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Bull of the Day

We are impressed by the expanded product portfolio at Alkermes (ALKS) following its purchase of Elan's EDT unit. The company continues to expect adjusted earnings per share in the range of $0.88-$1.02 for fiscal 2013. Revenues are still projected in the range of $510-$540 million.

The US approval of type II diabetes drug Bydureon is a major positive for Alkermes as the drug offers significant commercial potential. We are also pleased by the diversified pipeline at Alkermes. The successful development and commercialization of these candidates should boost the company's top line.

We believe that the current price represents an attractive entry point for long-term investors and hence upgrade the stock to Outperform. Our price target of $27.00 is based on 6.8x our fiscal 2013 revenue estimate.

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