Alkermes made a pretax loss of $72.6 million (€66.8m) in the three months to the end of March 2017. That represents a decrease of 5.75 per cent on the same period last year.

The biopharmaceutical company, which is headquartered in Dublin, recorded an increase in revenues for the quarter to $191.8 million (€176.5m), up from $156.8 million (€144.2m) in the first quarter of 2016.

According to a statement from the firm, the loss reflects increased investment in its advancing late-stage pipeline and commercial infrastructures.

Expectations

James Frates, chief financial officer of Alkermes, said: "Our results this quarter reflect solid year-over-year growth of our commercial portfolio...we are reiterating our financial expectations for 2017."

The company’s proprietary products, Vivitrol and Aristada, both saw an increase in net sales in the first quarter. Sales of the former increased 33.4 per cent to $43.8 million (€40.3m), while sales of Aristada increased to $18 million (€16.5m), up from $5.5 million (€5m) in the same period last year.

Operating expenses at the company also increased in the quarter, up 12.3 per cent to $262.6 million (€241.6m).