Jefferies analyst Biren Amin raised his price target for Alkermes to $62 citing strong Vivitrol and Aristada sales following the company's Q2 results. The analyst keeps a Buy rating on the shares.

Alkermes reiterates its financial expectations for 2024, as set forth in its press release dated Feb. 15, 2024.

Reports Q1 revenue $350.4M, consensus $360.26M. "The first quarter of 2024 marks our first full quarter as a profitable, pure-play neuroscience company. During the quarter, we continued to advance our strategic priorities across the business, highlighted by solid underlying prescription growth for LYBALVI and advancement of ALKS 2680, our novel, investigational, oral orexin 2 receptor agonist in development as a once-daily treatment for narcolepsy," said Richard Pops, Chief Executive Officer of Alkermes. "For ALKS 2680, we recently initiated our Vibrance-1 phase 2 study in narcolepsy type 1 and announced positive topline phase 1b results in narcolepsy type 2. With these new data now in hand, we plan to initiate a phase 2 study in narcolepsy type 2 in the second half of 2024. In an area where there remains significant unmet patient need, orexin 2 biology represents an important new potential approach to treating disorders characterized by excessive daytime sleepiness. ALKS 2680 is the first candidate from our orexin portfolio to advance in the clinic and we plan to share details regarding our other orexin development programs later this year."