Alkermes plc Reports Financial Results for the Fourth Quarter and Year Ended Dec. 31, 2024 and Provides Financial Expectations for 2025
Alkermes (ALKS) reported strong financial results for Q4 and full-year 2024, with total revenues of $1.56 billion. The company achieved 18% year-over-year growth in proprietary product net sales, reaching over $1 billion. Key highlights include:
- GAAP Net Income from continuing operations of $372.1 million ($2.20 per share)
- Total proprietary net sales reached $1.08 billion
- Year-end cash position of $824.8 million
- Company became debt-free after retiring $290 million in debt
For 2025, Alkermes provided financial guidance including:
- Total revenue expectations of $1.34-1.43 billion
- GAAP Net Income of $175-205 million
- EBITDA guidance of $215-245 million
The company is advancing its neuroscience pipeline, with ALKS 2680 Phase 2 studies in narcolepsy ongoing and data expected in H2 2025.
Alkermes (ALKS) ha riportato risultati finanziari solidi per il quarto trimestre e l'intero anno 2024, con ricavi totali di 1,56 miliardi di dollari. L'azienda ha raggiunto una crescita del 18% anno su anno nelle vendite nette dei prodotti proprietari, superando il miliardo di dollari. I punti salienti includono:
- Reddito netto GAAP dalle operazioni continuative di 372,1 milioni di dollari (2,20 dollari per azione)
- Vendite nette totali dei prodotti proprietari che hanno raggiunto 1,08 miliardi di dollari
- Posizione di cassa a fine anno di 824,8 milioni di dollari
- L'azienda è diventata senza debiti dopo aver estinto 290 milioni di dollari di debito
Per il 2025, Alkermes ha fornito indicazioni finanziarie che includono:
- Aspettative di ricavi totali di 1,34-1,43 miliardi di dollari
- Reddito netto GAAP di 175-205 milioni di dollari
- Indicazioni EBITDA di 215-245 milioni di dollari
L'azienda sta avanzando nel suo pipeline di neuroscienze, con studi di fase 2 di ALKS 2680 in narcolessia in corso e dati attesi nel secondo semestre del 2025.
Alkermes (ALKS) reportó resultados financieros sólidos para el cuarto trimestre y el año completo 2024, con ingresos totales de 1.56 mil millones de dólares. La compañía logró un crecimiento del 18% interanual en ventas netas de productos propios, alcanzando más de 1 mil millones de dólares. Los aspectos destacados incluyen:
- Ingreso neto GAAP de operaciones continuas de 372.1 millones de dólares (2.20 dólares por acción)
- Ventas netas totales de productos propios alcanzaron 1.08 mil millones de dólares
- Posición de efectivo al final del año de 824.8 millones de dólares
- La compañía se volvió libre de deudas tras retirar 290 millones de dólares en deudas
Para 2025, Alkermes proporcionó orientación financiera que incluye:
- Expectativas de ingresos totales de 1.34-1.43 mil millones de dólares
- Ingreso neto GAAP de 175-205 millones de dólares
- Orientación de EBITDA de 215-245 millones de dólares
La compañía está avanzando en su pipeline de neurociencias, con estudios de fase 2 de ALKS 2680 en narcolepsia en curso y datos esperados para el segundo semestre de 2025.
알켐스(ALK)는 2024년 4분기 및 연간 재무 결과가 강력하다고 보고했으며, 총 수익은 15억 6천만 달러에 달했습니다. 이 회사는 독점 제품의 순매출에서 전년 대비 18% 성장을 달성했으며, 10억 달러를 초과했습니다. 주요 하이라이트는 다음과 같습니다:
- 지속 운영에서의 GAAP 순이익 3억 7천2백1십만 달러(주당 2.20달러)
- 총 독점 순매출 10억 8천만 달러 도달
- 연말 현금 보유액 8억 2천4백8십만 달러
- 2억 9천만 달러의 부채를 상환하여 회사가 무채무 상태로 전환됨
2025년을 위해 알켐스는 다음과 같은 재무 지침을 제공했습니다:
- 총 수익 예상 13억 4천만 - 14억 3천만 달러
- GAAP 순이익 1억 7천5백만 - 2억 5백만 달러
- EBITDA 지침 2억 1천5백만 - 2억 4천5백만 달러
회사는 신경과학 파이프라인을 발전시키고 있으며, ALKS 2680의 기면증에 대한 2상 연구가 진행 중이며 2025년 하반기에 데이터가 예상됩니다.
