StockSelector.com
  Research, Select, & Monitor Saturday, April 21, 2018 3:37:03 AM ET  
Trade Ideas The Market Industries Stocks Portfolio

 
Ticker Lookup
Alkermes, Inc.$46.02($.13)(.28%)

  Quote | Ranking | Chart | Valuations | Sentiment | Industry | News | Earnings | Analysts | More...

Your Target?

 Alkermes plc Reports Financial Results for the Year Ended Dec. 31, 2016 and Provides Financial Expectations for 2017
   Wednesday, February 15, 2017 7:00:00 AM ET

---- VIVITROL(R) Net Sales Grew by 45% Year-Over-Year to $209.0 Million --

---- 2017 Total Revenues Expected to Grow by Approximately 20%, Driven by Continuing Volume Growth of VIVITROL and ARISTADA(R) --

---- Company Plans to Submit New Drug Application for ALKS 5461 in 2017 --

Alkermes plc (ALKS ) today reported financial results for the twelve months ended Dec. 31, 2016 and provided financial expectations for 2017.

"Our 2016 financial results reflect the strong growth of our proprietary commercial products and demonstrate the power and breadth of the Alkermes business," commented James Frates, Chief Financial Officer of Alkermes. "We enter 2017 in a strong financial position and expect total revenues to grow approximately 20%, driven by the robust volume growth of VIVITROL(R) and ARISTADA(R). In 2017, we are making additional investments that will drive the future growth of Alkermes, including in our development pipeline, the commercial organization for ALKS 5461 and expanded VIVITROL manufacturing capabilities to support expected demand into the 2020s."

"We have built Alkermes to thrive in an increasingly challenging biopharmaceutical industry. Our base business of FDA-approved medicines is significant and growing, led by VIVITROL and ARISTADA. We have identified our next phase of growth based on a remarkable, late-stage, phase 3 portfolio. Our focus on large, chronic diseases of the CNS coupled with our approach to selecting, developing, and commercializing medicines is unique and built for a complex public health environment," said Richard Pops, Chief Executive Officer of Alkermes. "2017 will bring an unprecedented level of activity across all of the major areas of Alkermes. Our proprietary commercial products, VIVITROL and ARISTADA, will continue their growth as we bring new and distinctive features to patients and providers. For ARISTADA, we expect approval and launch of the two-month dose mid-year, which will be the only two-month option available in the long-acting injectable antipsychotic market. Our late-stage pipeline will continue to evolve rapidly, highlighted by the planned NDA submission for ALKS 5461 in major depressive disorder, the completion of the pivotal efficacy study of ALKS 3831 in schizophrenia, and completion of the required elements for registration of ALKS 8700 in multiple sclerosis."

Quarter Ended Dec. 31, 2016 Financial Highlights

-- Total revenues for the quarter were $213.5 million. This compared to $163.1 million for the same period in the prior year, representing an increase of 31%.

-- Net loss according to generally accepted accounting principles in the U.S. (GAAP) was $21.1 million, or a basic and diluted GAAP loss per share of $0.14. This compared to GAAP net loss of $69.4 million, or a basic and diluted GAAP loss per share of $0.46 for the same period in the prior year.

-- Non-GAAP net income was $23.3 million, or a non-GAAP basic and diluted earnings per share of $0.15 for the quarter. This compared to non-GAAP net loss of $21.0 million, or a non-GAAP basic and diluted loss per share of $0.14 for the same period in the prior year.

Quarter Ended Dec. 31, 2016 Financial Results

Revenues

-- Net sales of VIVITROL were $62.1 million, compared to $38.2 million for the same period in the prior year, representing an increase of 62%. On a unit basis, sales grew 67% compared to the same period in the prior year.

-- Net sales of ARISTADAwere $17.3 million, up from $4.6 million in the fourth quarter of 2015, which was the quarter of launch.

-- Manufacturing and royalty revenues from RISPERDAL CONSTA(R), INVEGA SUSTENNA(R)/XEPLION(R) and INVEGA TRINZA(R)/TREVICTA(R) were $74.0 million, compared to $75.1 million for the same period in the prior year.

