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Alkermes PLC ALKS
Q4 2013 Earnings Call Transcript

Transcript Call Date 05/23/2013

Operator: Ladies and gentlemen, thank you for standing by. Welcome to the Alkermes PLC Conference Call to discuss the Company's Financial Results for the quarter and year ended March 31, 2013. At this time, all participants are in a listen-only mode. There will be a question-and-answer session to follow the call. Please be advised that this call is being recorded at Alkermes request.

At this time, I'd now like to introduce your host for today's call, Ms. Rebecca Peterson, Senior Vice President of Corporate Communications at Alkermes. Please go ahead.

Rebecca J. Peterson - IR: Thanks so much Jonathan. Welcome to Alkermes plc conference call to discuss our financial results for the quarter and the year ended March 31, 2013. With me today are Richard Pops, our CEO; Shane Cooke, our President; and Jim Frates, our CFO.

Before we begin today, let me remind you that during the call today we will make forward-looking statements relating to among other things our expectations concerning commercialization of our products, our future financial expectations and business performance and our expectations concerning the therapeutic value and the clinical development of our products.

Listeners are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to a high degree of risk and uncertainty. Our press release issued today, our annual report on Form 10-K filed with the SEC, and our other filings with the SEC, identify risk factors that could cause our actual performance and results to differ materially from those projected or suggested in the forward-looking statements.

We undertake no obligation to update or revise the information provided on the call today as a result of new information or future results or developments. As a complement to our press release and conference call, we have made available slides and a financial workbook on the IR section of the company's website. This morning, Jim Frates will discuss the financial results and Richard Pops will provide a brief update on the Company. After our remarks, we'll open up the call for Q&A.

Now, I'd like to turn over the call to Jim.

James M. Frates - SVP and CFO: Thanks, Rebecca. Good morning everyone. We're pleased this morning to report our financial results for the fiscal year which ended March 31, 2013. Financially, this year was characterized by robust revenue growth, focused investment and significant cash generation. Alkermes met or exceeded all the financial targets we had set forth and we are very happy with the results.

Underlying the strong financial performance, our R&D investment has resulted in a distinctive pipeline with significant potential; Rich will update you on this progress later in the call.

First, let me start with a few highlights from the fourth quarter. Total revenues increased 25% year-over-year to $163.4 million, driven by the growth of our five key commercial products, which grew 26% year-over-year, and intellectual property license revenue of $30 million. Excluding this IP license revenue, our five key products accounted for 67% of total revenues, compared to 55% for the fourth quarter in the prior fiscal year.

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