Alkermes (ALKS) a annoncé de solides résultats financiers pour le quatrième trimestre et l'année complète 2024, avec des revenus totaux de 1,56 milliard de dollars. L'entreprise a réalisé une croissance de 18 % d'une année sur l'autre des ventes nettes de produits propriétaires, atteignant plus de 1 milliard de dollars. Les points clés incluent :
- Revenu net GAAP des opérations continues de 372,1 millions de dollars (2,20 dollars par action)
- Ventes nettes totales de produits propriétaires atteignant 1,08 milliard de dollars
- Position de trésorerie à la fin de l'année de 824,8 millions de dollars
- L'entreprise est devenue sans dette après avoir remboursé 290 millions de dollars de dettes
Pour 2025, Alkermes a fourni des prévisions financières comprenant :
- Attentes de revenus totaux de 1,34 à 1,43 milliard de dollars
- Revenu net GAAP de 175 à 205 millions de dollars
- Prévisions d'EBITDA de 215 à 245 millions de dollars
L'entreprise avance dans son pipeline de neurosciences, avec des études de phase 2 pour ALKS 2680 en cours sur la narcolepsie et des données attendues au second semestre de 2025.
Alkermes (ALKS) hat starke finanzielle Ergebnisse für das vierte Quartal und das gesamte Jahr 2024 gemeldet, mit Gesamteinnahmen von 1,56 Milliarden Dollar. Das Unternehmen erzielte ein Wachstum von 18% im Vergleich zum Vorjahr bei den Nettoumsätzen von eigenen Produkten, die über 1 Milliarde Dollar erreichten. Zu den wichtigsten Höhepunkten gehören:
- GAAP-Nettoeinkommen aus fortgeführten Betrieben von 372,1 Millionen Dollar (2,20 Dollar pro Aktie)
- Gesamte Nettoumsätze der eigenen Produkte erreichten 1,08 Milliarden Dollar
- Cash-Position zum Jahresende von 824,8 Millionen Dollar
- Das Unternehmen wurde schuldenfrei, nachdem es 290 Millionen Dollar Schulden zurückgezahlt hat
Für 2025 gab Alkermes eine Finanzprognose ab, die Folgendes umfasst:
- Gesamteinnahmen von 1,34-1,43 Milliarden Dollar
- GAAP-Nettoeinkommen von 175-205 Millionen Dollar
- EBITDA-Prognose von 215-245 Millionen Dollar
Das Unternehmen entwickelt seine Neurowissenschaftspipeline weiter, wobei die Phase-2-Studien zu ALKS 2680 bei Narkolepsie laufen und Daten im zweiten Halbjahr 2025 erwartet werden.
- 18% year-over-year growth in proprietary product net sales
- Strong GAAP Net Income of $372.1 million in 2024
- Achievement of debt-free status
- Healthy cash position of $824.8 million
- 31% Q4 revenue growth for VIVITROL to $134.1 million
- 37% Q4 revenue growth for LYBALVI to $77.0 million
- Expected decrease in total revenues for 2025 ($1.34-1.43B vs $1.56B in 2024)
- Projected lower GAAP Net Income for 2025 ($175-205M vs $372.1M in 2024)
- Loss of FAMPYRA revenue stream going forward
Insights
The Q4 and full-year 2024 results demonstrate Alkermes' successful transformation into a focused neuroscience company with strong financial fundamentals. The
The operational performance reveals three key strengths: First, the company has achieved impressive gross margins and operational efficiency, evidenced by EBITDA from continuing operations of
Looking ahead to 2025, the conservative revenue guidance of
The completion of the manufacturing business divestiture in Ireland streamlines operations and allows greater focus on high-margin proprietary products. This strategic repositioning, combined with the company's debt-free status and robust cash position, positions Alkermes well for both organic growth and potential strategic opportunities in the neuroscience space.
