Alkermes plc. ALKS reported second-quarter 2021 adjusted earnings of 30 cents per share, which beat the Zacks Consensus Estimate of 12 cents. The bottom line improved 400% year over year.The company’s revenues of $303.7 million increased 22.7% from the year-ago quarter. The top line surpassed the Zacks Consensus Estimate of $277.83 million.Shares of Alkermes were up 6.7% on Jul 28, attributable to strong second-quarter results and hiked guidance. In fact, the stock has rallied 29.1% so far this year against the industry’s decline of 2.8%.Image Source: Zacks Investment ResearchQuarter in DetailTotal manufacturing and royalty revenues were up 22% year over year to $142.3 million. The increase was driven primarily by Vumerity revenues, which soared by 680% to $20.3 million.Sales of proprietary drugs Vivitrol (for alcohol and opioid dependence) and Aristada (for schizophrenia) increased approximately 23% year over year to $88.4 million and $ 72.4 million respectively. This increase is attributable to positive recovery from COVID-impacts.Research and development (R&D) expenses were $97.5 million, up 3.5% year over year.Selling, general and administrative (SG&A) expenses were $139.2 million, up 5.5% year over year. The expenses include incremental investments to support Lybalvi’s approaching launch.As of Jun 30, 2021, Alkermes had cash and cash equivalents worth $669.4 million compared with $627.4 million on Mar 31, 2021. Total outstanding debt was $297.1 million as of Jun 30, 2021.Pipeline UpdatesIn June 2021, the FDA approved the company's new drug application (NDA) for Lybalvi (ALKS 3831) for the treatment of adults with schizophrenia and adults suffering from bipolar I disorder. The company anticipates commercial launch for the drug in fourth-quarter 2021.An important candidate in Alkermes’ pipeline is cancer immunotherapy — nemvaleukin alfa (ALKS 4230), which is being evaluated under ARTISTRY Clinical Development Program. The candidate is currently undergoing multiple studies for treating patients with solid tumors. The company also initiated a phase II ARTISTRY-6 study to evaluate the anti-tumor activity, safety and tolerability of nemvaleukin alfa monotherapy in melanoma patients in April 2021.The company has also partnered with pharma giant, Merck MRK, for a phase III ARTISTRY-7 study to evaluate nemvaleukin alfa in combination with Keytruda for treating patients with platinum-resistant ovarian cancer. Alkermes aims to offset significant R&D expenses with this partnership.Raised 2021 GuidanceBacked by continued recovery from COVID-impact, Alkermes raised guidance for 2021 revenues and adjusted earnings on second-quarter earnings call.Alkermes expects revenues in the range of $1,145 million to $1,185 million, up from the previous guidance of $1,100-$1,170 million due to expectations of recovery from COVID-impacts. The Zacks Consensus Estimates for revenues stands at $1,150 million. While Vivitrol net sales are expected to be $330-$345 million, Aristada net sales are expected to be $275-$290 million. Lybalvi net sales are expected to be less than $10 million.Adjusted EPS is anticipated within $0.52-$0.70 per share, up from the previously guided range of $0.37-$0.62. The Zacks Consensus Estimates for earnings stands at $0.48 per share.Alkermes plc Price Alkermes plc price | Alkermes plc QuoteZacks Rank & Stocks to ConsiderCurrently, Alkermes has a Zacks Rank #4 (Sell).Some better-ranked stocks from the biotech sector include Arvinas ARVN and Bicycle Therapeutics AG BCYC. Each of these stocks carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.The Zacks Consensus Estimate for Arvinas’ bottom-line has significantly improved from a loss of $3.45 to earnings of $0.42 for 2021. The same narrowed from a loss of $4.06 to $2.98 for 2022 in the past 30 days. The stock has risen 22.3% in the year so far.Bicycle Therapeutics’ loss per share estimates for 2021 have narrowed from $3.18 to $2.79 in the past 30 days while that of 2022 have narrowed from $3.63 to $3.29 over the same period. The stock has risen 82.1% in the year so far. 5 Stocks Set to Double Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2021. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth. Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor. Today, See These 5 Potential Home Runs >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Merck & Co., Inc. (MRK): Free Stock Analysis Report Alkermes plc (ALKS): Free Stock Analysis Report Arvinas, Inc. (ARVN): Free Stock Analysis Report Bicycle Therapeutics PLC Sponsored ADR (BCYC): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research