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Alkermes Plc Reports Financial Results For Quarter Ended June 30, 2013

Alkermes plc (NASDAQ: ALKS) today reported financial results for the quarter ended June 30, 2013. This is the first quarter of the nine-month period ending Dec. 31, 2013, as the company transitions to reporting on a calendar year basis.

“This was another strong quarter for Alkermes. The business continues to generate strong financial results driven primarily by our portfolio of five key commercial products. The company is generating significant cash flow, and at the same time, we are advancing our robust clinical pipeline, which will be a major driver of Alkermes’ future growth,” commented James Frates, Chief Financial Officer of Alkermes. “Looking forward, our business remains on track to achieve our growth and financial expectations for the remainder of the calendar year.”

“Alkermes’ strong financial foundation from our commercial product portfolio, coupled with our expanding pipeline of development candidates, creates opportunities for exceptional value and growth,” commented Richard Pops, Chief Executive Officer of Alkermes. “Our pipeline now encompasses a range of promising, innovative and differentiated drug candidates, including three recently unveiled preclinical candidates that reflect our expanded research and development capabilities and productivity. Our pipeline is designed to address compelling patient needs and has become one of the most diverse and exciting CNS pipelines in the biopharmaceutical industry.”

Quarter Ended June 30, 2013 Highlights
  • Total revenues for the quarter were $138.6 million. This compared to total revenues of $152.2 million for the same period in the prior year, which included $20.0 million of intellectual property license revenue unrelated to key development programs.
  • Revenues from the company’s five key commercial products for the quarter grew 22% to $98.9 million, from $81.2 million for the same period in the prior year.
  • Non-GAAP net income for the quarter was $42.9 million, or a non-GAAP diluted earnings per share (EPS) of $0.30. This compared to non-GAAP net income of $53.0 million, or a non-GAAP diluted EPS of $0.39, for the same period in the prior year, which included $20.0 million, or $0.15 per diluted share, of intellectual property license revenue.
  • GAAP net income for the quarter was $7.3 million, or a basic and diluted GAAP EPS of $0.05. This compared to GAAP net income of $22.4 million, or a basic and diluted GAAP EPS of $0.17, for the same period in the prior year, which included $20.0 million, or $0.15 per diluted share, of intellectual property license revenue.
  • Free cash flow for the quarter was $39.2 million. This compared to $46.2 million for the same period in the prior year, which included $20.0 million of intellectual property license revenue.
  • The company reiterated its financial expectations for the nine-month period ending Dec. 31, 2013, which were originally provided on May 23, 2013.

Quarter Ended June 30, 2013 Financial Results

Revenues
  • Manufacturing and royalty revenues from the company’s long-acting atypical antipsychotic franchise, RISPERDAL ® CONSTA ® and INVEGA ® SUSTENNA ®/XEPLION ®, were $56.2 million, compared to $48.6 million for the same period in the prior year. Worldwide end-market sales of RISPERDAL CONSTA and INVEGA SUSTENNA/XEPLION were approximately $627 million, compared to approximately $550 million in the same period in the prior year.
  • Manufacturing and royalty revenues from AMPYRA ®/FAMPYRA ®1 were $19.9 million, compared to $17.2 million for the same period in the prior year.
  • Net sales of VIVITROL ® were $17.4 million, compared to $12.4 million for the same period in the prior year, representing an increase of approximately 40% year over year.
  • Royalty revenue from BYDUREON ® was $5.4 million, compared to $3.0 million for the same period in the prior year.
  • Additionally, results for the quarter included RITALIN LA ®/FOCALIN XR ® revenues of $11.2 million, VERELAN ® revenues of $6.5 million and TRICOR ® 145 revenues of $4.1 million. This compared to RITALIN LA/FOCALIN XR revenues of $10.9 million, VERELAN revenues of $6.0 million and TRICOR 145 revenues of $12.0 million for the same period in the prior year.

Costs and Expenses
  • Operating expenses were $125.1 million. This compared to operating expenses of $120.1 million for the same period in the prior year.
  • Net interest expense was $3.3 million. This compared to net interest expense of $9.9 million for the same period in the prior year. The reduction was driven by the successful refinancing and repricing of the company’s term loans completed in 2012 and 2013, respectively.

Balance Sheet
  • At June 30, 2013, Alkermes recorded cash and total investments of $325.0 million, compared to $304.2 million at March 31, 2013.

Conference Call

Alkermes will host a conference call at 8:30 a.m. EDT (1:30 p.m. BST) on Thursday, July 25, 2013, to discuss these financial results and provide an update on the company. The conference call may be accessed by dialing +1 888 424 8151 for U.S. callers and +1 847 585 4422 for international callers. The conference call ID number is 6037988. In addition, a replay of the conference call will be available from 10:30 a.m. EDT (3:30 p.m. BST) on Thursday, July 25, 2013, through 5:00 p.m. EDT (10:00 p.m. BST) on August 1, 2013, and may be accessed by visiting Alkermes’ website or by dialing +1 888 843 7419 for U.S. callers and +1 630 652 3042 for international callers. The replay access code is 6037988.

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