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Taking full advantage of the stock market and investing with confidence are common goals for new and old investors, and Zacks Premium offers many different ways to do both.The popular research service can help you become a smarter, more self-assured investor, giving you access to daily updates of the Zacks Rank and Zacks Industry Rank, the Zacks #1 Rank List, Equity Research reports, and Premium stock screens.Zacks Premium includes access to the Zacks Style Scores as well.What are the Zacks Style Scores?The ...

Alkermes plc (ALKS) reported adjusted earnings from continuing operations of 72 cents per share for second-quarter 2024, which missed the Zacks Consensus Estimate of 73 cents. The company had reported adjusted earnings of 78 cents per share in the year-ago quarter.ALKS’ total revenues of $399.1 million declined 35.3% from the year-ago quarter’s level owing to decreased manufacturing and royalty revenues. The top line, however, beat the Zacks Consensus Estimate of $394 million.Quarter in DetailAlkermes deriv ...

Alkermes plc (NASDAQ:ALKS) Q2 2024 Earnings Conference Call July 24, 2024 8:00 AM ET Company Participants Sandra Coombs - Senior Vice President, Investor Relations and Corporate Affairs Blair Jackson - Chief Operating Officer Todd Nichols - Chief Commercial Officer Richard Pops - Chief Executive Officer Conference Call Participants Umer Raffat - Evercore ISI Charles Duncan - Cantor Fitzgerald Chris Shibutani - Goldman Sachs Joseph Thome - TD Cowen David Amsellem - Piper Sandler Marc Goodman - Leerink Joel B ...

For the quarter ended June 2024, Alkermes (ALKS) reported revenue of $399.13 million, down 35.4% over the same period last year. EPS came in at $0.72, compared to $0.55 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $394.34 million, representing a surprise of +1.21%. The company delivered an EPS surprise of -1.37%, with the consensus EPS estimate being $0.73.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how t ...

Financial Performance - Net income from continuing operations for Q2 2024 was $94.7 million, down from $279.1 million in Q2 2023, representing a decrease of 66.1%[115] - Product sales increased by $37.8 million in Q2 2024 compared to Q2 2023, indicating a growth in product demand[115] - The company reported a net income of $128.2 million for the six months ended June 30, 2024, compared to $195.2 million in the prior year, indicating a decrease of about 34%[167][168] Revenue Changes - Manufacturing and royalty revenues decreased by $256.1 million in Q2 2024 compared to Q2 2023, primarily due to back royalties received in June 2023[116] - Manufacturing and royalty revenues decreased by 66.3% to $129.9 million for the three months ended June 30, 2024, compared to $385.9 million for the same period in 2023[141] - Royalty revenues from long-acting INVEGA products decreased due to a one-time back royalty of $195.4 million received in June 2023, with worldwide net sales of $1,054.0 million for the three months ended June 30, 2024[143] - The company expects a significant decrease in royalty revenues from INVEGA SUSTENNA after August 20, 2024, due to anticipated competition from generic versions[144] - Royalty revenue related to VUMERITY increased by $3.4 million and $6.4 million during the three and six months ended June 30, 2024, respectively, due to increased end-market net sales[145] Sales and Product Performance - Product sales, net increased by 16.3% to $269.3 million for the three months ended June 30, 2024, compared to $231.5 million for the same period in 2023[139] - VIVITROL product sales, gross increased by 9% and 6% during the three and six months ended June 30, 2024, respectively, compared to the same periods in 2023, driven by a 6% increase in units sold and a 3.2% increase in selling price[137] - LYBALVI product sales, gross surged by 57% and 56% during the three and six months ended June 30, 2024, respectively, due to a 52% increase in units sold and a 3.8% increase in selling price[137] Operating Expenses - Operating expenses decreased by $46.9 million in Q2 2024 compared to Q2 2023, driven by reductions in selling, general, and administrative expenses[116] - Selling, general, and administrative expenses decreased to $347.9 million for the six months ended June 30, 2024, from $363.6 million in the same period of 2023, a reduction of $15.7 million[152] - The decrease in general and administrative expenses was primarily due to a reduction in legal expenses by $11.1 million for the six months ended June 30, 2024[154] Research and Development - The company is focused on developing innovative medicines in neuroscience, with significant resources allocated to R&D efforts[133] - Total external R&D expenses for the six months ended June 30, 2024, were $50.6 million, an increase of $5.4 million compared to $45.2 million for the same period in 2023[150] - Internal R&D expenses totaled $76.7 million for the six months ended June 30, 2024, down $10.1 million from $86.8 million in the prior year[150] - ALKS 2680, an investigational treatment for narcolepsy, is currently in a phase 2 study, with plans to initiate a second phase 2 study in Q3 2024[134] - The company expects to initiate phase 2 clinical studies for ALKS 2680 in patients with narcolepsy type 2 in the third quarter of 2024[151] Cash and Liquidity - Cash and cash equivalents totaled $535.2 million as of June 30, 2024, compared to $457.5 million at the end of 2023, indicating improved liquidity[160] - Total cash and investments reached $962.6 million as of June 30, 2024, up from $813.4 million at the end of 2023[160] - Cash generated from operating activities for the six months ended June 30, 2024, was $167.1 million, a decrease from $194.4 million in the same period of 2023, reflecting a decline of approximately 14%[162] - Total cash and cash equivalents at the end of the period on June 30, 2024, were $535.2 million, down from $665.8 million at the end of June 30, 2023[166] Share Repurchase and Financing - The company repurchased approximately 3.5 million ordinary shares at a total cost of $84.7 million during the three months ended June 30, 2024, with $315.3 million remaining authorized under the Repurchase Program[164] - Cash flows used in financing activities for the six months ended June 30, 2024, included $84.7 million for share repurchases and $29.0 million for employee taxes related to equity awards[170] - The principal balance of borrowings under the 2026 Term Loans was $290.3 million as of June 30, 2024[171] - The company has an incremental facility capacity of $175.0 million under the 2026 Term Loans, subject to meeting certain conditions[162] Interest and Tax - Interest income increased to $20.1 million for the six months ended June 30, 2024, compared to $11.7 million in the prior year, reflecting rising interest rates[155] - The income tax provision for the three months ended June 30, 2024, was $22.1 million, a significant increase of $19.4 million from $2.7 million in the same period of 2023[157] Investments - Available-for-sale investments at June 30, 2024, totaled $427.4 million, with unrealized losses of $1.1 million[161] - The company maintains a diversified investment portfolio to mitigate credit risk, primarily consisting of U.S. government and agency debt securities[163] - Cash flows provided by investing activities for the six months ended June 30, 2024, included proceeds from the sale of the Athlone Facility amounting to approximately $97.9 million[169]

