Alkermes plc Reports Third Quarter 2024 Financial Results
Alkermes (ALKS) reported strong Q3 2024 financial results with total revenues of $378.1 million. Net sales of proprietary products grew 18% year-over-year, with GAAP net income from continuing operations at $92.8 million. Key product performance includes LYBALVI revenues of $74.7 million (47% growth), ARISTADA at $84.7 million, and VIVITROL at $113.7 million (14% growth). The company maintains its 2024 financial guidance and continues to advance its pipeline, particularly ALKS 2680, its orexin 2 receptor agonist for narcolepsy treatment. During Q3, Alkermes repurchased approximately 4.4 million shares for $115.6 million, with $200 million remaining in the program.
Alkermes (ALKS) ha riportato risultati finanziari solidi per il terzo trimestre del 2024, con ricavi totali di $378,1 milioni. Le vendite nette di prodotti proprietari sono aumentate del 18% rispetto all'anno precedente, con un utile netto GAAP dalle operazioni continuative pari a $92,8 milioni. Le prestazioni dei prodotti chiave includono ricavi di LYBALVI per $74,7 milioni (crescita del 47%), ARISTADA a $84,7 milioni e VIVITROL a $113,7 milioni (crescita del 14%). L'azienda mantiene le sue previsioni finanziarie per il 2024 e continua a far progredire il suo portafoglio di prodotti, in particolare ALKS 2680, il suo agonista del recettore orexina 2 per il trattamento della narcolessia. Durante il terzo trimestre, Alkermes ha riacquistato circa 4,4 milioni di azioni per $115,6 milioni, con $200 milioni rimanenti nel programma.
Alkermes (ALKS) reportó resultados financieros sólidos para el tercer trimestre de 2024, con ingresos totales de $378.1 millones. Las ventas netas de productos patentados crecieron un 18% interanual, con un ingreso neto GAAP de las operaciones continuas de $92.8 millones. El rendimiento de los productos clave incluye ingresos de LYBALVI por $74.7 millones (crecimiento del 47%), ARISTADA por $84.7 millones y VIVITROL por $113.7 millones (crecimiento del 14%). La compañía mantiene sus proyecciones financieras para 2024 y continúa avanzando en su pipeline, particularmente ALKS 2680, su agonista del receptor de orexina 2 para el tratamiento de la narcolepsia. Durante el tercer trimestre, Alkermes recompró aproximadamente 4.4 millones de acciones por $115.6 millones, con $200 millones restantes en el programa.
알켐스 (ALKS)는 2024년 3분기 강력한 재무 결과를 보고했으며, 총 수익은 $378.1백만에 달합니다. 독점 제품의 순매출은 전년 대비 18% 증가했으며, 지속적인 운영에서 GAAP 순이익은 $92.8백만입니다. 주요 제품 성과에는 LYBALVI 매출이 $74.7백만 (47% 성장), ARISTADA가 $84.7백만, VIVITROL이 $113.7백만 (14% 성장)입니다. 이 회사는 2024년 재무 지침을 유지하고 있으며, 특히 기면증 치료를 위한 오렉신 2 수용체 작용제 ALKS 2680을 중심으로 파이프라인을 계속 발전시키고 있습니다. 3분기 동안 알켐스는 약 440만 주를 $115.6백만에 재매입했으며, 프로그램에 남아있는 금액은 $200백만입니다.
Alkermes (ALKS) a annoncé de solides résultats financiers pour le troisième trimestre 2024, avec des revenus totaux de $378,1 millions. Les ventes nettes de produits brevetés ont augmenté de 18 % par rapport à l'année précédente, avec un bénéfice net GAAP des opérations continues s'élevant à $92,8 millions. Les performances des produits clés incluent des revenus de LYBALVI de 74,7 millions de dollars (augmentation de 47 %), ARISTADA à 84,7 millions de dollars, et VIVITROL à 113,7 millions de dollars (augmentation de 14 %). L'entreprise maintient ses prévisions financières pour 2024 et continue d'avancer dans son pipeline, notamment avec ALKS 2680, son agoniste des récepteurs d'orexine 2 pour le traitement de la narcolepsie. Au cours du troisième trimestre, Alkermes a racheté environ 4,4 millions d'actions pour 115,6 millions de dollars, avec 200 millions de dollars restants dans le programme.
