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CAMBRIDGE, Mass. - Shares of Alkermes Inc. rose more than 6 percent in morning trading after the Cambridge-based biotechnology company raised its financial expectations.
| ALKS | 13.43 |  -0.22 |
Alkermes also said Monday it's expanding a program to buy back its stock by an additional $40 million, above its initial expectations to purchase $175 million. The expansion comes after Alkermes received a $40 million payment from Eli Lilly & Co. as a result of a joint project for an inhaled insulin treatment for diabetes.
Alkermes expects to post a profit of $10 million to $15 million in its current fiscal year, compared with its original expectations for a loss of $10 million to $15 million.
Alkermes makes drugs to treat conditions such as schizophrenia and alcoholism.
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