Alkermes plc, a global biopharmaceutical company focused on neuroscience, reported net income from continuing operations of $372.1 million for the year ended December 31, 2024, a decrease from $519.2 million in 2023. This decrease was primarily attributed to two one-time events in 2023: the receipt of $195.4 million in back royalties and interest related to the long-acting INVEGA products, and the partial release of a valuation allowance on Irish deferred tax assets. These were partially offset by increased product sales and decreased operating expenses in 2024. The company's product sales, net, totaled $1,083.5 million in 2024, a $163.5 million increase compared to 2023. This increase stemmed from growth across its product lines: VIVITROL (10% increase), ARISTADA and ARISTADA INITIO (5% increase), and LYBALVI (52% increase).
Manufacturing and royalty revenues decreased to $474.1 million in 2024 from $743.4 million in 2023. The significant decrease in long-acting INVEGA product royalties ($249.6 million) resulted from the 2023 receipt of back royalties and the expiration of U.S. royalties on INVEGA SUSTENNA in August 2024. VUMERITY royalty revenue increased by $4.7 million, while RISPERDAL CONSTA revenue decreased by $13.8 million due to patent expirations and reduced manufacturing volume. The company completed the sale of its Athlone, Ireland manufacturing facility in May 2024, resulting in a gain of approximately $1.5 million. The company also completed the separation of its oncology business into Mural Oncology plc in November 2023.
Alkermes' key marketed products include VIVITROL, ARISTADA, ARISTADA INITIO, and LYBALVI, all commercially available in the U.S. The company also generates revenue from licensing agreements with Janssen (long-acting INVEGA products and RISPERDAL CONSTA) and Biogen (VUMERITY). As of February 7, 2025, Alkermes employed approximately 1,800 full-time employees, with roughly 1,700 based in the U.S. and 100 in Ireland. The company's U.S. sales force for VIVITROL consisted of approximately 105 individuals, while the sales force for ARISTADA, ARISTADA INITIO, and LYBALVI comprised approximately 355 individuals. The company's sales are heavily concentrated among three major pharmaceutical wholesalers: McKesson Corporation, Cardinal Health, and Cencora.
The company's key development program focuses on ALKS 2680, an investigational oral treatment for narcolepsy and idiopathic hypersomnia. Alkermes anticipates initiating a Phase 2 study for idiopathic hypersomnia in the first half of 2025. The company faces intense competition in the biopharmaceutical industry, particularly concerning its marketed products and those under development. The company's success is contingent upon factors such as product acceptance, regulatory approvals, IP protection, and reimbursement from third-party payers. The company's financial performance is also subject to various risks, including those related to manufacturing, intellectual property, regulatory matters, and market volatility.
Alkermes does not currently anticipate paying cash dividends and plans to retain earnings to support operations and drug development. In February 2024, the company authorized a share repurchase program of up to $400 million, repurchasing $200 million worth of shares during 2024. The company's outlook remains subject to various risks and uncertainties detailed in the 10-K filing, including those related to competition, regulatory changes, and market conditions. The company's financial statements and supplementary data, including quarterly financial data, are included in the filing.
About Alkermes plc.
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