Business
Alkermes Plc Reports First Quarter 2020 Financial Results and Provides COVID-19 Related Business Update
-- First Quarter Revenues of $246.2 Million, Primarily Driven by 30% Year-Over-Year Growth of Proprietary Product Net Sales -- -- Company Reports Diluted GAAP
About this update from Alkermes Plc
[{"type":"text","content":"-- First Quarter Revenues of $246.2 Million, Primarily Driven by 30% Year-Over-Year Growth of Proprietary Product Net Sales --\n -- Company Reports Diluted GAAP Net Loss per Share of $0.24 and Diluted Non-GAAP Earnings per Share of $0.01 --\n -- Company Withdraws Previously Provided 2020 Financial Expectations Due to COVID-19 Uncertainties --\n\n\nDUBLIN, April 29, 2020 /PRNewswire/ -- Alkermes plc (Nasdaq: ALKS) today reported financial results for the first quarter of 2020, and provided commentary related to the impact of the COVID-19 pandemic on the business. \n\"In the face of the COVID-19 pandemic, Alkermes has adapted our business practices so that we can both continue to operate safely and meet our public health responsibilities. People living with serious mental illness and addiction have an ongoing need for their medicines and care, yet many are facing challenges in accessing their caregivers and the healthcare system,\" said Richard Pops, Chief Executive Officer of Alkermes. \"We immediately mobilized to change the way we do business to protect the health and wellbeing of our employees and maintain business continuity, including preserving our ability to provide uninterrupted supply of the medicines we manufacture. I am grateful and proud of the resiliency and adaptability demonstrated by employees across the company. In the next stage of our response, we are focusing on how we can learn from the challenges posed by this pandemic and be creative in developing new best practices that have the potential to have a lasting positive impact on our business.\" \n\"We entered 2020 with clear operational objectives: drive the growth of VIVITROL® and ARISTADA®; prepare for the potential approval and launch of ALKS 3831; and advance our research and development portfolio, including the clinical development program for ALKS 4230 in oncology. We have made progress against all these objectives and our first quarter results reflect solid commercial execution for our proprietary products,\" continued Mr. Pops. \"We will continue to adapt as needed in this dynamic environment to advance these key priorities. ALKS 4230 and ALKS 3831 represent the next major potential value drivers for the business. The potential of ALKS 4230 continues to be supported by the accumulating clinical data across our studies of both intravenous and subcutaneo...