Biopharma group Alkermes has reported a sharp increase in its net loss in the first quarter on the back of increased investment in its late-stage pipeline.
The company, domiciled in Dublin since its acquisition of Elan Drug Technologies, is focused on diseases of the central nervous system.
In the three months to the end of March, it reported sales of $156.8 million. While this is down on the $161.2 million in the same quarter last year, it includes $19.2 million relating to a plant that has since been sold.
The net loss at the business jumped to $77.4 million, or 51 cents a share, from $30.7 million, or 21 cents a share in the year ago period.
Chief financial officer James Frates highlighted "robust" growth in sales of its Vivitrol drug for opioid and/or alcohol dependence and the launch of schizophrenia drug Aristada.
“With our strong financial position and growing commercial portfolio, we are well positioned to invest in our advancing pipeline,” he said, adding the the Dublin-headquartered company was reiterating its financial expectations for 2016.
