THE MERGER with Elan Drug Technologies and a strong performance by its portfolio of drugs saw biotech group Alkermes report a more than doubling of revenues for the year to March 31st last.
The US-listed group, which moved its headquarters to Ireland following the EDT merger, said fourth quarter revenue in the fourth quarter jumped 155 per cent to $130.5 million with adjusted earnings before interest, tax depreciation and amortisation (Ebitda) of $24.4 million, compared to a loss of $6.6 million for the same period last year.
For the year as a whole, revenue rose 109 per cent to $390 million, the company said, with adjusted Ebitda of $70.2 million against a prior year loss of $15.4 million.
Chief executive Richard Pops said fiscal 2012 had been a “transformative year”. “With the EDT merger complete, Alkermes is a dramatically enhanced and financially strong company,” he said.
The business was now generating significant positive cashflow, he said, much of which was moving steadily into or towards final stage clinical trials.
“We are well positioned to create value in both the near and long term,” Mr Pops said.
He noted that the company had five pharmaceutical product lines, “many at the beginning of their commercial lives”.
Alkermes focuses on therapies for psychotic conditions and diseases of the central nervous system. Its biggest sellers are schizophrenia drugs Invega Sustenna and Risperdal Consta. It also makes type-2 diabetes therapy Bydureon, Vivitrol for the treatment of alcohol dependence and opiate relapse prevention and Ampyra, which helps improve walking in multiple sclerosis patients.