— Total Revenues of
— GAAP Net Income from Continuing Operations of
— ALKS 2680 Phase 2 Studies in Narcolepsy Type 1 and Type 2 Ongoing With Data Expected in H2 2025 —
"2024 marked the completion of a multi-year effort to transition the business into a highly profitable, pure-play neuroscience company. We enter 2025 with a diversified portfolio of proprietary commercial products generating substantial profitability and an advancing development pipeline that represents a significant value creation opportunity in one of the most exciting potential new therapeutic categories in neuroscience," said Richard Pops, Chief Executive Officer of Alkermes. "Looking ahead, we are well positioned to deliver on our financial goals and advance the development programs for our portfolio of orexin 2 receptor agonists. This year, we have clear objectives for our pipeline as we complete the phase 2 studies for ALKS 2680 in narcolepsy, with data expected in the second half of the year, and prepare to initiate the ALKS 2680 phase 2 study in idiopathic hypersomnia and advance ALKS 4510 and ALKS 7290 into planned phase 1 studies in disease areas beyond central disorders of hypersomnolence. Each of these initiatives is an important element of our strategy to unlock what we believe is a multi-billion-dollar market opportunity for this category."
"2024 was Alkermes' strongest year of financial and operational performance to date. Financially, we generated more than
Key Financial Highlights
Revenues | |||||||||
(In millions) | Three Months Ended | Twelve Months Ended | |||||||
2024 | 2023 | 2024 | 2023 | ||||||
Total Revenues | $ | 430.0 | $ | 377.5 | $ | 1,557.6 | $ | 1,663.4* | |
Total Proprietary Net Sales | $ | 307.7 | $ | 242.0 | $ | 1,083.5 | $ | 920.0 | |
VIVITROL® | $ | 134.1 | $ | 102.4 | $ | 457.3 | $ | 400.4 | |
ARISTADA®i | $ | 96.6 | $ | 83.4 | $ | 346.2 | $ | 327.7 | |
LYBALVI® | $ | 77.0 | $ | 56.2 | $ | 280.0 | $ | 191.9 | |
Profitability | |||||||||
(In millions) | Three Months Ended | Twelve Months Ended | |||||||
2024 | 2023 | 2024 | 2023* | ||||||
GAAP Net Income From Continuing Operations | $ | 145.7 | $ | 160.6 | $ | 372.1 | $ | 519.2 | |
GAAP Net Income (Loss) From Discontinued Operations | $ | 0.8 | $ | (47.8) | $ | (5.1) | $ | (163.4) | |
GAAP Net Income | $ | 146.5 | $ | 112.8 | $ | 367.1 | $ | 355.8 | |
Non-GAAP Net Income From Continuing Operations | $ | 173.4 | $ | 81.8 | $ | 494.4 | $ | 396.5 | |
Non-GAAP Net Income (Loss) From Discontinued Operations | $ | 0.8 | $ | (44.4) | $ | (5.1) | $ | (152.9) | |
Non-GAAP Net Income | $ | 174.2 | $ | 37.4 | $ | 489.3 | $ | 243.7 | |
EBITDA From Continuing Operations | $ | 170.0 | $ | 72.8 | $ | 452.4 | $ | 486.3 | |
EBITDA From Discontinued Operations | $ | 1.1 | $ | (40.5) | $ | (5.8) | $ | (162.5) | |
EBITDA | $ | 171.1 | $ | 32.3 | $ | 446.6 | $ | 323.8 | |
*As a result of the successful resolution of the arbitration with Janssen Pharmaceutica N.V., the twelve months ended December 31, 2023 included approximately
Revenue Highlights
LYBALVI
- Revenues for the fourth quarter were
$77.0 million - Fourth quarter revenues and total prescriptions grew
37% and30% , respectively, compared to the fourth quarter of 2023. - During the quarter, the company recorded LYBALVI® revenue of approximately
$4 million
ARISTADAi
- Revenues for the fourth quarter were
$96.6 million - Fourth quarter revenues grew
16% compared to the fourth quarter of 2023. - During the quarter, the company recorded ARISTADA® revenue of approximately
$9 million
VIVITROL
- Revenues for the fourth quarter were
$134.1 million - Fourth quarter revenues grew
31% compared to the fourth quarter of 2023. - During the quarter, the company recorded VIVITROL® revenue of approximately
$23 million
Manufacturing & Royalty Revenues
- Royalty revenues from XEPLION®, INVEGA TRINZA®/TREVICTA® and INVEGA HAFYERA®/BYANNLI® for the fourth quarter were
$36.5 million - VUMERITY® manufacturing and royalty revenues for the fourth quarter were
$35.0 million - FAMPYRA® manufacturing and royalty revenues for the fourth quarter were
$22.9 million - RISPERDAL CONSTA® manufacturing revenues for the fourth quarter were
$14.7 million
Key Operating Expenses
Please see Note 1 below for details regarding discontinued operations.
