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Alkermes plc. (ALKS - Free Report) reported adjusted earnings of 1 cent per share in the first quarter of 2019 against a loss of 17 cents in the year-ago quarter. The Zacks Consensus Estimate was pegged at a loss of 27 cents.
The company’s revenues of $246.2 million in the quarter increased 10.4% from the year-ago quarter. The top line beat the Zacks Consensus Estimate of $225.02 million. The company’s proprietary products — Vivitrol and Aristada — drove revenues.
Alkermes’ shares have plunged 29.5% so far this year against the industry’s increase of 1.8%.
Quarter Details
Total manufacturing and royalty revenues were up 6.8% year over year to $116.3 million. Manufacturing and royalty revenues from J&J’s (JNJ - Free Report) drugs — Risperdal Consta, Invega Sustenna/Xeplion and InvegaTrinza/Trevicta — were $82.2 million, up 8.7% year over year.
Vivitrol sales improved about 13.9% year over year to $78.8 million.
Aristada sales came in at $51 million, up 68.3% year over year.
Research and development (R&D) expenses were $93.3 million, down 9.1% year over year.
Selling, general and administrative (SG&A) expenses were $133.4 million, down 5.5% year over year.
2020 Guidance Withdrawn
The company withdrew its financial expectations for 2020 provided in February due to uncertainties regarding the impact of the COVID-19 pandemic. The company is unable to reliably estimate the future impact of COVID-19 and stated that extent of the impact will be driven primarily by the severity and duration of the pandemic.
Pipeline Update
Although COVID-19 has impacted timelines of certain clinical studies, the company remains on track with regulatory activities related to the new drug application seeking approval for ALKS 3831 as a treatment for schizophrenia and bipolar I disorder. The company is preparing for an advisory Committee meeting ahead of the November 2020 PDUFA date.
Seattle Genetics’ loss per share estimates have narrowed from $2.95 to $2.87 for 2020 in the past 30 days. The company’s average four-quarter positive earnings surprise is11.66. The stock is up 20.9% so far this year.
Ultragenyx’s loss per share estimates have narrowed from $6.17 to $6.03 for 2020 in the past 30 days. The company’s stock has surged 49% so far this year.
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Alkermes' (ALKS) Q1 Earnings Increase Y/Y, Revenues Beat
Alkermes plc. (ALKS - Free Report) reported adjusted earnings of 1 cent per share in the first quarter of 2019 against a loss of 17 cents in the year-ago quarter. The Zacks Consensus Estimate was pegged at a loss of 27 cents.
The company’s revenues of $246.2 million in the quarter increased 10.4% from the year-ago quarter. The top line beat the Zacks Consensus Estimate of $225.02 million. The company’s proprietary products — Vivitrol and Aristada — drove revenues.
Alkermes’ shares have plunged 29.5% so far this year against the industry’s increase of 1.8%.
Quarter Details
Total manufacturing and royalty revenues were up 6.8% year over year to $116.3 million. Manufacturing and royalty revenues from J&J’s (JNJ - Free Report) drugs — Risperdal Consta, Invega Sustenna/Xeplion and InvegaTrinza/Trevicta — were $82.2 million, up 8.7% year over year.
Vivitrol sales improved about 13.9% year over year to $78.8 million.
Aristada sales came in at $51 million, up 68.3% year over year.
Research and development (R&D) expenses were $93.3 million, down 9.1% year over year.
Selling, general and administrative (SG&A) expenses were $133.4 million, down 5.5% year over year.
2020 Guidance Withdrawn
The company withdrew its financial expectations for 2020 provided in February due to uncertainties regarding the impact of the COVID-19 pandemic. The company is unable to reliably estimate the future impact of COVID-19 and stated that extent of the impact will be driven primarily by the severity and duration of the pandemic.
Pipeline Update
Although COVID-19 has impacted timelines of certain clinical studies, the company remains on track with regulatory activities related to the new drug application seeking approval for ALKS 3831 as a treatment for schizophrenia and bipolar I disorder. The company is preparing for an advisory Committee meeting ahead of the November 2020 PDUFA date.
Alkermes plc Price, Consensus and EPS Surprise
Alkermes plc price-consensus-eps-surprise-chart | Alkermes plc Quote
Zacks Rank and Stocks to Consider
Currently, Alkermes is a Zacks Rank #3 (Hold) stock.
A couple of better-ranked stock from the biotech sector include Seattle Genetics, Inc. and Ultragenyx Pharmaceutical Inc. (RARE - Free Report) , both carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Seattle Genetics’ loss per share estimates have narrowed from $2.95 to $2.87 for 2020 in the past 30 days. The company’s average four-quarter positive earnings surprise is11.66. The stock is up 20.9% so far this year.
Ultragenyx’s loss per share estimates have narrowed from $6.17 to $6.03 for 2020 in the past 30 days. The company’s stock has surged 49% so far this year.
Today's Best Stocks from Zacks
Would you like to see the updated picks from our best market-beating strategies? From 2017 through 2019, while the S&P 500 gained and impressive +53.6%, five of our strategies returned +65.8%, +97.1%, +118.0%, +175.7% and even +186.7%.
This outperformance has not just been a recent phenomenon. From 2000 – 2019, while the S&P averaged +6.0% per year, our top strategies averaged up to +54.7% per year.
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