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Alkermes Inc. Nov 11
Standard & Poors, Nov 2011
Abstract
A track record of successful internal product development; The absence of near-term patent expirations; and Barriers to competitive entry for its injectable drug delivery technology and related formulations. Potential integration risks associated with a transformational acquisition; Product concentration given a relatively small product portfolio consisting of five products; Revenue and cash flow growth are expected to come from relatively new indications; and Aggressive leverage of 4.7x. Our speculative-grade rating on Alkermes Inc. reflects a weak business risk profile exhibited by the uncertainty associated with a transformational acquisition, product concentration, dependence on relatively new, and unproven, product uses to drive expected growth, susceptibility to the marketing priorities of their partners, and manufacturing concentration. However, we believe that the combination of Alkermes...
Companies mentioned in this report are: Alkermes Inc.
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
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