Alkermes 4Q Loss Narrows But Misses Estimates

CAMBRIDGE, Mass. (AP) — Biotech drug developer Alkermes Inc. said Thursday it narrowed its fiscal 2009 fourth-quarter loss, but results still fell shy of Wall Street expectations.

Alkermes reported a loss of $13.6 million, or 14 cents per share, compared with a loss of $18.3 million, or 19 cents per share, during the same period last year. Revenue slipped to $43.9 million from $62.4 million a year ago.

Analysts surveyed by Thomson Reuters were expecting a smaller loss of 12 cents per share on revenue of $44.6 million.

For the full year, the company said it earned $130.5 million, or $1.36 per share, down from almost $167 million, or $1.62 per share, during previous year. Not counting one-time items the company said it would have earned $12,000, or break-even on a per-share basis.

Revenue grew 36 percent to $326.8 million from $240.7 million a year ago on record manufacturing and royalty revenue from bipolar disorder treatment Risperdal Consta.

Looking ahead, the company said it expects to report a fiscal 2010 loss of $30 million to $40 million, or 32 cents to 42 cents per share. It predicted full-year revenue between $182 million and $197 million.