Alkermes PLC (NASDAQ: ALKS) saw its stock price surge 5.02% in intraday trading on Thursday, as the biopharmaceutical company's strong financial performance and positive outlook fueled investor optimism.
The company reported robust fiscal year 2024 results, with total revenue exceeding $1.5 billion, driven by its proprietary commercial portfolio. Notably, Alkermes achieved over $450 million in EBITDA from continuing operations and ended the year debt-free with a solid cash position of $825 million.
Key products like VIVITROL, ARISTADA, and LYBALVI demonstrated growth, with LYBALVI's net sales increasing by an impressive 46% year-over-year in 2024. Moreover, Alkermes is expanding its psychiatry sales team by approximately 80 representatives to maintain a strong competitive position in the market.
Investors are also optimistic about Alkermes' pipeline candidate ALKS 2680 for narcolepsy, which showed promising results in Phase Ib trials. The company plans to pursue accelerated pathways to market after completing the ongoing Phase II studies and meeting with regulatory authorities.
Several analysts have maintained positive ratings and price targets on Alkermes, citing the company's underlying strength and favorable outlook. H.C. Wainwright, for instance, reiterated a Neutral rating with a $46 price target, while Mizuho Securities maintained a Buy rating following the Q4 2024 earnings report.
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