Shares of  (NASDAQ: ALKS) were sinking 7.9% as of 11:58 a.m. ET on Wednesday and had fallen as much as 13.1% earlier in the session. The decline came after the Ireland-based drugmaker announced its third-quarter results.

Alkermes reported Q3 revenue of $380.9 million, up nearly 51% year over year. The average analyst estimate was for revenue of $362.1 million.

The company generated earnings of $47.8 million, or $0.29 per diluted share, based on generally accepted accounting principles (GAAP). This reflected a big improvement from the GAAP loss of $64 million, or $0.39 per diluted share, in the prior-year period. Alkermes posted a non-GAAP profit of $109.5 million, or $0.64 per diluted share, up from $3.5 million, or $0.02 per share, in the third quarter of 2022. The consensus estimate was for non-GAAP earnings per share of $0.43. 

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Source Fool.com