Tearsheet

Alkermes (ALKS)

Market Price (2/14/2026): $33.17 | Market Cap: $5.5 Bil
Sector: Health Care | Industry: Pharmaceuticals

Alkermes (ALKS)

Market Price (2/14/2026): $33.17
Market Cap: $5.5 Bil
Sector: Health Care
Industry: Pharmaceuticals

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.2%, FCF Yield is 9.0%	Weak multi-year price returns 2Y Excs Rtn is -15%, 3Y Excs Rtn is -33%	Key risks ALKS key risks include [1] declining sales of its core products, Show more.
1	Cash is significant % of market cap Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -19%	Meaningful short interest Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 12%
2	Attractive operating margins Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 24%
3	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 36%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 32%
4	Low stock price volatility Vol 12M is 36%
5	Megatrend and thematic drivers Megatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Targeted Therapies, Biopharmaceutical R&D, Show more.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.2%, FCF Yield is 9.0%
1	Cash is significant % of market cap Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -19%
2	Attractive operating margins Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 24%
3	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 36%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 32%
4	Low stock price volatility Vol 12M is 36%
5	Megatrend and thematic drivers Megatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Targeted Therapies, Biopharmaceutical R&D, Show more.
6	Weak multi-year price returns 2Y Excs Rtn is -15%, 3Y Excs Rtn is -33%
7	Meaningful short interest Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 12%
8	Key risks ALKS key risks include [1] declining sales of its core products, Show more.

Valuation, Metrics & Events

	2/14/26	2025	2024	2023	2022	2021
Share Price CYE	$33.17	$27.98	$28.76	$27.74	$26.13	$23.26
Market Cap CYE ($ Bil)	5.5	4.6	4.7	4.6	4.3	3.8
Total Debt ($ Bil)	0.1	0.1	0.4	0.4	0.4	0.4
Total Cash ($ Bil)	1.1	1.1	0.9	0.9	0.6	0.6
Enterprise Value ($ Bil)	4.4	4.7	5.1	5.0	4.7	4.2
Valuation Ratios
P/S TTM	3.6	3.0	3.1	2.9	3.8	3.3
P/EBIT TTM	13.5	11.4	13.2	9.3	-558.9	-53.3
P/E TTM	16.2	13.6	14.1	21.5	-33.2	-41.0
P/FCF TTM	11.2	9.4	14.9	18.2	303.8	33.5
Sector Ratios
P/S TTM (Sector)	3.9	4.2	3.8	4.0	4.4	7.9
P/EBIT TTM (Sector)	-1.5	-1.5	-1.5	-1.3	-1.1	-3.4
P/E TTM (Sector)	-1.6	-1.7	-1.7	-1.5	-1.2	-3.4
P/FCF TTM (Sector)	-1.4	-1.5	-1.5	-1.4	-1.5	-3.7

	2/14/26	2025	2024
Share Price CYE	$33.17	$27.98	$28.76
Market Cap CYE ($ Bil)	5.5	4.6	4.7
Total Debt ($ Bil)	0.1	0.1	0.4
Total Cash ($ Bil)	1.1	1.1	0.9
Enterprise Value ($ Bil)	4.4	4.7	5.1
Valuation Ratios
P/S TTM	3.6	3.0	3.1
P/EBIT TTM	13.5	11.4	13.2
P/E TTM	16.2	13.6	14.1
P/FCF TTM	11.2	9.4	14.9
Sector Ratios
P/S TTM (Sector)	3.9	4.2	3.8
P/EBIT TTM (Sector)	-1.5	-1.5	-1.5
P/E TTM (Sector)	-1.6	-1.7	-1.7
P/FCF TTM (Sector)	-1.4	-1.5	-1.5

	ALKS	S&P 500
REVENUE GROWTH	FAIR
Rev LTM ($ Bil)	1.5
Rev Chg Q	4.2%	7.5%
Rev Chg LTM	1.1%	6.4%
Rev Chg 3Y Avg	12.1%	5.6%
PROFITABILITY	VERY GOOD
Op Inc LTM ($ Bil)	0.4
CFO LTM ($ Bil)	0.5
Net Inc LTM ($ Bil)	0.3
Op Mgn LTM	23.6%	18.8%
CFO/Rev LTM	35.6%	20.7%
Net Inc Mgn	22.3%	12.8%
VALUATION	MODERATE
P/S	3.6	3.4
P/CFO	10.1	16.4
P/FCF	11.2	21.7
P/E	16.2	25.0
STABILITY	VERY GOOD
Debt/Equity	0.01	0.20
Cash/Assets	0.48	0.07

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Metric	Value	Date	Source
LYBALVI® Total Prescription Growth (Year-over-Year)	25%	9302025	Link
VIVITROL® Net Sales Attributable to Alcohol Dependence	approximately 75% of VIVITROL volume	5012025	Link
ARISTADA® Prescriber Breadth	Increased prescriber breadth and strong new-to-brand prescriptions	10282025	Link
Number of Clinical Trials for Alixorexton (ALKS 2680)	3 Phase 2 studies (Vibrance-1, Vibrance-2, Vibrance-3)	10232025	Link
Patient Enrollment in Alixorexton (ALKS 2680) Vibrance-1 Study	92	9082025	Link

Upcoming
2/25/2026	Earnings Release	Rev: $380 Mil (E) EPS: $0.43 (E)
4/29/2026	Earnings Release	Rev: - EPS: -

Price Chart

Return (1M):

Why The Stock Moved

Qualitative Assessment

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Alkermes (ALKS) stock has gained about 10% since 10/31/2025 because of the following key factors:

1. Alkermes reported strong third-quarter 2025 financial results and raised its full-year 2025 financial guidance. The company exceeded revenue and earnings per share (EPS) expectations for Q3 2025, with total revenues of $394.2 million against an expected $355.64 million, and diluted GAAP EPS of $0.49 compared to a forecast of $0.38. This robust performance was attributed to strong underlying demand across its commercial product portfolio.