Alkermes (ALKS) hat solide Finanzzahlen für das dritte Quartal 2024 berichtet, mit Gesamterlösen von $378,1 Millionen. Der Nettoverkauf von proprietären Produkten stieg im Jahresvergleich um 18%, mit einem GAAP-Nettoeinkommen aus fortgeführten Betrieben von $92,8 Millionen. Die wichtigsten Produktleistungen umfassen LYBALVI-Erträge von $74,7 Millionen (47% Wachstum), ARISTADA mit $84,7 Millionen und VIVITROL mit $113,7 Millionen (14% Wachstum). Das Unternehmen hält an seinen finanziellen Prognosen für 2024 fest und entwickelt weiterhin sein Produktpipeline, insbesondere ALKS 2680, seinen Orexin-2-Rezeptor-Agonisten zur Behandlung von Narkolepsie. Im dritten Quartal hat Alkermes etwa 4,4 Millionen Aktien für $115,6 Millionen zurückgekauft, wobei $200 Millionen im Programm verbleiben.
- 18% year-over-year growth in proprietary product net sales
- LYBALVI revenues grew 47% to $74.7 million
- VIVITROL revenues increased 14% to $113.7 million
- Strong cash position of $927.8 million as of September 30, 2024
- GAAP Net Income from Continuing Operations of $92.8 million
- Total revenues slightly decreased year-over-year from $380.9M to $378.1M
- Cash position declined from $962.5M in June 2024 to $927.8M in September 2024
Insights
Q3 results demonstrate solid performance with
The share repurchase program remains active, with
The advancement of ALKS 2680, an orexin 2 receptor agonist, represents a strategic expansion into the high-potential narcolepsy and hypersomnolence market. Phase 1b data in narcolepsy type 1, type 2 and idiopathic hypersomnia has led to multiple Phase 2 studies, with plans to initiate additional trials in 2025. The orexin pathway is particularly promising, as it addresses the underlying pathophysiology of sleep-wake disorders, potentially offering improved treatment options over existing therapies.
— Third Quarter Revenues of
— Net Sales of Proprietary Products Increased Approximately
— GAAP Net Income from Continuing Operations of
— Company Reiterates 2024 Financial Expectations —
"Our third quarter financial results reflect strong year-over-year growth of our portfolio of proprietary commercial products and position us well to meet our strategic, operational and financial priorities for the year. Looking ahead, we believe growing our proprietary commercial products and advancing our pipeline, particularly ALKS 2680, our novel, investigational, orexin 2 receptor agonist, and additional orexin development candidates, will serve as the key drivers of shareholder value. We plan to manage the business to deliver significant profitability and cash flow while investing in these strategic initiatives," said Richard Pops, Chief Executive Officer of Alkermes. "2025 has the potential to be a transformational year for Alkermes as we expect to complete the ongoing phase 2 studies in narcolepsy type 1 and narcolepsy type 2, and prepare for potential registrational studies for ALKS 2680. With the potential to transform the treatment of hypersomnolence disorders, and with broad potential applicability across other symptomatic domains, orexin 2 receptor agonists represent one of the most exciting new therapeutic categories in development and we believe a significant opportunity for Alkermes and our shareholders."
