Intrinsic value of Alkermes - ALKS

Previous Close

$33.87

  Intrinsic Value

$64.61

stock screener

  Rating & Target

str. buy

+91%

Previous close

$33.87

 
Intrinsic value

$64.61

 
Up/down potential

+91%

 
Rating

str. buy

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 0001), $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 5.3

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  39.20
  35.78
  32.70
  29.93
  27.44
  25.19
  23.18
  21.36
  19.72
  18.25
  16.92
  15.73
  14.66
  13.69
  12.82
  12.04
  11.34
  10.70
  10.13
  9.62
  9.16
  8.74
  8.37
  8.03
  7.73
  7.46
  7.21
  6.99
  6.79
  6.61
Revenue, $m
  1,257
  1,707
  2,266
  2,944
  3,752
  4,697
  5,786
  7,021
  8,406
  9,940
  11,622
  13,451
  15,423
  17,534
  19,783
  22,165
  24,678
  27,320
  30,088
  32,982
  36,003
  39,150
  42,426
  45,834
  49,376
  53,057
  56,882
  60,857
  64,990
  69,286
Variable operating expenses, $m
  761
  1,021
  1,343
  1,735
  2,201
  2,747
  3,375
  4,089
  4,888
  5,774
  6,710
  7,766
  8,904
  10,124
  11,422
  12,797
  14,248
  15,773
  17,372
  19,043
  20,787
  22,604
  24,495
  26,463
  28,508
  30,633
  32,842
  35,137
  37,523
  40,003
Fixed operating expenses, $m
  517
  529
  540
  552
  564
  577
  589
  602
  615
  629
  643
  657
  671
  686
  701
  717
  733
  749
  765
  782
  799
  817
  835
  853
  872
  891
  911
  931
  951
  972
Total operating expenses, $m
  1,278
  1,550
  1,883
  2,287
  2,765
  3,324
  3,964
  4,691
  5,503
  6,403
  7,353
  8,423
  9,575
  10,810
  12,123
  13,514
  14,981
  16,522
  18,137
  19,825
  21,586
  23,421
  25,330
  27,316
  29,380
  31,524
  33,753
  36,068
  38,474
  40,975
Operating income, $m
  -21
  158
  383
  657
  987
  1,374
  1,821
  2,330
  2,902
  3,537
  4,269
  5,028
  5,847
  6,724
  7,660
  8,651
  9,697
  10,798
  11,951
  13,158
  14,417
  15,730
  17,096
  18,518
  19,996
  21,533
  23,130
  24,790
  26,516
  28,311
EBITDA, $m
  112
  326
  594
  922
  1,314
  1,775
  2,307
  2,913
  3,593
  4,348
  5,176
  6,077
  7,050
  8,093
  9,203
  10,381
  11,623
  12,929
  14,299
  15,731
  17,226
  18,785
  20,407
  22,094
  23,849
  25,673
  27,568
  29,539
  31,587
  33,717
Interest expense (income), $m
  12
  15
  28
  44
  63
  87
  116
  149
  188
  231
  280
  335
  394
  459
  528
  603
  682
  767
  855
  949
  1,047
  1,149
  1,256
  1,367
  1,483
  1,603
  1,728
  1,858
  1,994
  2,134
  2,280
Earnings before tax, $m
  -36
  131
  339
  594
  899
  1,258
  1,672
  2,143
  2,671
  3,257
  3,935
  4,634
  5,388
  6,196
  7,057
  7,969
  8,931
  9,942
  11,002
  12,111
  13,268
  14,474
  15,729
  17,035
  18,393
  19,805
  21,272
  22,796
  24,382
  26,031
Tax expense, $m
  0
  35
  92
  160
  243
  340
  451
  578
  721
  879
  1,062
  1,251
  1,455
  1,673
  1,905
  2,152
  2,411
  2,684
  2,971
  3,270
  3,582
  3,908
  4,247
  4,600
  4,966
  5,347
  5,743
  6,155
  6,583
  7,028
Net income, $m
  -36
  95
  247
  434
  656
  918
  1,220
  1,564
  1,950
  2,377
  2,872
  3,383
  3,933
  4,523
  5,151
  5,817
  6,519
  7,258
  8,032
  8,841
  9,686
  10,566
  11,482
  12,436
  13,427
  14,457
  15,528
  16,641
  17,799
  19,002