-- Manufacturing and royalty revenues from AMPYRA(R)/FAMPYRA(R)1 were $32.3 million, representing a 69% increase compared to $19.1 million for the same period in the prior year.

-- Royalty revenue from BYDUREON(R) was $11.3 million, compared to $12.2 million for the same period in the prior year.

Costs and Expenses

-- Operating expenses were $237.1 million for the quarter ended Dec. 31, 2016, compared to $230.2 million for the same period in the prior year.

Calendar Year 2016 Financial Highlights

-- Total revenues increased 19% to $745.7 million in 2016, which included VIVITROL net sales of $209.0 million and ARISTADA net sales of $47.2 million. This compared to total revenues of $628.3 million for 2015. Please see the tables at the end of this press release for a detailed breakdown of the revenues from our key commercial products.

-- GAAP net loss was $208.4 million, or a basic and diluted GAAP loss per share of $1.38, for 2016. This compared to a GAAP net loss of $227.2 million, or a basic and diluted GAAP loss per share of $1.52, for 2015.

-- Non-GAAP net loss was $10.3 million, or a non-GAAP basic and diluted loss per share of $0.07, for 2016. This compared to non-GAAP net loss of $56.8 million, or a non-GAAP basic and diluted loss per share of $0.38, for 2015.

-- At Dec. 31, 2016, Alkermes recorded cash and total investments of $619.2 million, compared to $798.8 million at Dec. 31, 2015. At Dec. 31, 2016, the company’s total debt outstanding was $283.7 million, compared to $349.9 million at Dec. 31, 2015.

Financial Expectations for 2017

The following outlines the company’s financial expectations for 2017, which include investments in commercial infrastructure in preparation for the expected launch of ALKS 5461 in 2018 and in Alkermes’ pipeline of late-stage development candidates. The following statements are forward-looking, and actual results may differ materially. Please see "Note Regarding Forward-Looking Statements" at the end of this press release for risks that could cause results to differ materially from these forward-looking statements.

-- Revenues: The company expects total revenues to range from $870 million to $920 million, a 17% to 23% increase from 2016, driven by continuing growth of VIVITROL and ARISTADA. Included in this total revenue expectation, Alkermes expects VIVITROL net sales to range from $280 million to $300 million.

-- Cost of Goods Manufactured and Sold: The company expects cost of goods manufactured and sold to range from $150 million to $160 million.

-- Research and Development (R&D) Expenses: The company expects R&D expenses to range from $405 million to $435 million.

-- Selling, General and Administrative (SG&A) Expenses: The company expects SG&A expenses to range from $425 million to $455 million.

-- Amortization of Intangible Assets: The company expects amortization of intangibles to be approximately $60 million.

-- Net Interest Expense: The company expects net interest expense to be approximately $10 million.

-- Income Tax Expense: The company expects income tax expense of up to $10 million.

-- GAAP Net Loss: The company expects GAAP net loss to range from $180 million to $210 million, or a basic and diluted loss per share of $1.17 to $1.36, based on a weighted average basic and diluted share count of approximately 154 million shares outstanding.

-- Non-GAAP Net Income (Loss): The company expects its non-GAAP financial measure to be in the range of non-GAAP net loss of $15 million to non-GAAP net income of $15 million. This equates to a non-GAAP basic loss per share of $0.10 to a non-GAAP basic income per share of $0.10, based on a weighted average basic share count of approximately 154 million shares outstanding, and a non-GAAP diluted loss per share of $0.10 to a non-GAAP diluted income per share of $0.09, based on a weighted average diluted share count of approximately 161 million shares outstanding.

-- Capital Expenditures: The company expects capital expenditures to range from $70 million to $80 million.

Conference Call

Alkermes will host a conference call at 8:30 a.m. ET (1:30 p.m. GMT) on Wednesday, Feb. 15, 2017, to discuss these financial results and provide an update on the company. The conference call may be accessed by visiting Alkermes’ website or by dialing +1 888 424 8151 for U.S. callers and +1 847 585 4422 for international callers. The conference call ID number is 6037988. In addition, a replay of the conference call will be available from 11:00 a.m. ET (4:00 p.m. GMT) on Wednesday, Feb. 15, 2017, through 5:00 p.m. ET (10:00 p.m. GMT) on Wednesday, Feb. 22, 2017, and may be accessed by visiting Alkermes’ website or by dialing +1 888 843 7419 for U.S. callers and +1 630 652 3042 for international callers. The replay access code is 6037988.

