Alkermes plc Reports Second Quarter 2024 Financial Results
Alkermes plc reported strong Q2 2024 financial results, with total revenues of $399.1 million. Net sales of proprietary products increased 16% year-over-year. The company achieved GAAP net income from continuing operations of $94.7 million and diluted GAAP earnings per share of $0.55. Key highlights include:
- LYBALVI revenues grew 52% to $71.4 million
- ARISTADA revenues reached $86.0 million
- VIVITROL revenues increased 10% to $111.9 million
- Cash position strengthened to $962.5 million
Alkermes reiterated its 2024 financial guidance and reported progress on its neuroscience pipeline, including positive results for ALKS 2680 in narcolepsy studies. The company remains focused on driving commercial performance and advancing its development programs.
Alkermes plc ha riportato risultati finanziari solidi per il secondo trimestre del 2024, con ricavi totali di 399,1 milioni di dollari. Le vendite nette di prodotti proprietari sono aumentate del 16% rispetto all'anno precedente. L'azienda ha raggiunto un utile netto GAAP dalle operazioni continuative di 94,7 milioni di dollari e un utile netto GAAP diluito per azione di 0,55 dollari. I punti salienti includono:
- I ricavi di LYBALVI sono cresciuti del 52% a 71,4 milioni di dollari
- I ricavi di ARISTADA hanno raggiunto 86,0 milioni di dollari
- I ricavi di VIVITROL sono aumentati del 10% a 111,9 milioni di dollari
- La posizione di cassa si è rafforzata a 962,5 milioni di dollari
Alkermes ha ribadito le sue previsioni finanziarie per il 2024 e ha riportato progressi nella sua pipeline di neuroscienze, inclusi risultati positivi per ALKS 2680 negli studi sulla narcolessia. L'azienda resta concentrata sul miglioramento delle performance commerciali e sull'avanzamento dei propri programmi di sviluppo.
Alkermes plc informó resultados financieros sólidos para el segundo trimestre de 2024, con ingresos totales de 399,1 millones de dólares. Las ventas netas de productos propios aumentaron un 16% en comparación con el año anterior. La compañía logró un ingreso neto GAAP de operaciones continuas de 94,7 millones de dólares y unas ganancias por acción GAAP diluidas de 0,55 dólares. Los puntos destacados incluyen:
- Los ingresos de LYBALVI crecieron un 52% a 71,4 millones de dólares
- Los ingresos de ARISTADA alcanzaron los 86,0 millones de dólares
- Los ingresos de VIVITROL aumentaron un 10% a 111,9 millones de dólares
- La posición de efectivo se fortaleció a 962,5 millones de dólares
Alkermes reiteró su guía financiera para 2024 e informó sobre avances en su pipeline de neurociencia, incluidos resultados positivos para ALKS 2680 en estudios de narcolepsia. La empresa sigue centrada en impulsar el rendimiento comercial y avanzar en sus programas de desarrollo.
Alkermes plc는 2024년 2분기 재무 결과를 발표했으며, 총 수익은 3억 9,910만 달러에 달했습니다. 자사 제품의 순 판매는 전년 대비 16% 증가했습니다. 회사는 지속 운영으로 인한 GAAP 순이익 9,470만 달러와 희석 GAAP 주당 순이익 0.55 달러를 달성했습니다. 주요 하이라이트는 다음과 같습니다:
- LYBALVI 수익이 52% 증가하여 7,140만 달러에 도달
- ARISTADA 수익이 8,600만 달러에 이르렀습니다
- VIVITROL 수익이 10% 증가하여 1억 1,190만 달러에 도달
- 현금 위치가 9억 6,250만 달러로 강화되었습니다
Alkermes는 2024년 재무 가이드를 재확인하고, 수면 장애 연구에서 ALKS 2680의 긍정적인 결과를 포함하여 신경과학 파이프라인의 진행 상황을 보고했습니다. 회사는 상업적 성과를 높이고 개발 프로그램을 진전시키는 데 집중하고 있습니다.
