Intrinsic value of Alkermes - ALKS

Previous Close

$50.58

  Intrinsic Value

$1.82

stock screener

  Rating & Target

str. sell

-96%

Previous close

$50.58

 
Intrinsic value

$1.82

 
Up/down potential

-96%

 
Rating

str. sell

We calculate the intrinsic value of ALKS stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 7.8

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  18.79
  12.30
  11.57
  10.91
  10.32
  9.79
  9.31
  8.88
  8.49
  8.14
  7.83
  7.55
  7.29
  7.06
  6.86
  6.67
  6.50
  6.35
  6.22
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
  5.58
  5.52
  5.47
  5.42
  5.38
  5.34
Revenue, $m
  746
  838
  935
  1,037
  1,144
  1,256
  1,373
  1,494
  1,621
  1,753
  1,891
  2,033
  2,182
  2,336
  2,496
  2,662
  2,835
  3,015
  3,203
  3,398
  3,602
  3,814
  4,035
  4,265
  4,506
  4,758
  5,021
  5,295
  5,583
  5,883
  6,197
Variable operating expenses, $m
 
  717
  799
  885
  975
  1,070
  1,168
  1,271
  1,379
  1,490
  1,606
  1,717
  1,842
  1,972
  2,108
  2,248
  2,394
  2,547
  2,705
  2,870
  3,042
  3,221
  3,407
  3,602
  3,806
  4,018
  4,240
  4,472
  4,715
  4,968
  5,234
Fixed operating expenses, $m
 
  331
  339
  348
  357
  365
  375
  384
  394
  403
  413
  424
  434
  445
  456
  468
  479
  491
  504
  516
  529
  543
  556
  570
  584
  599
  614
  629
  645
  661
  678
Total operating expenses, $m
  954
  1,048
  1,138
  1,233
  1,332
  1,435
  1,543
  1,655
  1,773
  1,893
  2,019
  2,141
  2,276
  2,417
  2,564
  2,716
  2,873
  3,038
  3,209
  3,386
  3,571
  3,764
  3,963
  4,172
  4,390
  4,617
  4,854
  5,101
  5,360
  5,629
  5,912
Operating income, $m
  -209
  -210
  -203
  -196
  -188
  -180
  -170
  -161
  -151
  -140
  -129
  -108
  -95
  -82
  -68
  -54
  -39
  -23
  -6
  12
  31
  50
  71
  93
  116
  141
  167
  194
  223
  254
  286
EBITDA, $m
  -115
  -110
  -92
  -74
  -54
  -34
  -12
  11
  35
  60
  86
  114
  142
  172
  203
  236
  270
  305
  343
  382
  422
  465
  510
  557
  607
  659
  713
  770
  830
  894
  960
Interest expense (income), $m
  12
  11
  13
  16
  18
  21
  24
  27
  30
  34
  37
  41
  44
  48
  52
  56
  61
  65
  70
  75
  80
  85
  91
  97
  103
  109
  116
  123
  130
  137
  145
Earnings before tax, $m
  -214
  -221
  -216
  -212
  -206
  -201
  -194
  -188
  -181
  -174
  -166
  -148
  -140
  -130
  -121
  -110
  -100
  -88
  -76
  -63
  -49
  -35
  -20
  -4
  14
  32
  51
  72
  93
  116
  141
Tax expense, $m
  -6
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  4
  9
  14
  19
  25
  31
  38
Net income, $m
  -208
  -221
  -216
  -212
  -206
  -201
  -194
  -188
  -181
  -174
  -166
  -148
  -140
  -130
  -121
  -110
  -100
  -88
  -76
  -63
  -49
  -35
  -20
  -4
  10
  23
  37
  52
  68
  85
  103

