Business
Alkermes plc Reports Financial Results for the Fourth Quarter and Year Ended Dec. 31, 2022 and Provides Financial Expectations for 2023
— Revenues of $1.11 Billion in 2022, GAAP Loss per Share of $0.97 and Diluted Non-GAAP Earnings per Share of $0.34 — — Achieved LYBALVI® Net Sales of $96.0
About this update from Alkermes Plc
[{"type":"text","content":"— Revenues of $1.11 Billion in 2022, GAAP Loss per Share of $0.97 and Diluted Non-GAAP Earnings per Share of $0.34 —\n— Achieved LYBALVI® Net Sales of $96.0 Million in First Full Year of Commercial Launch —\n— Accelerated Long-Term Profitability Targets Reflect Enhanced Profitability Driven by Planned Separation of Oncology Business —\nDUBLIN, Feb. 16, 2023 /PRNewswire/ -- Alkermes plc (Nasdaq: ALKS) today reported financial results for the quarter and year ended Dec. 31, 2022 and provided financial expectations for 2023.\n\"2022 was a productive year for Alkermes as we delivered strong results for the first full year of the commercial launch of LYBALVI®, achieved double-digit revenue growth for VIVITROL® and ARISTADA®, and continued to advance our R&D portfolio, including ongoing enrollment of the potential registration-enabling studies for nemvaleukin in oncology and initiation of the first-in-human studies for our orexin 2 receptor agonist program,\" said Richard Pops, Chief Executive Officer of Alkermes. \"Looking ahead, this year we are focused on three key areas: driving the ongoing launch of LYBALVI, advancing our orexin program in narcolepsy and other sleep disorders, and executing on the planned separation of our oncology businesses. Through these initiatives, we believe we can unlock significant value for our shareholders and establish a compelling investment thesis for both the neuroscience and oncology businesses.\"\n\"We exceeded our financial expectations for 2022, driven by the strong performance of our proprietary products and our focus on disciplined management of our cost structure. The launch of LYBALVI represents a significant growth opportunity for the company in the oral antipsychotic market and leverages our established commercial capabilities,\" commented Iain Brown, Chief Financial Officer of Alkermes. \"We believe that the anticipated growth of LYBALVI and our proprietary commercial product portfolio, together with our expected decrease in R&D expenditures following the planned separation of the oncology business, will position the company to achieve the updated long-term profitability targets we are providing today and drive shareholder value.\"\nQuarter Ended Dec. 31, 2022 Financial Results\n- Total revenues for the quarter were $304.7 million, compared to $324.5 million for the same period in the pri...