Thursday, Alkermes Inc. (ALKS), an integrated biotechnology company, reported a second quarter loss from a profit last year. The company also revised its guidance for the fiscal 2010.
Alkermes' posted second quarter net loss of $8.7 million or $0.09 per share compared to net income of $1.7 million or $0.02 per share in the year ago period.
Net loss for the quarter included $5.6 million of share-based compensation and severance expense and $4.1 million of charges associated with the planned relocation of the company's headquarters.
Excluding these items, the company reported a decline in net income to $1.1 million or $0.01 per share from $5.5 million or $0.06 per share in the prior quarter last year.
On average, 11 analysts polled by Thomson Reuters expected the company to report a loss of $0.09 per share for the quarter. Analysts' estimates typically exclude one-time items.
The Cambridge, Massachusetts-based company's total revenue edged up to $48.15 million from $47.31 million in the comparable quarter last year, driven by manufacturing and royalty revenues from Risperdal Consta. Analysts expected a revenue of $45.85 million for the quarter.
Manufacturing revenue declined to $32.83 million from $33.03 million, while royalty revenue for the quarter increased to $8.81 million from $8.43 million in the year ago period.
Research and development revenue was $1.17 million, down from $5.25 million in the same quarter last year. The company reported net product sales of $4.64 million for the quarter.
Net collaborative profit for the quarter was higher at $0.68 million, from $0.58 million in the year ago period.
Second-quarter total expenses increased to $56.38 million from $43.46 million in the same quarter last year. The company recorded an operating loss of $8.22 million, compared to an operating income of $3.85 million in the year ago period.
Looking ahead, for the fiscal 2010, the company revised its expectations of net loss to be in the range of $45 million to $55 million from the prior range of $30 million to $40 million. Revenue is expected to be in the range of $168 million to $183 million from the prior range of $182 million to $197 million.
Analysts estimate a loss of $0.39 per share, on revenues of $185.61 million for the full year. ALKS closed Thursday's regular trading at $8.09, up $0.26 or 3.32% on a volume of 0.53 million shares and in after hours its trading at a loss of $7.91, down $0.18 or 2.22% on the Nasdaq.
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