Alkermes plc (NASDAQ: ALKS) today reported financial results for its third quarter of fiscal 2013, which ended Dec. 31, 2012, and improved financial expectations for its fiscal year 2013.
“With results now spanning an entire year, the power of Alkermes plc is becoming evident. Our strong financial performance was driven by our five key commercial products, which grew 33% year-over-year,” commented James Frates, Chief Financial Officer of Alkermes. “Today, we are again improving our financial expectations for fiscal 2013, based on our robust operational performance across the business. We now expect Alkermes to generate between $135 million and $155 million in non-GAAP net income this fiscal year.”
Third Quarter Fiscal 2013 Highlights
- Total revenues for the third quarter of fiscal 2013 increased 8.2% to $135.9 million, compared to the same period in fiscal 2012, which was attributable primarily to growth from the company’s key commercial products.
- Based on accounting principles generally accepted in the U.S. (GAAP), Alkermes reported net income of $16.3 million, or a basic and diluted earnings per share (EPS) of $0.12, for the third quarter of fiscal 2013. This compared to a GAAP net loss of $14.8 million, or a basic and diluted loss per share of $0.11, for the same period in fiscal 2012.
- The company reported non-GAAP 1 net income of $46.5 million, or a non-GAAP diluted EPS of $0.34, for the third quarter of fiscal 2013. This compared to non-GAAP net income of $12.8 million, or a non-GAAP diluted EPS of $0.10, for the same period in fiscal 2012.
“This quarter demonstrates the strength of Alkermes’ business model, which is characterized by two robust portfolios – our commercial products and our development pipeline. The quarterly financial results underscore our ability to hit financial goals while investing in a promising pipeline,” commented Richard Pops, Chief Executive Officer of Alkermes. “As we move into 2013, we are excited by how our late-stage pipeline is taking shape, with interesting new medicines that have blockbuster potential and many important data readouts this year.”