About Alkermes plc

Alkermes plc is a fully integrated, global biopharmaceutical company developing innovative medicines for the treatment of central nervous system (CNS) diseases. The company has a diversified commercial product portfolio and a substantial clinical pipeline of product candidates for chronic diseases that include schizophrenia, depression, addiction and multiple sclerosis. Headquartered in Dublin, Ireland, Alkermes plc has an R&D center in Waltham, Massachusetts; a research and manufacturing facility in Athlone, Ireland; and a manufacturing facility in Wilmington, Ohio. For more information, please visit Alkermes’ website at www.alkermes.com.

Non-GAAP Financial Measures

This press release includes information about certain financial measures that are not prepared in accordance with generally accepted accounting principles in the U.S. (GAAP), including non-GAAP net income (loss) and non-GAAP diluted earnings (loss) per share. These non-GAAP measures are not based on any standardized methodology prescribed by GAAP and are not necessarily comparable to similar measures presented by other companies.

Non-GAAP net income (loss) adjusts for one-time and non-cash charges by excluding from GAAP results: share-based compensation expense; amortization; depreciation; non-cash net interest expense; certain other one-time or non-cash items; and the income tax effect of these reconciling items.

The company’s management and board of directors utilize these non-GAAP financial measures to evaluate the company’s performance. The company provides these non-GAAP measures of the company’s performance to investors because management believes that these non-GAAP financial measures, when viewed with the company’s results under GAAP and the accompanying reconciliations, better indicate underlying trends in ongoing operations. However, non-GAAP net income (loss) and non-GAAP diluted earnings (loss) per share are not measures of financial performance under GAAP and, accordingly, should not be considered as alternatives to GAAP measures as indicators of operating performance. Further, non-GAAP net income (loss) and non-GAAP diluted earnings (loss) per share should not be considered measures of our liquidity.

A reconciliation of GAAP to non-GAAP financial measures has been provided in the tables included in this press release.

Note Regarding Forward-Looking Statements

Certain statements set forth in this press release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including, but not limited to, statements concerning: future financial and operating performance, business plans or prospects, including the launch of ALKS 5461; the likelihood of continued revenue growth from the company’s commercial products, including the growth of VIVITROL and ARISTADA; the therapeutic and commercial value of the company’s products; and expectations concerning the timing and results of clinical development activities, including the timing of the NDA submission for ALKS 5461. The company cautions that forward-looking statements are inherently uncertain. Although the company believes that such statements are based on reasonable assumptions within the bounds of its knowledge of its business and operations, the forward-looking statements are neither promises nor guarantees and they are necessarily subject to a high degree of uncertainty and risk. Actual performance and results may differ materially from those expressed or implied in the forward-looking statements due to various risks and uncertainties. These risks and uncertainties include, among others: the unfavorable outcome of litigation, including so-called "Paragraph IV" litigation and other patent litigation, related to any of our products; data from clinical trials may be interpreted by the U.S. Food and Drug Administration ("FDA") in different ways than we interpret it; the FDA may not agree with our regulatory approval strategies or components of our filings, such as clinical trial designs; clinical development activities may not be completed on time or at all; the results of such clinical development activities may not be positive, or predictive of real-world results or of results in subsequent clinical trials; regulatory submissions may not occur or be submitted in a timely manner; the company, and its partners, may not be able to continue to successfully commercialize its products; there may be a reduction in payment rate or reimbursement for the company’s products or an increase in the company’s financial obligations to governmental payers; the FDA or regulatory authorities outside the U.S. may make adverse decisions regarding the company’s products; the company’s products may prove difficult to manufacture, be precluded from commercialization by the proprietary rights of third parties, or have unintended side effects, adverse reactions or incidents of misuse; and those risks and uncertainties described under the heading "Risk Factors" in the company’s most recent Annual Report on Form 10-K, and in any other subsequent filings made by the company, with the Securities and Exchange Commission ("SEC") and which are available on the SEC’s website at www.sec.gov. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. The information contained in this press release is provided by the company as of the date hereof, and, except as required by law, the company disclaims any intention or responsibility for updating or revising any forward-looking information contained in this press release.

