Exhibit 99.1

 

 

 

 

Alkermes Contacts:

 

 

For Investors:

Sandy Coombs     +1 781 609 6377

 

For Media:  

Eva Stroynowski +1 781 609 6823

 

Alkermes Plc Reports Third Quarter 2019 Financial Results and Implementation of Restructuring

— Third Quarter Revenues of $255.2 Million, Primarily Driven by Approximately 20% Year-Over-Year Growth of Proprietary Product Net Sales

— Company Reports GAAP Net Loss per Share of $0.34 and Non-GAAP Net Loss per Share of $0.04

Restructuring Significantly Decreases Operating Expense Base and is Expected to Deliver Cost Savings of Several Hundred Million Dollars Over the Next Few Years

— Company Updates Financial Expectations for 2019 —

 

DUBLIN, Ireland, Oct. 23, 2019

Alkermes plc (Nasdaq: ALKS) today reported financial results for the third quarter of 2019 and the implementation of a restructuring plan following a review of the company’s operations, cost structure and growth opportunities.

 

“As the profile of Alkermes changes, our executional priorities are clear: maximize the value of our commercial products and development candidates, streamline our cost structure and position the company for sustained future profitability. The restructuring is designed to further focus our R&D efforts on specific high-potential programs within CNS and oncology, improve financial efficiencies in our SG&A organization and drive growth,” commented Richard Pops, Chief Executive Officer of Alkermes. “VIVITROL® and ARISTADA® provide a strong and growing foundation for our commercial business and the anticipated commercial launch of VUMERITYTM will provide a profitable new source of royalty revenues. We also continue to advance our pipeline programs, with the planned submission of the ALKS 3831 New Drug Application for both schizophrenia and bipolar I disorder this quarter, and the planned presentation of new data from ALKS 4230, our phase 1/2 immuno-oncology asset, at an upcoming medical meeting.”

 

Quarter Ended Sept. 30, 2019 Financial Highlights

 

Total revenues for the quarter were $255.2 million, compared to $248.7 million for the same period in the prior year, primarily driven by approximately 20% growth in net sales of our proprietary products, partially offset by a decrease in AMPYRA®i revenues resulting from generic entry in 2018.

 

Net loss according to generally accepted accounting principles in the U.S. (GAAP) was $52.9 million for the quarter, or a basic and diluted GAAP net loss per share of $0.34. This compared to GAAP net loss of $34.4 million, or a basic and diluted GAAP net loss per share of $0.22, for the same period in the prior year.

 

Non-GAAP net loss was $7.0 million for the quarter, or a non-GAAP basic and diluted net loss per share of $0.04. This compared to non-GAAP net income of $11.6 million, or a non-GAAP basic and diluted net earnings per share of $0.07, for the same period in the prior year.

 

Quarter Ended Sept. 30, 2019 Financial Results

Revenues

 

Net sales of VIVITROL were $85.2 million, compared to $79.9 million for the same period in the prior year, representing an increase of approximately 7%.

 

Net sales of ARISTADAii were $53.6 million, compared to $36.1 million for the same period in the prior year, representing an increase of approximately 48%.  


The following information was filed by Alkermes Plc. (ALKS) on Wednesday, October 23, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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