Business
Alkermes Plc Reports Financial Results for the Fourth Quarter and Year Ended Dec. 31, 2019 and Provides Financial Expectations for 2020
-- Revenues of $1.17 Billion in 2019, Driven by Year-Over-Year Growth of Proprietary Product Net Sales and VUMERITY® Milestone Payment -- -- 2019 GAAP Net
About this update from Alkermes Plc
[{"type":"text","content":"-- Revenues of $1.17 Billion in 2019, Driven by Year-Over-Year Growth of Proprietary Product Net Sales and VUMERITY® Milestone Payment --\n -- 2019 GAAP Net Loss per Share of $1.25 and Diluted Non-GAAP Earnings per Share of $0.71 --\n -- Financial Expectations for 2020 Reflect Growth of Proprietary Products and Impact of Strategic Restructuring --\n\n\nDUBLIN, Feb. 13, 2020 /PRNewswire/ -- Alkermes plc (Nasdaq: ALKS) today reported financial results for the quarter and year ended Dec. 31, 2019 and provided financial expectations for 2020. \n\"2019 was an important year for Alkermes as we took active steps to shape the future of our business and continued to make a real-world impact in the treatment of serious diseases. We made significant progress on three fronts: driving growth in our proprietary product portfolio, advancing and expanding our diversified neuroscience and oncology pipeline, and positioning the business for long-term growth and future profitability,\" said Richard Pops, Chief Executive Officer of Alkermes. \"Looking ahead, our priorities for 2020 are clear as we focus on commercial execution for VIVITROL® and ARISTADA®, prepare for potential approval and launch of ALKS 3831, advance the development of ALKS 4230, and continue to develop our pipeline of preclinical assets. We remain steadfast in our commitment to be a positive force for change through our science, our medicines, and our advocacy, as we advance patient-centered care.\"\nQuarter Ended Dec. 31, 2019 Financial Highlights\nTotal revenues for the quarter were $412.7 million. This compared to $315.8 million for the same period in the prior year. Net loss according to generally accepted accounting principles in the U.S. (GAAP) was $5.4 million for the quarter, or a basic and diluted GAAP loss per share of $0.03. This compared to GAAP net loss of $9.7 million, or a basic and diluted GAAP loss per share of $0.06, for the same period in the prior year. Non-GAAP net income was $131.4 million for the quarter, or a non-GAAP basic and diluted earnings per share of $0.83. This compared to non-GAAP net income of $54.8 million, or a non-GAAP basic earnings per share of $0.35 and non-GAAP diluted earnings per share of $0.34, for the same period in the prior year. In October 2019, Alkermes implemented a strategic restructuring plan, which included the elimination of a...