Wed, Jul 24, 1:25 PM (45 days ago)
Alkermes plc reported a net income from continuing operations of $94.7 million and $133.6 million for Q2 and H1 2024, respectively, down from $279.1 million and $267.1 million in the same periods in 2023. The decrease was primarily due to a $256.1 million and $212.1 million drop in manufacturing and royalty revenues, partially offset by increases in product sales and decreases in operating expenses. The decline in manufacturing and royalty revenues stemmed from the recognition of back royalties in June 2023. The company completed the sale of its Athlone Facility, contributing $97.9 million in cash. Cash and investments totaled $962.6 million, with $535.2 million in cash and equivalents. The company repurchased shares worth $84.7 million under a new buyback program. The effective tax rate for the period was 18.3%, reflecting higher taxes on Irish income.