Key Financial Highlights
Revenues | |||||||||
(In millions) | Three Months Ended | Nine Months Ended | |||||||
2024 | 2023 | 2024 | 2023 | ||||||
Total Revenues | $ | 378.1 | $ | 380.9 | $ | 1,127.6 | $ | 1,285.9* | |
Total Proprietary Net Sales | $ | 273.0 | $ | 231.8 | $ | 775.8 | $ | 678.0 | |
VIVITROL® | $ | 113.7 | $ | 99.3 | $ | 323.2 | $ | 298.0 | |
ARISTADA®i | $ | 84.7 | $ | 81.8 | $ | 249.6 | $ | 244.3 | |
LYBALVI® | $ | 74.7 | $ | 50.7 | $ | 203.1 | $ | 135.7 |
Profitability | |||||||||
(In millions) | Three Months Ended | Nine Months Ended | |||||||
2024 | 2023 | 2024 | 2023* | ||||||
GAAP Net Income From Continuing Operations | $ | 92.8 | $ | 91.6 | $ | 226.4 | $ | 358.6 | |
GAAP Net Loss From Discontinued Operations | $ | (0.4) | $ | (43.8) | $ | (5.8) | $ | (115.6) | |
GAAP Net Income | $ | 92.4 | $ | 47.8 | $ | 220.6 | $ | 243.0 | |
Non-GAAP Net Income From Continuing Operations | $ | 121.4 | $ | 150.4 | $ | 321.0 | $ | 314.7 | |
Non-GAAP Net Loss From Discontinued Operations | $ | (0.4) | $ | (40.8) | $ | (5.8) | $ | (108.5) | |
Non-GAAP Net Income | $ | 121.0 | $ | 109.5 | $ | 315.2 | $ | 206.2 | |
EBITDA From Continuing Operations | $ | 112.3 | $ | 107.2 | $ | 282.4 | $ | 413.5 | |
EBITDA From Discontinued Operations | $ | (0.5) | $ | (44.6) | $ | (6.9) | $ | (121.9) | |
EBITDA | $ | 111.8 | $ | 62.7 | $ | 275.5 | $ | 291.5 |
*As a result of the successful resolution of the arbitration with Janssen Pharmaceutica N.V., the nine months ended September 30, 2023 included approximately
Revenue Highlights
LYBALVI
- Revenues for the quarter were
.$74.7 million - Revenues and total prescriptions for the quarter grew
47% and37% , respectively, compared to the third quarter of 2023.
ARISTADAi
- Revenues for the quarter were
.$84.7 million
VIVITROL
- Revenues for the quarter were
.$113.7 million - Revenues for the quarter grew
14% compared to the third 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
.$58.4 million - VUMERITY® manufacturing and royalty revenues for the quarter were
.$32.6 million
Key Operating Expenses
Please see Note 1 below for details regarding discontinued operations.
(In millions) | Three Months Ended | Nine Months Ended | ||||||
2024 | 2023 | 2024 | 2023 | |||||
R&D Expense – Continuing Operations | $ | 59.9 | $ | 64.9 | $ | 187.2 | $ | 196.9 |
R&D Expense – Discontinued Operations | $ | 0.5 | $ | 32.3 | $ | 6.9 | $ | 94.7 |
SG&A Expense – Continuing Operations | $ | 150.4 | $ | 156.4 | $ | 498.2 | $ | 520.0 |
SG&A Expense – Discontinued Operations | $ | - | $ | 13.1 | $ | - | $ | 29.2 |
Balance Sheet
At Sept. 30, 2024, the company recorded cash, cash equivalents and total investments of
Share Repurchase Program
During the third quarter of 2024, the company repurchased approximately 4.4 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 October 2024, the company hosted an investor event to review its portfolio of orexin 2 receptor agonists and development strategy. The company presented data from its ALKS 2680 phase 1b study in patients with narcolepsy type 1 (NT1), narcolepsy type 2 (NT2) and idiopathic hypersomnia (IH), and discussed the study design for its ongoing phase 2 studies in NT1 and NT2. The company also announced its plans to initiate a phase 2 study in patients with IH in 2025.
