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Alkermes plc (ALKS+1.89%) has filed its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing provides an overview of the company's financial performance, including a net income from continuing operations of $372.1 million, down from $519.2 million in 2023. This decrease was primarily due to one-time events in 2023, such as back royalties from Janssen and a partial release of a valuation allowance.
Alkermes reported total revenues of $1.56 billion, with product sales, net of $1.08 billion. The company highlighted sales of VIVITROL, ARISTADA, ARISTADA INITIO, and LYBALVI as key contributors.
Manufacturing and royalty revenues totaled $474.1 million, a decrease from $743.4 million in 2023. The decline was attributed to the expiration of royalties on U.S. sales of INVEGA SUSTENNA and the receipt of back royalties in 2023.
Research and development expenses were reported at $245.3 million, reflecting a focus on the development of ALKS 2680 and LYBALVI.
The company completed the sale of its Athlone Facility to Novo Nordisk in May 2024, receiving $97.9 million and recording a gain of $1.5 million.
Alkermes completed the separation of its oncology business into Mural Oncology plc in November 2023, with the historical results of the oncology business reflected as discontinued operations.
The company ended the year with $824.7 million in cash and investments. Alkermes prepaid its long-term debt of $289.5 million in December 2024.
Alkermes continues to focus on its proprietary products in the neuroscience field, with expectations for significant revenue contributions from VIVITROL, ARISTADA, ARISTADA INITIO, LYBALVI, and VUMERITY in the near and medium term.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Alkermes plc annual 10-K report dated February 12, 2025. To report an error, please email earnings@qz.com.