Alkermes plc a annoncé des résultats financiers solides pour le deuxième trimestre 2024, avec des revenus totaux de 399,1 millions de dollars. Les ventes nettes de produits propriétaires ont augmenté de 16% par rapport à l'année précédente. L'entreprise a réalisé un revenu net GAAP des opérations continues de 94,7 millions de dollars et un bénéfice net GAAP dilué par action de 0,55 dollar. Les points forts incluent :
- Les revenus de LYBALVI ont augmenté de 52% pour atteindre 71,4 millions de dollars
- Les revenus d'ARISTADA ont atteint 86,0 millions de dollars
- Les revenus de VIVITROL ont augmenté de 10% pour atteindre 111,9 millions de dollars
- La position de trésorerie s'est renforcée à 962,5 millions de dollars
Alkermes a réitéré ses prévisions financières pour 2024 et a fait état de progrès dans son pipeline en neurosciences, y compris des résultats positifs pour ALKS 2680 dans les études sur la narcolepsie. L'entreprise reste concentrée sur l'amélioration de sa performance commerciale et l'avancement de ses programmes de développement.
Alkermes plc berichtete über starke Finanzresultate für das zweite Quartal 2024 mit Gesamterlösen von 399,1 Millionen Dollar. Der Nettoumsatz von eigenen Produkten stieg um 16% im Vergleich zum Vorjahr. Das Unternehmen erzielte einen GAAP-Nettoertrag aus fortgeführten Betrieben von 94,7 Millionen Dollar und einen verwässerten GAAP-Gewinn je Aktie von 0,55 Dollar. Wichtige Höhepunkte umfassen:
- Die Erlöse von LYBALVI wuchsen um 52% auf 71,4 Millionen Dollar
- Die Erlöse von ARISTADA erreichten 86,0 Millionen Dollar
- Die Erlöse von VIVITROL stiegen um 10% auf 111,9 Millionen Dollar
- Die Liquidität verbesserte sich auf 962,5 Millionen Dollar
Alkermes bestätigte seine finanzielle Führung für 2024 und berichtete über Fortschritte in seiner Neurowissenschafts-Pipeline, einschließlich positiver Ergebnisse für ALKS 2680 in Narcolepsie-Studien. Das Unternehmen konzentriert sich darauf, die kommerzielle Leistung zu steigern und seine Entwicklungsprogramme voranzutreiben.
- Total revenues of $399.1 million in Q2 2024
- 16% year-over-year increase in net sales of proprietary products
- GAAP net income from continuing operations of $94.7 million
- LYBALVI revenues grew 52% to $71.4 million
- VIVITROL revenues increased 10% to $111.9 million
- Cash position strengthened to $962.5 million
- Positive topline results from ALKS 2680 narcolepsy studies
- Total revenues decreased compared to Q2 2023 ($399.1 million vs $617.4 million)
- GAAP net income from continuing operations decreased compared to Q2 2023 ($94.7 million vs $279.1 million)
Insights
Alkermes' Q2 2024 financial results demonstrate solid performance, particularly with a 16% increase in net sales of proprietary products year-over-year. The company reported $399.1 million in total revenues and a GAAP net income of
The commercial performance of Alkermes' products is noteworthy. The robust sales of LYBALVI and steady growth of ARISTADA and VIVITROL highlight the strong market demand for these treatments. The company's focus on its neuroscience portfolio, including the advancements in its phase 2 program for ALKS 2680, positions it well in the growing market for neurological disorder treatments. This strategic focus could drive further long-term growth. Additionally, the recent sale of its development and manufacturing facility in Ireland to Novo Nordisk provides a significant cash influx, enhancing Alkermes' financial flexibility.
The progress in Alkermes' neuroscience development pipeline, particularly the phase 2 program for ALKS 2680 in narcolepsy, is promising. This investigational treatment has the potential to address a significant unmet need in the market. Topline results from the phase 1b proof-of-concept study were positive and the initiation of the Vibrance-1 phase 2 study signifies strong momentum. If successful, ALKS 2680 could become a key revenue driver, diversifying Alkermes' product portfolio and enhancing its market position in the treatment of neurological disorders.
— Second Quarter Revenues of
— Net Sales of Proprietary Products Increased Approximately
— GAAP Net Income from Continuing Operations of
— Company Reiterates 2024 Financial Expectations —
"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."