2. Alkermes announced the acquisition of Avadel Pharmaceuticals plc. This strategic move, announced on October 22, 2025, with an increased offer made on November 19, 2025, aimed to significantly expand Alkermes' presence in the sleep medicine market. The acquisition, which shareholders approved by January 12, 2026, was expected to diversify the commercial portfolio and enhance profitability through Avadel's lead product, Lumryz.

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Stock Movement Drivers

Fundamental Drivers

The 8.0% change in ALKS stock from 10/31/2025 to 2/14/2026 was primarily driven by a 8.0% change in the company's P/E Multiple.

(LTM values as of)	10312025	2142026	Change
Stock Price ($)	30.70	33.17	8.0%
Change Contribution By:
Total Revenues ($ Mil)	1,521	1,521	0.0%
Net Income Margin (%)	22.3%	22.3%	0.0%
P/E Multiple	15.0	16.2	8.0%
Shares Outstanding (Mil)	165	165	0.0%
Cumulative Contribution			8.0%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 2/14/2026

	Return	Correlation
ALKS	8.0%
Market (SPY)	-0.0%	30.8%
Sector (XLV)	9.3%	34.7%

Fundamental Drivers

The 25.2% change in ALKS stock from 7/31/2025 to 2/14/2026 was primarily driven by a 28.9% change in the company's P/E Multiple.

(LTM values as of)	7312025	2142026	Change
Stock Price ($)	26.49	33.17	25.2%
Change Contribution By:
Total Revenues ($ Mil)	1,505	1,521	1.1%
Net Income Margin (%)	23.1%	22.3%	-3.8%
P/E Multiple	12.5	16.2	28.9%
Shares Outstanding (Mil)	165	165	-0.1%
Cumulative Contribution			25.2%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2025 to 2/14/2026

	Return	Correlation
ALKS	25.2%
Market (SPY)	8.2%	25.3%
Sector (XLV)	21.4%	37.6%

Fundamental Drivers

The 5.2% change in ALKS stock from 1/31/2025 to 2/14/2026 was primarily driven by a 4.6% change in the company's P/E Multiple.

(LTM values as of)	1312025	2142026	Change
Stock Price ($)	31.53	33.17	5.2%
Change Contribution By:
Total Revenues ($ Mil)	1,505	1,521	1.1%
Net Income Margin (%)	22.1%	22.3%	0.6%
P/E Multiple	15.5	16.2	4.6%
Shares Outstanding (Mil)	163	165	-1.0%
Cumulative Contribution			5.2%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2025 to 2/14/2026

	Return	Correlation
ALKS	5.2%
Market (SPY)	14.3%	34.2%
Sector (XLV)	8.8%	40.7%

Fundamental Drivers

The 24.6% change in ALKS stock from 1/31/2023 to 2/14/2026 was primarily driven by a 34.4% change in the company's Total Revenues ($ Mil).

(LTM values as of)	1312023	2142026	Change
Stock Price ($)	26.62	33.17	24.6%
Change Contribution By:
Total Revenues ($ Mil)	1,132	1,521	34.4%
P/S Multiple	3.9	3.6	-6.9%
Shares Outstanding (Mil)	164	165	-0.5%
Cumulative Contribution			24.6%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2023 to 2/14/2026

	Return	Correlation
ALKS	24.5%
Market (SPY)	74.0%	25.0%
Sector (XLV)	23.7%	35.2%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
ALKS Return	17%	12%	14%	4%	-3%	19%	80%
Peers Return	5%	110%	-4%	-30%	42%	-5%	102%
S&P 500 Return	27%	-19%	24%	23%	16%	-0%	82%
Monthly Win Rates [3]
ALKS Win Rate	58%	58%	58%	42%	50%	50%
Peers Win Rate	55%	57%	50%	38%	63%	20%
S&P 500 Win Rate	75%	42%	67%	75%	67%	50%
Max Drawdowns [4]
ALKS Max Drawdown	-9%	-6%	-10%	-17%	-9%	0%
Peers Max Drawdown	-31%	-27%	-33%	-43%	-35%	-11%
S&P 500 Max Drawdown	-1%	-25%	-1%	-2%	-15%	-1%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: NBIX, ACAD, BTAI, INDV, JNJ. See ALKS Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 2/13/2026 (YTD)

How Low Can It Go

Unique Key	Event	ALKS	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-33.2%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	49.7%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	562 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-38.5%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	62.6%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	268 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-74.3%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	289.0%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	Not Fully Recovered days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-67.1%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	204.3%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	952 days	1,480 days

Compare to NBIX, ACAD, BTAI, INDV, JNJ

In The Past

Alkermes's stock fell -33.2% during the 2022 Inflation Shock from a high on 9/28/2021. A -33.2% loss requires a 49.7% gain to breakeven.

