Alkermes plc. (NASDAQ:ALKS) Q2 2022 Earnings Conference Call July 27, 2022 8:00 AM ET
Company Participants
Sandra Coombs - SVP, IR & Corporate Affairs
Iain Brown - CFO
Todd Nichols - CCO
Richard Pops - CEO
Conference Call Participants
Brandon Folkes - Cantor Fitzgerald
Chris Shibutani - Goldman Sachs
Umer Raffat - Evercore ISI
Amy Li - Jefferies
Paul Matteis - Stifel
Marc Goodman - SVB Leerink
Douglas Tsao - H.C. Wainwright
Operator
Greetings, and welcome to the Alkermes Second Quarter 2022 Earnings Call. My name is Melissa, and I will be your operator for today's call. [Operator Instructions]. Please note that this conference is being recorded.
I will now turn the call over to Sandra Coombs, Senior Vice President, Investor Relations and Corporate Affairs. Sandy, you may begin.
Sandra Coombs
Thank you. Good morning. And welcome to the Alkermes Plc's conference call to discuss our financial results and business update for the quarter ended June 30, 2022.
With me today are Richard Pops, our CEO; Iain Brown, our CFO, and Todd Nichols, our Chief Commercial Officer.
Before we begin, I encourage everyone to go to the Investors section of alkermes.com to find our press release, related financial tables, and reconciliations of the GAAP to non-GAAP financial measures that we'll discuss today.
We believe the non-GAAP financial results in conjunction with the GAAP results are useful in understanding the on-going economics of our business.
Our discussions during this conference call will include forward-looking statements. Actual results could differ materially from these forward-looking statements. Please see Slide two of the accompanying presentation, our press release issued this morning and our most recent annual and quarterly report filed with the SEC for important Risk Factors that could cause our actual results to differ materially from those expressed or implied in the forward-looking statements. We undertake no obligation to update or revise the information provided on this call or in the accompanying presentation as a result of new information or future results or developments. After our prepared remarks, we'll open the call for Q&A.
And I'll turn the call over to Iain.
Iain Brown
Thank you Sandy. Hello everyone and thank you for joining our call today. We delivered strong results during the second quarter driven by the performance of our proprietary commercial products and our disciplined management of our cost structure. The launch of LYBALVI continued to perform well during the quarter and we’re pleased to raise our financial expectations for the year based on this performance, and updated assumptions related to our royalties from sales of the long acting INVEGA products outside the United States. These top line improvements are expected to flow through to our bottom line results for the year. And I'll provide additional detail on these expectations in a moment.