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Alkermes Public Limited Company (ALKS) develops medicines that enhance patient outcomes.
The company offers RISPERDAL CONSTA for schizophrenia and bipolar I disorder; INVEGA SUSTENNA for the treatment of schizophrenia; AMPYRA/ FAMPYRA for the treatment of multiple sclerosis; BYDUREON for the treatment of type II diabetes; VIVITROL for alcohol and opioid dependence; TRICOR, LIPANTHYL, LIPIDIL, and SUPRALIP to lower cholesterol; ZANAFLEX for muscle spasticity; AVINZA for severe pain; EMEND for the treatment of nausea associated with chemotherapy and surgery; and FOCALIN XR and RITALIN LA for attention deficit and hyperactivity disorder.
Its products also include MEGACE ES for the treatment of cachexia associated with AIDS; LUVOX CR for obsessive-compulsive disorder; RAPAMUNE for the prevention of renal transplant rejection; NAPRELAN for various mild to moderate pain indications; VERAPAMIL SR, VERELAN, VERELAN PM, VERAPAMIL PM, VERECAPS, UNIVER, and AFE Ditab CR for hypertension; and DILZEM SR, DILZEM XL, DILTELAN, ACALIX CD, DINISOR, TILAZEM CR, and CARDIZEM CD for hypertension and/or angina. In addition, it develops ALKS 9070, which is in phase 3 study for the treatment of schizophrenia; ALKS 37 that is under phase 2b study for the treatment of opioid-induced constipation; ALKS 33, which has completed phase 2 study for modulation of brain opioid receptors; ALKS 5461 that is under phase 2 study for the treatment of depressive disorder, as well as under phase 1b study for the treatment of cocaine dependence; and ZOHYDRO for pain relief. The company serves pharmaceutical wholesalers, specialty pharmacies, and specialty distributors directly through its sales force.
This morning, the Company changed its fiscal year-end from March 31 to Dec. 31 and outlined financial expectations for the nine-month period ending Dec. 31, 2013. Alkermes expects total revenues to range from $395M-$425M, and non-GAAP net income to range from $85M-$105M or 61c-75c per share, for the nine months ending Dec. 31, 2013. Following the change in the company's financial year-end, the company expects total pro forma revenues for the calendar year ending Dec. 31, 2013, to range from $558M-$588M.
Shares have formed a bullish "flag" and today's announcement should provide the catalyst that was needed to propell shares higher.
52-Week Trading Range: $14.82 - $33.04
Entry Point: $29.00
Stop Loss: $27.55
Target Price: $31.90
ALKS was closed at $32.20 after it exceeded our target price. We still believe this stock is heading higher. If you wish to stay in the position, adjust your stop loss higher to $32.00.
