Fully integrated, global biopharmaceutical firm Alkermes Plc (ALKS:NASDAQ), which is focused on developing and commercializing innovative medicines to meet unmet medical needs of individuals with serious mental illness, addiction and cancer, today announced financial results for the first quarter of 2022 ended March 31, 2022.
Alkermes Plc.'s CEO Richard Pops led off the report by commenting, "Our strong first quarter results reflect continued momentum across the business, and a sharp operational focus that provides a solid foundation to drive further growth of our proprietary products and advance our pipeline of development programs in 2022. As we execute on our launch strategy for LYBALVI®, we are particularly encouraged by early utilization trends and feedback from healthcare providers that underscore LYBALVI's value proposition in the oral antipsychotic market."
The company reported that during Q1/22 it posted total revenues of $278.5 million, compared to $251.4 million in Q1/21. The firm advised that total revenues were comprised of $171.3 million from net sales of proprietary products and $105.2 million came from manufacturing and royalty revenues.
The company advised that net sales of VIVITROL® increased by 14% year-over-year to $84.9 million and that net sales of ARISTADA®i were rose by 31% y-o-y to $72.5 million. Alkermes added that net sales of LYBALVI, which was launched commercially in October 2021, were $13.9 million.
The firm stated that in Q1/22 it recorded a GAAP net loss of $35.9 million, or a net loss of $0.22 per basic and diluted share, versus a GAAP net loss of $22.4 million, or a net loss $0.14 per basic and diluted share in Q1/21.
The company advised that on a non-GAAP basis, for Q1/22 it earned net income of $19.6 million, or $0.12 per basic and diluted share, compared to non-GAAP net income of $17.8 million, or $0.11 per basic and diluted share in Q1/21.
Alkermes indicated that as of March 31, 2022, it held $758.7 million in cash and other liquid assets on its balance sheet and had total outstanding debt of $295.2 million.
The company's CFO Iain Brown stated, "Our first quarter results demonstrate the strength of our proprietary commercial product portfolio and our continued focus on efficient management of our cost structure. We are in a strong financial position to execute on our strategic priorities and work toward achievement of our long-term profitability targets."
Alkermes mentioned that it is reiterating its previously announced financial expectations for FY/22 as outlined in a press release it issued in February of this year.
"Today, we are reiterating our financial expectations for 2022, as we focus on efficiently driving growth of LYBALVI, ARISTADA and VIVITROL, and advancing our development pipeline," CFO Brown added.
The firm reported on some recent developments with its therapeutics candidates in its oncology and psychiatry pipeline. The company stated that it presented new data gathered from is ongoing phase 1/2 ARTISTRY-1 clinical study of its nemvaleukin alfa (nemvaleukin) to the American Society of Clinical Oncology (ASCO) Genitourinary (GU) Cancers Symposium. The company described nemvaleukin as "a novel investigational engineered interleukin-2 (IL-2) variant immunotherapy." The specific trial data presented at the conference related to the use of nemvaleukin as a monotherapy in patients with advanced renal cell carcinoma (RCC) and included participants that had been checkpoint inhibitor-pretreated.
In addition, the company presented further data pertaining to the efficacy of nemvaleukin in the ARTISTRY-1 trial in patients with platinum-resistant ovarian cancer (PROC) to an oral plenary session at a separate conference focused on women's cancer.
Alkermes is a fully integrated, global biopharma firm headquartered in Dublin, Ireland that is engaged in developing new medicines for use in meeting unmet medical needs in neuroscience and oncology. The company operates a research and development center in Waltham, Mass. and has manufacturing operations in Wilmington, Ohio and Athlone, Ireland. The company indicated "it has a portfolio of proprietary commercial products focused on alcohol dependence, opioid dependence, schizophrenia and bipolar I disorder, and a pipeline of product candidates in development for neurodegenerative disorders and cancer."
Alkermes started the day with a market cap of around $4.4 billion with approximately 163.3 million shares outstanding and a short interest of about 4.5%. ALKS shares opened 13% higher today at $30.67 (+$3.53, +13.01%) over yesterday's $27.14 closing price. The stock has traded today between $29.53 and $31.3725 per share and closed for trading at $30.38 (+$3.24, +11.94%).
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