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Alkermes plc (NASDAQ:ALKS), a $4.6 billion pharmaceutical company, has reported the unfortunate passing of its Chief Financial Officer, Iain M. Brown, on Sunday. Mr. Brown had been battling cancer and was on medical leave since February 2024. His leadership and 22-year tenure at the company were highlighted as having a significant impact, during which he helped build Alkermes into a financially robust enterprise with an InvestingPro Financial Health Score of "GREAT."
The company conveyed deep gratitude for Mr. Brown’s dedicated service and extended condolences to his family. Blair C. Jackson and Samuel J. Parisi have been serving as interim principal financial officer and interim principal accounting officer, respectively, since Mr. Brown’s medical leave began. They will continue in these roles while the search for a new CFO is underway.
This information is based on a press release statement and has been made public through a recent SEC filing by the pharmaceutical company.
In other recent news, Alkermes reported strong financial results for the fourth quarter of 2024, with earnings per share (EPS) of $1.05, surpassing the anticipated $0.75, and revenue reaching $430 million, exceeding forecasts by $49.25 million. The company’s total revenues for 2024 exceeded $1.5 billion, driven by significant growth in proprietary product sales, particularly LYVOLVY, which saw a 46% year-over-year increase. Looking ahead, Alkermes has provided guidance for 2025, projecting total revenues between $1.34 billion and $1.43 billion, with EBITDA expected to range from $215 million to $245 million.
Goldman Sachs recently increased its price target for Alkermes from $30.00 to $32.00, maintaining a Buy rating, citing the company’s strong fourth-quarter performance and promising clinical development strategy for its Orexin agonist pipeline. Meanwhile, RBC Capital Markets initiated coverage of Alkermes with a Sector Perform rating and a price target of $40.00, noting the potential of Alkermes’ orexin antagonist for narcolepsy treatment, despite challenges in its base business. Cantor Fitzgerald also maintained its Overweight rating on Alkermes with a $43.00 target, emphasizing the company’s attractive long-term investment potential.
Jefferies reiterated its Buy rating and $41.00 price target following Alkermes’ fourth-quarter earnings report, highlighting the company’s ability to surpass expectations and its favorable guidance for 2025. These developments reflect a positive outlook from analysts, driven by Alkermes’ strong financial performance, promising pipeline, and strategic initiatives in the pharmaceutical industry.
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