Alkermes plc Reports First Quarter 2025 Financial Results
— First Quarter Revenues of
— GAAP Net Income of
— Company Reiterates 2025 Financial Expectations —
"Our first quarter financial performance provides a solid foundation to deliver on our financial guidance for the year. We are in a strong position in this dynamic macroeconomic environment and remain focused on executing on the strategic objectives that we believe will drive the future value of the company," said
Key Financial Highlights
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Revenues |
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(In millions) |
Three Months Ended |
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|
|
2025 |
2024 |
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|
Total Revenues |
$ |
306.5 |
$ |
350.4 |
|
Total Proprietary |
$ |
244.5 |
$ |
233.5 |
|
VIVITROL® |
$ |
101.0 |
$ |
97.7 |
|
ARISTADA®i |
$ |
73.5 |
$ |
78.9 |
|
LYBALVI® |
$ |
70.0 |
$ |
57.0 |
|
|
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Profitability |
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|
(In millions) |
Three Months Ended |
|||
|
|
2025 |
2024 |
||
|
GAAP Net Income From Continuing Operations |
$ |
22.5 |
$ |
38.9 |
|
GAAP Net Income (Loss) From Discontinued Operations |
$ |
-- |
$ |
(2.1) |
|
GAAP Net Income |
$ |
22.5 |
$ |
36.8 |
|
|
|
|
|
|
|
EBITDA From Continuing Operations |
$ |
22.8 |
$ |
51.5 |
|
EBITDA From Discontinued Operations |
$ |
-- |
$ |
(2.5) |
|
EBITDA |
$ |
22.8 |
$ |
49.0 |
|
|
|
|
|
|
|
Adjusted EBITDA |
$ |
45.6 |
$ |
81.8 |
Revenue Highlights
LYBALVI
- Revenues for the quarter were
$70.0 million . - Revenues and total prescriptions for the quarter grew 23% and 22%, respectively, compared to the first quarter of 2024.
ARISTADAi
- Revenues for the quarter were
$73.5 million .
VIVITROL
- Revenues for the quarter were
$101.0 million .
Manufacturing & Royalty Revenues
- VUMERITY® manufacturing and royalty revenues for the quarter were
$27.8 million . - Royalty revenues from XEPLION®, INVEGA TRINZA®/TREVICTA® and INVEGA HAFYERA®/BYANNLI® for the quarter were
$17.7 million .
Key Operating Expenses
Please see Note 1 below for details regarding discontinued operations.
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(In millions) |
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|
|
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Three Months Ended |
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|
|
|
|
|
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|
|
|
|
|
2025 |
2024 |
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|
R&D Expense – Continuing Operations |
|
|
|
|
|
|
|
|
|
$ |
71.8 |
$ |
67.6 |
|
R&D Expense – Discontinued Operations |
|
|
|
|
|
|
|
|
|
$ |
-- |
$ |
2.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A Expense – Continuing Operations |
|
|
|
|
|
|
|
|
|
$ |
171.7 |
$ |
179.7 |
|
SG&A Expense – Discontinued Operations |
|
|
|
|
|
|
|
|
|
$ |
-- |
$ |
-- |
Balance Sheet
- At
March 31, 2025 , the company recorded cash, cash equivalents and total investments of$916.2 million , compared to$824.8 million at Dec. 31, 2024.
Financial Expectations for 2025
Alkermes reiterates its financial expectations for 2025, as set forth in its press release dated
Notes and Explanations
1. The company determined that upon the separation of its former oncology business, completed on
Conference Call
Alkermes will host a conference call and webcast presentation with accompanying slides at
About Alkermes plc
Non-GAAP Financial Measures
This press release includes information about certain financial measures that are not prepared in accordance with generally accepted accounting principles in the U.S. (GAAP), including EBITDA and Adjusted EBITDA. These non-GAAP measures are not based on any standardized methodology prescribed by GAAP and are not necessarily comparable to similar measures presented by other companies.
EBITDA represents earnings before interest, tax, depreciation and amortization. Adjusted EBITDA excludes share-based compensation expense in addition to the components of EBITDA from earnings.
The company's management and board of directors utilize these non-GAAP financial measures to evaluate the company's performance. The company provides these non-GAAP financial measures of the company's performance to investors because management believes that these non-GAAP financial measures, when viewed with the company's results under GAAP and the accompanying reconciliations, are useful in identifying underlying trends in ongoing operations. However, EBITDA and Adjusted EBITDA are not measures of financial performance under GAAP and, accordingly, should not be considered as alternatives to GAAP measures as indicators of operating performance. Further, EBITDA and Adjusted EBITDA should not be considered measures of the company's liquidity.
A reconciliation of GAAP to non-GAAP financial measures has been provided in the tables included in this press release.
