Alkermes(ALKS) - 2024 Q2 - Quarterly Results

Financial Performance - Second quarter revenues reached $399.1 million, a decrease from$ 617.4 million in the same period last year[1][3] - Total revenues for the three months ended June 30, 2024, were $399,131,000, a decrease of 35.4% compared to$ 617,397,000 for the same period in 2023[26] - For the six months ended June 30, 2024, total revenues were $749,503,000, down 17.2% from$ 904,992,000 in the same period of 2023[29] - Operating income for the three months ended June 30, 2024, was $109,883,000, down 60.1% from$ 281,269,000 in the same period of 2023[26] - Net income from continuing operations for the three months ended June 30, 2024, was $94,658,000, a decline of 66.1% compared to$ 279,101,000 in the prior year[27] - Net income from continuing operations for the six months ended June 30, 2024, was $133,606,000, a decrease of 50% compared to$ 267,051,000 in the prior year[31] - The company reported a basic GAAP earnings per share from continuing operations of $0.79 for the six months ended June 30, 2024, down from$ 1.61 in the same period of 2023[29] Product Sales - Proprietary product net sales increased approximately 16% year-over-year, totaling $269.3 million compared to$ 231.5 million[1][3] - LYBALVI revenues grew 52% year-over-year to $71.4 million, with total prescriptions increasing by 44%[6] - ARISTADA revenues were$ 86.0 million, with new to brand prescriptions growing 6% sequentially[7] - VIVITROL revenues increased by 10% year-over-year to $111.9 million, driven by the alcohol dependence indication[8] - Product sales, net, increased to$ 269,273,000 for the three months ended June 30, 2024, up from $231,477,000 in the prior year, representing a growth of 16.3%[26] Income and Expenses - GAAP net income from continuing operations was$ 94.7 million, with diluted GAAP earnings per share of $0.55[1][4] - Non-GAAP net income from continuing operations for the three months ended June 30, 2024, was$ 123,442,000, compared to $134,308,000 in the same period of 2023, reflecting a decrease of 8.7%[28] - Total expenses for the three months ended June 30, 2024, were$ 289,248,000, down 13.9% from $336,128,000 in the same period of 2023[26] - EBITDA from continuing operations for the three months ended June 30, 2024, was$ 118,594,000, a decrease of 60.3% from $299,068,000 in the same period of 2023[27] Cash and Investments - Cash, cash equivalents, and total investments amounted to$ 962.5 million as of June 30, 2024, up from $807.8 million at the end of March 2024[11] - Cash, cash equivalents, and total investments reached$ 962,520 thousand, up from $813,378 thousand at the end of 2023[33] Shareholder Actions - The company repurchased approximately 3.5 million ordinary shares for a total of$ 84.7 million during the second quarter[12] - Total shareholders' equity increased to $1,284,005 thousand, compared to$ 1,202,686 thousand at the end of the previous year[33] Research and Development - The company announced positive topline results from the phase 1b study of ALKS 2680 for narcolepsy, with further studies initiated[14][15] - Research and development expenses for the latest quarter were $3,913 thousand, up from$ 2,516 thousand in the previous quarter[34] Future Outlook - Alkermes reiterated its financial expectations for 2024, maintaining a strong operational focus on its commercial portfolio and neuroscience development pipeline[13][14] - The company intends to file its Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, in July 2024[33]