VIVITROL(R) is a registered trademark of Alkermes, Inc.; ARISTADA(R) is a registered trademark of Alkermes Pharma Ireland Limited; RISPERDAL CONSTA(R), INVEGA SUSTENNA(R), XEPLION(R), INVEGA TRINZA(R) andTREVICTA(R) are registered trademarks of Johnson & Johnson; AMPYRA(R) and FAMPYRA(R) are registered trademarks of Acorda Therapeutics, Inc.; BYDUREON(R) is a registered trademark of Amylin Pharmaceuticals, LLC.

(1)AMPYRA(R) (dalfampridine) Extended Release Tablets, 10 mg is developed and marketed in the U.S. by Acorda Therapeutics, Inc. and outside the U.S. by Biogen Idec, under a licensing agreement with Acorda Therapeutics, as FAMPYRA(R) (prolonged-release fampridine tablets).

(tables follow)

                                                                                                                  
                                                                                                 Alkermes plc and Subsidiaries
                                                                                          Selected Financial Information (Unaudited)
                                                                                                                                                                                                
                                                                                                                                                                                                
                                                                                                                               Three Months                                                              Three Months
                                                                                                                                   Ended                                                                     Ended
Condensed Consolidated Statements of Operations - GAAP                                                                         December 31,                                                              December 31,
(In thousands, except per share data)                                                                                              2016                                                                      2015
---------------------------------------------------------------------------                                           -------------------------------                                          --------------------------------
Revenues:
  Manufacturing and royalty revenues                                                                                  $ 133,804                                                                 $ 119,310
  Product sales, net                                                                                                     79,451                                                                    42,816
  Research and development revenues                                                                                         259                                                    972  
---------------------------------------------------------------------------                                           --------- --------------------                                           ---------- --------------------
    Total Revenues                                                                                                      213,514                                                163,098  
---------------------------------------------------------------------------                                           --------- --------------------                                           ---------- --------------------
Expenses:
  Cost of goods manufactured and sold                                                                                    34,957                                                                    34,791
  Research and development                                                                                               89,627                                                                    93,686
  Selling, general and administrative                                                                                    97,145                                                                    87,472
  Amortization of acquired intangible assets                                                                             15,322                                                 14,206  
---------------------------------------------------------------------------                                           --------- --------------------                                           ---------- --------------------
    Total Expenses                                                                                                      237,051                                                230,155  
---------------------------------------------------------------------------                                           --------- --------------------                                           ---------- --------------------
Operating Loss                                                                                                          (23,537 )                                                                 (67,057 )
---------------------------------------------------------------------------                                           --------- --------------------                                           ---------- --------------------
Other Expense, net:
    Interest income                                                                                                         835                                                                     1,010
    Interest expense                                                                                                     (4,896 )                                                                  (3,319 )
    Loss on the Gainesville Transaction                                                                                       -                                                                      (301 )
    Change in the fair value of contingent consideration                                                                  4,800                                                                    (5,000 )
    Other (expense) income, net                                                                                          (1,515 )                                                                   1,874  
---------------------------------------------------------------------------                                           --------- --------------------                                           ---------- --------------------
    Total Other Expense, net                                                                                               (776 )                                                                  (5,736 )
---------------------------------------------------------------------------                                           --------- --------------------                                           ---------- --------------------
Loss Before Income Taxes                                                                                                (24,313 )                                                                 (72,793 )
---------------------------------------------------------------------------                                           --------- --------------------                                           ---------- --------------------
Income Tax Benefit                                                                                                       (3,172 )                                                                  (3,411 )
---------------------------------------------------------------------------                                           --------- --------------------                                           ---------- --------------------
Net Loss -- GAAP                                                                                          $ (21,141 )                                                               $ (69,382 )
---------------------------------------------------------------------------                                           --------- --------------------                                           ---------- --------------------
                                                                                                                                                                                                