- In September 2024, the company presented positive clinical data from its phase 1b study of ALKS 2680 in patients with NT2 and IH at the European Sleep Research Society's 27th Congress, Sleep Europe 2024.
- In August 2024, the company announced the initiation of its Vibrance-2 phase 2 study of ALKS 2680 in patients with NT2.
- In August 2024, the company published its latest Corporate Responsibility Report, which details how the company integrates environmental, social and governance considerations into its business. A copy of the report is available on the Responsibility section of Alkermes' website.
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 nine months ended Sept. 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 Thursday, Oct. 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 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
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 drivers of shareholder value 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; 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) | September 30, 2024 | September 30, 2023 | ||
Revenues: | ||||
Product sales, net | $ 272,999 | $ 231,822 | ||
Manufacturing and royalty revenues | 105,144 | 149,113 | ||
Research and development revenue | — | 3 | ||
Total Revenues | 378,143 | 380,938 | ||
Expenses: | ||||
Cost of goods manufactured and sold | 63,099 | 61,498 | ||
Research and development | 59,892 | 64,878 | ||
Selling, general and administrative | 150,382 | 156,373 | ||
Amortization of acquired intangible assets | 14 | 8,995 | ||
Total Expenses | 273,387 | 291,744 | ||
Operating Income | 104,756 | 89,194 | ||
Other Income, net: | ||||
Interest income | 10,916 | 9,370 | ||
Interest expense | (6,000) | (6,006) | ||
Other income, net | 558 | 149 | ||
Total Other Income, net | 5,474 | 3,513 | ||
Income Before Income Taxes | 110,230 | 92,707 | ||
Income Tax Provision | 17,435 | 1,153 | ||
Net Income From Continuing Operations | 92,795 | 91,554 | ||
Loss From Discontinued Operations — Net of Tax | (414) | (43,796) | ||
Net Income — GAAP | $ 92,381 | $ 47,758 | ||
GAAP Earnings (Loss) Per Ordinary Share - Basic: | ||||
From continuing operations | $ 0.57 | $ 0.55 | ||
From discontinued operations | $ (0.00) | $ (0.26) | ||
From net income | $ 0.57 | $ 0.29 | ||
GAAP Earnings (Loss) Per Ordinary Share - Diluted: | ||||
From continuing operations | $ 0.56 | $ 0.53 | ||
From discontinued operations | $ (0.00) | $ (0.25) | ||
From net income | $ 0.55 | $ 0.28 | ||
Weighted Average Number of Ordinary Shares Outstanding: | ||||
Basic — GAAP and Non-GAAP | 163,368 | 166,607 | ||
Diluted — GAAP and Non-GAAP | 167,025 | 171,903 | ||
Condensed Consolidated Statements of Operations - GAAP (Continued) | Three Months Ended | Three Months Ended | ||
(In thousands, except per share data) | September 30, 2024 | September 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 | $ 92,795 | $ 91,554 | ||
Adjustments: | ||||
Depreciation expense | 6,958 | 8,886 | ||
Amortization expense | 14 | 8,995 | ||
Interest income | (10,916) | (9,370) | ||
Interest expense | 6,000 | 6,006 | ||
Income tax provision | 17,435 | 1,153 | ||
EBITDA from Continuing Operations | 112,286 | 107,224 | ||
EBITDA from Discontinued Operations | (481) | (44,567) | ||
EBITDA | $ 111,805 | $ 62,657 | ||
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 | $ 92,795 | $ 91,554 | ||
Adjustments: | ||||
