Why Are Alkermes Shares Trading Lower Today? - Alkermes (NASDAQ:ALKS)

Alkermes plc ALKS posted Q3 sales of $294.1 million, up 11% Y/Y, missing the consensus of $301.36 million.
Vivitrol sales increased 11% to $88.8 million, and Aristada sales increased 10% to $68.9 million.
Manufacturing and royalty revenues were $136.3 million, compared to $120.4 million a year ago.
Total operating expenses increased 14% to $313.8 million.
Adjusted net income fell 43% to $23.6 million. Adjusted EPS of $0.14 came above the consensus of $0.06.
Alkermes recorded cash, cash equivalents, and total investments of $748.2 million.
Alkermes reiterates its financial expectations for 2021 announced in the Q2 earnings release.
It expects sales of $1.14 billion - $1.18 billion, including Vivitrol sales of $330 million – $345 million and Aristada revenues of $275 million – $290 million. The Company forecasts adjusted EPS of $0.52 – $0.70.
Price Action: ALKS shares are down 8.35% at $28.88 during the market session on the last check Wednesday.