Second Quarter 2024 Financial Results & Business Update July 24, 2024 Forward-Looking Statements and Non-GAAP Financial Information Certain statements set forth in this presentation constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including, but not limited to, statements concerning: Alkermes plc's (the "Company") expectations with respect to its current and future financial, commercial and operating performance, business plans o ...

Financial Performance - Second quarter revenues reached $399.1 million, a decrease from $617.4 million in the same period last year[1][3] - Total revenues for the three months ended June 30, 2024, were $399,131,000, a decrease of 35.4% compared to $617,397,000 for the same period in 2023[26] - For the six months ended June 30, 2024, total revenues were $749,503,000, down 17.2% from $904,992,000 in the same period of 2023[29] - Operating income for the three months ended June 30, 2024, was $109,883,000, down 60.1% from $281,269,000 in the same period of 2023[26] - Net income from continuing operations for the three months ended June 30, 2024, was $94,658,000, a decline of 66.1% compared to $279,101,000 in the prior year[27] - Net income from continuing operations for the six months ended June 30, 2024, was $133,606,000, a decrease of 50% compared to $267,051,000 in the prior year[31] - The company reported a basic GAAP earnings per share from continuing operations of $0.79 for the six months ended June 30, 2024, down from $1.61 in the same period of 2023[29] Product Sales - Proprietary product net sales increased approximately 16% year-over-year, totaling $269.3 million compared to $231.5 million[1][3] - LYBALVI revenues grew 52% year-over-year to $71.4 million, with total prescriptions increasing by 44%[6] - ARISTADA revenues were $86.0 million, with new to brand prescriptions growing 6% sequentially[7] - VIVITROL revenues increased by 10% year-over-year to $111.9 million, driven by the alcohol dependence indication[8] - Product sales, net, increased to $269,273,000 for the three months ended June 30, 2024, up from $231,477,000 in the prior year, representing a growth of 16.3%[26] Income and Expenses - GAAP net income from continuing operations was $94.7 million, with diluted GAAP earnings per share of $0.55[1][4] - Non-GAAP net income from continuing operations for the three months ended June 30, 2024, was $123,442,000, compared to $134,308,000 in the same period of 2023, reflecting a decrease of 8.7%[28] - Total expenses for the three months ended June 30, 2024, were $289,248,000, down 13.9% from $336,128,000 in the same period of 2023[26] - EBITDA from continuing operations for the three months ended June 30, 2024, was $118,594,000, a decrease of 60.3% from $299,068,000 in the same period of 2023[27] Cash and Investments - Cash, cash equivalents, and total investments amounted to $962.5 million as of June 30, 2024, up from $807.8 million at the end of March 2024[11] - Cash, cash equivalents, and total investments reached $962,520 thousand, up from $813,378 thousand at the end of 2023[33] Shareholder Actions - The company repurchased approximately 3.5 million ordinary shares for a total of $84.7 million during the second quarter[12] - Total shareholders' equity increased to $1,284,005 thousand, compared to $1,202,686 thousand at the end of the previous year[33] Research and Development - The company announced positive topline results from the phase 1b study of ALKS 2680 for narcolepsy, with further studies initiated[14][15] - Research and development expenses for the latest quarter were $3,913 thousand, up from $2,516 thousand in the previous quarter[34] Future Outlook - Alkermes reiterated its financial expectations for 2024, maintaining a strong operational focus on its commercial portfolio and neuroscience development pipeline[13][14] - The company intends to file its Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, in July 2024[33]

DUBLIN, July 17, 2024 /PRNewswire/ -- Alkermes plc (Nasdaq: ALKS) will host a conference call and webcast presentation at 8:00 a.m. ET (1:00 p.m. BST) on Wednesday, July 24, 2024 to discuss the company's second quarter financial results.The webcast player and accompanying slides may be accessed on the Investors section of Alkermes' website at www.alkermes.com. The conference call may be accessed by dialing +1 877 407 2988 for U.S. callers and +1 201 389 0923 for international callers. A replay of the webcas ...

The market expects Alkermes (ALKS) to deliver a year-over-year increase in earnings on lower revenues when it reports results for the quarter ended June 2024. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.The stock might move higher if these key numbers top expectations in the upcoming earnings report. On the other hand, if they miss, the s ...