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How to Save Money at the Movie Theater"Alkermes (NASDAQ: ALKS) recently produced a two-pronged positive surprise; an increase in the size of their already existing stock buyback program and a boost in their financial guidance," says John McCamant.
In his Medical Technology Stock Letter, the biotech sector expert looks at this firm which focuses on treatments for central nervous system disorders, alcohol depenence, and schizophrenia. Here is his review.
"Both of these moves were made possible by the announcement that ALKS has received a $40 million payment from Eli Lilly, their former partner for the now defunct AIR Insulin program.
"ALKS now has the authorization to buy back up to $215 million in common stock. To date, the company has bought back roughly eight million shares of common stock for a cost of about $106 million.
"Additionally, as noted, ALKS has upped their financial guidance for fiscal 2009. Operating income for the year is now expected to end up on the positive side of the ledger, with ALKS anticipating $10-$15 million for the full year.
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