Alkermes Q3 2020 Earnings Report
Key Takeaways
Alkermes plc reported Q3 2020 financial results with total revenues of $265.0 million. The company reported a GAAP net loss per share of $0.00 and non-GAAP earnings per share of $0.26. Strong commercial execution and disciplined expense management led to raised financial expectations for 2020.
Total revenues for the quarter were $265.0 million, compared to $255.2 million for the same period in the prior year.
GAAP net loss was $0.1 million for the quarter, or a GAAP net loss per share of $0.00, compared to a GAAP net loss of $52.9 million, or a GAAP net loss per share of $0.34, for the same period in the prior year.
Non-GAAP net income was $41.5 million for the quarter, or a non-GAAP basic and diluted earnings per share of $0.26, compared to a non-GAAP net loss of $7.0 million, or a non-GAAP basic and diluted loss per share of $0.04, for the same period in the prior year.
Net sales of ARISTADA were $62.4 million, reflecting a 16% year-over-year growth.
Alkermes
Alkermes
Alkermes Revenue by Segment
Forward Guidance
Alkermes raised its financial guidance for 2020, expecting total revenue between $1.01 billion and $1.035 billion and non-GAAP net income between $50 million and $70 million.
Positive Outlook
- Total Revenue: $1,010 - $1,035 million
- VIVITROL Net Sales: $305 - $315 million
- ARISTADA Net Sales: $230 - $240 million
- Other Income, Net: ~$30 million
- Non-GAAP Net Income: $50 - $70 million
Challenges Ahead
- Cost of Goods Sold: $180 - $190 million
- R&D Expenses: $375 - $390 million
- SG&A Expenses: $530 - $545 million
- Amortization of Intangible Assets: ~$40 million
- GAAP Net Loss: ($95) - ($115) million