Alkermes(ALKS) - 2024 Q1 - Quarterly Results

Revenue and Sales Performance - First quarter revenues of $350.4 million, with total proprietary net sales of$233.5 million[1][3] - LYBALVI revenues grew 50% year-over-year to $57.0 million, with total prescriptions increasing by 56$94.0 million for the quarter[5] - Total revenues for Q1 2024 increased to $350.4 million, up 21.8$287.6 million in Q1 2023[21] Net Income and Profitability - GAAP net income from continuing operations of $38.9 million, compared to a net loss of$12.1 million in the same period last year[4] - Non-GAAP net income from continuing operations of $76.2 million, up from$30.1 million in the first quarter of 2023[4] - Net income from continuing operations improved significantly to $38.9 million, compared to a loss of$12.1 million in Q1 2023[21] - Non-GAAP net income from continuing operations reached $76.2 million, more than double the$30.1 million in Q1 2023[23] Cash and Investments - Cash, cash equivalents, and total investments of $807.8 million as of March 31, 2024, with total debt outstanding of$290.1 million[9] - Cash, cash equivalents, and total investments stood at $807.8 million as of March 31, 2024, slightly down from$813.4 million at the end of 2023[24] Research and Development (R&D) - ALKS 2680 phase 2 study in narcolepsy type 1 initiated, with positive topline phase 1b results in narcolepsy type 2[2][11] - R&D expenses for continuing operations increased to $67.6 million, driven by ALKS 2680 development and share-based compensation[7] - Research and development expenses rose to$67.6 million, up 6.0% from 63.8 million in the prior year period[21] Selling, General, and Administrative (SG&A) Expenses - SG&A expenses for continuing operations rose to 179.7 million, primarily due to LYBALVI advertising and share-based compensation[8] - Selling, general and administrative expenses increased to $179.7 million, up 7.1$167.8 million in Q1 2023[21] Share-Based Compensation - Share-based compensation expense increased to $32.8 million, up from$21.0 million in Q1 2023[23] Financial Expectations and Outlook - The company reiterates its 2024 financial expectations as previously announced[10] EBITDA and Operational Performance - EBITDA from continuing operations rose to $51.5 million, up from$7.2 million in the same period last year[22] Assets and Liabilities - Total assets decreased marginally to $2.12 billion from$2.14 billion at the end of 2023[24] Share Structure - Weighted average number of ordinary shares outstanding (diluted) increased to 172,981 from 165,085 in Q1 2023[21]