H.C. Wainwright Reiterates Neutral Rating on Alkermes (ALKS)

H.C. Wainwright analyst Douglas Tsao reiterated a Neutral rating on Alkermes (NASDAQ: ALKS).

The analyst commented: "Proprietary product sales increased 34% y/y to $411.7M, clear of consensus at $397M. However, 2Q's results benefited from $15M of revenue benefited from favorable gross-to-net dynamics and inventory timing, so performance was largely consistent with expectations from an end-demand standpoint. Consistent with that, the company largely reiterated guidance for the year. We saw modest upside from Vivitrol ($124.5M vs. Street at $119M) and Aristada family ($96.7M vs. Street at $96M), countered by a modest miss by Lybalvi ($94.0M vs Street at $97M). That said, Lybalvi continued to demonstrate solid prescription momentum, with underlying TRx growth of 18% and formulary access now exceeding 80% of insured lives following additions to three of the largest Medicare Part D plans. Lumryz came in at $96.6M for its first full quarter under Alkermes ownership and ended the period with approximately 3,900 patients on therapy, indicating the business was integrated smoothly with no discernible disruption. Reiterate Neutral."

For an analyst ratings summary and ratings history on Alkermes click here. For more ratings news on Alkermes click here.

Shares of Alkermes closed at $48.34 yesterday.

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