Alkermes plc (ALKS) saw its loss narrow to $68.88 million, or $0.45 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $77.42 million, or $0.51 a share. On the other hand, adjusted net loss for the quarter widened to $27.85 million, or $0.18 a share from a loss of $17.92 million or $0.12 a share, a year ago.
Revenue during the quarter grew 22.33 percent to $191.78 million from $156.77 million in the previous year period. Gross margin for the quarter contracted 340 basis points over the previous year period to 78.93 percent. Operating margin for the quarter stood at negative 36.95 percent as compared to a negative 49.04 percent for the previous year period.
Operating loss for the quarter was $70.87 million, compared with an operating loss of $76.88 million in the previous year period.
"The strength of the Alkermes business is grounded in our diversified portfolio of proprietary commercial products and late-stage development candidates, each of which represents a potential blockbuster opportunity in major CNS disease categories," said Richard Pops, Chief Executive Officer of Alkermes. "Our late-stage pipeline continues to advance rapidly in 2017 with the planned New Drug Application submission for ALKS 5461 for the adjunctive treatment of major depressive disorder, data from the pivotal antipsychotic efficacy study for ALKS 3831 in schizophrenia and completion of the clinical registration requirements for ALKS 8700 in multiple sclerosis expected before year-end."
Working capital increases Alkermes plc has recorded an increase in the working capital over the last year. It stood at $661.06 million as at Mar. 31, 2017, up 7.59 percent or $46.63 million from $614.43 million on Mar. 31, 2016. Current ratio was at 4.14 as on Mar. 31, 2017, up from 3.74 on Mar. 31, 2016.
Days sales outstanding were almost stable at 86 days for the quarter, when compared with the last year period.
Days inventory outstanding has increased to 141 days for the quarter compared with 137 days for the previous year period.
Debt comes down Alkermes plc has recorded a decline in total debt over the last one year. It stood at $283.11 million as on Mar. 31, 2017, down 18.76 percent or $65.38 million from $348.49 million on Mar. 31, 2016. Total debt was 16.37 percent of total assets as on Mar. 31, 2017, compared with 19.42 percent on Mar. 31, 2016. Debt to equity ratio was at 0.23 as on Mar. 31, 2017, down from 0.28 as on Mar. 31, 2016. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
