Monday morning, Cambridge, Massachusetts-based biotechnology company Alkermes, Inc. (ALKS) revealed the appointment of David Broecker as President and Chief Executive Officer of the company. Alkermes said, Broecker, currently President and Chief Operating Officer, will succeed Richard Pops. The company also revealed the stepping down of Michael Wall as Chairman of the Board. Alkermes further stated that Wall will serve as Chairman Emeritus and a part-time employee of the company. The new succession plan will come into effect on April 1, 2007, the beginning of the company's new fiscal year.
Broecker has served as the President and Chief Operating Officer for past six years, Alkermes stated. He oversaw the company's all aspects of product research and development, regulatory, quality, manufacturing, business development, and commercialization of products. Prior to joining Alkermes, Broecker was with Eli Lilly and Co. (LLY), where he spent 14 years, working throughout its worldwide operations, including manufacturing, process development, sales, marketing and business development in the pharmaceutical and medical device divisions.
As per Alkermes, Pops has been on the lead role since February 1991, and during his tenure, the company grew to a publicly traded company with more than 800 employees in multiple locations in the U.S. Pops currently serves on the Boards of several biotechnology companies, biotechnology and pharmaceutical industry associations, and non-profit health and education organizations. Pops will remain actively with Alkermes as a full-time employee and has entered into a three-year employment agreement, the company stated.
Alkermes further said that Wall, a founder of the company, has been on the role of Chairman since 1987. He also founded Centocor, Inc. and held a variety of senior positions from 1979 to 1993, including Chief Executive Officer, Chairman, Chairman Emeritus and Chairman of the Executive Committee.
For the recently closed third quarter, Alkermes' earnings more than doubled to $2.93 million or $0.03 per share from $1.41 million or $0.01 per share in the comparable quarter last year. On a non-GAAP basis, the company's net income for the quarter was $11.1 million or $0.11 per share, compared to $1.6 million or $0.02 per share for the same period in 2005. The company's quarterly revenues rose to $62.4 million from $41.4 million a year ago.
On December 11, 2006, Alkermes' rival Watson Pharmaceuticals, Inc. (WPI) appointed Thomas Giordano as Senior Vice President and Chief Information Officer. In the new role, Giordano is responsible for all facets of Watson's information technology strategy and operations domestically. Giordano earlier served as Senior Vice President, Chief Information Officer and Chief Project Management Officer at Andrx Corporation.
Another competitor and a specialty pharmaceutical company Biovail Corporation (BVF, BVF.TO) on December 6 promoted Kenneth Howling to the post of Senior Vice-President and Chief Financial Officer. He replaced Charles Rowland, who left Biovail to assume a senior position with another pharmaceutical company.
ALKS is currently trading at $15.32, down $0.06 or 0.39%, on a volume of 92,910 shares.
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