Business
Alkermes plc Reports First Quarter 2024 Financial Results
— First Quarter Revenues of $350.4 Million — — GAAP Net Income from Continuing Operations of $38.9 Million and Diluted GAAP Earnings per Share from Continuing
About this update from Alkermes Plc
[{"type":"text","content":"— First Quarter Revenues of $350.4 Million —\n— GAAP Net Income from Continuing Operations of $38.9 Million and Diluted GAAP Earnings per Share from Continuing Operations of $0.23 —\n— Company Reiterates 2024 Financial Expectations —\nDUBLIN, May 1, 2024 /PRNewswire/ -- Alkermes plc (Nasdaq: ALKS) today reported financial results for the first quarter of 2024.\n\"The first quarter of 2024 marks our first full quarter as a profitable, pure-play neuroscience company. During the quarter, we continued to advance our strategic priorities across the business, highlighted by solid underlying prescription growth for LYBALVI® and advancement of ALKS 2680, our novel, investigational, oral orexin 2 receptor (OX2R) agonist in development as a once-daily treatment for narcolepsy,\" said Richard Pops, Chief Executive Officer of Alkermes. \"For ALKS 2680, we recently initiated our Vibrance-1 phase 2 study in narcolepsy type 1 and announced positive topline phase 1b results in narcolepsy type 2. With these new data now in hand, we plan to initiate a phase 2 study in narcolepsy type 2 in the second half of 2024. In an area where there remains significant unmet patient need, orexin 2 biology represents an important new potential approach to treating disorders characterized by excessive daytime sleepiness. ALKS 2680 is the first candidate from our orexin portfolio to advance in the clinic and we plan to share details regarding our other orexin development programs later this year.\"\nKey Financial Highlights\nRevenues\n(In millions)\nThree Months Ended March 31,\n2024\n2023\nTotal Revenues\n$\n350.4\n$\n287.6\nTotal Proprietary Net Sales\n$\n233.5\n$\n214.7\n VIVITROL®\n$\n97.7\n$\n96.7\n ARISTADA®i\n$\n78.9\n$\n80.1\n LYBALVI®\n$\n57.0\n$\n38.0\n \nProfitability\n(In millions)\nThree Months Ended March 31,\n2024\n2023\nGAAP Net Income (Loss) From Continuing Operations\n$\n38.9\n$\n(12.1)\nGAAP Net Loss From Discontinued Operations\n$\n(2.1)\n$\n(29.8)\nGAAP Net Income (Loss)\n$\n36.8\n$\n(41.8)\nNon-GAAP Net Income From Continuing Operations\n$\n76.2\n$\n30.1\nNon-GAAP Net Loss From Discontinued Operations\n$\n(2.1)\n$\n(27.6)\nNon-GAAP Net Income \n$\n74.1\n$\n2.4\nEBITDA From Continuing Operations\n$\n51.5\n$\n7.2\nEBITDA From Discontinued Operations\n$\n(2.5)\n$\n(36.0)\nEBITDA\n$\n49.0\n$\n(28.8)\n \nRevenue Highlights\nLYBALVI\nRevenues for ...