Alkermes Q1 Adj. Profit Declines; Reiterates 2023 Financial Expectations

(RTTNews) - Alkermes plc (ALKS) reported a first quarter net loss of $41.8 million or a loss per share of $0.25 compared to a GAAP net loss of $35.9 million, or a loss per share of $0.22, prior year. Non-GAAP net income was $2.4 million, or a non-GAAP earnings per share of $0.01 compared to $19.6 million, or $0.12 per share, prior year. On average, nine analysts polled by Thomson Reuters expected the company to report a loss per share of $0.02, for the quarter. Analysts' estimates typically exclude special items.

Total revenues were $287.6 million, compared to $278.5 million for the same period in the prior year. Net sales of proprietary products increased approximately 25% to $214.7 million, compared to $171.3 million. Analysts on average had estimated $282.18 million in revenue.

Alkermes reiterated its financial expectations for 2023.

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