Alkermes Q3 Earnings Top Consensus, On Track To Separate Oncology Business, Reaffirms FY23 Outlook
Portfolio Pulse from Lekha Gupta
Alkermes PLC reported Q3 FY23 adjusted EPS of $0.64, beating the consensus of $0.43, and revenues of $380.9 million, up from $252.4 million a year ago. The company is on track to separate its oncology business into a new company, Mural Oncology plc, in November 2023. Alkermes also reaffirmed its FY23 outlook for revenue at $1.55 billion - $1.68 billion and adjusted EPS of $1.34 – $1.57. However, ALKS shares are trading lower by 8.06%.
October 25, 2023 | 3:09 pm
News sentiment analysis
Sort by:
Descending
NEUTRAL IMPACT
Teva Pharmaceutical Industries settled a patent litigation with Alkermes and was granted a license to market a generic version of VIVITROL in the U.S. starting 2027.
The settlement of the patent litigation and the license to market a generic version of VIVITROL could potentially benefit Teva in the long term. However, the impact on the short term is neutral as the license will only start in 2027.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
NEGATIVE IMPACT
Alkermes reported strong Q3 FY23 results and is on track to separate its oncology business. Despite this, its shares are trading lower.
Alkermes reported strong Q3 FY23 results and is making significant strides in its business. However, the stock price is down, which could be due to market factors or investor sentiment not reflected in the earnings report.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100