Alkermes beats forecasts as it delivers record revenues for 2013

Irish biopharma group Alkermes has reported record revenues for 2013 and forecast a strong year ahead for drugs at an advanced stage in its pipeline.

The company, which specialises in diseases of the central nervous system, reported a 14 per cent rise in sales to $154.5 million in the three months to the end of December. Profit after tax was $18.1 million, or 13 US cents a share, up on the $16.3 million, or 12 cents a share in the year ago period.

Profits on the company’s preferred non-GAAP basis, were $39.9 million (27 cents/share) , down from $ 46.5 million (34 cents) , which it said reflected increased investment in its late-stage pipeline and commercial infrastructure.

The figures were well ahead of forecasts but that did not stop the shares slipping slightly in US trade to $51.78, down 1.76 per cent.

The company, which is moving from a March 31st end financial year to a calendar year format said it had made sales of nearly $600 million, and non-GAAP net income of $170 million.

For this year, chief financial officer Jim Frates said the company expected to deliver sales of between $580 to $610 million and non-GAAP net income of between $65 million and $85 million as a result of an increase in expenses as the company moves to further market its Vivitrol drug for opioid or alcohol dependence and towards an expected 2015 launch of schizophrenia drug Aripiprazole Lauroxil.

Chief executive Richard Pops said: "We made tremendous progress in building our business in 2013, demonstrating the financial strength of our commercial portfolio and expanding and advancing our late-stage pipeline of new medicines.

“Entering 2014, we control what we believe is one of the most exciting CNS [central nervous system] pipelines in the pharmaceutical industry and expect to reach major milestones during the year.”

Alkermes became an Irish company following its takeover of Elan Drug Technologies, the Athlone based division of the former Iseq heavyweight Elan, since acquired itself by Perrigo.