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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
Total assets, $m
  2,299
  3,121
  4,142
  5,382
  6,859
  8,587
  10,577
  12,836
  15,367
  18,172
  21,247
  24,590
  28,195
  32,056
  36,166
  40,521
  45,115
  49,944
  55,005
  60,297
  65,819
  71,573
  77,562
  83,791
  90,266
  96,996
  103,989
  111,257
  118,811
  126,665
Adjusted assets (=assets-cash), $m
  2,299
  3,121
  4,142
  5,382
  6,859
  8,587
  10,577
  12,836
  15,367
  18,172
  21,247
  24,590
  28,195
  32,056
  36,166
  40,521
  45,115
  49,944
  55,005
  60,297
  65,819
  71,573
  77,562
  83,791
  90,266
  96,996
  103,989
  111,257
  118,811
  126,665
Revenue / Adjusted assets
  0.547
  0.547
  0.547
  0.547
  0.547
  0.547
  0.547
  0.547
  0.547
  0.547
  0.547
  0.547
  0.547
  0.547
  0.547
  0.547
  0.547
  0.547
  0.547
  0.547
  0.547
  0.547
  0.547
  0.547
  0.547
  0.547
  0.547
  0.547
  0.547
  0.547
Average production assets, $m
  648
  879
  1,167
  1,516
  1,932
  2,419
  2,980
  3,616
  4,329
  5,119
  5,986
  6,927
  7,943
  9,030
  10,188
  11,415
  12,709
  14,070
  15,495
  16,986
  18,542
  20,162
  21,850
  23,604
  25,429
  27,324
  29,294
  31,342
  33,470
  35,682
Working capital, $m
  122
  166
  220
  286
  364
  456
  561
  681
  815
  964
  1,127
  1,305
  1,496
  1,701
  1,919
  2,150
  2,394
  2,650
  2,919
  3,199
  3,492
  3,798
  4,115
  4,446
  4,789
  5,147
  5,518
  5,903
  6,304
  6,721
Total debt, $m
  513
  807
  1,173
  1,617
  2,145
  2,764
  3,477
  4,285
  5,192
  6,196
  7,297
  8,493
  9,784
  11,166
  12,638
  14,197
  15,841
  17,570
  19,382
  21,276
  23,253
  25,313
  27,457
  29,687
  32,005
  34,415
  36,918
  39,520
  42,224
  45,036
Total liabilities, $m
  823
  1,117
  1,483
  1,927
  2,455
  3,074
  3,787
  4,595
  5,502
  6,506
  7,607
  8,803
  10,094
  11,476
  12,948
  14,507
  16,151
  17,880
  19,692
  21,586
  23,563
  25,623
  27,767
  29,997
  32,315
  34,725
  37,228
  39,830
  42,534
  45,346
Total equity, $m
  1,476
  2,004
  2,659
  3,455
  4,403
  5,513
  6,790
  8,241
  9,866
  11,666
  13,641
  15,787
  18,101
  20,580
  23,219
  26,015
  28,964
  32,064
  35,313
  38,711
  42,256
  45,950
  49,795
  53,794
  57,951
  62,271
  66,761
  71,427
  76,277
  81,319
Total liabilities and equity, $m
  2,299
  3,121
  4,142
  5,382
  6,858
  8,587
  10,577
  12,836
  15,368
  18,172
  21,248
  24,590
  28,195
  32,056
  36,167
  40,522
  45,115
  49,944
  55,005
  60,297
  65,819
  71,573
  77,562
  83,791
  90,266
  96,996
  103,989
  111,257
  118,811
  126,665
Debt-to-equity ratio
  0.350
  0.400
  0.440
  0.470
  0.490
  0.500
  0.510
  0.520
  0.530
  0.530
  0.530
  0.540
  0.540
  0.540
  0.540
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
Adjusted equity ratio
  0.642
  0.642
  0.642
  0.642
  0.642
  0.642
  0.642
  0.642
  0.642
  0.642
  0.642
  0.642
  0.642
  0.642
  0.642
  0.642
  0.642
  0.642
  0.642
  0.642
  0.642
  0.642
  0.642
  0.642
  0.642
  0.642
  0.642
  0.642
  0.642
  0.642