Net (Loss) Earnings Per Share:
    GAAP net loss per share -- basic and diluted                                                            $ (0.14 )                                                                 $ (0.46 )
                                                                                                                      ========= ====================                                           ========== ====================
    Non-GAAP net earnings (loss) per share -- basic and diluted                                              $ 0.15                                                $ (0.14 )
                                                                                                                      ========= ====================                                           ========== ====================
                                                                                                                                                                                                
Weighted Average Number of Ordinary Shares Outstanding:
  Basic and diluted -- GAAP                                                                                 152,148                                                150,330  
                                                                                                                      ========= ====================                                           ========== ====================
  Basic -- Non-GAAP                                                                                         152,148                                                150,330  
                                                                                                                      ========= ====================                                           ========== ====================
  Diluted -- Non-GAAP                                                                                       159,212                                                150,330  
                                                                                                                      ========= ====================                                           ========== ====================
                                                                                                                                                                                                
An itemized reconciliation between net loss on a GAAP basis and
non-GAAP net income (loss) is as follows:
Net Loss -- GAAP                                                                                          $ (21,141 )                                                               $ (69,382 )
  Adjustments:
      Share-based compensation expense                                                                                   19,783                                                                    22,869
      Amortization expense                                                                                               15,322                                                                    14,206
      Depreciation expense                                                                                                9,326                                                                     7,575
      Income tax effect related to reconciling items                                                                      1,636                                                                      (618 )
      Non-cash net interest expense                                                                                         194                                                                       233
      Loss on warrants and equity method investments                                                                        866                                                                       463
      Loss on debt refinancing                                                                                            2,075                                                                         -
      Change in the fair value of contingent consideration                                                               (4,800 )                                                                   5,000
      Loss on the Gainesville Transaction                                                                                     -                                                                       301
      Gain on sale of property, plant and equipment                                                                           -                                                 (1,646 )
                                                                                                                      --------- --------------------                                           ---------- --------------------
Non-GAAP Net Income (Loss)                                                                                             $ 23,261                                              $ (20,999 )
                                                                                                                      ========= ====================                                           ========== ====================
                                                                                                               
                                                                                                                              Year Ended                                            Year Ended
Condensed Consolidated Statements of Operations - GAAP                                                                       December 31,                                          December 31,
(In thousands, except per share data)                                                                                            2016                                                  2015
------------------------------------------------------------------------                                           --------------------------------                      --------------------------------
Revenues:
  Manufacturing and royalty revenues                                                                                $ 487,247                                             $ 475,288
  Product sales, net                                                                                                  256,146                                               149,028
  Research and development revenues                                                                                     2,301                              4,019  
------------------------------------------------------------------------                                           ---------- --------------------                       ---------- --------------------
    Total Revenues                                                                                                    745,694                            628,335  
------------------------------------------------------------------------                                           ---------- --------------------                       ---------- --------------------
Expenses:
  Cost of goods manufactured and sold                                                                                 132,122                                               138,989
  Research and development                                                                                            387,148                                               344,404
  Selling, general and administrative                                                                                 374,130                                               311,558
  Amortization of acquired intangible assets                                                                           60,959                             57,685  
------------------------------------------------------------------------                                           ---------- --------------------                       ---------- --------------------
    Total Expenses                                                                                                    954,359                            852,636  
------------------------------------------------------------------------                                           ---------- --------------------                       ---------- --------------------
Operating Loss                                                                                                       (208,665 )                                            (224,301 )
------------------------------------------------------------------------                                           ---------- --------------------                       ---------- --------------------
Other (Expense) Income, net:
    Interest income                                                                                                     3,752                                                 3,330
    Interest expense                                                                                                  (14,889 )                                             (13,247 )
    Gain on the Gainesville Transaction                                                                                     -                                                 9,636
    Change in the fair value of contingent consideration                                                                7,900                                                (2,300 )
    Other (expense) income, net                                                                                        (2,485 )                                               2,877  
------------------------------------------------------------------------                                           ---------- --------------------                       ---------- --------------------
    Total Other (Expense) Income, net                                                                                  (5,722 )                                                 296  
------------------------------------------------------------------------                                           ---------- --------------------                       ---------- --------------------
Loss Before Income Taxes                                                                                             (214,387 )                                            (224,005 )
------------------------------------------------------------------------                                           ---------- --------------------                       ---------- --------------------
Income Tax (Benefit) Provision                                                                                         (5,943 )                                               3,158  
------------------------------------------------------------------------                                           ---------- --------------------                       ---------- --------------------
Net Loss -- GAAP                                                                                       $ (208,444 )                                          $ (227,163 )
------------------------------------------------------------------------                                           ---------- --------------------                       ---------- --------------------
                                                                                                                                                                          