Key Financial Highlights
Revenues
(In millions) | Three Months Ended | Six Months Ended | |||||||
2024 | 2023 | 2024 | 2023 | ||||||
Total Revenues | $ | 399.1 | $ | 617.4* | $ | 749.5 | $ | 905.0* | |
Total Proprietary Net Sales | $ | 269.3 | $ | 231.5 | $ | 502.8 | $ | 446.2 | |
VIVITROL® | $ | 111.9 | $ | 102.1 | $ | 209.5 | $ | 198.7 | |
ARISTADA®i | $ | 86.0 | $ | 82.4 | $ | 164.9 | $ | 162.5 | |
LYBALVI® | $ | 71.4 | $ | 47.0 | $ | 128.4 | $ | 85.0 | |
Profitability
(In millions) | Three Months Ended | Six Months Ended | |||||||
2024 | 2023 | 2024 | 2023 | ||||||
GAAP Net Income From Continuing Operations | $ | 94.7 | $ | 279.1 | $ | 133.6 | $ | 267.1 | |
GAAP Net Loss From Discontinued Operations | $ | (3.3) | $ | (42.0) | $ | (5.4) | $ | (71.8) | |
GAAP Net Income | $ | 91.4 | $ | 237.1* | $ | 128.2 | $ | 195.2* | |
Non-GAAP Net Income From Continuing Operations | $ | 123.4 | $ | 134.3 | $ | 199.6 | $ | 164.4 | |
Non-GAAP Net Loss From Discontinued Operations | $ | (3.3) | $ | (40.0) | $ | (5.4) | $ | (67.7) | |
Non-GAAP Net Income | $ | 120.1 | $ | 94.3 | $ | 194.2 | $ | 96.7 | |
EBITDA From Continuing Operations | $ | 118.6 | $ | 299.1 | $ | 170.1 | $ | 306.2 | |
EBITDA From Discontinued Operations | $ | (3.9) | $ | (41.4) | $ | (6.4) | $ | (77.4) | |
EBITDA | $ | 114.7 | $ | 257.7* | $ | 163.7 | $ | 228.9* | |
*As a result of the successful resolution of the arbitration with Janssen Pharmaceutica N.V., the three months ended June 30, 2023 included approximately
Revenue Highlights
LYBALVI
- Revenues for the quarter were
$71.4 million - Revenues and total prescriptions for the quarter grew
52% and44% , respectively, compared to the second quarter of 2023.
ARISTADAi
- Revenues for the quarter were
$86.0 million - New to brand prescriptions for the quarter grew
6% sequentially compared to the first quarter of 2024.
VIVITROL
- Revenues for the quarter were
$111.9 million - Revenues for the quarter grew
10% compared to the second quarter of 2023, driven by the alcohol dependence indication.
Manufacturing & Royalty Revenues
- Royalty revenues from INVEGA SUSTENNA®/XEPLION®, INVEGA TRINZA®/TREVICTA® and INVEGA HAFYERA®/BYANNLI® for the quarter were
$78.7 million - VUMERITY® manufacturing and royalty revenues for the quarter were
$35.2 million
Key Operating Expenses
Please see Note 1 below for details regarding discontinued operations.
(In millions) | Three Months Ended | Six Months Ended | ||||||
2024 | 2023 | 2024 | 2023 | |||||
R&D Expense – Continuing Operations | $ | 59.6 | $ | 68.2 | $ | 127.3 | $ | 132.0 |
R&D Expense – Discontinued Operations | $ | 3.9 | $ | 32.6 | $ | 6.4 | $ | 62.4 |
SG&A Expense – Continuing Operations | $ | 168.1 | $ | 195.8 | $ | 347.9 | $ | 363.6 |
SG&A Expense – Discontinued Operations | $ | - | $ | 9.5 | $ | - | $ | 16.1 |
Balance Sheet
At June 30, 2024, the company recorded cash, cash equivalents and total investments of
Share Repurchase Program
During the second quarter of 2024, the company repurchased approximately 3.5 million of the company's ordinary shares under the share repurchase program authorized in February 2024, at a total purchase price of
Financial Expectations for 2024
Alkermes reiterates its financial expectations for 2024, as set forth in its press release dated Feb. 15, 2024.
Recent Events
- In April 2024, the company announced positive topline results from the narcolepsy type 2 and idiopathic hypersomnia cohorts in its phase 1b proof-of-concept study evaluating ALKS 2680, the company's novel, investigational, oral orexin 2 receptor (OX2R) agonist in development as a once-daily treatment for narcolepsy.
- In April 2024, the company announced initiation of its Vibrance-1 phase 2 study of ALKS 2680 in patients with narcolepsy type 1.
