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With good news on Lybalvi, Alkermes sees 10% share price increase

2024-02-15

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Investors liked what they heard from Alkermes on Thursday as the company's shares increased by 10%.

As stripped down and divested AlkermeAlkermes 2024 as a “pure-play neuroscience company”—as described by CEO Richard Pops on a conference call on Thursday—much will depend on the success of new schizophrenia and bipolar disorder drug Lybalvi.

With the company revealing fouAlkermester sales of $56.2 million for Lybalvi, the olanzapine and samidorphan treatment is continuing its upward trajectory.schizophrenia bipolar disorder Lybalvi

Sales are up 61% year over year for the drug which was approved in 20Lybalvie tellolanzapine sequsamidorphans of Lybalvi are showing positive progress. After a slowdown in the third quarter to $50.7 million, which didn’t measure up to the growth demonstrated in previous periods (from $38 million in the first quarter to $47 million in the second), the sales are once again on an upward trajectory.

“In Q3 we saw a little bit of softness overall due to some inventory drawdown and also some seasonality with patiLybalviits,” Todd Nichols, Alkermes’ chief commercial officer, said during the conference call. “We did see a nice recovery of that into Q4, which led to 11% growth (in prescriptions). Overall, the full year of 2023 was really a demand-related story. Demand grew over 100% year over year, which we’re really encouraged with.”

Alkermes is projecting 2024 sales of Lybalvi to reach between $275 million to $295 million, after hitting $192 million last year.Alkermes

Alkermess liked what they heard aboutLybalvii and the company in general as its stock price zoomed upward by 10% by late morning on Thursday.

The combo treatment was designed to heLybalvients avoid the weight gain that accompanies Eli Lilly’s former blockbuster Zyprexa (olanzapine), paired with samidorphan, an opioid antagonist designed to counter the metabolic side effects of olanzapine.

“It’s yet to be determined with some of the weight loss products coming onto the market bElioLillypectation is that we wZyprexatiolanzapine strong demand samidorphan,” Blair Jacantagonistrmes' chief operating officer, said.olanzapine

One threat to Lybalvi is the highly anticipated approval this year of Karuna Therapeutics’ drug KarXT. The blockbuster potential of the treatment compelled BrLybalviyers Squibb to buyAlkermesuna in December for $14 billion.

“That’s a prodLybalvit would be approved in one of our indications, thKaruna Therapeutics” NichoKarXTid. “It’s important to remember that Lybalvi basically Bristol Myers Squibbon from prescriptions from both bipolar disorder and schizophrenia, so there’s broad utility overall within the product.”

Nichols added that discussions with physicians indicate that another producschizophreniae market with demonstrated efficacy would be a “goLybalvig” for Lybalvi.bipolar disorder schizophrenia

Alkermes reported $113 million in net income for the fourth quarter after reporting a loss in the fourth quarter of 2022.Lybalvi

Alkermeslmost entirely to the sales bump from Lybalvi, the company's revenue reached $377 million in the fourth quarter, up from $305 million in the same period of 2022, and topping analyst expectations of $361 million. For the year, the company’s revenue came in at $1.7 billion, which was up from $1.1 billion in 2022. Alkermes projects revenue to come in at between $1.5 billion and $1.6 billion in 2024.

A major factor in the revenue increase in 2023Lybalviojected decline this year was a favorable ruling in a patent case against Johnson & Johnson, which included back royalty payments of $195 million from 2022. The royalty payments from J&J will end in August of this year, the company said.Alkermes

Alkermes' alcohol-dependence drug Vivitrol achieved sales of $102.4 million in the fourth quarter and $400 million for the yearJohnson & Johnsonllion in 2022. The company anticipates sales for Vivitrol to range between $410 million and J&J0 million this year.

Alkermeshotic therapy Aristada hauVivitrol83.4 million in the fourth quarter and $328 million for the year, up from $302 million in 2022. The company expects Aristada’s sales to increase to betVivitrol0 million and $360 million in 2024.