Remedy shares hit nearly 17-month high after Alan Wake 2 released to critical praise

Remedy Entertainment shareholders have positively reacted to the launch of Alan Wake 2. As a result, the Finnish studio saw its stock go up shortly after.

Remedy’s stock started rising on October 26 and reached as high as €29.4 per share this morning, up 20% from the day before and up 8.8% from the previous close of €27.

At the moment of writing, the price has slightly dropped to €28.1 per share. However, this is still the best result since May 27, 2022, when Remedy shares were trading at €30.2.

In its financial report for the six months ended June 30, the company called Alan Wake 2 its “largest game project to-date.” It came out on October 27 on the Epic Games Store, PlayStation 5, and Xbox Series X|S.

Alan Wake 2 received positive reviews from the press, with an average Metascore ranging from 88 (PS5) to 92 (PC). Some critics called it an impressive survival horror / thriller and compared it to the remakes of Resident Evil and even classics like Silent Hill 2.

The game was fully funded by Epic Games. Remedy will be entitled to 50% of its net revenue after Epic fully recoups its development and marketing expenses.

The first Alan Wake has sold over 3 million copies, with total sales surpassing 4.5 million units (including DLCs). However, the game’s remastered version, released in October 2021, has yet to generate royalties, according to Remedy’s H1 report.

Right now, the Finnish studio is working on four games, including Control 2, Max Payne 1-2 remake, and projects codenamed Condor (4-player PvE title set in the Control universe) and Vanguard (live service PvE multiplayer shooter, whose mobile version will be funded and published by Tencent).

This is part of Remedy’s business strategy to have at least three expanding brands with long-term potential in its portfolio. That’s why the company wants not only to continue to seek funding from its partners, but also to self-publish some of its projects in the future.