- In May 2024, the company completed the sale of its development and manufacturing facility in Athlone,
Ireland to Novo Nordisk. Alkermes received a cash payment for the facility and certain related assets of approximately$91 million - In May and June 2024, the company presented research related to its psychiatry franchise products—LYBALVI (olanzapine and samidorphan) and ARISTADA (aripiprazole lauroxil)—at several scientific conferences. The conferences included: American Psychiatric Association (APA) Annual Meeting, American Society of Clinical Psychopharmacology (ASCP) Annual Meeting, and Psych Congress Elevate.
- In June 2024, the company presented new research related to ALKS 2680 and narcolepsy, including new data from the full narcolepsy type 1 cohort in its phase 1b, proof-of-concept study evaluating ALKS 2680, at SLEEP 2024, the 38th annual meeting of the Associated Professional Sleep Societies (APSS).
Notes and Explanations
1. The company determined that upon the separation of its 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 six months ended June 30, 2023.
Conference Call
Alkermes will host a conference call and webcast presentation with accompanying slides at 8:00 a.m. ET (1:00 p.m. BST) on Wednesday, July 24, 2024, 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. 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 and 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; earnings include share-based compensation expense.
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 and 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 and 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 profitability; and the potential therapeutic and commercial value of ALKS 2680 and the company's development pipeline. 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 sustain profitability; the unfavorable outcome of arbitration or litigation, including so-called "Paragraph IV" litigation and other patent litigation which may lead to competition from generic drug manufacturers, or other disputes related to the company's products or products using the company's proprietary technologies; 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
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 SUSTENNA®, INVEGA TRINZA®, TREVICTA® and XEPLION® are registered trademarks of Johnson & Johnson or its affiliated companies; 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) | June 30, 2024 | June 30, 2023 | ||
Revenues: | ||||
Product sales, net | $ 269,273 | $ 231,477 | ||
Manufacturing and royalty revenues | 129,858 | 385,913 | ||
Research and development revenue | — | 7 | ||
Total Revenues | 399,131 | 617,397 | ||
Expenses: | ||||
Cost of goods manufactured and sold | 61,472 | 63,249 | ||
Research and development | 59,649 | 68,225 | ||
Selling, general and administrative | 168,113 | 195,756 | ||
Amortization of acquired intangible assets | 14 | 8,898 | ||
Total Expenses | 289,248 | 336,128 | ||
Operating Income | 109,883 | 281,269 | ||
Other Income, net: | ||||
Interest income | 10,735 | 6,769 | ||
Interest expense | (5,952) | (5,684) | ||
Other income (expense), net | 2,053 | (525) | ||
Total Other Income, net | 6,836 | 560 | ||
Income Before Income Taxes | 116,719 | 281,829 | ||
Income Tax Provision | 22,061 | 2,728 | ||
Net Income From Continuing Operations | 94,658 | 279,101 | ||
Loss From Discontinued Operations — Net of Tax | (3,300) | (42,036) | ||
Net Income — GAAP | $ 91,358 | $ 237,065 | ||
GAAP Earnings (Loss) Per Ordinary Share - Basic: | ||||
From continuing operations | $ 0.56 | $ 1.68 | ||
From discontinued operations | $ (0.02) | $ (0.25) | ||
From net income | $ 0.54 | $ 1.43 | ||
GAAP Earnings (Loss) Per Ordinary Share - Diluted: | ||||
From continuing operations | $ 0.55 | $ 1.63 | ||
From discontinued operations | $ (0.02) | $ (0.25) | ||
From net income | $ 0.53 | $ 1.38 | ||
Weighted Average Number of Ordinary Shares Outstanding: | ||||