Share-based compensation expense | 22,533 | 21,733 | ||
Depreciation expense | 6,958 | 8,886 | ||
Amortization expense | 14 | 8,995 | ||
Non-cash net interest expense | 114 | 115 | ||
Separation expense | 206 | 9,640 | ||
Income tax effect related to reconciling items | (1,255) | 3,511 | ||
Restructuring expense | — | 5,938 | ||
Non-GAAP Net Income from Continuing Operations | 121,365 | 150,372 | ||
Non-GAAP Net Loss from Discontinued Operations | (414) | (40,835) | ||
Non-GAAP Net Income | $ 120,951 | $ 109,537 | ||
Non-GAAP diluted earnings per ordinary share from continuing operations | $ 0.73 | $ 0.87 | ||
Non-GAAP diluted loss per ordinary share from discontinued operations | $ (0.00) | $ (0.24) | ||
Non-GAAP diluted earnings per ordinary share from net income | $ 0.72 | $ 0.64 | ||
Alkermes plc and Subsidiaries | ||||
Selected Financial Information (Unaudited) | ||||
Condensed Consolidated Statements of Operations - GAAP | Nine Months Ended | Nine Months Ended | ||
(In thousands, except per share data) | September 30, 2024 | September 30, 2023 | ||
Revenues: | ||||
Product sales, net | $ 775,808 | $ 678,026 | ||
Manufacturing and royalty revenues | 351,835 | 607,888 | ||
Research and development revenue | 3 | 16 | ||
Total Revenues | 1,127,646 | 1,285,930 | ||
Expenses: | ||||
Cost of goods manufactured and sold | 183,215 | 182,911 | ||
Research and development | 187,152 | 196,873 | ||
Selling, general and administrative | 498,244 | 519,962 | ||
Amortization of acquired intangible assets | 1,087 | 26,693 | ||
Total Expenses | 869,698 | 926,439 | ||
Operating Income | 257,948 | 359,491 | ||
Other Income, net: | ||||
Interest income | 31,050 | 21,105 | ||
Interest expense | (17,930) | (16,978) | ||
Other income (expense), net | 2,793 | (415) | ||
Total Other Income, net | 15,913 | 3,712 | ||
Income Before Income Taxes | 273,861 | 363,203 | ||
Income Tax Provision | 47,460 | 4,598 | ||
Net Income From Continuing Operations | 226,401 | 358,605 | ||
Loss From Discontinued Operations — Net of Tax | (5,834) | (115,627) | ||
Net Income — GAAP | $ 220,567 | $ 242,978 | ||
GAAP Earnings (Loss) Per Ordinary Share - Basic: | ||||
From continuing operations | $ 1.36 | $ 2.16 | ||
From discontinued operations | $ (0.04) | $ (0.70) | ||
From net income | $ 1.32 | $ 1.47 | ||
GAAP Earnings (Loss) Per Ordinary Share - Diluted: | ||||
From continuing operations | $ 1.33 | $ 2.10 | ||
From discontinued operations | $ (0.03) | $ (0.68) | ||
From net income | $ 1.30 | $ 1.42 | ||
Weighted Average Number of Ordinary Shares Outstanding: | ||||
Basic — GAAP and Non-GAAP | 166,546 | 165,686 | ||
Diluted — GAAP and Non-GAAP | 170,196 | 170,747 | ||
Condensed Consolidated Statements of Operations - GAAP (Continued) | Nine Months Ended | Nine Months Ended | ||
(In thousands, except per share data) | September 30, 2024 | September 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 | $ 226,401 | $ 358,605 | ||
Adjustments: | ||||
Depreciation expense | 20,599 | 27,696 | ||
Amortization expense | 1,087 | 26,693 | ||
Interest income | (31,050) | (21,105) | ||
Interest expense | 17,930 | 16,978 | ||
Income tax provision | 47,460 | 4,598 | ||
EBITDA from Continuing Operations | 282,427 | 413,465 | ||
EBITDA from Discontinued Operations | (6,910) | (121,947) | ||
EBITDA | $ 275,517 | $ 291,518 | ||
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 | $ 226,401 | $ 358,605 | ||