Note Regarding Forward-Looking Statements
Certain statements set forth in this press release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including, but not limited to, statements concerning: the company's expectations concerning its future financial and operating performance, business plans or prospects, including expected value drivers; and the company's expectations regarding development plans, activities and timelines for, and the potential therapeutic and commercial value of, ALKS 2680. The company cautions that forward-looking statements are inherently uncertain. The forward-looking statements are neither promises nor guarantees and they are necessarily subject to a high degree of uncertainty and risk. Actual performance and results may differ materially from those expressed or implied in the forward-looking statements due to various risks and uncertainties. These risks and uncertainties include, among others: whether the company is able to achieve its financial expectations; clinical development activities may not be completed on time or at all; the results of the company's development activities may not be positive, or predictive of final results from such activities, results of future development activities or real-world results; the
VIVITROL® is a registered trademark of
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________________________________ |
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i The term "ARISTADA" as used in this press release refers to ARISTADA and ARISTADA INITIO®, unless the context indicates otherwise. |
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Selected Financial Information (Unaudited) |
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Condensed Consolidated Statements of Operations - GAAP |
|
Three Months Ended |
|
Three Months Ended |
|
(In thousands, except per share data) |
|
|
|
|
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Revenues: |
|
|
|
|
|
Product sales, net |
|
$ 244,493 |
|
$ 233,536 |
|
Manufacturing and royalty revenues |
|
62,017 |
|
116,833 |
|
Research and development revenue |
|
— |
|
3 |
|
Total Revenues |
|
306,510 |
|
350,372 |
|
Expenses: |
|
|
|
|
|
Cost of goods manufactured and sold |
|
49,197 |
|
58,644 |
|
Research and development |
|
71,817 |
|
67,611 |
|
Selling, general and administrative |
|
171,704 |
|
179,749 |
|
Amortization of acquired intangible assets |
|
— |
|
1,059 |
|
Total Expenses |
|
292,718 |
|
307,063 |
|
Operating Income |
|
13,792 |
|
43,309 |
|
Other Income, net: |
|
|
|
|
|
Interest income |
|
10,141 |
|
9,399 |
|
Interest expense |
|
— |
|
(5,978) |
|
Other income, net |
|
1,556 |
|
182 |
|
Total Other Income, net |
|
11,697 |
|
3,603 |
|
Income Before Income Taxes |
|
25,489 |
|
46,912 |
|
Income Tax Provision |
|
3,025 |
|
7,964 |
|
Net Income From Continuing Operations |
|
22,464 |
|
38,948 |
|
Loss from Discontinued Operations — Net of Tax |
|
— |
|
(2,120) |
|
Net Income — GAAP |
|
$ 22,464 |
|
$ 36,828 |
|
|
|
|
|
|
|
GAAP Earnings (Loss) Per Share - Basic: |
|
|
|
|
|
From continuing operations |
|
$ 0.14 |
|
$ 0.23 |
|
From discontinued operations |
|
— |
|
(0.01) |
|
Earnings per share |
|
$ 0.14 |
|
$ 0.22 |
|
|
|
|
|
|
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GAAP Earnings (Loss) Per Share - Diluted: |
|
|
|
|
|
From continuing operations |
|
$ 0.13 |
|
$ 0.23 |
|
From discontinued operations |
|
— |
|
(0.01) |
|
Earnings per share |
|
$ 0.13 |
|
$ 0.21 |
|
|
|
|
|
|
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Weighted Average Number of Ordinary Shares Outstanding: |
|
|
|
|
|
Basic — GAAP |
|
163,407 |
|
167,984 |
|
Diluted — GAAP |
|
168,737 |
|
172,981 |
|
|
|
|
|
|
|
|
|
|
|
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Condensed Consolidated Statements of Operations - GAAP (Continued) |
|
Three Months Ended |
|
Three Months Ended |
|
(In thousands, except per share data) |
|
|
|
|
|
An itemized reconciliation between net income from continuing operations on a GAAP basis and Adjusted EBITDA is as follows: |
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Net Income from Continuing Operations |
|
$ 22,464 |
|
$ 38,948 |
|
Adjustments: |
|
|
|
|
|
Depreciation and amortization expense |
|
7,421 |
|
8,056 |
|
Interest income |
|
(10,141) |
|
(9,399) |
|
Interest expense |
|
— |
|
5,978 |
|
Income tax provision |
|
3,025 |
|
7,964 |
|
EBITDA from Continuing Operations |
|
22,769 |
|
51,547 |
|
EBITDA from Discontinued Operations |
|
— |
|
(2,516) |
|
EBITDA |
|
22,769 |
|
49,031 |
|
Share-based compensation |
|
22,810 |
|
32,755 |
|
Adjusted EBITDA |
|
$ 45,579 |
|
$ 81,786 |
|
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Selected Financial Information (Unaudited) |
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|
|
|
|
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Condensed Consolidated Balance Sheets |
|
|
|
|
|
(In thousands) |
|
2025 |
|
2024 |
|
Cash, cash equivalents and total investments |
|
$ 916,206 |
|
$ 824,816 |
|
Receivables |
|
318,703 |
|
389,733 |
|
Inventory |
|
183,438 |
|
182,887 |
|
Contract assets |
|
3,049 |
|
4,990 |
|
Prepaid expenses and other current assets |
|
89,843 |
|
86,077 |
|
Property, plant and equipment, net |
|
233,920 |
|
227,564 |
|
Intangible assets, net and goodwill |
|
83,899 |
|
83,917 |
|
Deferred tax assets |
|
152,144 |
|
154,835 |
|
Other assets |
|
100,775 |
|
100,748 |
|
Total Assets |
|
$ 2,081,977 |
|
$ 2,055,567 |
|
Accrued sales discounts, allowances and reserves |
|
$ 249,795 |
|
$ 272,452 |
|
Other current liabilities |
|
193,935 |
|
192,747 |
|
Other long-term liabilities |
|
126,664 |
|
125,391 |
|
Total shareholders' equity |
|
1,511,583 |
|
1,464,977 |
|
Total Liabilities and Shareholders' Equity |
|
$ 2,081,977 |
|
$ 2,055,567 |
|
|
|
|
|
|
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Ordinary shares outstanding (in thousands) |
|
164,853 |
|
162,177 |
|
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This selected financial information should be read in conjunction with the consolidated financial statements and notes thereto included in |
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Alkermes Contacts: |
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For Investors: |
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+1 781 609 6377 |
|
For Media: |
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+1 781 249 8927 |
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