Alkermes Ups Annual Earnings Outlook; To Separate Oncology Business - Update

(Adds Outlook; Oncology Business Review)

Alkermes plc (ALKS) raised its full-year adjusted earnings outlook to $0.15 - $0.33 from $0.09 - $0.27 guided earlier. Analysts expect the company to report earnings of $0.20 per share for the year.

Full-year revenue is now expected between $1.070 billion and $1.120 billion, compared with previous outlook of $1.050 billion- $1.120 billion. The consensus estimate stands at $1.1 billion.

Separately, Alkermes announced its Board approval to explore separating its commercial-stage neuroscience business and development-stage oncology business, into a publicly traded company.

Below are the Q3 earnings highlights for Alkermes plc (ALKS):

Earnings: -$63.97 million in Q3 vs. -$28.99 million in the same period last year.
EPS: -$0.39 in Q3 vs. -$0.18 in the same period last year.
Excluding items, Alkermes plc reported adjusted earnings of $3.51 million or $0.02 per share for the period.

Analysts projected $0.03 per share
Revenue: $252.36 million in Q3 vs. $294.14 million in the same period last year.

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