Alkermes(ALKS) - 2025 Q2 - Quarterly Results

Executive Summary Alkermes reported strong Q2 2025 performance with $390.7 million total revenues, $87.1 million GAAP Net Income, and $0.52 diluted EPS | Metric | Q2 2025 | | :--- | :--- | | Total Revenues | $390.7 Million | | GAAP Net Income | $87.1 Million | | Diluted GAAP EPS | $0.52 | - CEO Richard Pops highlighted strong performance across all three proprietary products, robust profitability, and significant cash flow generation[1] - The company announced positive topline results from its Vibrance-1 phase 2 study of alixorexton (ALKS 2680) in narcolepsy type 1 and plans to present detailed results at the upcoming World Sleep Congress[1] Financial Performance Alkermes generated $390.7 million in Q2 2025 total revenues, with proprietary product net sales up 14% year-over-year Revenues Q2 2025 total revenues reached $390.7 million, primarily driven by 14% growth in proprietary product net sales | Revenue Source (In millions) | Q2 2025 | Q2 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Total Revenues | $390.7 | $399.1 | -2.1% | | Total Proprietary Net Sales | $307.2 | $269.3 | +14.1% | | VIVITROL® | $121.7 | $111.9 | +8.8% | | ARISTADA® | $101.3 | $86.0 | +17.8% | | LYBALVI® | $84.3 | $71.4 | +18.1% | - The company recorded revenue of approximately $11.0 million for ARISTADA and $9.0 million for VIVITROL related to gross-to-net favorability, primarily from Medicaid utilization adjustments[9] | Manufacturing & Royalty Revenue (In millions) | Q2 2025 | | :--- | :--- | | VUMERITY® | $39.4 | | XEPLION®, INVEGA TRINZA®/TREVICTA®, etc. | $30.3 | Profitability Q2 2025 GAAP Net Income from continuing operations was $87.1 million, with diluted GAAP EPS at $0.52 | Profitability Metric (In millions) | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | GAAP Net Income From Continuing Operations | $87.1 | $94.7 | | EBITDA From Continuing Operations | $101.6 | $118.6 | | Adjusted EBITDA | $126.5 | $135.3 | | Diluted GAAP EPS | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | From continuing operations | $0.52 | $0.55 | | From net income | $0.52 | $0.53 | Operating Expenses R&D expenses from continuing operations increased to $77.4 million in Q2 2025, while SG&A remained stable | Expense (Continuing Ops, In millions) | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | R&D Expense | $77.4 | $59.6 | | SG&A Expense | $170.8 | $168.1 | Balance Sheet Alkermes ended Q2 2025 with a strong cash position, with total investments reaching $1.05 billion - As of June 30, 2025, the company's cash, cash equivalents, and total investments were $1.05 billion[6] | Cash & Investments (In millions) | June 30, 2025 | March 31, 2025 | | :--- | :--- | :--- | | Cash, cash equivalents and total investments | $1,054.0 | $916.2 | Business Outlook Alkermes confirmed its full-year 2025 financial guidance, reiterating expectations from February 12, 2025 - The company reiterates its financial expectations for 2025, as originally set forth on February 12, 2025[7] Appendix: Detailed Financial Statements This section presents unaudited condensed consolidated financial statements, including Statements of Operations and Balance Sheets Condensed Consolidated Statements of Operations (Quarterly) Q2 2025 saw $390.7 million total revenues, $93.0 million operating income, and $87.1 million GAAP Net Income | Q2 Statement of Operations (In thousands) | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Total Revenues | $390,657 | $399,131 | | Total Expenses | $297,679 | $289,248 | | Operating Income | $92,978 | $109,883 | | Net Income From Continuing Operations | $87,098 | $94,658 | | Net Income — GAAP | $87,098 | $91,358 | | Diluted GAAP EPS | $0.52 | $0.53 | Condensed Consolidated Statements of Operations (Year-to-Date) YTD June 30, 2025, total revenues were $697.2 million, with operating income at $106.8 million | YTD Statement of Operations (In thousands) | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Total Revenues | $697,167 | $749,503 | | Total Expenses | $590,397 | $596,311 | | Operating Income | $106,770 | $153,192 | | Net Income From Continuing Operations | $109,562 | $133,606 | | Net Income — GAAP | $109,562 | $128,186 | | Diluted GAAP EPS | $0.65 | $0.75 | Condensed Consolidated Balance Sheets As of June 30, 2025, total assets were $2.25 billion, with shareholders' equity at $1.62 billion | Balance Sheet (In thousands) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash, cash equivalents and total investments | $1,054,008 | $824,816 | | Total Assets | $2,252,809 | $2,055,567 | | Total shareholders' equity | $1,624,584 | $1,464,977 | | Total Liabilities and Shareholders' Equity | $2,252,809 | $2,055,567 | Other Information This section provides conference call details, company overview, non-GAAP financial measures, and forward-looking statements Conference Call Information A conference call and webcast to discuss Q2 financial results is scheduled for 8:00 a.m. ET on July 29, 2025 - A conference call and webcast to discuss financial results is scheduled for 8:00 a.m. ET on July 29, 2025[10] About Alkermes plc Alkermes plc is a global biopharmaceutical company focused on neuroscience, with a commercial portfolio and clinical pipeline - Alkermes is a global biopharmaceutical company specializing in neuroscience with a portfolio of commercial products for addiction and psychiatric disorders, and a development pipeline for neurological conditions[11] Non-GAAP Financial Measures & Forward-Looking Statements The report uses non-GAAP financial measures and contains forward-looking statements subject to inherent risks - The press release includes non-GAAP financial measures like EBITDA and Adjusted EBITDA, which are not prepared in accordance with GAAP but are used by management to evaluate performance[12][14] - The report contains forward-looking statements concerning future financial performance and development timelines, which are inherently uncertain and subject to risks[16][17]