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About Alkermes (ALKS)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Alkermes plc, a biopharmaceutical company, researches, develops, and commercializes pharmaceutical products to address unmet medical needs of patients in various therapeutic areas in the United States, Ireland, and internationally. Its marketed products include ARISTADA, an intramuscular injectable suspension for the treatment of schizophrenia; VIVITROL for the treatment of alcohol and prevention of opioid dependence; RISPERDAL CONSTA for the treatment of schizophrenia and bipolar I disorder; INVEGA SUSTENNA for the treatment of schizophrenia and schizoaffective disorder; XEPLION, INVEGA TRINZA, and TREVICTA to treat schizophrenia and schizoaffective; and VUMERITY for the treatment of relapsing forms of multiple sclerosis in adults, including clinically isolated syndrome, relapsing-remitting and active secondary progressive diseases. The company is also developing LYBALVI, an oral atypical antipsychotic drug candidate for the treatment of adults with schizophrenia and bipolar I disorder; and nemvaleukin alfa, an engineered fusion protein to expand tumor-killing immune cells and to avoid the activation of immunosuppressive cells. It has collaboration agreements primarily with Janssen Pharmaceutica N.V., Janssen Pharmaceutica Inc, and Janssen Pharmaceutica International. Alkermes plc was founded in 1987 and is headquartered in Dublin, Ireland.

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Here are 1-3 brief analogies for Alkermes:

Biogen for psychiatric and neurological conditions.
A more specialized Eli Lilly, focusing on mental health treatments.

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VIVITROL: An injectable medication used for the treatment of alcohol dependence and for the prevention of relapse to opioid dependence.
ARISTADA: A long-acting injectable atypical antipsychotic prescribed for the treatment of schizophrenia.
LYBALVI: An oral medication combining olanzapine and samidorphan for the treatment of schizophrenia and bipolar I disorder.
RISPERDAL CONSTA: A long-acting injectable atypical antipsychotic, licensed to Janssen, used for the treatment of schizophrenia and bipolar I disorder.
INVEGA SUSTENNA/TRINZA/HAFYERA: A series of long-acting injectable antipsychotics, licensed to Janssen, for the treatment of schizophrenia and bipolar I disorder.

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Alkermes (ALKS) primarily sells its pharmaceutical products to a limited number of major U.S. wholesale drug distributors. These distributors, in turn, supply pharmacies, hospitals, and other healthcare providers. Therefore, Alkermes primarily sells to other companies rather than directly to individuals.

Its major customers, which are public companies, include:

McKesson Corporation (NYSE: MCK)
Cencora, Inc. (NYSE: COR) (formerly AmerisourceBergen Corporation)
Cardinal Health, Inc. (NYSE: CAH)

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Richard F. Pops, Chairman and Chief Executive Officer

Richard Pops joined Alkermes as CEO in 1991, and under his leadership, the company grew from a privately held entity with 25 employees to an international, publicly-traded biopharmaceutical company with over 2,000 employees. He has served as Chairman and Chief Executive Officer since 2011, and prior to that, he was Chairman, President, and Chief Executive Officer from 2009. Before joining Alkermes, Mr. Pops' first job out of college in 1983 was with a startup telecommunications company, and he was also involved in developing novel financial structures to support biotechnology companies. He made an early strategic decision to build Alkermes into a substantial company ("skyscraper") rather than focusing on an early acquisition. He serves on the Boards of Directors of Neurocrine Biosciences, Inc., the Biotechnology Industry Organization (BIO), and the Pharmaceutical Research and Manufacturers of America (PhRMA).

Joshua Reed, Chief Financial Officer

Joshua Reed was appointed Chief Financial Officer of Alkermes, effective September 15, 2025. He brings over 30 years of financial leadership experience with a strong focus on the biotechnology and pharmaceutical sectors. Mr. Reed previously served as CFO of Omega Therapeutics, a publicly-traded biotechnology company, and Aldeyra Therapeutics. He spent over a decade at Bristol Myers Squibb, where his roles included Vice President and Head of Finance Operations for the U.S. and Puerto Rico. Earlier in his career, he worked in financial services at JPMorganChase, Credit Suisse First Boston, and Chase Manhattan Bank. Mr. Reed currently serves on the board of directors of Scholar Rock Holding Corporation.

Blair C. Jackson, Executive Vice President & Chief Operating Officer

Blair C. Jackson serves as the Executive Vice President and Chief Operating Officer of Alkermes. He has also held the roles of Chief Risk Officer and Interim Principal Financial Officer since 2024. Prior to these appointments, Mr. Jackson served as Senior Vice President of Corporate Planning starting in 2018, Senior Vice President of Business Development since 2016, and Vice President of Business Development since 2006.

David J. Gaffin, Executive Vice President, Chief Legal Officer, Chief Compliance Officer & Secretary

David J. Gaffin holds the position of Executive Vice President, Chief Legal Officer, Chief Compliance Officer, and Secretary at Alkermes. He has been the Chief Legal Officer and Senior Vice President since May 2016.

Craig Hopkinson, EVP, R&D and Chief Medical Officer

Dr. Craig Hopkinson serves as Alkermes' Executive Vice President of Research & Development and Chief Medical Officer. He is also the Senior Vice President of Medicines Development & Medical Affairs. He previously served as Chief Medical Officer and Senior Vice President of Clinical Development & Medical.

