Alkermes PLC (NASDAQ: ALKS), a biopharmaceutical company specializing in neuroscience, saw its shares soar 11.61% in pre-market trading on Wednesday, following the release of its fourth-quarter and full-year 2024 financial results.
The company reported impressive financial performance for the quarter and year ended December 31, 2024, with revenue and earnings surpassing analyst expectations. The strong results were driven by robust sales growth of its key products, including VIVITROL for alcohol dependence, ARISTADA for schizophrenia, and LYBALVI for bipolar I disorder.
For the fourth quarter, Alkermes reported total revenues of $430 million, a 13.8% increase compared to the same period in 2023. Non-GAAP net income from continuing operations was $173.4 million, or $1.04 per diluted share, surpassing analyst estimates of $0.76 per share. The company's proprietary product sales grew by 27.4% year-over-year, driven by strong demand for its key products.
For the full year 2024, Alkermes reported total revenues of $1.56 billion, up 6.4% from 2023. Non-GAAP net income from continuing operations was $494.4 million, or $2.92 per diluted share, beating analyst expectations of $2.66 per share. The company's proprietary product sales reached $1.08 billion, an 18% increase compared to the previous year.
Looking ahead, Alkermes provided optimistic financial guidance for 2025, projecting total revenues in the range of $1.34 billion to $1.43 billion. The company expects continued growth in its key products, with VIVITROL net sales forecasted to be between $440 million and $460 million, ARISTADA net sales between $335 million and $355 million, and LYBALVI net sales between $320 million and $340 million.
The strong financial performance and positive outlook for 2025 were well-received by investors, leading to the significant pre-market surge in Alkermes' stock price. Analysts cited the company's diversified product portfolio, robust sales growth, and potential for further expansion in the neuroscience market as key factors contributing to the positive sentiment.
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