(In millions) | Three Months Ended | Twelve Months Ended | ||||||
2024 | 2023 | 2024 | 2023 | |||||
R&D Expense – Continuing Operations | $ | 58.2 | $ | 73.9 | $ | 245.3 | $ | 270.8 |
R&D Expense – Discontinued Operations | $ | (1.1) | $ | 21.5 | $ | 5.8 | $ | 116.2 |
SG&A Expense – Continuing Operations | $ | 147.0 | $ | 169.8 | $ | 645.2 | $ | 689.8 |
SG&A Expense – Discontinued Operations | $ | - | $ | 19.4 | $ | - | $ | 48.6 |
Balance Sheet
- At Dec. 31, 2024, the company recorded cash, cash equivalents and total investments of
$824.8 million $813.4 million - In December 2024, the company prepaid and retired in full all of its outstanding long-term debt in the amount of approximately
$290 million
Financial Expectations for 2025
All line items are according to GAAP, except as otherwise noted.
In millions | 2025 Expectations | |
Total Revenues | ||
VIVITROL Net Sales | ||
ARISTADAi Net Sales | ||
LYBALVI Net Sales | ||
Cost of Goods Sold | ||
R&D Expenses | ||
SG&A Expenses | ||
GAAP Net Income a | ||
EBITDA | ||
Adjusted EBITDA | ||
Effective Tax Rate | ~ |
a Expected 2025 weighted average basic share count of approximately 165.5 million shares outstanding and a weighted average diluted share count of approximately 169.5 million shares outstanding. |
Notes and Explanations
1. The company determined that upon the separation of its former oncology business, completed on Nov. 15, 2023, the oncology business met the criteria for discontinued operations in accordance with Financial Accounting Standards Board Accounting Standards Codification 205, Discontinued Operations. Accordingly, the accompanying selected financial information has been updated to present the results of the oncology business as discontinued operations for the three and twelve months ended Dec. 31, 2023.
Conference Call
Alkermes will host a conference call and webcast presentation with accompanying slides at 8:00 a.m. EST (1:00 p.m. GMT) on Wednesday, Feb. 12, 2025, to discuss these financial results and provide an update on the company. The webcast may be accessed on the Investors section of Alkermes' website at www.alkermes.com. The conference call may be accessed by dialing +1 877 407 2988 for
About Alkermes plc
Alkermes plc is a global biopharmaceutical company that seeks to develop innovative medicines in the field of neuroscience. The company has a portfolio of proprietary commercial products for the treatment of alcohol dependence, opioid dependence, schizophrenia and bipolar I disorder, and a pipeline of clinical and preclinical candidates in development for neurological disorders, including narcolepsy and idiopathic hypersomnia. Headquartered in
Non-GAAP Financial Measures
This press release includes information about certain financial measures that are not prepared in accordance with generally accepted accounting principles in the U.S. (GAAP), including non-GAAP net income, EBITDA and Adjusted EBITDA. These non-GAAP measures are not based on any standardized methodology prescribed by GAAP and are not necessarily comparable to similar measures presented by other companies.
Non-GAAP net income adjusts for certain one-time and non-cash charges by excluding from GAAP results: share-based compensation expense; amortization; depreciation; non-cash net interest expense; change in the fair value of contingent consideration; certain other one-time or non-cash items; and the income tax effect of these reconciling items. EBITDA represents earnings before interest, tax, depreciation and amortization. Adjusted EBITDA excludes share-based compensation expense in addition to the components of EBITDA from earnings.
The company's management and board of directors utilize these non-GAAP financial measures to evaluate the company's performance. The company provides these non-GAAP financial measures of the company's performance to investors because management believes that these non-GAAP financial measures, when viewed with the company's results under GAAP and the accompanying reconciliations, are useful in identifying underlying trends in ongoing operations. However, non-GAAP net income, EBITDA and Adjusted EBITDA are not measures of financial performance under GAAP and, accordingly, should not be considered as alternatives to GAAP measures as indicators of operating performance. Further, non-GAAP net income, EBITDA and Adjusted EBITDA should not be considered measures of the company's liquidity.
A reconciliation of GAAP to non-GAAP financial measures has been provided in the tables included in this press release.
