Q2 2024 Alkermes Plc Earnings Call Transcript
Key Points
- Alkermes PLC (ALKS) reported total revenues of $399.1 million for Q2 2024, driven by a 16% year-over-year growth in their proprietary product portfolio.
- LYBALVI net sales grew significantly by 52% year-over-year to $71.4 million, reflecting strong underlying demand.
- The company ended the second quarter with a strong financial position, holding $962.5 million in cash and total investments.
- Alkermes PLC (ALKS) completed the sale of their Athlone, Ireland manufacturing facility, receiving approximately $91 million, which aligns with their strategy to drive operational efficiency.
- The company repurchased approximately 3.5 million shares during the quarter for an aggregate purchase price of $84.7 million, as part of their $400 million share repurchase program.
- Revenues from the long-acting INVEGA products dropped significantly to $78.7 million from $321.2 million in Q2 last year, due to the end of royalties and net sales of INVEGA SUSTENNA in the US.
- The company expects a $20 million impact on their third-quarter results due to the end of INVEGA SUSTENNA royalties and net sales in the US.
- R&D expenses were $59.6 million, reflecting focused investments in neuroscience development programs, which may indicate high ongoing costs.
- SG&A expenses, although decreased from last year, were still high at $168.1 million, driven by operational efficiencies and non-recurring expenses.
- The long-acting antipsychotic market experienced some softness, which could impact future sales of the ARISTADA product family.
Greetings and welcome to the Alkermes' second quarter 2024 financial results conference call. My name is Rob and I'll be your operator for today's call. All participant lines will be placed on mute to prevent background noise. (Operator Instructions) Please note this conference is being recorded.
I'll now turn the call over to Sandra Coombs, Senior Vice President of Investor Relations and Corporate Affairs. Sandy, you may now begin.
Thank you. Welcome to the Alkermes Plc conference call to discuss our financial results and business update for the quarter ended June 30, 2024. With me today are Richard Pops, our CEO; Todd Nichols, our Chief Commercial Officer and Blair Jackson, our Chief Operating Officer.
During today's call, we will be referencing slides. These slides, along with our press release related financial tables and reconciliations of the GAAP to non-GAAP financial measures that we'll discuss today are available on the Investors section of alkermes.com.
We
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