Alkermes plc (NASDAQ: ALKS) today reported financial results for its first quarter of fiscal 2013, which ended June 30, 2012, and reiterated expectations for its fiscal year 2013, which will be the first full fiscal year of the combined company, Alkermes plc (Alkermes), following the completion of the merger of Alkermes, Inc. with Elan Drug Technologies (EDT) on Sept. 16, 2011.
“Our first quarter results highlight Alkermes’ transformation to a business generating growing revenues and earnings. These results also demonstrate the strength of our business model with revenues coming from a diversified portfolio of important medications,” commented Richard Pops, Chief Executive Officer of Alkermes. “Our company is in a stronger position than ever before with solid financial performance and a broad portfolio of unique commercial and pipeline products.”
First Quarter Fiscal 2013 Highlights
- Total revenues for the first quarter increased 146% to $152.2 million, which reflected the expansion of the company’s commercial product portfolio as a result of the merger and the inclusion of $20.0 million of intellectual property license revenue unrelated to our key clinical development programs. This compared to total revenues of $61.9 million for the same period in the prior fiscal year for Alkermes, Inc.
- Based on accounting principles generally accepted in the U.S. (GAAP), Alkermes reported net income of $22.4 million, or a basic and diluted earnings per share (EPS) of $0.17, for the quarter. This compared to a GAAP net loss of $13.2 million, or a basic and diluted loss per share of $0.14, for the same period in the prior fiscal year for Alkermes, Inc.
- The company reported non-GAAP 1 net income of $53.0 million, or a non-GAAP diluted EPS of $0.39. This compared to non-GAAP net income of $3.6 million, or a non-GAAP diluted EPS of $0.04, for the same period in the prior fiscal year for Alkermes, Inc.
“The business is performing as we expected with growing revenue streams from our key commercial products and continued contributions from the legacy portfolio during the quarter. For the remainder of the fiscal year, we expect to see growing contributions from the key products while contributions from the legacy products become less significant,” commented James Frates, Chief Financial Officer of Alkermes. “Looking forward, we see the business on a steady course for achieving the financial expectations for fiscal year 2013 that we set forth in May.”