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Number represents a 124% boost from last year.
For this year’s second quarter, Alkermes reported a total of $617.40 million in profits, up 124% from $276.22 million at the same time in 2022, beating projections of $582 million. According to the organization, these numbers came from a combination of manufacturing, royalties, sales, and the final results of an arbitration with Janssen Pharmaceutica.
"Our second quarter results reflect solid execution across our portfolio, highlighted by 21% year-over-year growth of our proprietary commercial products and reinstatement of the long-acting INVEGA product royalties in the US," stated Iain Brown, chief financial officer, Alkermes. "We are in a strong financial position with more than $907 million of cash and total investments and, today, we are reiterating our financial expectations for 2023 that were provided in June following receipt of the favorable final award in our arbitration with Janssen. We continue to expect royalty revenues from Janssen for these long-acting INVEGA products to be incrementally accretive to Alkermes' bottom line in 2023 and beyond, as we continue to manage our business to drive profitability for the benefit of Alkermes' shareholders."
Reference: Alkermes plc Reports Second Quarter 2023 Financial Results. Alkermes. July 26, 2023. Accessed July 27, 2023. https://investor.alkermes.com/news-releases/news-release-details/alkermes-plc-reports-second-quarter-2023-financial-results