Note Regarding Forward-Looking Statements
Certain statements set forth in this press release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including, but not limited to, statements concerning: the company's expectations concerning its future financial and operating performance, business plans or prospects, including expected drivers of growth, value creation and profitability; and the company's expectations regarding development plans, activities and timelines for, and the potential therapeutic and commercial value of, ALKS 2680 and the company's other orexin portfolio candidates. The company cautions that forward-looking statements are inherently uncertain. The forward-looking statements are neither promises nor guarantees and they are necessarily subject to a high degree of uncertainty and risk. Actual performance and results may differ materially from those expressed or implied in the forward-looking statements due to various risks and uncertainties. These risks and uncertainties include, among others: whether the company is able to achieve its financial expectations, including those related to profitability; clinical development activities may not be completed on time or at all; the results of the company's development activities may not be positive, or predictive of final results from such activities, results of future development activities or real-world results; the unfavorable outcome of arbitration, litigation, or other proceedings or disputes related to the company's products or products using the company's proprietary technologies; the
VIVITROL® is a registered trademark of Alkermes, Inc.; ARISTADA®, ARISTADA INITIO® and LYBALVI® are registered trademarks of Alkermes Pharma Ireland Limited, used by Alkermes, Inc. under license; BYANNLI®, INVEGA®, INVEGA HAFYERA®, INVEGA TRINZA®, RISPERDAL CONSTA®, TREVICTA® and XEPLION® are registered trademarks of Johnson & Johnson or its affiliated companies; FAMPYRATM is a trademark of Merz Pharmaceuticals, LLC; and VUMERITY® is a registered trademark of Biogen MA Inc., used by Alkermes under license.
i The term "ARISTADA" as used in this press release refers to ARISTADA and ARISTADA INITIO®, unless the context indicates otherwise. | |||||||||
Alkermes plc and Subsidiaries | ||||
Selected Financial Information (Unaudited) | ||||
Condensed Consolidated Statements of Operations - GAAP | Three Months Ended | Three Months Ended | ||
(In thousands, except per share data) | December 31, 2024 | December 31, 2023 | ||
Revenues: | ||||
Product sales, net | $ 307,726 | $ 241,972 | ||
Manufacturing and royalty revenues | 122,260 | 135,500 | ||
Research and development revenue | — | 3 | ||
Total Revenues | 429,986 | 377,475 | ||
Expenses: | ||||
Cost of goods manufactured and sold | 62,116 | 70,126 | ||
Research and development | 58,174 | 73,933 | ||
Selling, general and administrative | 146,994 | 169,789 | ||
Amortization of acquired intangible assets | 14 | 8,996 | ||
Total Expenses | 267,298 | 322,844 | ||
Operating Income | 162,688 | 54,631 | ||
Other Income, net: | ||||
Interest income | 11,400 | 9,749 | ||
Interest expense | (4,648) | (6,054) | ||
Other income (expense), net | 449 | (10) | ||
Total Other Income, net | 7,201 | 3,685 | ||
Income Before Income Taxes | 169,889 | 58,316 | ||
Income Tax Provision (Benefit) | 24,152 | (102,236) | ||
Net Income From Continuing Operations | 145,737 | 160,552 | ||
Income (Loss) From Discontinued Operations — Net of Tax | 766 | (47,773) | ||
Net Income — GAAP | $ 146,503 | $ 112,779 | ||
GAAP Earnings (Loss) Per Ordinary Share - Basic: | ||||
From continuing operations | $ 0.90 | $ 0.96 | ||
From discontinued operations | $ 0.00 | $ (0.29) | ||
From net income | $ 0.90 | $ 0.68 | ||
GAAP Earnings (Loss) Per Ordinary Share - Diluted: | ||||
