Alkermes plc develops and commercializes neuroscience medicines, with proprietary commercial products used in alcohol dependence, opioid dependence, schizophrenia, bipolar I disorder and narcolepsy. Company news commonly covers quarterly financial results, full-year expectations, commercial execution and presentations at healthcare and CNS investor conferences.
Clinical and medical updates focus on the company’s sleep-wake and psychiatric portfolio, including LYBALVI in schizophrenia and bipolar I disorder and alixorexton, an investigational oral selective orexin 2 receptor agonist in development for narcolepsy and idiopathic hypersomnia. Other updates include peer-reviewed data publications, research award programs and corporate developments tied to Alkermes’ biopharmaceutical operations.
Alkermes plc has completed the sale of its development and manufacturing facility in Athlone, Ireland to Novo Nordisk for approximately $91 million. The sale is part of Alkermes' program to drive operational efficiency and align its infrastructure with business needs. The transaction includes a subcontracting agreement with Novo Nordisk until the end of 2025, expected to be cost-neutral to Alkermes. Post-subcontracting, the sale is anticipated to provide significant operating cost benefits and enhance profitability. Alkermes will retain royalty revenues from products manufactured at the facility while continuing to produce its commercial products in Ohio.
Alkermes plc reported first-quarter 2024 financial results with revenues of $350.4 million, GAAP net income of $38.9 million, and diluted GAAP earnings per share of $0.23. They reiterated their 2024 financial expectations. The company highlighted prescription growth for LYBALVI® and progress with ALKS 2680 for narcolepsy treatment. Key financial highlights include total revenues, profitability, revenue growth for LYBALVI, ARISTADAi, VIVITROL, and royalty revenues. Operating expenses saw an increase due to investments. The company's balance sheet showed cash and total investments of $807.8 million. Alkermes confirmed its financial expectations for 2024 and recent events like new board member appointments, data presentations, and study initiations.
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