Alkermes Revises 2023 Adj. EPS Forecast To $1.57-$1.75 From Prior Expectation Of $1.34-$1.57
Portfolio Pulse from Benzinga Newsdesk
Alkermes has updated its 2023 adjusted EPS forecast to $1.57-$1.75, up from the previous range of $1.34-$1.57. This revision is based on the company's financial performance up to September 30, 2023, and the expected reduction in operating expenses by about $20 million following the separation of its oncology business. The cost savings are mainly due to decreased Research and Development expenses.
November 15, 2023 | 12:14 pm
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Alkermes has raised its adjusted EPS guidance for 2023, indicating a stronger financial performance and cost savings from its oncology business separation.
The upward revision of Alkermes' EPS forecast is a positive signal to investors, suggesting that the company is performing better than previously expected. The separation of the oncology business and the associated cost savings are likely to be viewed favorably by the market, potentially leading to a short-term increase in the stock price.
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