Net Loss Per Share:
    GAAP net loss per share -- basic and diluted                                                          $ (1.38 )                                             $ (1.52 )
                                                                                                                   ========== ====================                       ========== ====================
    Non-GAAP net loss per share -- basic and diluted                                                      $ (0.07 )                                             $ (0.38 )
                                                                                                                   ========== ====================                       ========== ====================
                                                                                                                                                                          
Weighted Average Number of Ordinary Shares Outstanding:
  Basic and diluted -- GAAP and Non-GAAP                                                                  151,484                            149,206  
                                                                                                                   ========== ====================                       ========== ====================
                                                                                                                                                                          
An itemized reconciliation between net loss on a GAAP basis and
non-GAAP net loss is as follows:
Net Loss -- GAAP                                                                                       $ (208,444 )                                          $ (227,163 )
  Adjustments:
      Share-based compensation expense                                                                                 94,396                                                97,342
      Amortization expense                                                                                             60,958                                                57,685
      Depreciation expense                                                                                             33,298                                                27,911
      Income tax effect related to reconciling items                                                                    2,252                                                (2,822 )
      Loss (gain) on warrants and equity method investments                                                             2,130                                                (1,286 )
      Non-cash net interest expense                                                                                       888                                                   938
      Upfront license option payment to Reset Therapeutics, Inc. charged                                               10,000                                                     -
      to R&D expense
      Loss on debt refinancing                                                                                          2,075
      Change in the fair value of contingent consideration                                                             (7,900 )                                               2,300
      Gain on the Gainesville Transaction                                                                                   -                                                (9,636 )
      Gain on sale of property, plant and equipment                                                                         -                             (2,101 )
                                                                                                                   ---------- --------------------                       ---------- --------------------
Non-GAAP Net Loss                                                                                                   $ (10,347 )                                           $ (56,832 )
                                                                                                                   ========== ====================                       ========== ====================
                                                                                                                                                                          
                                                                                                                                                                          

Pursuant to compliance and disclosure interpretations published by the SEC in May 2016, the Company made certain changes to how it presents non-GAAP net loss. The Company no longer adjusts the deferred revenue recognized in the period and now reflects the tax effect of the reconciling items, as opposed to the non-cash taxes, as was previously the case. The Company revised its prior period presentation to reflect its current period presentation.

                                                                          
Condensed Consolidated Balance Sheets                                                       December 31,                                                   December 31,
(In thousands)                                                                                  2016                                                           2015
---------------------------------------------                                           --------------------                                           --------------------
Cash, cash equivalents and total investments                                                       $ 619,164                                                      $ 798,849
Receivables                                                                                          191,102                                                        155,487
Inventory                                                                                             62,998                                                         38,411
Prepaid expenses and other current assets                                                             39,345                                                         26,286
Property, plant and equipment, net                                                                   264,785                                                        254,819
Intangible assets, net and goodwill                                                                  411,100                                                        472,059
Other assets                                                                                         137,929                                                        109,833
---------------------------------------------                                           --------------------                                           --------------------
Total Assets                                                                                     $ 1,726,423                                                    $ 1,855,744
---------------------------------------------                                           --------------------                                           --------------------
Long-term debt -- current portion                                                        $ 3,000                                                       $ 65,737
Other current liabilities                                                                            208,993                                                        170,470
Long-term debt                                                                                       280,666                                                        284,207
Deferred revenue -- long-term                                                              7,122                                                          7,975
Other long-term liabilities                                                                           17,161                                                         13,080
Total shareholders’ equity                                                                         1,209,481                                                      1,314,275
---------------------------------------------                                           --------------------                                           --------------------
Total Liabilities and Shareholders’ Equity                                                       $ 1,726,423                                                    $ 1,855,744
---------------------------------------------                                           --------------------                                           --------------------
                                                                                                                                                        