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -36
  95
  247
  434
  656
  918
  1,220
  1,564
  1,950
  2,377
  2,872
  3,383
  3,933
  4,523
  5,151
  5,817
  6,519
  7,258
  8,032
  8,841
  9,686
  10,566
  11,482
  12,436
  13,427
  14,457
  15,528
  16,641
  17,799
  19,002
Depreciation, amort., depletion, $m
  133
  168
  212
  265
  328
  401
  486
  583
  691
  811
  907
  1,050
  1,203
  1,368
  1,544
  1,730
  1,926
  2,132
  2,348
  2,574
  2,809
  3,055
  3,311
  3,576
  3,853
  4,140
  4,439
  4,749
  5,071
  5,406
Funds from operations, $m
  97
  263
  459
  698
  984
  1,320
  1,707
  2,147
  2,641
  3,188
  3,779
  4,432
  5,137
  5,891
  6,695
  7,547
  8,445
  9,390
  10,380
  11,415
  12,495
  13,621
  14,793
  16,012
  17,280
  18,597
  19,967
  21,390
  22,870
  24,409
Change in working capital, $m
  34
  44
  54
  66
  78
  92
  106
  120
  134
  149
  163
  177
  191
  205
  218
  231
  244
  256
  269
  281
  293
  305
  318
  331
  344
  357
  371
  386
  401
  417
Cash from operations, $m
  63
  220
  405
  632
  906
  1,228
  1,601
  2,027
  2,506
  3,039
  3,616
  4,255
  4,945
  5,687
  6,477
  7,316
  8,201
  9,133
  10,111
  11,134
  12,202
  13,316
  14,475
  15,682
  16,936
  18,240
  19,596
  21,004
  22,469
  23,992
Maintenance CAPEX, $m
  -70
  -98
  -133
  -177
  -230
  -293
  -367
  -451
  -548
  -656
  -776
  -907
  -1,050
  -1,203
  -1,368
  -1,544
  -1,730
  -1,926
  -2,132
  -2,348
  -2,574
  -2,809
  -3,055
  -3,311
  -3,576
  -3,853
  -4,140
  -4,439
  -4,749
  -5,071
New CAPEX, $m
  -183
  -232
  -288
  -349
  -416
  -487
  -561
  -636
  -713
  -790
  -866
  -942
  -1,015
  -1,088
  -1,158
  -1,227
  -1,294
  -1,360
  -1,426
  -1,491
  -1,556
  -1,621
  -1,687
  -1,755
  -1,824
  -1,896
  -1,970
  -2,047
  -2,128
  -2,213
Cash from investing activities, $m
  -253
  -330
  -421
  -526
  -646
  -780
  -928
  -1,087
  -1,261
  -1,446
  -1,642
  -1,849
  -2,065
  -2,291
  -2,526
  -2,771
  -3,024
  -3,286
  -3,558
  -3,839
  -4,130
  -4,430
  -4,742
  -5,066
  -5,400
  -5,749
  -6,110
  -6,486
  -6,877
  -7,284
Free cash flow, $m
  -190
  -110
  -16
  106
  260
  448
  674
  939
  1,245
  1,593
  1,974
  2,406
  2,880
  3,396
  3,951
  4,545
  5,178
  5,847
  6,554
  7,296
  8,073
  8,885
  9,733
  10,616
  11,536
  12,492
  13,486
  14,519
  15,592
  16,708
Issuance/(repayment) of debt, $m
  232
  294
  365
  444
  529
  619
  712
  809
  906
  1,004
  1,101
  1,197
  1,290
  1,382
  1,472
  1,559
  1,645
  1,729
  1,812
  1,894
  1,977
  2,060
  2,144
  2,230
  2,318
  2,409
  2,504
  2,602
  2,704
  2,812
Issuance/(repurchase) of shares, $m
  451
  433
  408
  362
  292
  191
  57
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  683
  727
  773
  806
  821
  810
  769
  809
  906
  1,004
  1,101
  1,197
  1,290
  1,382
  1,472
  1,559
  1,645
  1,729
  1,812
  1,894
  1,977
  2,060
  2,144
  2,230
  2,318
  2,409
  2,504
  2,602
  2,704
  2,812
Total cash flow (excl. dividends), $m
  493
  617
  758
  913
  1,080
  1,258
  1,444
  1,748
  2,152
  2,597
  3,075
  3,603
  4,171
  4,778
  5,422
  6,104
  6,822
  7,576
  8,365
  9,190
  10,050
  10,945
  11,877
  12,846
  13,854
  14,901
  15,989
  17,120
  18,297
  19,520
Retained Cash Flow (-), $m
  -451
  -528
  -655
  -796
  -948
  -1,109
  -1,278
  -1,450
  -1,625
  -1,800
  -1,975
  -2,146
  -2,314
  -2,479
  -2,639
  -2,796
  -2,949
  -3,100
  -3,249
  -3,397
  -3,545
  -3,694
  -3,845
  -3,999
  -4,157
  -4,320
  -4,490
  -4,666
  -4,850
  -5,043
Prev. year cash balance distribution, $m
  142
  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
  184
  89
  102
  117
  132
  149
  166
  298
  526
  797
  1,101
  1,457
  1,857
  2,299
  2,783
  3,308
  3,873
  4,476
  5,116
  5,793
  6,505
  7,251
  8,032
  8,847
  9,697
  10,581
  11,500
  12,455
  13,447
  14,478
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
  176
  82
  89
  96
  103
  108
  112
  186
  302
  418
  523
  622
  706
  772
  817
  841
  843
  824
  788
  736
  673
  602
  526
  451
  377
  309
  247
  193
  147
  109
Current shareholders' claim on cash, %
  91.1
  85.4
  81.6
  79.1
  77.6
  76.8
  76.7
  76.7
  76.7
  76.7
  76.7
  76.7
  76.7
  76.7
  76.7
  76.7
  76.7
  76.7
  76.7
  76.7
  76.7
  76.7
  76.7
  76.7
  76.7
  76.7
  76.7
  76.7
  76.7
  76.7