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The key risks to Alkermes' business (ALKS) include:

Declining Sales of Core Products and Intense Industry Competition: Alkermes has experienced declining sales of core products, such as its schizophrenia drug Aristada and antipsychotic drug Invega, largely due to increased competition from generic drugs and newer medications. The pharmaceutical industry is highly competitive, affecting the pricing and market share of the company's products. This competition has contributed to a broader restructuring plan, including layoffs, aimed at reducing costs and improving profitability.
Regulatory and Clinical Development Risks: The company faces significant risks related to the extensive regulation governing the development, manufacturing, and marketing of pharmaceutical products. Unfavorable clinical trial outcomes can lead to substantial setbacks, impacting future revenue. Regulatory authorities, such as the FDA, may not agree with Alkermes' approval strategies, clinical trial designs, or manufacturing processes, potentially leading to adverse decisions or delays in product launches. For example, a remote review of a manufacturing site led to a delay in the approval of ALKS 3831 (Lybalvi).
Product-Specific Safety and Efficacy Concerns: Certain Alkermes products carry specific safety and efficacy risks that could impact their commercial success and regulatory standing. For instance, the FDA's Psychopharmacologic Drugs Advisory Committee and Drug Safety and Risk Management Advisory Committee raised significant concerns regarding ALKS 3831 (Lybalvi), an antipsychotic drug, due to potential interactions with opioids. These interactions could lead to reduced painkilling effects, withdrawal symptoms in opioid-dependent patients, or opioid overdose if patients attempt to counteract these effects by taking more opioids. The adequacy of product labeling to mitigate these risks was a point of contention among the advisory panel.

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Alkermes plc (ALKS) focuses on developing medicines for psychiatric and neurological disorders, with several proprietary commercial products addressing significant health conditions. The addressable markets for their main products are as follows:

Lybalvi (olanzapine and samidorphan)

Lybalvi is an atypical antipsychotic approved for the treatment of schizophrenia and bipolar I disorder in adults in the U.S.

Schizophrenia Market: The global schizophrenia market size reached approximately USD 9.48 billion in 2023 and is projected to grow to about USD 15.24 billion by 2034. The U.S. schizophrenia drugs market is projected to reach USD 3.3 billion by 2032.
Bipolar I Disorder Market: The global bipolar disorder market size was valued at USD 5.02 billion in 2024 and is projected to reach USD 6.27 billion by 2033. In North America, the bipolar disorder market was valued at USD 2.66 billion in 2024, with the U.S. accounting for approximately 80% of this share, or about USD 2.13 billion in 2024.
Total Addressable Market for Lybalvi (approximate sum for 2023/2024): The combined global addressable market for schizophrenia (2023) and bipolar I disorder (2024) is approximately USD 14.50 billion.

Aristada (aripiprazole lauroxil)

Aristada is a long-acting injectable antipsychotic for the treatment of schizophrenia.

Schizophrenia Market: The global schizophrenia market size was approximately USD 9.48 billion in 2023, with projections to reach USD 15.24 billion by 2034. The U.S. schizophrenia drugs market is projected to reach USD 3.3 billion by 2032.

Vivitrol (naltrexone for extended-release injectable suspension)

Vivitrol is approved for the treatment of alcohol dependence and for the prevention of relapse to opioid dependence.

Opioid Dependence (Opioid Use Disorder - OUD) Market: The global opioid use disorder market size was USD 5.87 billion in 2024 and is projected to reach USD 16.89 billion by 2034. In the U.S., the OUD market size was USD 3.04 billion in 2024 and is projected to reach USD 8.74 billion by 2034.
Alcohol Dependence (Alcohol Use Disorder - AUD) Market: The global alcohol use disorder treatment market size was valued at over USD 1.36 billion in 2025 and is poised to exceed USD 2.46 billion by 2035. Another estimate places the global AUD market at approximately USD 5.95 billion in 2025, growing to USD 7.79 billion by 2030. The U.S. alcohol use disorder treatment market size was valued at approximately USD 1.11 billion in 2025.
Total Addressable Market for Vivitrol (approximate sum for 2024/2025): The combined global addressable market for opioid use disorder (2024) and alcohol use disorder (2025) is approximately USD 11.82 billion.

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Here are 3-5 expected drivers of future revenue growth for Alkermes (ALKS) over the next 2-3 years:

Continued Growth of Proprietary Commercial Products: Alkermes anticipates sustained revenue growth from its key proprietary products: VIVITROL (alcohol and opioid dependence), ARISTADA (schizophrenia), and LYBALVI (schizophrenia and bipolar I disorder). LYBALVI, in particular, has demonstrated significant year-over-year revenue and prescription growth, with ongoing efforts to expand its market share and prescriber breadth across both schizophrenia and bipolar I disorder indications. VIVITROL continues to see increased demand, especially within the alcohol dependence market.
Strategic Acquisition of Avadel Pharmaceuticals: The planned acquisition of Avadel Pharmaceuticals is a pivotal strategic move for Alkermes. This acquisition is expected to establish Alkermes as a leader in central disorders of hypersomnolence, bringing the FDA-approved narcolepsy therapy, LUMRYZ, into its portfolio. This addition is projected to open a significant new revenue stream from the sleep medicine market, with the acquisition anticipated to close in early 2026.
Advancement and Potential Commercialization of the Orexin 2 Receptor Agonist Program (alixorexton/ALKS 2680): Alkermes' lead development candidate, alixorexton (formerly ALKS 2680), an orexin 2 receptor agonist for narcolepsy types 1 and 2 and idiopathic hypersomnia, is a significant future revenue driver. The company has reported positive Phase 2 study data and plans to initiate a Phase 3 clinical program in early 2026, positioning this program as a substantial opportunity to deliver innovation and create value in the neuroscience market.
Expansion of LYBALVI's Indications and Market Access: Beyond its current growth trajectory, Alkermes aims to further maximize LYBALVI's potential through the expansion of its indications, such as ongoing Phase 3 clinical trials for pediatric schizophrenia and bipolar I disorder. Enhanced market access and increased awareness are also strategic priorities to drive broader adoption and, consequently, revenue growth for the product.

