Alkermes Plc. (ALKS) saw its loss narrow to $62.69 million, or $0.41 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $81.02 million, or $0.54 a share. On the other hand, adjusted net loss for the quarter narrowed to $14.06 million, or $0.09 a share from a loss of $28.81 million or $0.19 a share, a year ago.
Revenue during the quarter grew 18.07 percent to $180.24 million from $152.65 million in the previous year period. Gross margin for the quarter expanded 247 basis points over the previous year period to 80.33 percent. Operating margin for the quarter stood at negative 33.91 percent as compared to a negative 50.71 percent for the previous year period.
Operating loss for the quarter was $61.13 million, compared with an operating loss of $77.42 million in the previous year period.
"We are at an unprecedented place in Alkermes' evolution, with two proprietary products growing in their markets, ALKS 5461 advancing at full speed, and two additional late-stage candidates well into their pivotal programs," stated Richard Pops, Chief Executive Officer of Alkermes. "VIVITROL for opioid and alcohol dependence and ARISTADA for schizophrenia are important, distinctive medicines in their disease areas and are the foundation of our future growth. With the positive results of FORWARD-5 for ALKS 5461 for major depressive disorder in hand, Alkermes’ next potential growth driver is coming more clearly into focus."
Debt comes down
Alkermes Plc. has recorded a decline in total debt over the last one year. It stood at $285.58 million as on Sep. 30, 2016, down 19.15 percent or $67.65 million from $353.22 million on Sep. 30, 2015. Total debt was 16.73 percent of total assets as on Sep. 30, 2016, compared with 18.78 percent on Sep. 30, 2015. Debt to equity ratio was at 0.24 as on Sep. 30, 2016, down from 0.26 as on Sep. 30, 2015.
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