Alkermes Regains US Rights To Alcohol-Dependence Treatment
Monday December 1st, 2008 / 15h04
DOW JONES NEWSWIRES Alkermes Inc. (ALKS) sharply raised its fiscal-year outlook as the developer of drug-delivery systems regained the U.S. commercial rights to alcohol-dependence drug Vivitrol. The move allows Alkermes to record nearly $120 million in milestone and deferred revenue this quarter related to previous agreements for the drug with Cephalon Inc. (CEPH), which has been selling Vivitrol. Cephalon is backing away from the drug following a review of its portfolio. Chairman and Chief Executive Frank Baldino Jr. said, "We have a lot of opportunities on our plate and cannot give Vivitrol the focus it deserves." The drug, which received U.S. regulatory approval 2 1/2 years ago, is a monthly injectable medication. Amid the additional revenue, Alkermes now sees fiscal-year net income of $1.41 to $1.53 a share on revenue of $320 million to $346 million. The company's prior estimates were net income of 20 cents to 25 cents a share and revenue of $200 million to $225 million. Alkermes CEO David Broecker said the company is working to increase sales of Vivitrol, but will manage its investments to align with sales. The company is also studying Vivitrol for the treatment of dependence on opioids, including heroin and prescription pain relievers. Alkermes' shares closed Friday at $7.38, with no premarket activity, and Cephalon's shares were flat with the previous close at $73.48. -By Kerry E. Grace, Dow Jones Newswires; 201-938-5089; kerry.grace@dowjones.com Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/al?rnd=cyyj%2Fj9l%2Faz7taM%2FBIG0ZQ%3D%3D. You can use this link on the day this article is published and the following day.
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