Alkermes Re-initiates FY20 Adj. EPS Outlook, In Line With Estimates - Quick Facts

(RTTNews) - While reporting financial results for the second quarter on Wednesday, biopharmaceutical company Alkermes plc (ALKS) re-initiated its earnings and revenue guidance for the full-year 2020. This guidance reflects the anticipated net impacts of the COVID-19 pandemic on Alkermes' operating and financial results.

For fiscal 2020, the company now projects a loss in a range of $0.91 to $1.10 per share and adjusted earnings in the range of $0.00 to $0.19 per share on total revenues between $965 million and $1.01 billion.

On average, analysts polled by Thomson Reuters expect the company to report a loss of $0.01 per share on revenues of $983.04 million for the year. Analysts' estimates typically exclude special items.

The company projects VIVITROL net sales between $270 million and $300 million as well as ARISTADA net sales between $220 million and $235 million.

Alkermes said it anticipates that the negative impact of COVID-19 on VIVITROL net sales will be partially offset by a decrease in operating expenses, notably within R&D.

The company had previously withdrawn its 2020 financial expectations in late April, due to uncertainties regarding the impact of the COVID-19 pandemic on its business.