Why Alkermes Stock Is Jumping Today

Shares of Alkermes (NASDAQ: ALKS) were jumping 11.9% as of 12:25 p.m. ET on Wednesday. The solid gain came after the drugmaker announced its first-quarter results before the market open.

Alkermes reported Q1 revenue of $278.5 million, up 10.8% year over year. This result handily beat the consensus estimate of $252.6 million.

The company generated earnings of $19.6 million, or $0.12 per share, in the first quarter on a non-GAAP (adjusted) basis. The average analysts' estimate was for non-GAAP earnings of $0.01 per share. In the same period of 2021, Alkermes posted non-GAAP earnings of $17.8 million, or $0.11 per share.

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Source Fool.com