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Alkermes plc Reports Impressive Financial Performance for 2024

Alkermes plc (Nasdaq: ALKS), a global leader in biopharmaceuticals, has released its financial results for the fourth quarter and the full year ending December 31, 2024. The results underline the company’s successful transformation into a profitable neuroscience-focused entity. With total revenues reaching $1.56 billion for 2024, Alkermes has demonstrated strong growth driven by proprietary products, which saw an approximate 18% increase year-over-year.

The CEO, Richard Pops, celebrated the year as a pivotal time for Alkermes. He stated, “2024 marks our completion of a multi-year effort to transition to a pure-play neuroscience company. We are entering 2025 with a diverse portfolio of proprietary commercial products generating substantial profits.” Alkermes has laid a solid foundation with clear goals aimed at harnessing opportunities in the neuroscience field, particularly with their Orexin 2 receptor agonists.

Key Financial Highlights

The financial performance during 2024 was remarkable:

• - Total revenues: $1.56 billion, compared to $1.66 billion in the previous year.
• - Net income from continuing operations: $372 million, translating to a diluted GAAP earnings per share of $2.20.
• - EBITDA from continuing operations: Approximately $452 million.

In addition to strong results, Alkermes successfully repurchased $200 million in ordinary shares and eliminated nearly all of its debts, ending the year with around $825 million in cash and investments.

Product Performance

Alkermes’ proprietary net sales played a crucial role in this growth:

• - VIVITROL®: $457.3 million in total revenue.
• - ARISTADA®: $346.2 million.
• - LYBALVI®: $280 million.

These figures reflect significant gains compared to 2023, highlighting the company’s strategic focus on enhancing its product lineup.

A Look Ahead to 2025

As Alkermes prepares for 2025, it has provided guidance that indicates expected total revenues between $1.34 billion and $1.43 billion. Specifically, Alkermes forecasts net sales to reach:

• - VIVITROL: $440 - $460 million
• - ARISTADA: $335 - $355 million
• - LYBALVI: $320 - $340 million

Alkermes is also making strides in its development pipeline, including ongoing Phase 2 studies for ALKS 2680 in narcolepsy, with results anticipated in the second half of 2025. This initiative is key as the company aims to capitalize on what it considers a multi-billion-dollar market opportunity in treating hypersomnolence-related disorders.

Operational Enhancements

Operationally, the company has focused on efficiency and profitability. COO Blair Jackson emphasized the need for stringent management practices to continue fostering growth while developing neuroscience therapies. The successful divestment of its manufacturing business in Ireland has positioned Alkermes to enhance its research and development frameworks further.

Conference Call and Investor Relations

To provide stakeholders with more insights into these results, Alkermes will hold a conference call on February 12, 2025, detailing its financial achievements and future strategies. A live webcast will also be available on the company’s website for investment community engagement.

About Alkermes plc

Headquartered in Dublin, Ireland, Alkermes plc is dedicated to creating innovative therapeutics for neurological disorders. Beyond its existing products, Alkermes is at the forefront of developing clinical and preclinical candidates for conditions including narcolepsy and idiopathic hypersomnia. As the company progresses into 2025, it remains committed to building a pipeline that addresses significant unmet medical needs within the neuroscience space.

For more information about Alkermes, including its product pipeline and to access the conference call details, please visit Alkermes’ official website.