From continuing operations | $ 0.88 | $ 0.94 | ||
From discontinued operations | $ 0.00 | $ (0.28) | ||
From net income | $ 0.88 | $ 0.66 | ||
Weighted Average Number of Ordinary Shares Outstanding: | ||||
Basic — GAAP and Non-GAAP | 161,956 | 166,898 | ||
Diluted — GAAP and Non-GAAP | 166,554 | 170,138 | ||
Condensed Consolidated Statements of Operations - GAAP (Continued) | Three Months Ended | Three Months Ended | ||
(In thousands, except per share data) | December 31, 2024 | December 31, 2023 | ||
An itemized reconciliation between net income from continuing operations on a GAAP basis and EBITDA is as follows: | ||||
Net Income from Continuing Operations | $ 145,737 | $ 160,552 | ||
Adjustments: | ||||
Depreciation expense | 6,833 | 9,225 | ||
Amortization expense | 14 | 8,996 | ||
Interest income | (11,400) | (9,749) | ||
Interest expense | 4,648 | 6,054 | ||
Income tax provision (benefit) | 24,152 | (102,236) | ||
EBITDA from Continuing Operations | 169,984 | 72,842 | ||
EBITDA from Discontinued Operations | 1,120 | (40,537) | ||
EBITDA | $ 171,104 | $ 32,305 | ||
An itemized reconciliation between net income from continuing operations on a GAAP basis and non-GAAP net income is as follows: | ||||
Net Income from Continuing Operations | $ 145,737 | $ 160,552 | ||
Adjustments: | ||||
Share-based compensation expense | 20,747 | 22,776 | ||
Depreciation expense | 6,833 | 9,225 | ||
Amortization expense | 14 | 8,996 | ||
Loss on debt extinguishment | 719 | — | ||
Income tax effect related to reconciling items | (629) | 22,011 | ||
Separation expense | — | 19,084 | ||
Non-cash net interest expense | — | 115 | ||
Deferred tax valuation release | — | (160,953) | ||
Non-GAAP Net Income from Continuing Operations | 173,421 | 81,806 | ||
Non-GAAP Net Income (Loss) from Discontinued Operations | 766 | (44,383) | ||
Non-GAAP Net Income | $ 174,187 | $ 37,423 | ||
Non-GAAP diluted earnings per ordinary share from continuing operations | $ 1.04 | $ 0.48 | ||
Non-GAAP diluted loss per ordinary share from discontinued operations | $ 0.00 | $ (0.26) | ||
Non-GAAP diluted earnings per ordinary share from net income | $ 1.05 | $ 0.22 | ||
Alkermes plc and Subsidiaries | ||||
Selected Financial Information (Unaudited) | ||||
Condensed Consolidated Statements of Operations - GAAP | Year Ended | Year Ended | ||
(In thousands, except per share data) | December 31, 2024 | December 31, 2023 | ||
Revenues: | ||||
Product sales, net | $ 1,083,534 | $ 919,998 | ||
Manufacturing and royalty revenues | 474,095 | 743,388 | ||
Research and development revenue | 3 | 19 | ||
Total Revenues | 1,557,632 | 1,663,405 | ||
Expenses: | ||||
Cost of goods manufactured and sold | 245,331 | 253,037 | ||
Research and development | 245,326 | 270,806 | ||
Selling, general and administrative | 645,238 | 689,751 | ||
Amortization of acquired intangible assets | 1,101 | 35,689 | ||
Total Expenses | 1,136,996 | 1,249,283 | ||
Operating Income | 420,636 | 414,122 | ||
Other Income, net: | ||||
Interest income | 42,450 | 30,854 | ||
Interest expense | (22,578) | (23,032) | ||
Other income (expense), net | 3,242 | (425) | ||
Total Other Income, net | 23,114 | 7,397 | ||
Income Before Income Taxes | 443,750 | 421,519 | ||
Income Tax Provision (Benefit) | 71,612 | (97,638) | ||
Net Income From Continuing Operations | 372,138 | 519,157 | ||
Loss From Discontinued Operations — Net of Tax | (5,068) | (163,400) | ||
Net Income — GAAP | $ 367,070 | $ 355,757 | ||
GAAP Earnings (Loss) Per Ordinary Share - Basic: | ||||
From continuing operations | $ 2.25 | $ 3.12 | ||
From discontinued operations | $ (0.03) | $ (0.98) | ||
From net income | $ 2.22 | $ 2.14 | ||
GAAP Earnings (Loss) Per Ordinary Share - Diluted: | ||||
From continuing operations | $ 2.20 | $ 3.06 | ||
