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Alkermes plc. (ALKS - Free Report) reported adjusted earnings of 11 cents per share in the first quarter of 2021 compared with earnings of 1 cent per share reported in the year-ago quarter. The Zacks Consensus Estimate was pegged at a loss of 5 cents.
The company’s revenues of $251.4 million in the quarter increased 2.1% from the year-ago quarter. The top line comprehensively beat the Zacks Consensus Estimate of $228 million.
Alkermes’ shares have increased 9.1% in the year so far compared with the industry’s increase of 0.2%.
Quarter in Detail
Total manufacturing and royalty revenues were up 3.1% year over year to $119.8 million.
Vivitrol sales decreased about 5.4% year over year to $74.5 million.
Aristada sales came in at $55.4 million, up 8.6% year over year.
Research and development (R&D) expenses were $92.3 million, down 1.1% year over year.
Selling, general and administrative (SG&A) expenses were $125.2 million, down 6.1% year over year.
Pipeline Updates
The new drug application for Lybalvi to treat schizophrenia and bipolar I disorder is currently under review with the FDA. In December 2020, the FDA accepted Alkermes’ NDA resubmission for Lybalvi for the treatment of adults with schizophrenia or bipolar I disorder, and assigned the application an action date of Jun 1, 2021.
In April 2021, Alkermes entered into a clinical trial collaboration and supply agreement with Merck (MRK - Free Report) for a phase III study evaluating its investigational IL-2 variant immunotherapy, nemvaleukin alfa, in combination with the latter’s PD-L1 inhibitor, Keytruda (pembrolizumab), for treating patients with platinum-resistant ovarian cancer. The company plans to initiate the study in the second half of 2021.
Also, during April 2021, Alkermes initiated the phase II ARTISTRY-6 study, which will evaluate the safety, tolerability and the anti-tumor activity of intravenous nemvaleukin monotherapy for treating patients with mucosal melanoma.
Notably, in March 2021, the FDA granted an orphan drug designation to nemvaleukin alfa for the treatment of mucosal melanoma.
2021 Guidance Reiterated
In February 2021, along with the fourth-quarter 2020 earnings release, Alkermes issued financial expectations for 2021. The company has reiterated the financial expectation for the current year.
Alkermes expects total revenues of $1,100-$1,170 million. Vivitrol net sales are expected in the range of $315-$345 million. Aristada net sales are expected to be $260-$290 million. Lybalvi net sales are expected to be less than $10 million.
Earnings are expected between 37 and 62 cents per share for 2021.
ASLAN Pharmaceuticals’ loss per share estimates have narrowed 26.3% for 2021 and 43.9% for 2022 over the past 60 days. The stock has surged 82% year to date.
Nabriva Therapeutics’ loss per share estimates have narrowed 40.9% for 2021 and 45.3% for 2022 over the past 60 days.
These Stocks Are Poised to Soar Past the Pandemic
The COVID-19 outbreak has shifted consumer behavior dramatically, and a handful of high-tech companies have stepped up to keep America running. Right now, investors in these companies have a shot at serious profits. For example, Zoom jumped 108.5% in less than 4 months while most other stocks were sinking.
Our research shows that 5 cutting-edge stocks could skyrocket from the exponential increase in demand for “stay at home” technologies. This could be one of the biggest buying opportunities of this decade, especially for those who get in early.
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Alkermes' (ALKS) Q1 Earnings Rise Y/Y, Revenues Beat Estimates
Alkermes plc. (ALKS - Free Report) reported adjusted earnings of 11 cents per share in the first quarter of 2021 compared with earnings of 1 cent per share reported in the year-ago quarter. The Zacks Consensus Estimate was pegged at a loss of 5 cents.
The company’s revenues of $251.4 million in the quarter increased 2.1% from the year-ago quarter. The top line comprehensively beat the Zacks Consensus Estimate of $228 million.
Alkermes’ shares have increased 9.1% in the year so far compared with the industry’s increase of 0.2%.
Quarter in Detail
Total manufacturing and royalty revenues were up 3.1% year over year to $119.8 million.
Vivitrol sales decreased about 5.4% year over year to $74.5 million.
Aristada sales came in at $55.4 million, up 8.6% year over year.
Research and development (R&D) expenses were $92.3 million, down 1.1% year over year.
Selling, general and administrative (SG&A) expenses were $125.2 million, down 6.1% year over year.
Pipeline Updates
The new drug application for Lybalvi to treat schizophrenia and bipolar I disorder is currently under review with the FDA. In December 2020, the FDA accepted Alkermes’ NDA resubmission for Lybalvi for the treatment of adults with schizophrenia or bipolar I disorder, and assigned the application an action date of Jun 1, 2021.
In April 2021, Alkermes entered into a clinical trial collaboration and supply agreement with Merck (MRK - Free Report) for a phase III study evaluating its investigational IL-2 variant immunotherapy, nemvaleukin alfa, in combination with the latter’s PD-L1 inhibitor, Keytruda (pembrolizumab), for treating patients with platinum-resistant ovarian cancer. The company plans to initiate the study in the second half of 2021.
Also, during April 2021, Alkermes initiated the phase II ARTISTRY-6 study, which will evaluate the safety, tolerability and the anti-tumor activity of intravenous nemvaleukin monotherapy for treating patients with mucosal melanoma.
Notably, in March 2021, the FDA granted an orphan drug designation to nemvaleukin alfa for the treatment of mucosal melanoma.
2021 Guidance Reiterated
In February 2021, along with the fourth-quarter 2020 earnings release, Alkermes issued financial expectations for 2021. The company has reiterated the financial expectation for the current year.
Alkermes expects total revenues of $1,100-$1,170 million. Vivitrol net sales are expected in the range of $315-$345 million. Aristada net sales are expected to be $260-$290 million. Lybalvi net sales are expected to be less than $10 million.
Earnings are expected between 37 and 62 cents per share for 2021.
Alkermes plc Price, Consensus and EPS Surprise
Alkermes plc price-consensus-eps-surprise-chart | Alkermes plc Quote
Zacks Rank & Stocks to Consider
Alkermes currently carries a Zacks Rank #4 (Sell). Better-ranked stocks in the biotech sector include ASLAN Pharmaceuticals Limited (ASLN - Free Report) and Nabriva Therapeutics AG , both carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
ASLAN Pharmaceuticals’ loss per share estimates have narrowed 26.3% for 2021 and 43.9% for 2022 over the past 60 days. The stock has surged 82% year to date.
Nabriva Therapeutics’ loss per share estimates have narrowed 40.9% for 2021 and 45.3% for 2022 over the past 60 days.
These Stocks Are Poised to Soar Past the Pandemic
The COVID-19 outbreak has shifted consumer behavior dramatically, and a handful of high-tech companies have stepped up to keep America running. Right now, investors in these companies have a shot at serious profits. For example, Zoom jumped 108.5% in less than 4 months while most other stocks were sinking.
Our research shows that 5 cutting-edge stocks could skyrocket from the exponential increase in demand for “stay at home” technologies. This could be one of the biggest buying opportunities of this decade, especially for those who get in early.
See the 5 high-tech stocks now>>