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."

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Shares of Alkermes closed at $48.34 yesterday.