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  497
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  1,726
  1,380
  1,540
  1,708
  1,884
  2,069
  2,261
  2,462
  2,671
  2,889
  3,115
  3,350
  3,594
  3,848
  4,111
  4,386
  4,671
  4,968
  5,277
  5,598
  5,933
  6,283
  6,647
  7,027
  7,424
  7,838
  8,271
  8,724
  9,197
  9,692
  10,210
Adjusted assets (=assets-cash), $m
  1,229
  1,380
  1,540
  1,708
  1,884
  2,069
  2,261
  2,462
  2,671
  2,889
  3,115
  3,350
  3,594
  3,848
  4,111
  4,386
  4,671
  4,968
  5,277
  5,598
  5,933
  6,283
  6,647
  7,027
  7,424
  7,838
  8,271
  8,724
  9,197
  9,692
  10,210
Revenue / Adjusted assets
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
Average production assets, $m
  609
  684
  763
  846
  933
  1,025
  1,120
  1,219
  1,323
  1,431
  1,543
  1,659
  1,780
  1,906
  2,036
  2,172
  2,314
  2,461
  2,614
  2,773
  2,939
  3,112
  3,292
  3,481
  3,677
  3,882
  4,097
  4,321
  4,555
  4,801
  5,057
Working capital, $m
  579
  96
  107
  118
  130
  143
  156
  170
  185
  200
  216
  232
  249
  266
  285
  303
  323
  344
  365
  387
  411
  435
  460
  486
  514
  542
  572
  604
  636
  671
  707
Total debt, $m
  284
  344
  411
  481
  555
  632
  712
  796
  884
  974
  1,069
  1,167
  1,269
  1,375
  1,486
  1,600
  1,719
  1,843
  1,973
  2,107
  2,247
  2,393
  2,545
  2,704
  2,870
  3,043
  3,224
  3,414
  3,611
  3,818
  4,035
Total liabilities, $m
  517
  577
  644
  714
  788
  865
  945
  1,029
  1,117
  1,207
  1,302
  1,400
  1,502
  1,608
  1,719
  1,833
  1,952
  2,076
  2,206
  2,340
  2,480
  2,626
  2,778
  2,937
  3,103
  3,276
  3,457
  3,647
  3,844
  4,051
  4,268
Total equity, $m
  1,209
  803
  896
  994
  1,097
  1,204
  1,316
  1,433
  1,555
  1,681
  1,813
  1,950
  2,092
  2,239
  2,393
  2,552
  2,718
  2,891
  3,071
  3,258
  3,453
  3,656
  3,869
  4,090
  4,321
  4,562
  4,814
  5,077
  5,353
  5,641
  5,942
Total liabilities and equity, $m
  1,726
  1,380
  1,540
  1,708
  1,885
  2,069
  2,261
  2,462
  2,672
  2,888
  3,115
  3,350
  3,594
  3,847
  4,112
  4,385
  4,670
  4,967
  5,277
  5,598
  5,933
  6,282
  6,647
  7,027
  7,424
  7,838
  8,271
  8,724
  9,197
  9,692
  10,210
Debt-to-equity ratio
  0.235
  0.430
  0.460
  0.480
  0.510
  0.520
  0.540
  0.560
  0.570
  0.580
  0.590
  0.600
  0.610
  0.610
  0.620
  0.630
  0.630
  0.640
  0.640
  0.650
  0.650
  0.650
  0.660
  0.660
  0.660
  0.670
  0.670
  0.670
  0.670
  0.680
  0.680
Adjusted equity ratio
  0.579
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -208
  -221
  -216
  -212
  -206
  -201
  -194
  -188
  -181
  -174
  -166
  -148
  -140
  -130
  -121
  -110
  -100
  -88
  -76
  -63
  -49
  -35
  -20
  -4
  10
  23
  37
  52
  68
  85
  103
Depreciation, amort., depletion, $m
  94
  100
  111
  122
  134
  146
  159
  172
  186
  200
  215
  221
  237
  254
  272
  290
  308
  328
  348
  370
  392
  415
  439
  464
  490
  518
  546
  576
  607
  640
  674
Funds from operations, $m
  -99
  -120
  -105
  -89
  -73
  -55
  -36
  -16
  5
  26
  49
  73
  98
  124
  151
  179
  209
  240
  273
  307
  342
  380
  419
  461
  500
  541
  584
  628
  676
  725
  777
Change in working capital, $m
  -35
  10
  11
  12
  12
  13
  13
  14
  14
  15
  16
  16
  17
  18
  18
  19
  20
  21
  21
  22
  23
  24
  25
  26
  27
  29
  30
  31
  33
  34
  36
Cash from operations, $m
  -64
  -131
  -116
  -101
  -85
  -67
  -49
  -30
  -10
  11
  33
  57
  81
  106
  133
  160
  189
  220
  251
  284
  319
  356
  394
  434
  473
  512
  554
  597
  643
  691
  741
Maintenance CAPEX, $m
  0
  -81
  -91
  -102
  -113
  -124
  -137
  -149
  -163
  -176
  -191
  -206
  -221
  -237
  -254
  -272
  -290
  -308
  -328
  -348
  -370
  -392
  -415
  -439
  -464
  -490
  -518
  -546
  -576
  -607
  -640
New CAPEX, $m
  -44
  -75
  -79
  -83
  -87
  -91
  -95
  -99
  -104
  -108
  -112
  -116
  -121
  -126
  -131
  -136
  -141
  -147
  -153
  -159
  -166
  -173
  -180
  -188
  -197
  -205
  -214
  -224
  -234
  -245
  -257
Cash from investing activities, $m
  127
  -156
  -170
  -185
  -200
  -215
  -232
  -248
  -267
  -284
  -303
  -322
  -342
  -363
  -385
  -408
  -431
  -455
  -481
  -507
  -536
  -565
  -595
  -627
  -661
  -695
  -732
  -770
  -810
  -852
  -897
Free cash flow, $m
  63
  -287
  -287
  -286
  -285
  -283
  -281
  -279
  -276
  -273
  -269
  -265
  -261
  -257
  -252
  -247
  -242
  -236
  -230
  -223
  -216
  -209
  -201
  -193
  -188
  -183
  -179
  -173
  -168
  -162
  -155
Issuance/(repayment) of debt, $m
  -66
  63
  67
  70
  74
  77
  81
  84
  87
  91
  95
  98
  102
  106
  110
  115
  119
  124
  129
  134
  140
  146
  152
  159
  166
  173
  181
  189
  198
  207
  216
Issuance/(repurchase) of shares, $m
  20
  309
  309
  309
  309
  308
  307
  305
  303
  300
  297
  285
  282
  278
  274
  270
  266
  261
  256
  250
  244
  238
  232
  225
  221
  218
  215
  211
  207
  203
  199
Cash from financing (excl. dividends), $m  
  -58
  372
  376
  379
  383
  385
  388
  389
  390
  391
  392
  383
  384
  384
  384
  385
  385
  385
  385
  384
  384
  384
  384
  384
  387
  391
  396
  400
  405
  410
  415
Total cash flow (excl. dividends), $m
  5
  85
  89
  94
  98
  102
  106
  110
  114
  118
  123
  118
  122
  127
  132
  138
  143
  149
  155
  161
  168
  175
  183
  191
  199
  208
  217
  227
  237
  248
  260
Retained Cash Flow (-), $m
  105
  -309
  -309
  -309
  -309
  -308
  -307
  -305
  -303
  -300
  -297
  -285
  -282
  -278
  -274
  -270
  -266
  -261
  -256
  -250
  -244
  -238
  -232
  -225
  -231
  -241
  -252
  -263
  -275
  -288
  -301
Prev. year cash balance distribution, $m
 