Adjustments: | ||||
Share-based compensation expense | 75,889 | 69,943 | ||
Depreciation expense | 20,599 | 27,696 | ||
Amortization expense | 1,087 | 26,693 | ||
Separation expense | 1,446 | 19,280 | ||
Income tax effect related to reconciling items | (3,316) | 3,332 | ||
Gain on sale of Athlone manufacturing facility | (1,462) | — | ||
Restructuring expense | — | 5,938 | ||
Final award in the Janssen arbitration (2022 back royalties and interest) | — | (197,092) | ||
Non-cash net interest expense | 342 | 346 | ||
Non-GAAP Net Income from Continuing Operations | 320,986 | 314,741 | ||
Non-GAAP Net Loss from Discontinued Operations | (5,834) | (108,511) | ||
Non-GAAP Net Income | $ 315,152 | $ 206,230 | ||
Non-GAAP diluted earnings per ordinary share from continuing operations | $ 1.89 | $ 1.84 | ||
Non-GAAP diluted loss per ordinary share from discontinued operations | $ (0.03) | $ (0.64) | ||
Non-GAAP diluted earnings per ordinary share from net income | $ 1.85 | $ 1.21 |
Alkermes plc and Subsidiaries | ||||
Selected Financial Information (Unaudited) | ||||
Condensed Consolidated Balance Sheets | September 30, | December 31, | ||
(In thousands) | 2024 | 2023 | ||
Cash, cash equivalents and total investments | $ 927,784 | $ 813,378 | ||
Receivables | 367,211 | 332,477 | ||
Inventory | 191,087 | 186,406 | ||
Contract assets | 2,969 | 706 | ||
Prepaid expenses and other current assets | 94,047 | 98,166 | ||
Property, plant and equipment, net | 225,422 | 226,943 | ||
Intangible assets, net and goodwill | 83,931 | 85,018 | ||
Assets held for sale | — | 94,260 | ||
Deferred tax assets | 159,960 | 195,888 | ||
Other assets | 102,880 | 102,981 | ||
Total Assets | $ 2,155,291 | $ 2,136,223 | ||
Long-term debt — current portion | $ 3,000 | $ 3,000 | ||
Other current liabilities | 450,705 | 512,678 | ||
Long-term debt | 285,823 | 287,730 | ||
Liabilities from discontinued operations | — | 4,542 | ||
Other long-term liabilities | 123,658 | 125,587 | ||
Total shareholders' equity | 1,292,105 | 1,202,686 | ||
Total Liabilities and Shareholders' Equity | $ 2,155,291 | $ 2,136,223 | ||
Ordinary shares outstanding (in thousands) | 161,776 | 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 | Three Months | Nine Months | ||||
Cost of goods manufactured and sold | $ — | $ — | $ — | $ — | ||||
Research and development | 2,516 | 3,913 | 481 | 6,910 | ||||
Selling, general and administrative | — | — | — | — | ||||
Income tax benefit | (396) | (613) | (67) | (1,076) | ||||
Loss from discontinued operations, net of tax | $ 2,120 | $ 3,300 | $ 414 | $ 5,834 | ||||
(In thousands) | Three Months | Three Months | Three Months | Nine Months | ||||
Cost of goods manufactured and sold | $ 11 | $ 11 | $ 11 | $ 33 | ||||
Research and development | 29,867 | 32,563 | 32,262 | 94,692 | ||||
Selling, general and administrative | 6,644 | 9,502 | 13,073 | 29,219 | ||||
Income tax benefit | (6,727) | (40) | (1,550) | (8,317) | ||||
Loss from discontinued operations, net of tax | $ 29,795 | $ 42,036 | $ 43,796 | $ 115,627 |
Alkermes Contacts: | ||
For Investors: | Sandy Coombs | +1 781 609 6377 |
For Media: | Katie Joyce | +1 781 249 8927 |
View original content to download multimedia:https://www.prnewswire.com/news-releases/alkermes-plc-reports-third-quarter-2024-financial-results-302285218.html
SOURCE Alkermes plc
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