Alkermes plc Announces Q3 2024 Financial Results

Alkermes plc, a biopharmaceutical company, has announced its financial results for the third quarter of 2024. The company reported third-quarter revenues of $378.1 million, with a notable increase in net sales of proprietary products by approximately 18% compared to the previous year. The GAAP net income from continuing operations was $92.8 million, translating to $0.56 per diluted GAAP earnings per share from continuing operations. The company has reiterated its financial expectations for 2024.

In the third quarter of 2024, the revenue from Alkermes’ proprietary products exhibited significant growth. LYBALVI generated $74.7 million in revenues, marking a 47% increase in revenue and a 37% increase in total prescriptions compared to the third quarter of 2023. ARISTADA reported $84.7 million in revenues, and VIVITROL brought in $113.7 million, representing a 14% growth from the same quarter last year, primarily driven by the alcohol dependence indication.

Manufacturing and royalty revenues were also strong for Alkermes. The company earned $58.4 million from royalties on sales of INVEGA SUSTENNA/XEPLION, INVEGA TRINZA/TREVICTA, and INVEGA HAFYERA/BYANNLI. Additionally, VUMERITY manufacturing and royalty revenues totaled $32.6 million for the quarter.

Alkermes' balance sheet also indicates a robust financial position. As of September 30, 2024, the company had cash, cash equivalents, and total investments amounting to $927.8 million, slightly down from $962.5 million at the end of June 2024. The total debt outstanding was $288.8 million. Additionally, during the third quarter, the company repurchased approximately 4.4 million of its ordinary shares for a total price of $115.6 million as part of a share repurchase program authorized in February 2024. There remains $200 million available under this program as of the end of September 2024.

In recent events, Alkermes hosted an investor event in October 2024 to discuss its orexin 2 receptor agonist portfolio and development strategy. The company reviewed data from its ALKS 2680 phase 1b study involving patients with narcolepsy type 1 (NT1), narcolepsy type 2 (NT2), and idiopathic hypersomnia (IH). The company also elaborated on its phase 2 study designs for NT1 and NT2 and announced plans to launch a phase 2 study for patients with IH in 2025.

In September 2024, Alkermes presented positive clinical data from its phase 1b study of ALKS 2680 in patients with NT2 and IH at the European Sleep Research Society's 27th Congress, Sleep Europe 2024. In August 2024, the company commenced the Vibrance-2 phase 2 study of ALKS 2680 in patients with NT2 and published its latest Corporate Responsibility Report, detailing the integration of environmental, social, and governance considerations into its operations.

Alkermes has demonstrated strong financial performance and growth in its proprietary product portfolio. The company is focused on advancing its pipeline, particularly with ALKS 2680, a novel investigational orexin 2 receptor agonist, which holds promise for treating various hypersomnolence disorders. The company aims to manage its business towards achieving significant profitability and cash flow while investing in strategic initiatives expected to drive shareholder value in the future.