From discontinued operations | $ (0.03) | $ (0.96) | ||
From net income | $ 2.17 | $ 2.10 | ||
Weighted Average Number of Ordinary Shares Outstanding: | ||||
Basic — GAAP and Non-GAAP | 165,392 | 166,223 | ||
Diluted — GAAP and Non-GAAP | 169,198 | 169,730 | ||
Condensed Consolidated Statements of Operations - GAAP (Continued) | Year Ended | Year Ended | ||
(In thousands, except per share data) | December 31, 2024 | December 31, 2023 | ||
An itemized reconciliation between net income from continuing operations on a GAAP basis and EBITDA is as follows: | ||||
Net Income from Continuing Operations | $ 372,138 | $ 519,157 | ||
Adjustments: | ||||
Depreciation expense | 27,432 | 36,921 | ||
Amortization expense | 1,101 | 35,689 | ||
Interest income | (42,450) | (30,854) | ||
Interest expense | 22,578 | 23,032 | ||
Income tax provision (benefit) | 71,612 | (97,638) | ||
EBITDA from Continuing Operations | 452,411 | 486,307 | ||
EBITDA from Discontinued Operations | (5,790) | (162,484) | ||
EBITDA | $ 446,621 | $ 323,823 | ||
An itemized reconciliation between net income from continuing operations on a GAAP basis and non-GAAP net income is as follows: | ||||
Net Income from Continuing Operations | $ 372,138 | $ 519,157 | ||
Adjustments: | ||||
Share-based compensation expense | 96,636 | 92,719 | ||
Depreciation expense | 27,432 | 36,921 | ||
Amortization expense | 1,101 | 35,689 | ||
Separation expense | 1,446 | 38,364 | ||
Loss on debt extinguishment | 719 | — | ||
Gain on sale of Athlone manufacturing facility | (1,462) | — | ||
Income tax effect related to reconciling items | (3,945) | 25,343 | ||
Deferred tax valuation release | — | (160,953) | ||
Restructuring expense | — | 5,938 | ||
Final award in the Janssen arbitration (2022 back royalties and interest) | — | (197,092) | ||
Non-cash net interest expense | 342 | 461 | ||
Non-GAAP Net Income from Continuing Operations | 494,407 | 396,547 | ||
Non-GAAP Net Loss from Discontinued Operations | (5,068) | (152,894) | ||
Non-GAAP Net Income | $ 489,339 | $ 243,653 | ||
Non-GAAP diluted earnings per ordinary share from continuing operations | $ 2.92 | $ 2.34 | ||
Non-GAAP diluted loss per ordinary share from discontinued operations | $ (0.03) | $ (0.90) | ||
Non-GAAP diluted earnings per ordinary share from net income | $ 2.89 | $ 1.44 | ||
Alkermes plc and Subsidiaries | ||||
Selected Financial Information (Unaudited) | ||||
Condensed Consolidated Balance Sheets | December 31, | December 31, | ||
(In thousands) | 2024 | 2023 | ||
Cash, cash equivalents and total investments | $ 824,816 | $ 813,378 | ||
Receivables | 389,733 | 332,477 | ||
Inventory | 182,887 | 186,406 | ||
Contract assets | 4,990 | 706 | ||
Prepaid expenses and other current assets | 86,077 | 98,166 | ||
Property, plant and equipment, net | 227,564 | 226,943 | ||
Intangible assets, net and goodwill | 83,917 | 85,018 | ||
Assets held for sale | — | 94,260 | ||
Deferred tax assets | 154,835 | 195,888 | ||
Other assets | 100,748 | 102,981 | ||
Total Assets | $ 2,055,567 | $ 2,136,223 | ||
Long-term debt — current portion | $ — | $ 3,000 | ||
Other current liabilities | 465,199 | 512,678 | ||
Long-term debt | — | 287,730 | ||
Liabilities from discontinued operations | — | 4,542 | ||
Other long-term liabilities | 125,391 | 125,587 | ||
Total shareholders' equity | 1,464,977 | 1,202,686 | ||
Total Liabilities and Shareholders' Equity | $ 2,055,567 | $ 2,136,223 | ||
Ordinary shares outstanding (in thousands) | 162,177 | 166,980 | ||
This selected financial information should be read in conjunction with the consolidated financial statements and | ||||
Alkermes plc and Subsidiaries | ||||||||||
Amounts Included in Discontinued Operations | ||||||||||
(In thousands) | Three Months | Three Months | Three Months | Three Months | Year | |||||