Basic — GAAP and Non-GAAP | 168,321 | 166,279 | ||
Diluted — GAAP and Non-GAAP | 170,977 | 171,553 | ||
Condensed Consolidated Statements of Operations - GAAP (Continued) | Three Months Ended | Three Months Ended | ||
(In thousands, except per share data) | June 30, 2024 | June 30, 2023 | ||
An itemized reconciliation between net income from continuing operations on a GAAP basis and EBITDA is as follows: | ||||
Net Income from Continuing Operations | $ 94,658 | $ 279,101 | ||
Adjustments: | ||||
Depreciation expense | 6,644 | 9,426 | ||
Amortization expense | 14 | 8,898 | ||
Interest income | (10,735) | (6,769) | ||
Interest expense | 5,952 | 5,684 | ||
Income tax provision | 22,061 | 2,728 | ||
EBITDA from Continuing Operations | 118,594 | 299,068 | ||
EBITDA from Discontinued Operations | (3,913) | (41,388) | ||
EBITDA | $ 114,681 | $ 257,680 | ||
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 | $ 94,658 | $ 279,101 | ||
Adjustments: | ||||
Share-based compensation expense | 20,601 | 27,187 | ||
Depreciation expense | 6,644 | 9,426 | ||
Amortization expense | 14 | 8,898 | ||
Non-cash net interest expense | 114 | 115 | ||
Separation expense | 813 | 5,857 | ||
Income tax effect related to reconciling items | 2,060 | 816 | ||
Gain on sale of Athlone manufacturing facility | (1,462) | — | ||
Final award in the Janssen arbitration (2022 back royalties and interest) | — | (197,092) | ||
Non-GAAP Net Income from Continuing Operations | 123,442 | 134,308 | ||
Non-GAAP Net Loss from Discontinued Operations | (3,300) | (40,031) | ||
Non-GAAP Net Income | $ 120,142 | $ 94,277 | ||
Non-GAAP diluted earnings per ordinary share from continuing operations | $ 0.72 | $ 0.78 | ||
Non-GAAP diluted loss per ordinary share from discontinued operations | $ (0.02) | $ (0.23) | ||
Non-GAAP diluted earnings per ordinary share from net income | $ 0.70 | $ 0.55 | ||
Alkermes plc and Subsidiaries | ||||
Selected Financial Information (Unaudited) | ||||
Condensed Consolidated Statements of Operations - GAAP | Six Months Ended | Six Months Ended | ||
(In thousands, except per share data) | June 30, 2024 | June 30, 2023 | ||
Revenues: | ||||
Product sales, net | $ 502,809 | $ 446,204 | ||
Manufacturing and royalty revenues | 246,691 | 458,775 | ||
Research and development revenue | 3 | 13 | ||
Total Revenues | 749,503 | 904,992 | ||
Expenses: | ||||
Cost of goods manufactured and sold | 120,116 | 121,413 | ||
Research and development | 127,260 | 131,995 | ||
Selling, general and administrative | 347,862 | 363,589 | ||
Amortization of acquired intangible assets | 1,073 | 17,698 | ||
Total Expenses | 596,311 | 634,695 | ||
Operating Income | 153,192 | 270,297 | ||
Other Income, net: | ||||
Interest income | 20,134 | 11,735 | ||
Interest expense | (11,930) | (10,972) | ||
Other income (expense), net | 2,235 | (564) | ||
Total Other Income, net | 10,439 | 199 | ||
Income Before Income Taxes | 163,631 | 270,496 | ||
Income Tax Provision | 30,025 | 3,445 | ||
Net Income From Continuing Operations | 133,606 | 267,051 | ||
Loss From Discontinued Operations — Net of Tax | (5,420) | (71,831) | ||
Net Income — GAAP | $ 128,186 | $ 195,220 | ||
GAAP Earnings (Loss) Per Ordinary Share - Basic: | ||||
From continuing operations | $ 0.79 | $ 1.61 | ||
From discontinued operations | $ (0.03) | $ (0.43) | ||
From net income | $ 0.76 | $ 1.18 | ||
GAAP Earnings (Loss) Per Ordinary Share - Diluted: | ||||
From continuing operations | $ 0.78 | $ 1.56 | ||
From discontinued operations | $ (0.03) | $ (0.42) | ||
From net income | $ 0.75 | $ 1.14 | ||
Weighted Average Number of Ordinary Shares Outstanding: | ||||
Basic — GAAP and Non-GAAP | 168,152 | 165,686 | ||
Diluted — GAAP and Non-GAAP | 171,960 | 170,747 | ||
Condensed Consolidated Statements of Operations - GAAP (Continued) | Six Months Ended | Six Months Ended | ||
(In thousands, except per share data) | June 30, 2024 | June 30, 2023 | ||
