Alkermes Reports Third Quarter Loss, Smaller Than Expected
CAMBRIDGE, Mass. (AP) — Biotech drug developer Alkermes Inc. on Thursday reported a fiscal 2010 third-quarter loss on lower revenue, but the results topped Wall Street expectations.
Alkermes said it lost $6.8 million, or 7 cents per share, in the quarter ended Dec. 31, compared with profit of $112.7 million, or $1.18 per share, a year prior. Revenue plunged to $44.2 million from $155.7 million. The year-ago period included a hefty payment from former partner Cephalon Inc.
Analysts surveyed by Thomson Reuters expected a loss of 16 cents per share on revenue of $39.7 million
Manufacturing revenue rose 40 percent to $28.7 million, mainly for the schizophrenia drug Risperdal Consta, which Alkermes makes for a division of Johnson & Johnson. Revenue from the alcohol dependency drug Vivitrol was $5.5 million while royalty revenue was $10 million.
Shares of Alkermes fell 57 cents, or 5.1 percent, to close at $10.52 in after-hours trading. The stock has traded between $7.41 and $13.16 over the last 52 weeks.