Cost of goods manufactured and sold | $ — | $ — | $ — | $ — | $ - | |||||
Research and development | 2,516 | 3,913 | 481 | (1,120) | 5,790 | |||||
Selling, general and administrative | — | — | — | — | - | |||||
Income tax (benefit) provision | (396) | (613) | (67) | 354 | (722) | |||||
(Income) Loss from discontinued operations, net of tax | $ 2,120 | $ 3,300 | $ 414 | $ (766) | $ 5,068 | |||||
(In thousands) | Three Months | Three Months | Three Months | Three Months | Year | |||||
Cost of goods manufactured and sold | $ 11 | $ 11 | $ 11 | $ 6 | $ 39 | |||||
Research and development | 29,867 | 32,563 | 32,262 | 21,485 | 116,177 | |||||
Selling, general and administrative | 6,644 | 9,502 | 13,073 | 19,368 | 48,587 | |||||
Income tax (benefit) provision | (6,727) | (40) | (1,550) | 6,914 | (1,403) | |||||
Loss from discontinued operations, net of tax | $ 29,795 | $ 42,036 | $ 43,796 | $ 47,773 | $ 163,400 | |||||
Alkermes plc and Subsidiaries | ||||||||||
Revenues for Calendar Year 2024 and 2023 | ||||||||||
(In thousands) | Three Months | Three Months | Three Months | Three Months | Year | |||||
Revenues: | ||||||||||
VIVITROL | $ 97,659 | $ 111,873 | $ 113,650 | $ 134,133 | $ 457,315 | |||||
ARISTADA | 78,870 | 86,049 | 84,652 | 96,616 | 346,187 | |||||
LYBALVI | 57,007 | 71,351 | 74,697 | 76,977 | 280,032 | |||||
Total Proprietary Sales | 233,536 | 269,273 | 272,999 | 307,726 | 1,083,534 | |||||
PARTNERED LONG-ACTING ANTIPSYCHOTICS (1) | 65,391 | 82,297 | 60,876 | 51,267 | 259,831 | |||||
VUMERITY | 31,254 | 35,234 | 32,574 | 34,985 | 134,047 | |||||
Key Commercial Product Revenues | 330,181 | 386,804 | 366,449 | 393,978 | 1,477,412 | |||||
Legacy Product Revenues | 20,188 | 12,327 | 11,694 | 36,008 | 80,217 | |||||
Research and Development Revenues | 3 | — | — | — | 3 | |||||
Total Revenues | $ 350,372 | $ 399,131 | $ 378,143 | $ 429,986 | $ 1,557,632 | |||||
(In thousands) | Three Months | Three Months | Three Months | Three Months | Year | |||||
Revenues: | ||||||||||
VIVITROL | $ 96,659 | $ 102,070 | $ 99,305 | $ 102,385 | $ 400,419 | |||||
ARISTADA | 80,077 | 82,410 | 81,834 | 83,369 | 327,690 | |||||
LYBALVI | 37,991 | 46,997 | 50,683 | 56,218 | 191,889 | |||||
Total Proprietary Sales | 214,727 | 231,477 | 231,822 | 241,972 | 919,998 | |||||
PARTNERED LONG-ACTING ANTIPSYCHOTICS (1) | 24,543 | 326,380 | 90,993 | 81,461 | 523,377 | |||||
VUMERITY | 28,874 | 32,295 | 34,561 | 33,596 | 129,326 | |||||
Key Commercial Product Revenues | 268,144 | 590,152 | 357,376 | 357,029 | 1,572,701 | |||||
Legacy Product Revenues | 19,445 | 27,238 | 23,559 | 20,443 | 90,685 | |||||
Research and Development Revenues | 6 | 7 | 3 | 3 | 19 | |||||
Total Revenues | $ 287,595 | $ 617,397 | $ 380,938 | $ 377,475 | $ 1,663,405 | |||||
(1) - Includes RISPERDAL CONSTA, INVEGA SUSTENNA/XEPLION, INVEGA TRINZA/TREVICTA and INVEGA HAFYERA/BYANNLI. | ||||||||||
Alkermes plc and Subsidiaries | ||
2025 Guidance — GAAP to EBITDA and Adjusted EBITDA | ||
An itemized reconciliation between projected net income on a GAAP basis, EBITDA and Adjusted EBITDA is as follows: | ||
(In millions) | Amount | |
Projected Net Income — GAAP | $ 190.0 | |
Adjustments: | ||
Interest income | (30.0) | |
Depreciation and amortization expense | 30.0 | |
Provision for income taxes | 40.0 | |
Projected EBITDA | $ 230.0 | |
Share-based compensation expense | 95.0 | |
Projected Adjusted EBITDA | $ 325.0 | |
Projected Net Income on a GAAP basis and Projected EBITDA and Projected Adjusted EBITDA reflect mid-points within ranges of estimated guidance. | ||
Alkermes Contacts:
For Investors: Sandy Coombs +1 781 609 6377
For Media: Katie Joyce +1 781 249 8927
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SOURCE Alkermes plc
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