Ordinary shares outstanding (in thousands)                                                           152,431                                                        150,701
                                      
--------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                                        

This selected financial information should be read in conjunction with the consolidated financial statements and notes thereto included in Alkermes plc’s Annual Report on Form 10-K for the year ended December 31, 2016, which the company intends to file in February 2017.

                                                                                                                      
                                                                                                                                                 Revenues for Calendar Year 2016 and 2015
                                                                                                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                                                                                                      
                                                                                        Three Months                                           Three Months                                            Three Months                                           Three Months                                                   Year
                                                                                            Ended                                                  Ended                                                   Ended                                                  Ended                                                      Ended
                                                                                          March 31,                                              June 30,                                              September 30,                                          December 31,                                               December 31,
(In thousands)                                        2016             2016              2016             2016                 2016
--------------------------------------------- -------------------- -------------------- ------------ -------------------- -------------------- ------------ -------------------- -------------------- ------------- -------------------- -------------------- ------------ -------------------- -------------------- --------------------
Revenues:
PARTNERED LONG-ACTING ANTIPSYCHOTICS (1)                                                    $ 54,667                                               $ 69,578                                                $ 73,251                                               $ 73,967                                                      $ 271,463
AMPYRA/FAMPYRA                                                                                28,194                                                 40,848                                                  12,897                                                 32,254                                                        114,193
BYDUREON                                                                                      10,533                                                 12,303                                                  11,554                                                 11,256                                                         45,646
VIVITROL                                                                                      43,827                                                 47,242                                                  55,804                                                 62,109                                                        208,982
ARISTADA                                                 5,547           10,277            13,998           17,342                   47,164
--------------------------------------------- -------------------- -------------------- ------------ -------------------- -------------------- ------------ -------------------- -------------------- ------------- -------------------- -------------------- ------------ -------------------- -------------------- --------------------
Key Commercial Product Revenues                                                              142,768                                                180,248                                                 167,504                                                196,928                                                        687,448
                                                                                                                                                                                                                                                                                                                      
Legacy Product Revenues (2)                                                                   12,765                                                 14,305                                                  12,548                                                 16,327                                                         55,945
Research and Development Revenues                        1,241              612               189              259                    2,301
--------------------------------------------- -------------------- -------------------- ------------ -------------------- -------------------- ------------ -------------------- -------------------- ------------- -------------------- -------------------- ------------ -------------------- -------------------- --------------------
Total Revenues                                       $ 156,774        $ 195,165         $ 180,241        $ 213,514                $ 745,694
============================================= ==================== ==================== ============ ==================== ==================== ============ ==================== ==================== ============= ==================== ==================== ============ ==================== ==================== ====================
                                                                                                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                                                                                                      
                                                                                        Three Months                                           Three Months                                            Three Months                                           Three Months                                                   Year
                                                                                            Ended                                                  Ended                                                   Ended                                                  Ended                                                      Ended
                                                                                          March 31,                                              June 30,                                              September 30,                                          December 31,                                               December 31,
(In thousands)                                        2015             2015              2015             2015                 2015
--------------------------------------------- -------------------- -------------------- ------------ -------------------- -------------------- ------------ -------------------- -------------------- ------------- -------------------- -------------------- ------------ -------------------- -------------------- --------------------
Revenues:
PARTNERED LONG-ACTING ANTIPSYCHOTICS (1)                                                    $ 46,864                                               $ 60,841                                                $ 67,606                                               $ 75,074                                                      $ 250,385
AMPYRA/FAMPYRA                                                                                36,549                                                 26,939                                                  22,132                                                 19,116                                                        104,736
BYDUREON                                                                                       9,800                                                 11,081                                                  13,039                                                 12,195                                                         46,115
VIVITROL                                                                                      31,137                                                 37,172                                                  37,903                                                 38,227                                                        144,439
ARISTADA                                                     -                -                 -            4,589                    4,589
--------------------------------------------- -------------------- -------------------- ------------ -------------------- -------------------- ------------ -------------------- -------------------- ------------- -------------------- -------------------- ------------ -------------------- -------------------- --------------------
Key Commercial Product Revenues                                                              124,350                                                136,033                                                 140,680                                                149,201                                                        550,264
                                                                                                                                                                                                                                                                                                                      
