Alkermes plc Announces Q1 2024 Financial Results

Alkermes plc, a biopharmaceutical company listed on Nasdaq under the ticker ALKS, has released its financial data for the first quarter of 2024, showcasing its transition into a profitable, neuroscience-focused enterprise. The company reported revenues of $350.4 million and a GAAP net income from continuing operations of $38.9 million, translating to a diluted GAAP earnings per share from continuing operations of $0.23. Alkermes reaffirmed its financial forecasts for the year 2024.

CEO Richard Pops highlighted key developments in the quarter, such as substantial growth in prescriptions for LYBALVI® and progress in the clinical development of ALKS 2680, an investigational oral orexin 2 receptor agonist intended as a daily treatment for narcolepsy. The Vibrance-1 phase 2 study for narcolepsy type 1 patients has begun, and the company plans to start a phase 2 study for narcolepsy type 2 in the latter half of 2024. Pops emphasized that orexin 2 receptor biology could be a significant new approach for treating conditions marked by excessive daytime sleepiness, with ALKS 2680 being the first candidate from their orexin portfolio to progress in clinical trials.

Financial highlights for the quarter included:
- LYBALVI®: Generating revenues of $57.0 million, a 50% increase compared to the same quarter in 2023.
- ARISTADA®: Revenues amounted to $78.9 million.
- VIVITROL®: Revenues reached $97.7 million.
- Manufacturing & Royalty Revenues: Royalty revenues from drugs like INVEGA SUSTENNA® and VUMERITY® totaled $62.7 million and $31.3 million, respectively.

Alkermes' operating expenses rose, driven by investments in the ALKS 2680 development program and the LYBALVI advertising campaign. Research and Development (R&D) expenses saw a year-over-year increase due to these projects, while Selling, General and Administrative (SG&A) expenses also climbed, partly due to non-recurring share-based compensation costs.

By the end of March 2024, Alkermes held $807.8 million in cash, cash equivalents, and total investments, a slight decrease from $813.4 million at the end of 2023. The company's total outstanding debt was recorded at $290.1 million.

Recent notable events included:
- The appointment of Nancy S. Lurker as an independent director in March 2024.
- Presentation of long-term safety data for LYBALVI at the Schizophrenia International Research Society congress in April 2024.
- Positive topline results from phase 1b studies of ALKS 2680 in narcolepsy type 2 and idiopathic hypersomnia cohorts.

Alkermes has adapted its financial information to reflect the cessation of its oncology business, which was completed in November 2023. This business now qualifies as discontinued operations, and the financial results for the first quarter of 2023 have been updated accordingly.

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