An itemized reconciliation between net income from continuing operations on a GAAP basis and EBITDA is as follows: | ||||
Net Income from Continuing Operations | $ 133,606 | $ 267,051 | ||
Adjustments: | ||||
Depreciation expense | 13,641 | 18,810 | ||
Amortization expense | 1,073 | 17,698 | ||
Interest income | (20,134) | (11,735) | ||
Interest expense | 11,930 | 10,972 | ||
Income tax provision | 30,025 | 3,445 | ||
EBITDA from Continuing Operations | 170,141 | 306,241 | ||
EBITDA from Discontinued Operations | (6,429) | (77,380) | ||
EBITDA | $ 163,712 | $ 228,861 | ||
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 | $ 133,606 | $ 267,051 | ||
Adjustments: | ||||
Share-based compensation expense | 53,356 | 48,210 | ||
Depreciation expense | 13,641 | 18,810 | ||
Amortization expense | 1,073 | 17,698 | ||
Separation expense | 1,240 | 9,640 | ||
Income tax effect related to reconciling items | (2,061) | (179) | ||
Gain on sale of Athlone manufacturing facility | (1,462) | — | ||
Final award in the Janssen arbitration (2022 back royalties and interest) | — | (197,092) | ||
Non-cash net interest expense | 228 | 231 | ||
Non-GAAP Net Income from Continuing Operations | 199,621 | 164,369 | ||
Non-GAAP Net Loss from Discontinued Operations | (5,420) | (67,676) | ||
Non-GAAP Net Income | $ 194,201 | $ 96,693 | ||
Non-GAAP diluted earnings per ordinary share from continuing operations | $ 1.16 | $ 0.96 | ||
Non-GAAP diluted loss per ordinary share from discontinued operations | $ (0.03) | $ (0.40) | ||
Non-GAAP diluted earnings per ordinary share from net income | $ 1.13 | $ 0.57 | ||
Alkermes plc and Subsidiaries | ||||
Selected Financial Information (Unaudited) | ||||
Condensed Consolidated Balance Sheets | June 30, | December 31, | ||
(In thousands) | 2024 | 2023 | ||
Cash, cash equivalents and total investments | $ 962,520 | $ 813,378 | ||
Receivables | 366,415 | 332,477 | ||
Inventory | 194,731 | 186,406 | ||
Contract assets | 3,492 | 706 | ||
Prepaid expenses and other current assets | 101,435 | 98,166 | ||
Property, plant and equipment, net | 222,738 | 226,943 | ||
Intangible assets, net and goodwill | 83,945 | 85,018 | ||
Assets held for sale | — | 94,260 | ||
Deferred tax assets | 167,382 | 195,888 | ||
Other assets | 104,184 | 102,981 | ||
Total Assets | $ 2,206,842 | $ 2,136,223 | ||
Long-term debt — current portion | $ 3,000 | $ 3,000 | ||
Other current liabilities | 512,548 | 512,678 | ||
Long-term debt | 286,459 | 287,730 | ||
Liabilities from discontinued operations | — | 4,542 | ||
Other long-term liabilities | 120,830 | 125,587 | ||
Total shareholders' equity | 1,284,005 | 1,202,686 | ||
Total Liabilities and Shareholders' Equity | $ 2,206,842 | $ 2,136,223 | ||
Ordinary shares outstanding (in thousands) | 165,887 | 166,980 | ||
This selected financial information should be read in conjunction with the consolidated financial statements and notes thereto included in | ||||
Alkermes plc and Subsidiaries | ||||||
Amounts Included in Discontinued Operations | ||||||
(In thousands) | Three Months | Three Months | Six Months | |||
Cost of goods manufactured and sold | $ — | $ — | $ — | |||
Research and development | 2,516 | 3,913 | 6,429 | |||
Selling, general and administrative | — | — | — | |||
Income tax benefit | (396) | (613) | (1,009) | |||
Loss from discontinued operations, net of tax | $ 2,120 | $ 3,300 | $ 5,420 | |||
(In thousands) | Three Months | Three Months | Six Months | |||
Cost of goods manufactured and sold | $ 11 | $ 11 | $ 22 | |||
Research and development | 29,867 | 32,563 | 62,430 | |||
Selling, general and administrative | 6,644 | 9,502 | 16,146 | |||
Income tax benefit | (6,727) | (40) | (6,767) | |||
Loss from discontinued operations, net of tax | $ 29,795 | $ 42,036 | $ 71,831 | |||
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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