Legacy Product Revenues (2)                                                                   17,314                                                 13,737                                                  11,295                                                 12,925                                                         55,271
Gainesville Revenues                                                                          19,167                                                    565                                                       -                                                      -                                                         19,732
Research and Development Revenues                          383            1,035               678              972                    3,068
--------------------------------------------- -------------------- -------------------- ------------ -------------------- -------------------- ------------ -------------------- -------------------- ------------- -------------------- -------------------- ------------ -------------------- -------------------- --------------------
Total Revenues                                       $ 161,214        $ 151,370         $ 152,653        $ 163,098                $ 628,335
============================================= ==================== ==================== ============ ==================== ==================== ============ ==================== ==================== ============= ==================== ==================== ============ ==================== ==================== ====================
                                                                                                                                                                                                                                                                                                                      
Total Revenues excluding Gainesville Revenues        $ 142,047        $ 150,805         $ 152,653        $ 163,098                $ 608,603
============================================= ==================== ==================== ============ ==================== ==================== ============ ==================== ==================== ============= ==================== ==================== ============ ==================== ==================== ====================
                                                                                                                                                                                                                                                                                                                      

(1) - Includes RISPERDAL CONSTA, INVEGA SUSTENNA/XEPLION and INVEGA TRINZA/TREVICTA.

(2) - Includes legacy product revenues, excluding product revenues sold as part of the Gainesville transaction.

 
    2017 Guidance -- GAAP to Non-GAAP Adjustments
 
An itemized reconciliation between projected loss per share on a
GAAP basis and projected earnings (loss) per share
on a non-GAAP basis is as follows:
 
                                                                                  
                                                                                                                                                                                                                                 (Loss)/Earnings
(In millions, except per share data)                                Amount                 Shares                 Per Share
-------------------------------------------------- -------------------- -------------------- ---------------------------------------------------- -------------------- ------ -------------------- -------------------- --------------------------------
Projected Net Loss -- GAAP                                                         $ (195.0 )                                                                 154                                              $ (1.27 )
  Adjustments:
      Non-cash net interest expense                                                                 1.0
    Income tax effect related to reconciling items                                                  1.5
      Depreciation expense                                                                         37.5
      Amortization expense                                                                         60.0
      Share-based compensation expense                                                             95.0
                                                                                                                                                                                                      
                                                                                             --------------------------------                                                                                           --------------------------------
Projected Non-GAAP Net Income (Loss)                                                                $ -                                                161                                                  $ -  
                                                                                             ========== ====================                                                                                            ========== ====================
                                                                                                                                                                                                                         
                                                                                                                                                                                                                         

Projected GAAP and non-GAAP measures reflect mid-points within ranges of estimated guidance.

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20170215005205r1&sid=cmtx6&distro=nx&lang=en

View source version on businesswire.com: http://www.businesswire.com/news/home/20170215005205/en/

SOURCE: Alkermes plc

Alkermes plc 
For Investors: 
Sandy Coombs, +1 781-609-6377 
or 
Eva Stroynowski, +1 781-609-6823 
or 
For Media: 
Jennifer Snyder, +1 781-609-6166


Register |  Password |  Feedback |  Copyright |  Usage Agreement |  Privacy Policy |  Advertising |  About Us |  Contact Us |  FAQ 

Past performance is not indicative of future results

StockSelector.com, the StockSelector.com logo, and News Selects are trademarks of StockSelector.com.
Copyright © 1998 - 2018 StockSelector.com. All rights reserved.