Alkermes moves into profit as Elan delivers

Company brings fiscal year in line with calendar

Richard Pops, chief executive of Alkermes: “Our financial results reflect the financial transformation of Alkermes.” Photograph: Aidan Crawley

Richard Pops, chief executive of Alkermes: “Our financial results reflect the financial transformation of Alkermes.” Photograph: Aidan Crawley

 

Alkermes, the company that acquired Elan Drug Technologies, yesterday reported “robust” results for what it called a “remarkable year”.

Increased revenues for manufacturing drugs for third parties along with stronger royalty income saw the company report a profit of $25 million, a turnaround from a $113.7 million loss the previous year. Revenues were 48 per cent stronger at $575.5 million.

The major driver of that growth was the Elan Drug Technologies acquisition in September 2011. The latest results reflect the first full-year contribution from that deal.

The company reported profit after tax of $3 million for the final quarter of the year, equivalent to two US cents a share, on revenues of $163.4 million. That compared with a loss of $63.4 million in the same period last year, or 49 cents a share. “Our financial results reflect the financial transformation of Alkermes,” chief executive Richard Pops said.

“Our business is now evolving to the next stage as our pipeline of highly differentiated candidates advances and demonstrates its blockbuster potential.”