Dublin-based US drugmaker Alkermes has reported a 14% year-on-year increase in third-quarter net revenue to $160m (€125m), beating analyst forecasts.
However, the Nasdaq-quoted company — which moved its headquarters to Dublin following its near €1bn takeover of Elan’s Athlone-based drug delivery business in 2011 — also reported a net loss of $40m, up from a loss of $7.8m for the same period last year.
Chief financial officer James Frates said the quarterly results demonstrate the company’s strong financial and operational position, “with a robust portfolio of commercial products generating significant revenue, funding the development of our pipeline of CNS [central nervous system] candidates”.
“Further, our strong balance sheet gives us the ability to control the development of our pipeline. We have all the elements and resources in place to advance our novel candidates and look forward to reporting substantial progress in the coming months.”
Alkermes chief executive Richard Pops said the company is entering the fourth quarter with “strong momentum” and is “on the threshold” of multiple data read-outs for what he called “one of the most exciting and robust pipelines of new CNS medicines in the industry”.
Alkermes has also slightly altered its financial guidance for the full year after the sale of its Civitas Therapeutics spin-off company to US rival Acorda Therapeutics. The transaction is expected to improve Alkermes’ full-year losses by around $40m to $50m-$70m, rather than the previously guided range of $90m-$110m.
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