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1. Share Repurchases

Alkermes announced a share repurchase program authorizing up to $400 million of its ordinary shares in February 2024.
During the third quarter of 2024, the company repurchased approximately 4.4 million ordinary shares for a total purchase price of $115.6 million under the program.
As of September 30, 2024, and continuing into the third quarter of 2025, Alkermes had $200 million remaining under its share repurchase authorization.

4. Outbound Investments

In October 2025, Alkermes agreed to acquire Avadel Pharmaceuticals for a total consideration of up to $2.1 billion, consisting of a cash offer and contingent value rights. This acquisition aims to expand Alkermes' presence in the sleep medicine market with Avadel's FDA-approved product, LUMRYZ™.
In February 2025, Alkermes committed up to €10.0 million to Fountain Healthcare Partners Fund IV, L.P., which invests in healthcare, pharmaceutical, and life sciences sectors.

5. Capital Expenditures

Research and development (R&D) expenses increased in Q3 2025 to $81.7 million, up from $59.9 million in Q3 2024, primarily due to investments in Phase II studies for alixorexton across narcolepsy and idiopathic hypersomnia, and first-in-human studies for new orexin 2 receptor agonist candidates, ALKS 4510 and ALKS 7290.
Alkermes' R&D efforts are focused on developing innovative medicines in neuroscience, particularly for neurological disorders like narcolepsy and idiopathic hypersomnia.
The company anticipates that its existing cash, cash equivalents, and investments will be sufficient to finance its anticipated working capital and other cash requirements, including capital expenditures, for at least twelve months from October 2025.

Interactive Breakdown

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ACAD (27.8%)

ACADIA Pharmaceuticals

CORT (23.6%)

Corcept Therapeutics

Higher Op Mgn LTM (Value for ALKS: 23.6%)

LLY (45.6%)

Eli Lilly

MRK (34.9%)

Merck

BMY (28.5%)

Bristol-Myers Squibb

JNJ (27.2%)

Johnson & Johnson

PFE (24.6%)

Pfizer

Higher CFO/Rev LTM (Value for ALKS: 35.6%)

SIGA (67.7%)

SIGA Technologies

SCLX (59.0%)

Scilex

INVA (51.9%)

Innoviva

PTCT (40.2%)

PTC Therapeutics

COLL (38.4%)

Collegium Pharmaceutical

Higher FCF/Rev LTM (Value for ALKS: 32.3%)

TXMD (75.0%)

TherapeuticsMD

SIGA (67.5%)

SIGA Technologies

SCLX (57.0%)

Scilex

INVA (50.9%)

Innoviva

COLL (38.2%)

Collegium Pharmaceutical

Higher Total Yield (Value for ALKS: 6.2%)

PFE (12.5%)

Pfizer

BMY (9.8%)

Bristol-Myers Squibb

MRK (9.0%)

Merck

JNJ (6.7%)

Johnson & Johnson

ZTS (6.4%)

Zoetis

SECTOR: Health Care

Higher Rev Chg 3Y Avg | Lower P/S (Values for ALKS: 12.1% | 3.6x)

MCK (13.3% | 0.3x)

McKesson

CI (14.4% | 0.3x)

Cigna

ENSG (18.7% | 2.4x)

Ensign

BTSG (24.3% | 0.6x)

BrightSpring Health Services

MOH (12.5% | 0.2x)

Molina Healthcare

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for ALKS: 12.1% | 15.3x)

UTHR (19.0% | 13.6x)

United Therapeutics

INCY (15.0% | 14.9x)

Incyte

EXEL (13.0% | 13.1x)

Exelixis

HALO (29.0% | 12.6x)

Halozyme Therapeutics

MOH (12.5% | 8.8x)

Molina Healthcare

Higher Rev Chg LTM (Value for ALKS: 1.1%)

LLY (44.7%)

Eli Lilly

UNH (10.5%)

UnitedHealth

ABBV (7.4%)

AbbVie

JNJ (6.0%)

Johnson & Johnson

MRK (1.7%)

Merck

Higher Rev Chg 3Y Avg (Value for ALKS: 12.1%)

LLY (32.1%)

Eli Lilly

ISRG (17.4%)

Intuitive Surgical

BSX (15.6%)

Boston Scientific

CI (14.4%)

Cigna

MCK (13.3%)

McKesson

Higher Op Mgn LTM (Value for ALKS: 23.6%)

LLY (45.6%)

Eli Lilly

MRK (34.9%)

Merck

JNJ (27.2%)

Johnson & Johnson

AMGN (24.7%)

Amgen

ABBV (24.1%)

AbbVie

Higher CFO/Rev LTM (Value for ALKS: 35.6%)

RPRX (104.7%)

Royalty Pharma

UTHR (49.7%)

United Therapeutics

HALO (49.2%)

Halozyme Therapeutics

VEEV (44.7%)

Veeva Systems

EXEL (38.1%)

Exelixis

Higher FCF/Rev LTM (Value for ALKS: 32.3%)

RPRX (104.7%)

