Alkermes 3Q profit doubles |
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Wed, 07 Feb 2007 23:08
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CAMBRIDGE, Mass. (AFX) - Biotechnology company Alkermes Inc. said Wednesday its fiscal 2007 third-quarter profit doubled on higher manufacturing and research revenue.Results beat Wall Street estimates, sending shares higher in the after-hours session.For the quarter ended Dec. 31, earnings were $2.9 million, or 3 cents per share, compared $1.4 million, or 1 cent per share, during the same prior-year period.Revenue rose 50 percent to $62.4 million from $41.4 million. Alkermes' fiscal year ends March 31.Analysts polled by Thomson Financial expected a fiscal third-quarter loss of 1 cent per share on revenue of $54.7 million.The revenue boost during the quarter came mainly from the manufacturing of Risperdal Consta and Vivitrol for Janssen-Cilag.As of Dec. 31, the company had cash and total investments of $356.2 million.Shares of Alkermes rose $1.35, or 9 percent, to $16.35 in after-hours trading. They closed the regular session up 15 cents at $15 on the Nasdaq.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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