Business
Alkermes plc Reports Second Quarter 2024 Financial Results
— Second Quarter Revenues of $399.1 Million — — Net Sales of Proprietary Products Increased Approximately 16% Year-Over-Year — — GAAP Net Income from
About this update from Alkermes Plc
[{"type":"text","content":"— Second Quarter Revenues of $399.1 Million —\n— Net Sales of Proprietary Products Increased Approximately 16% Year-Over-Year —\n— GAAP Net Income from Continuing Operations of $94.7 Million and Diluted GAAP Earnings per Share from Continuing Operations of $0.55 —\n— Company Reiterates 2024 Financial Expectations —\nDUBLIN, July 24, 2024 /PRNewswire/ -- Alkermes plc (Nasdaq: ALKS) today reported financial results for the second quarter of 2024.\n\"Our second quarter results reflect solid execution across our business, delivering double-digit, year-over-year growth for our proprietary commercial product portfolio and robust profitability. We enter the second half of the year in a strong financial position with clear operational priorities to drive the performance of our commercial portfolio and advance our neuroscience development pipeline, including the phase 2 program for ALKS 2680 in narcolepsy type 1 and type 2,\" said Richard Pops, Chief Executive Officer of Alkermes. \"As a profitable, smid-cap biotech growth company with multiple commercial products and a development pipeline with significant value potential, we are executing our plan to become a leader in the field of neuroscience.\"\nKey Financial Highlights\nRevenues\n(In millions)\nThree Months Ended June 30,\nSix Months Ended June 30,\n2024\n2023\n2024\n2023\nTotal Revenues\n$\n399.1\n$\n617.4*\n$\n749.5\n$\n905.0*\nTotal Proprietary Net Sales \n$\n269.3\n$\n231.5\n$\n502.8\n$\n446.2\n VIVITROL®\n$\n111.9\n$\n102.1\n$\n209.5\n$\n198.7\n ARISTADA®i\n$\n86.0\n$\n82.4\n$\n164.9\n$\n162.5\n LYBALVI®\n$\n71.4\n$\n47.0\n$\n128.4\n$\n85.0\n \nProfitability\n(In millions)\nThree Months Ended June 30,\nSix Months Ended June 30,\n2024\n2023\n2024\n2023\nGAAP Net Income From Continuing Operations\n$\n94.7\n$\n279.1\n$\n133.6\n$\n267.1\nGAAP Net Loss From Discontinued Operations\n$\n(3.3)\n$\n(42.0)\n$\n(5.4)\n$\n(71.8)\nGAAP Net Income \n$\n91.4\n$\n237.1*\n$\n128.2\n$\n195.2*\nNon-GAAP Net Income From Continuing Operations\n$\n123.4\n$\n134.3\n$\n199.6\n$\n164.4\nNon-GAAP Net Loss From Discontinued Operations\n$\n(3.3)\n$\n(40.0)\n$\n(5.4)\n$\n(67.7)\nNon-GAAP Net Income \n$\n120.1\n$\n94.3\n$\n194.2\n$\n96.7\nEBITDA From Continuing Operations\n$\n118.6\n$\n299.1\n$\n170.1\n$\n306.2\nEBITDA From Discontinued Operations\n$\n(3.9)\n$\n(41.4)\n$\n(6.4)\n$\n(77.4)\nEBITDA\n$\n114.7...