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Mar 31, 2020
Alkermes Q1 2020 Earnings Report
Alkermes reported first quarter financial results and provided a COVID-19 related business update.
Key Takeaways
Alkermes reported Q1 2020 revenues of $246.2 million, primarily driven by a 30% year-over-year growth of proprietary product net sales. The company reported a diluted GAAP net loss per share of $0.24 and diluted non-GAAP earnings per share of $0.01. Due to COVID-19 uncertainties, the company withdrew its previously provided 2020 financial expectations.
Total revenues for the quarter were $246.2 million.
Net loss according to GAAP was $38.7 million for the quarter, or a basic and diluted GAAP net loss per share of $0.24.
Non-GAAP net income was $1.7 million for the quarter, or a non-GAAP basic and diluted earnings per share of $0.01.
At March 31, 2020, Alkermes recorded cash, cash equivalents and total investments of $549.7 million.
Revenue by Segment
Forward Guidance
Due to uncertainties regarding the impact of the COVID-19 pandemic on Alkermes’ operating and financial results, Alkermes withdraws the financial expectations for 2020 set forth in its press release dated Feb. 13, 2020.
Positive Outlook
- The company has instituted a global remote work policy that will continue until further notice for those employees who can work remotely, including field-based employees.
- The company continues to operate its manufacturing facilities in Wilmington, Ohio and Athlone, Ireland and does not anticipate any interruptions in its ability to supply commercial product to the patients.
- The company has taken action to support people living with schizophrenia, opioid dependence and alcohol dependence and help assure that they have access to the information, resources and medicines that may assist in their treatment.
- The company remains dedicated to supporting the needs of healthcare providers and patients through virtual interactions.
- The company continues its regulatory activities relating to ALKS 3831, including preparation for an Advisory Committee meeting in advance of the November 2020 Prescription Drug User Fee Act (“PDUFA”) target action date for ALKS 3831.
Challenges Ahead
- The company has been in frequent communication with investigators regarding the impact of the current environment on the conduct of its ongoing clinical trials and is focused on supporting treatment continuity and ensuring patient safety.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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