Alkermes plc (ALKS)

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Alkermes, Inc. (ALKS)

J.P. Morgan Healthcare Conference Call

January 8, 2013 11:00 ET


Richard Pops - Chairman and Chief Executive Officer


Cory Kasimov - J.P. Morgan


Cory Kasimov - J.P. Morgan

Alright. Good morning, everybody. I am Cory Kasimov, biotech analyst at J.P. Morgan. It’s my pleasure to introduce our next company, which is Alkermes. Presenting for Alkermes is the company’s Chairman and CEO, Richard Pops tell us about the story, the outlook for 2013 and what we expect to be more of a pipeline year than what we normally see from this guy. So, I am interested to hear his presentation. And there will be a breakout just after down the hall in the Olympic Room. So with that, I will turn it over to Richard.

Richard Pops

Thank you, Cory. Good morning, everybody. So, my job this morning is to convey on behalf of all of us at Alkermes, the business that we are building, the excitement about it, and the optimism that we have about the company that we are going to build. A year ago at this meeting, the theme of the presentation was building the next big biotechnology company and that underscores the ambition that we have at the company to really build a significant enterprise with multiple drugs treating important diseases for helping lots of patients around the world.

This year’s theme is this idea of two portfolios. To understand what we have been doing now for the last couple of years is to understand that the company can be characterized by the existence of these two distinct portfolios. We are not going to spend a lot of time looking backwards we’re going to spend most of the time looking forward. So please recognize that we will make forward-looking statements. And as I always say to you all, despite our optimism, this is a risky business. And we ask you to take a look at the disclosures that we make to try to capture the risks that we face in building this dynamic company.

So, if you think about the two portfolios, you would name them in two ways. One is our commercial portfolio and the other is our emerging pipeline, as Cory referred to. The commercial pipeline is quite robust. It’s characterized by these five major products that are approved by the FDA and by regulatory authorities around the world, launching or in the midst of growing around the world with long patent lives. This is RISPERDAL CONSTA and INVEGA SUSTENNA, our long-acting atypical antipsychotic franchise that is partnered with Johnson & Johnson.

VIVITROL, our drug for the treatment of alcohol dependence and opioid dependence; AMPYRA sold by Acorda in the U.S. and Biogen Idec OUS for improving walking in patients with multiple sclerosis; and BYDUREON now sold worldwide by Bristol-Myers Squibb and AstraZeneca, singular products in their classes, long patent lives, important medicine, and the basis for the future of the company’s future revenue growth.

While we were building that portfolio, which a lot of folks were focused on over the last 12 months, we have also been building this pipeline. This is the work that we started years ago, and what’s so gratifying as we move into 2013 is how exciting this late-stage pipeline is beginning to look, how populated it is with interesting new medicines, and the potential for blockbusters that are emerging from this pipeline.

Aripiprazole lauroxil, known many of you as 9070 is our long-acting injectable pro-drug of aripiprazole currently in Phase 3. ALKS 5461, a drug for the treatment of treatment-resistant depression currently completing a 130-patient Phase 2b study. ALKS 3831, first disclosed last week, a new molecule for us, a new oral antipsychotic drug that we think has really interesting features. And then of course, line extensions building on our commercial portfolio and other things on our labs that we haven’t disclosed yet that we see as recurring source of new product innovation for the company going forward.

So, the commercial pipeline, if you look at these group of products, it’s quite remarkable because of the diversity of the offering that the lack of covariance between the various products, how early they are in their commercial lives, the intensity with which our partners are promoting these products and building these markets and the potential for growth in the future. This portfolio in our view by itself would represent a very exciting biotechnology company, but it’s important for you to understand that within the company, the way they were operating, the way they were oriented is the idea that we are using this as a foundation to build a much bigger company.

So, the reference frame actually shifts. Not only can this commercial portfolio of products have its intended growth, the growth from those products is still indeterminate. How big a drug is BYDUREON going to be, how big a drug is VIVITROL going to be, and that applies to each of these different drugs. So, there is still this non-linear potential for the growth of this portfolio, because of its long patent life and the unmet medical needs of these drugs are addressing, but the story doesn’t end there of course. What is important for people to understand is it the way we are building the company is the idea that’s superimposed on top of this inherent growth, is the idea that we are building opportunities for blockbuster breakout products.

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