  494
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  270
  -220
  -216
  -211
  -206
  -201
  -195
  -189
  -182
  -175
  -167
  -159
  -151
  -142
  -132
  -122
  -112
  -101
  -89
  -76
  -63
  -49
  -34
  -32
  -33
  -35
  -36
  -38
  -40
  -42
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  259
  -201
  -188
  -174
  -160
  -146
  -132
  -118
  -104
  -92
  -79
  -68
  -57
  -48
  -39
  -31
  -24
  -19
  -14
  -10
  -7
  -4
  -2
  -2
  -1
  -1
  -1
  -1
  0
  0
Current shareholders' claim on cash, %
  100
  93.7
  88.4
  83.9
  80.0
  76.7
  73.8
  71.2
  68.9
  66.9
  65.1
  63.6
  62.2
  60.9
  59.8
  58.7
  57.8
  56.9
  56.2
  55.5
  54.8
  54.3
  53.7
  53.2
  52.8
  52.4
  52.0
  51.7
  51.3
  51.0
  50.7

Alkermes plc is a biopharmaceutical company. The Company is engaged in the researching, developing and commercializing pharmaceutical products that are designed to address medical needs of patients in therapeutic areas. The Company has a portfolio of marketed drug products and a clinical pipeline of products that address central nervous system (CNS) disorders, such as schizophrenia, depression, addiction and multiple sclerosis (MS). The Company's products include ARISTADA, VIVITROL, INVEGA SUSTENNA, XEPLION, INVEGA TRINZA, TREVICTA, RISPERDAL CONSTA, AMPYRA, FAMPYRA, BYDUREON, Aripiprazole lauroxil, ALKS 5461, ALKS 3831, ALKS 8700, ALKS 6428, ALKS 4230 and ALKS 7119. The Company's product platforms include injectable extended-release microsphere technology, LinkeRx technology, NanoCrystal technology and oral controlled release (OCR) technology. ARISTADA is an extended-release intramuscular injectable suspension for the treatment of schizophrenia.