Royalty Pharma

VEEV (44.7%)

Veeva Systems

UTHR (35.7%)

United Therapeutics

ABBV (33.0%)

AbbVie

RMD (32.9%)

ResMed

Higher Total Yield (Value for ALKS: 6.2%)

UNH (9.6%)

UnitedHealth

ABT (9.2%)

Abbott Laboratories

MRK (9.0%)

Merck

JNJ (6.7%)

Johnson & Johnson

AMGN (6.5%)

Amgen

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for ALKS: 12.1% | 3.6x)

BRK-B (19.8% | 2.7x)

Berkshire Hathaway

BA (12.3% | 2.1x)

Boeing

UBER (17.7% | 2.8x)

Uber Technologies

COF (13.4% | 2.7x)

Capital One Financial

CB (12.2% | 2.2x)

Chubb

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for ALKS: 12.1% | 15.3x)

NEM (23.9% | 14.7x)

Newmont

BKNG (17.8% | 14.9x)

Booking

B (16.0% | 10.0x)

Barrick Mining

CP (22.2% | 13.7x)

Canadian Pacific Kansas City

APO (89.3% | 9.1x)

Apollo Global Management

Higher Rev Chg LTM (Value for ALKS: 1.1%)

NVDA (65.2%)

NVIDIA

MSFT (16.7%)

Microsoft

GOOGL (15.1%)

Alphabet

AMZN (12.4%)

Amazon.com

AAPL (10.1%)

Apple

Higher Rev Chg 3Y Avg (Value for ALKS: 12.1%)

NVDA (91.6%)

NVIDIA

AVGO (25.2%)

Broadcom

META (19.9%)

Meta Platforms

MSFT (14.4%)

Microsoft

GOOGL (12.5%)

Alphabet

Higher Op Mgn LTM (Value for ALKS: 23.6%)

NVDA (58.8%)

NVIDIA

MSFT (46.7%)

Microsoft

META (41.4%)

Meta Platforms

AAPL (32.4%)

Apple

GOOGL (32.0%)

Alphabet

Higher CFO/Rev LTM (Value for ALKS: 35.6%)

META (57.6%)

Meta Platforms

MSFT (52.5%)

Microsoft

NVDA (44.4%)

NVIDIA

AVGO (43.1%)

Broadcom

GOOGL (40.9%)

Alphabet

Higher FCF/Rev LTM (Value for ALKS: 32.3%)

BAC (57.3%)

Bank of America

V (55.4%)

Visa

MA (50.1%)

Mastercard

AVGO (42.1%)

Broadcom

NVDA (41.3%)

NVIDIA

Higher Total Yield (Value for ALKS: 6.2%)

BAC (7.6%)

Bank of America

XOM (7.4%)

Exxon Mobil

CVX (7.0%)

Chevron

JPM (6.9%)

JPMorgan Chase

BRK-B (6.3%)

Berkshire Hathaway

Best Bets in Health Care

What You Pay

P/EBIT (Value for ALKS: 13.5x)

RPRX (11.9x)

Royalty Pharma

HALO (12.2x)

Halozyme Therapeutics

CPRX (11.5x)

Catalyst Pharmaceuticals

HRMY (8.4x)

Harmony Biosciences

MEDP (22.6x)

Medpace

LGND (53.9x)

Ligand Pharmaceuticals

NBIX (19.5x)

Neurocrine Biosciences

INCY (12.0x)

Incyte

GMED (27.3x)

Globus Medical

DVA (5.4x)

DaVita

P/E (Value for ALKS: 16.2x)

RPRX (25.1x)

Royalty Pharma

HALO (15.6x)

Halozyme Therapeutics

CPRX (13.7x)

Catalyst Pharmaceuticals

HRMY (11.2x)

Harmony Biosciences

MEDP (26.8x)

Medpace

LGND (74.1x)

Ligand Pharmaceuticals

NBIX (26.0x)

Neurocrine Biosciences

INCY (15.5x)

Incyte

GMED (28.0x)

Globus Medical

DVA (13.9x)

DaVita

What You Get

Rev Chg 3Y Avg (Value for ALKS: 12.1%)

RPRX (2.1%)

Royalty Pharma

HALO (29.0%)

Halozyme Therapeutics

CPRX (46.5%)

Catalyst Pharmaceuticals

HRMY (27.4%)

Harmony Biosciences

MEDP (20.3%)

Medpace

LGND (16.0%)

Ligand Pharmaceuticals

NBIX (24.3%)

Neurocrine Biosciences

INCY (15.0%)

Incyte

GMED (45.6%)

Globus Medical

DVA (5.5%)

DaVita

Rev Chg LTM (Value for ALKS: 1.1%)

RPRX (5.1%)

Royalty Pharma

HALO (31.2%)

Halozyme Therapeutics

CPRX (25.6%)

Catalyst Pharmaceuticals

HRMY (21.1%)

Harmony Biosciences

MEDP (20.0%)

Medpace

LGND (64.8%)

Ligand Pharmaceuticals

NBIX (21.4%)

Neurocrine Biosciences

INCY (21.2%)

Incyte

GMED (11.7%)

Globus Medical

DVA (6.5%)

DaVita

Rev Chg Q (Value for ALKS: 4.2%)

RPRX (4.8%)

Royalty Pharma

HALO (22.1%)

Halozyme Therapeutics

CPRX (15.3%)

Catalyst Pharmaceuticals

HRMY (28.7%)

