Alkermes Q1 Loss Narrows Slightly

Integrated biotechnology company Alkermes, Monday reported net loss for the first quarter of $13.2 million, slightly narrower than the loss of $13.4 million in the year-ago quarter. Loss per share was unchanged at $0.14.

On average, 11 analysts polled by Thomson Reuters expected a loss of $0.12 per share for the quarter. Analysts' estimates typically exclude special items.

Results for the quarter included $5.7 million in share-based compensation expense and $9.5 million in costs related to the proposed merger with Elan Drug Technologies that is expected to close in September.

Excluding items, net income for the quarter was $1.9 million or $0.02 per share, compared to a net loss of $9.0 million or $0.09 per share last year.
Revenues for the quarter grew to $61.9 million from $42.3 million in the year-ago quarter. Ten Street analysts had a consensus revenue estimate of $52.7 million for the quarter.