then redomiciled in Ireland. Its shares are listed in New York.
Alkermes said total revenue in the second quarter rose over 72pc to $124m due to both the acquisition of the Elan business and growth from its key commercial products.
The company reported a net loss of $16.7m in the quarter compared to a $22.3m net loss in the corresponding quarter last year. Alkermes said the latest quarterly loss included a one-time charge of $12.1m related to the refinancing of its debt in September.
Manufacturing and royalty revenue in the last quarter from Alkermes' anti-psychotic drug treatments totalled $50.3m compared to $45m in the second quarter of 2012.
"We reported a very strong quarter in what is shaping up to be a very strong year," said Alkermes chief executive Richard Pops.