Harmony Biosciences

MEDP (32.0%)

Medpace

LGND (122.8%)

Ligand Pharmaceuticals

NBIX (28.3%)

Neurocrine Biosciences

INCY (27.8%)

Incyte

GMED (22.9%)

Globus Medical

DVA (9.9%)

DaVita

FCF/Rev 3Y Avg (Value for ALKS: 23.1%)

RPRX (118.0%)

Royalty Pharma

HALO (45.0%)

Halozyme Therapeutics

CPRX (34.2%)

Catalyst Pharmaceuticals

HRMY (33.2%)

Harmony Biosciences

MEDP (25.0%)

Medpace

LGND (23.9%)

Ligand Pharmaceuticals

NBIX (23.0%)

Neurocrine Biosciences

INCY (14.5%)

Incyte

GMED (14.3%)

Globus Medical

DVA (11.1%)

DaVita

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 11%, alpha of 1.9%, and sharpe of 0.52

Latest Trefis Analyses

	Title	Date
0	DASHBOARDS
1	How Low Can Alkermes Stock Really Go?	10/17/2025
2	ALKS Dip Buy Analysis	07/10/2025
3	Alkermes Total Shareholder Return (TSR): 3.7% in 2024 and 10.0% 3-yr compounded annual returns (above peer average)	03/07/2025
4	Alkermes (ALKS) Operating Cash Flow Comparison	02/17/2025
5	Alkermes (ALKS) Net Income Comparison	02/15/2025
6	Alkermes (ALKS) Operating Income Comparison	02/14/2025
7	Alkermes (ALKS) Revenue Comparison	02/13/2025
8	Alkermes vs. Elanco Animal Health: With Return Forecast Of 17%, Elanco Animal Health Is A Better Bet	10/04/2024
9	Alkermes vs. S&P500 Correlation	10/03/2024
10	Alkermes Price Volatility	09/24/2024
11	ARTICLES
12	What’s Next For Alkermes Stock After A 16% Rise Last Month?	09/01/2021
13	With Vaccine Uncertainty Behind Us, Is It Time To Buy Underperforming Healthcare Stocks?	11/23/2020
14	ACADIA, Neurocrine, Alkermes Are Out Of Favor. Is It Time To Buy?	10/19/2020
15	ACADIA, NovoCure & Alexion: How Are Out Of Favor Health Care Stocks Performing?	09/01/2020
16	Why Is Alkermes Stock Down 30% So Far This Year?	11/22/2019

	Title
0	DASHBOARDS
1	How Low Can Alkermes Stock Really Go?
2	ALKS Dip Buy Analysis
3	Alkermes Total Shareholder Return (TSR): 3.7% in 2024 and 10.0% 3-yr compounded annual returns (above peer average)
4	Alkermes (ALKS) Operating Cash Flow Comparison
5	Alkermes (ALKS) Net Income Comparison
6	Alkermes (ALKS) Operating Income Comparison
7	Alkermes (ALKS) Revenue Comparison
8	Alkermes vs. Elanco Animal Health: With Return Forecast Of 17%, Elanco Animal Health Is A Better Bet
9	Alkermes vs. S&P500 Correlation
10	Alkermes Price Volatility
11	ARTICLES
12	What’s Next For Alkermes Stock After A 16% Rise Last Month?
13	With Vaccine Uncertainty Behind Us, Is It Time To Buy Underperforming Healthcare Stocks?
14	ACADIA, Neurocrine, Alkermes Are Out Of Favor. Is It Time To Buy?
15	ACADIA, NovoCure & Alexion: How Are Out Of Favor Health Care Stocks Performing?
16	Why Is Alkermes Stock Down 30% So Far This Year?

Trade Ideas

Select ideas related to ALKS.

Unique Key

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TPH	Tri Pointe Homes	4.0	26.8%	47.3%
RIVN	Rivian Automotive	21.6	26.6%	-10.0%
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EVMN	Evommune	0.9	13.2%	84.4%
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WOLF	Wolfspeed	2.8	10.9%	1.9%
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Top Losers

