Healthcare company, Alkermes plc (ALKS), Thursday reported a profit for the fourth quarter, a reverse from the loss it recorded during the same period last year. The latest results were helped by higher revenues and lower expenses. The company also said that it changed its fiscal year-end from March 31 to December 31, and provided financial expectations for the nine-month period ending December 31.
For the three-month period, the company reported net income of $3 million or $0.02 per share compared with net loss of $63.4 million or $0.49 per share last year.
Non-GAAP income increased to $56.3 million or $0.40 per share compared with $16.5 million, or $0.12 per share during the comparable period last year.
On average, nine analysts polled by Thomson Reuters expected earnings per share of $0.17 for the fourth quarter. Analysts' estimates typically exclude one-time items.
Total revenues for the period was $163.4 million compared with prior year's $130.5 million. This quarter's revenues included $30.0 million of intellectual property license revenue unrelated to key development programs. The Street expected the company to record revenues of $128.01 million.
For the 9-month period ending December 31, Alkermes expects breakeven earnings to a loss of $25 million or 19 cents a share on revenues of $395 million - $425 million. Excluding items, Alkermes expects to report earnings of $85 million-$105 million or $0.61-$0.75 per share.
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