Losses dip slightly at Alkermes to $72.6m

Alkermes made a pretax loss of $72.6 million (€66.8m) in the three months to the end of March 2017. That represents a decrease of 5.75 per cent on the same period last year.

The biopharmaceutical company, which is headquartered in Dublin, recorded an increase in revenues for the quarter to $191.8 million (€176.5m), up from $156.8 million (€144.2m) in the first quarter of 2016.

According to a statement from the firm, the loss reflects increased investment in its advancing late-stage pipeline and commercial infrastructures.

Expectations

James Frates, chief financial officer of Alkermes, said: "Our results this quarter reflect solid year-over-year growth of our commercial portfolio...we are reiterating our financial expectations for 2017."

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The company’s proprietary products, Vivitrol and Aristada, both saw an increase in net sales in the first quarter. Sales of the former increased 33.4 per cent to $43.8 million (€40.3m), while sales of Aristada increased to $18 million (€16.5m), up from $5.5 million (€5m) in the same period last year.

Operating expenses at the company also increased in the quarter, up 12.3 per cent to $262.6 million (€241.6m).