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Why Are Alkermes Shares Trading Lower Today?

Why Are Alkermes Shares Trading Lower Today?
  • Alkermes plc (NASDAQ: ALKSposted 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.

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