Alkermes sees revenues rise by 185%

Alkermes — the US biopharmaceutical group — has witnessed the first benefits of its takeover of Elan’s Athlone-based drug delivery arm, with third-quarter revenues rising by more than 185%.

The Nasdaq-quoted company — Specialising in treatments for diseases affecting the central nervous system — said yesterday that revenues grew to $126 million (€96m) over the three months to the end of December; up by more than 185% on the same quarter in 2010.

Earnings before interest, tax, depreciation and amortisation grew to $29.7m. The figures covered the first full quarter following Alkermes’ September merger with Elan Drug Technologies (EDT).

“These quarterly results demonstrate the powerful financial and operational entity Alkermes has become,” chief executive Richard Pops said.

“We’re now well-positioned to build a major biotech company. Our financial strength is driven by a significant and diverse commercial portfolio&”.

2012 will be an important year “with catalysts driving growth across the commercial portfolio and progress in our pipeline,” he added.

Alkermes, which has re-located its corporate headquarters to Dublin, had posted a net loss of just over $22m in its second quarter, mainly on the back of merger costs relating to its Elan transaction.

On the back of the third-quarter figures, the company has raised its full year revenue guidance to between $370m and $400m; up from a previous guidance scale of between $350m and $380m.