Alkermes plc (NASDAQ:ALKS) reported Q2 adjusted EPS of $0.55 compared to $0.06 a year ago, missing the consensus of $0.56.

The company reported sales of $617.40 million, 124% higher than the $276.22 million reported a year, beating the consensus estimate of $585.02 million.

Q2 sales reflect the strong performance of the proprietary product portfolio and the reinstatement of long-acting Invega product royalties.

Net sales of proprietary products increased by approximately 21% to $231.5 million.

Total revenues included $248.4 million of back royalties and associated interest related to the successful outcome of the company's arbitration with Janssen Pharmaceutica N.V., a subsidiary of Johnson & Johnson (NYSE:JNJ).

Alkermes increased its FY23 outlook by $425 million to reflect the company's final award from an arbitration proceeding.

The company revised forecasts for FY23 revenue to $1.55 billion - $1.68 billion, from prior guidance of $1.13 billion - $1.25 billion versus the consensus of $1.32 billion.

The company sees adjusted EPS of $1.34 – $1.57 compared to $0.00 – $0.23 expected earlier and the consensus of $0.42.

Dr. Loew joined Alkermes in June as a strategic advisor and will transition to Mural Oncology's CEO upon separation completion, expected in the second half of 2023.

Price Action: ALKS shares are down 4.15% at $29.56 on the last check Wednesday.