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 -24.8
Price to Sales 6.9
Price to Book 4.3
Price to Tangible Book
Price to Cash Flow -80.7
Price to Free Cash Flow -47.8
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 $903.374 million for the last fiscal year's total revenue generated by Alkermes. The default revenue input number comes from 0001 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 39.2% 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 61.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $506 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 5.4% 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 51.5%.

Life of production assets of 6.6 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 9.7%. 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 - $1202.808 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 155.038 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 $5.3 billion.

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COMPANY NEWS

▶ Just How Bad Is Alkermes' Depression Drug Setback?   [Nov-12-18 01:00AM  Motley Fool]
▶ Is Alkermes plc (NASDAQ:ALKS) Overpaying Its CEO?   [Nov-02-18 03:32PM  Simply Wall St.]
▶ Alkermes depression drug in peril after FDA advisory vote   [05:15PM  American City Business Journals]
▶ FDA set to review new drugs aimed at fighting depression   [Oct-29-18 01:58PM  CNBC Videos]
▶ Alkermes: 3Q Earnings Snapshot   [07:20AM  Associated Press]
▶ Alkermes Q3 Earnings Preview   [Oct-22-18 02:41PM  Benzinga]
▶ 3 Biotech Stocks That May Rise as Much as 16%   [Aug-24-18 02:00PM  Investopedia]
▶ Alkermes settles gender bias lawsuits for undisclosed amounts   [Aug-08-18 06:13AM  American City Business Journals]
▶ Collaborations Help Alkermes Flip to Profitability   [Jul-27-18 11:53AM  Motley Fool]
▶ Alkermes: 2Q Earnings Snapshot   [08:53AM  Associated Press]
▶ Earnings Preview: Alkermes   [Jul-25-18 02:33PM  Benzinga]
▶ Company News For Jul 3, 2018   [09:25AM  Zacks]
▶ Benzinga Pro's 5 Stocks To Watch Today   [Jul-02-18 09:10AM  Benzinga]
▶ Why Alkermes Tumbled 15% Today   [Jun-21-18 05:46PM  Motley Fool]
▶ Alkermes plc (NASDAQ:ALKS): Is Breakeven Near?   [08:42AM  Simply Wall St.]
▶ Alkermes: 1Q Earnings Snapshot   [08:44AM  Associated Press]
▶ Alkermes Plc to Host Earnings Call   [07:05AM  ACCESSWIRE]
▶ Is Alkermes' Promising Depression Drug Back On Track?   [Apr-23-18 11:16AM  Motley Fool]
▶ Johnson & Johnson's First-Quarter 2018 Earnings Review   [Apr-22-18 10:50AM  Motley Fool]
▶ Company News For Apr 17, 2018   [08:45AM  Zacks]

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