FINANCIAL RATIOS  of  Alkermes (ALKS)

Valuation Ratios
P/E Ratio -37.1
Price to Sales 10.3
Price to Book 6.4
Price to Tangible Book
Price to Cash Flow -120.5
Price to Free Cash Flow -71.4
Growth Rates
Sales Growth Rate 18.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -17%
Cap. Spend. - 3 Yr. Gr. Rate 18.3%
Financial Strength
Quick Ratio 166
Current Ratio 0
LT Debt to Equity 23.2%
Total Debt to Equity 23.5%
Interest Coverage -17
Management Effectiveness
Return On Assets -11%
Ret/ On Assets - 3 Yr. Avg. -7.5%
Return On Total Capital -13.2%
Ret/ On T. Cap. - 3 Yr. Avg. -9.4%
Return On Equity -16.5%
Return On Equity - 3 Yr. Avg. -11.9%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 82.3%
Gross Margin - 3 Yr. Avg. 77.2%
EBITDA Margin -14.5%
EBITDA Margin - 3 Yr. Avg. -6.3%
Operating Margin -27.9%
Oper. Margin - 3 Yr. Avg. -25.9%
Pre-Tax Margin -28.7%
Pre-Tax Margin - 3 Yr. Avg. -22.2%
Net Profit Margin -27.9%
Net Profit Margin - 3 Yr. Avg. -23%
Effective Tax Rate 2.8%
Eff/ Tax Rate - 3 Yr. Avg. -37.6%
Payout Ratio 0%

ALKS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ALKS stock intrinsic value calculation we used $746 million for the last fiscal year's total revenue generated by Alkermes. The default revenue input number comes from 2016 income statement of Alkermes. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our ALKS stock valuation model: a) initial revenue growth rate of 12.3% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for ALKS is calculated based on our internal credit rating of Alkermes, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Alkermes.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of ALKS stock the variable cost ratio is equal to 85.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $323 million in the base year in the intrinsic value calculation for ALKS stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.8% for Alkermes.

Corporate tax rate of 27% is the nominal tax rate for Alkermes. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the ALKS stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for ALKS are equal to 81.6%.

Life of production assets of 7.5 years is the average useful life of capital assets used in Alkermes operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for ALKS is equal to 11.4%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $1209 million for Alkermes - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 153.618 million for Alkermes is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Alkermes at the current share price and the inputted number of shares is $7.8 billion.

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COMPANY NEWS

▶ [$$] 6 Top Pharma Picks for Q4   [Oct-04-17 11:51AM  Barrons.com]
▶ [$$] Merck Tops JNJ, Allergan   [Sep-08-17 11:07AM  Barrons.com]
▶ ETFs with exposure to Alkermes Plc : August 14, 2017   [Aug-14-17 04:05PM  Capital Cube]
▶ 3 Biotech Stocks for Enterprising Investors   [Jul-29-17 06:45AM  Motley Fool]
▶ Alkermes Continues to Execute   [07:27AM  Motley Fool]
▶ Alkermes reports 2Q loss   [01:24AM  Associated Press]
▶ Alkermes plc Reports Second Quarter 2017 Financial Results   [Jul-27-17 07:00AM  Business Wire]
▶ ETFs with exposure to Alkermes Plc : July 24, 2017   [Jul-24-17 01:56PM  Capital Cube]
▶ ETFs with exposure to Alkermes Plc : July 14, 2017   [Jul-14-17 12:43PM  Capital Cube]
▶ Alkermes Plc Value Analysis (NASDAQ:ALKS) : June 20, 2017   [Jun-20-17 03:38PM  Capital Cube]
▶ Key FDA Events to Watch Out for in Jun 2017   [Jun-05-17 07:47AM  Zacks]
▶ Why These Drug Stocks May Surge   [May-15-17 03:16PM  Investopedia]
▶ Big Week Ahead for Alkermes   [01:23PM  Investopedia]
▶ [$$] Three Top Picks in Smaller Pharma   [May-02-17 11:05AM  Barrons.com]
▶ Biotechs Cruise On 6-Day Upswing Despite Price Target Cuts For This Duo   [May-01-17 04:11PM  Investor's Business Daily]
▶ Alkermes' Revenue Jumps 22%   [09:27AM  Motley Fool]
▶ Alkermes reports 1Q loss   [08:56AM  Associated Press]
Financial statements of ALKS
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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