Alkermes (NASDAQ:ALKS) Issues FY 2024 Earnings Guidance

Alkermes (NASDAQ:ALKS) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided EPS guidance of 2.800-2.800 for the period, compared to the consensus EPS estimate of 2.670. The company issued revenue guidance of $1.5 billion-$1.6 billion, compared to the consensus revenue estimate of $1.5 billion.

Alkermes Stock Down 2.8 %

ALKS opened at $26.09 on Friday. The business’s 50-day simple moving average is $27.83 and its 200-day simple moving average is $25.87. The company has a debt-to-equity ratio of 0.22, a quick ratio of 2.61 and a current ratio of 2.99. Alkermes has a one year low of $22.06 and a one year high of $32.88. The stock has a market capitalization of $4.41 billion, a P/E ratio of 10.31, a price-to-earnings-growth ratio of 0.56 and a beta of 0.46.

Alkermes (NASDAQ:ALKS) last announced its quarterly earnings data on Wednesday, July 24th. The company reported $0.70 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.70. The company had revenue of $399.13 million for the quarter, compared to analyst estimates of $393.30 million. Alkermes had a return on equity of 23.20% and a net margin of 19.15%. The firm’s revenue for the quarter was down 35.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.38 EPS. Analysts anticipate that Alkermes will post 2.36 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the company. JPMorgan Chase & Co. reduced their target price on Alkermes from $32.00 to $26.00 and set a “neutral” rating on the stock in a research note on Friday. StockNews.com raised shares of Alkermes from a “hold” rating to a “buy” rating in a research report on Sunday, July 28th. Piper Sandler reaffirmed an “overweight” rating and set a $37.00 price target (down previously from $38.00) on shares of Alkermes in a research report on Friday. HC Wainwright restated a “neutral” rating and issued a $37.00 price target on shares of Alkermes in a research note on Friday. Finally, Cantor Fitzgerald lowered their price objective on shares of Alkermes from $48.00 to $43.00 and set an “overweight” rating on the stock in a research note on Friday. One analyst has rated the stock with a sell rating, three have issued a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Alkermes presently has a consensus rating of “Moderate Buy” and an average price target of $34.90.

Alkermes Company Profile

Alkermes plc, a biopharmaceutical company, researches, develops, and commercializes pharmaceutical products to address unmet medical needs of patients in therapeutic areas in the United States, Ireland, and internationally. It has a portfolio of proprietary commercial products for the treatment of alcohol dependence, opioid dependence, schizophrenia and bipolar I disorder and a pipeline of clinical and preclinical product candidates in development for neurological disorders.