Alkermes PLC (ALKS) shares tumbled 5.18% in pre-market trading on Tuesday, following the release of the company's second-quarter financial results. The decline comes despite the company reporting breakeven earnings per share, which narrowly beat analysts' expectations of a $0.03 loss.
While revenue for the quarter rose to $496 million, up from $390.7 million a year earlier and above the FactSet consensus of $457.4 million, the bottom-line performance marked a significant drop from the $0.52 per share earned in the same period last year. The company also reiterated its full-year 2026 revenue guidance of $1.73 billion to $1.84 billion, in line with analyst expectations of $1.81 billion.
The sharp year-over-year decline in profitability appears to have overshadowed the top-line beat and the maintained guidance, prompting investors to sell off shares in the pre-market session.