Business
Alkermes plc Reports Second Quarter 2023 Financial Results
— Second Quarter Revenues of $617.4 Million Reflect Strong Performance of Proprietary Product Portfolio and Reinstatement of Long-Acting INVEGA® Product
About this update from Alkermes Plc
[{"type":"text","content":"— Second Quarter Revenues of $617.4 Million Reflect Strong Performance of Proprietary Product Portfolio and Reinstatement of Long-Acting INVEGA® Product Royalties —\n— Net Sales of Proprietary Products Increased Approximately 21% Year-Over-Year —\n— Prevailed in Janssen Arbitration; Recorded $248.4 Million in Back Royalties and Interest —\n— GAAP Net Income of $237.1 Million and Non-GAAP Net Income of $94.3 Million —\n— Financial Expectations for Full-Year 2023 Reiterated —\nDUBLIN, July 26, 2023 /PRNewswire/ -- Alkermes plc (Nasdaq: ALKS) today reported financial results for the second quarter of 2023.\n\"The second quarter clearly demonstrated Alkermes' strong execution against our strategic priorities. We generated double-digit growth of our proprietary commercial products, advanced our development pipeline, and progressed the planned separation of our oncology business,\" said Richard Pops, Chief Executive Officer of Alkermes. \"As we enter the second half of the year, we are well positioned to continue to make meaningful progress across the business and drive shareholder value.\"\n\"Our second quarter results reflect solid execution across our portfolio, highlighted by 21% year-over-year growth of our proprietary commercial products and reinstatement of the long-acting INVEGA product royalties in the U.S.,\" commented Iain Brown, Chief Financial Officer of Alkermes. \"We are in a strong financial position with more than $907 million of cash and total investments and, today, we are reiterating our financial expectations for 2023 that were provided in June following receipt of the favorable final award in our arbitration with Janssen. We continue to expect royalty revenues from Janssen for these long-acting INVEGA products to be incrementally accretive to Alkermes' bottom line in 2023 and beyond, as we continue to manage our business to drive profitability for the benefit of Alkermes' shareholders.\"\nQuarter Ended June 30, 2023 Financial Results\nRevenues\n- Total revenues for the quarter were $617.4 million, compared to $276.2 million for the same period in the prior year. Total revenues in the second quarter of 2023 included $248.4 million of back royalties and associated interest related to the successful outcome of the company's arbitration with Janssen Pharmaceutica N.V. (Janssen), a subsidiary of Johnson & Johnson.\n- ...