Alkermes achieves first profitable year driven by 119% increase in total revenues

By Lisa Kerner

Erie, Pa., May 18 - Alkermes, Inc. said it had a profitable year, driven by a 119% increase in total revenues and reflected by growth in each revenue category, including manufacturing, royalty and research and development.

The company had net income on a GAAP basis for the fiscal year of $3.8 million, or a basic and diluted earnings per share of $0.04, up from a net loss of $73.9 million, $0.82 per share, the prior year.

Total revenues were $166.6 million for the year ended March 31, more than double the $76.1 million for the prior year.

At March 31, Alkermes had total cash and total investments of $303.1 million, up from $207.5 million at the end of the previous fiscal year.

"We are very pleased to report our first profitable fiscal year, which is an important achievement for the company and underscores our commitment to achieving sustained profitability and growth as we move forward," chief financial officer James Frates said in a company news release.

"We enter fiscal 2007 in a strong financial position with a focus on achieving key commercial and clinical objectives, including supplying the growing demand for Risperdal Consta, preparing for the launch of Vivitrol and advancing our diabetes product candidates."

The company anticipates total revenues for fiscal 2007 to range from $200 million to $222 million and operating income to range from $15 million to $20 million.

Manufacturing revenues are expected to reach $95 million as the result of increased shipments of Risperdal Consta and Vivitrol.

Alkermes is a Cambridge, Mass., pharmaceutical company.

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