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UPB	Upstream Bio	0.5	-31.6%	-67.8%
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DKNG	DraftKings	10.8	-13.5%	-36.9%
TRUP	Trupanion	1.2	-13.0%	-25.2%
RYAN	Ryan Specialty	5.0	-12.8%	-25.0%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
FSLY	Fastly	2.7	113.1%	79.4%
NKTR	Nektar Therapeutics	1.4	93.8%	68.7%
EVMN	Evommune	0.9	82.4%	84.4%
VAL	Valaris	6.8	53.8%	90.4%
ICHR	Ichor	1.6	45.5%	153.8%
IPGP	IPG Photonics	6.5	40.4%	115.0%
CGNX	Cognex	9.9	38.8%	63.4%
CRSR	Corsair Gaming	0.7	31.3%	14.3%
TPH	Tri Pointe Homes	4.0	30.8%	47.3%
CPS	Cooper-Standard	0.8	30.6%	37.7%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
UPB	Upstream Bio	0.5	-66.6%	-67.8%
KD	Kyndryl	2.8	-47.9%	-53.9%
NSP	Insperity	1.0	-34.0%	-33.7%
RPD	Rapid7	0.5	-33.6%	-52.8%
PGY	Pagaya Technologies	1.0	-33.3%	-40.5%
FTRE	Fortrea	0.9	-33.2%	-43.2%
ANGI	Angi	0.4	-31.6%	-37.4%
UPWK	Upwork	1.7	-30.1%	-33.3%
IRON	Disc Medicine	2.0	-29.8%	-29.5%
CLF	Cleveland-Cliffs	5.1	-29.5%	-21.8%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
CRVS	Corvus Pharmaceuticals	1.5	173.6%	142.3%
IPGP	IPG Photonics	6.5	98.5%	115.0%
FSLY	Fastly	2.7	98.4%	79.4%
NKTR	Nektar Therapeutics	1.4	97.6%	68.7%
IBRX	ImmunityBio	5.6	96.9%	200.3%
VAL	Valaris	6.8	75.5%	90.4%
MOD	Modine Manufacturing	11.4	73.1%	62.2%
LITE	Lumentum	39.6	69.7%	52.7%
ICHR	Ichor	1.6	67.5%	153.8%
RAPT	RAPT Therapeutics	1.6	66.2%	70.4%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
UPB	Upstream Bio	0.5	-72.9%	-67.8%
U	Unity Software	7.9	-55.6%	-57.7%
KD	Kyndryl	2.8	-55.5%	-53.9%
FUBO	FuboTV	0.5	-48.1%	-46.8%
HIMS	Hims & Hers Health	3.7	-48.0%	-49.8%
PGY	Pagaya Technologies	1.0	-47.6%	-40.5%
PAR	PAR Technology	0.8	-47.5%	-42.5%
NRGV	Energy Vault	0.5	-47.4%	-30.8%
RPD	Rapid7	0.5	-46.9%	-52.8%
RGNX	Regenxbio	0.4	-46.6%	-44.5%

Peer Comparisons

Peers to compare with:

Financials

	ALKS	NBIX	ACAD	BTAI	INDV	JNJ	Median
Name	Alkermes	Neurocri.	ACADIA P.	BioXcel .	Indivior.	Johnson .
Mkt Price	33.17	125.00	22.04	1.58	34.62	244.78	33.89
Mkt Cap	5.5	12.5	3.7	0.0	4.3	589.4	4.9
Rev LTM	1,521	2,860	1,047	1	1,181	94,193	1,351
Op Inc LTM	359	636	94	-50	222	25,596	290
FCF LTM	491	746	99	-58	117	19,313	304
FCF 3Y Avg	353	555	70	-103	-72	18,383	212
CFO LTM	541	783	199	-58	177	24,530	370
CFO 3Y Avg	397	589	103	-103	-29	23,862	250

Growth & Margins

	ALKS	NBIX	ACAD	BTAI	INDV	JNJ	Median
Name	Alkermes	Neurocri.	ACADIA P.	BioXcel .	Indivior.	Johnson .
Rev Chg LTM	1.1%	21.4%	12.7%	-67.0%	-0.2%	6.0%	3.6%
Rev Chg 3Y Avg	12.1%	24.3%	27.8%	274.3%	10.5%	2.6%	18.2%
Rev Chg Q	4.2%	28.3%	11.3%	-54.2%	2.3%	9.1%	6.7%
QoQ Delta Rev Chg LTM	1.1%	6.6%	2.8%	-13.4%	0.6%	2.2%	1.6%
Op Mgn LTM	23.6%	22.3%	9.0%	-6,708.2%	18.8%	27.2%	20.5%
Op Mgn 3Y Avg	24.7%	22.6%	-1.1%	-8,707.9%	19.5%	25.6%	21.1%
QoQ Delta Op Mgn LTM	-1.3%	1.6%	0.2%	-930.4%	-2.6%	1.5%	-0.6%
CFO/Rev LTM	35.6%	27.4%	19.0%	-7,741.2%	15.0%	26.0%	22.5%
CFO/Rev 3Y Avg	25.9%	24.4%	8.7%	-8,288.0%	-2.7%	26.7%	16.6%
FCF/Rev LTM	32.3%	26.1%	9.5%	-7,741.2%	9.9%	20.5%	15.2%
FCF/Rev 3Y Avg	23.1%	23.0%	5.5%	-8,288.0%	-6.4%	20.6%	13.1%

Valuation

	ALKS	NBIX	ACAD	BTAI	INDV	JNJ	Median
Name	Alkermes	Neurocri.	ACADIA P.	BioXcel .	Indivior.	Johnson .
Mkt Cap	5.5	12.5	3.7	0.0	4.3	589.4	4.9
P/S	3.6	4.4	3.6	29.8	3.7	6.3	4.0
P/EBIT	13.5	19.7	39.4	-0.4	17.9	17.6	17.7
P/E	16.2	26.1	14.2	-0.3	35.2	22.0	19.1
P/CFO	10.1	16.0	18.7	-0.4	24.4	24.0	17.3
Total Yield	6.2%	3.9%	7.0%	-304.1%	2.8%	6.7%	5.0%
Dividend Yield	0.0%	0.0%	0.0%	0.0%	0.0%	2.1%	0.0%
FCF Yield 3Y Avg	7.6%	4.0%	2.4%	-3,945.4%	-5.5%	4.6%	3.2%
D/E	0.0	0.0	0.0	4.9	0.1	0.1	0.1
Net D/E	-0.2	-0.1	-0.2	3.3	-0.0	0.0	-0.1

Returns

	ALKS	NBIX	ACAD	BTAI	INDV	JNJ	Median
Name	Alkermes	Neurocri.	ACADIA P.	BioXcel .	Indivior.	Johnson .
1M Rtn	6.2%	-6.3%	-16.9%	-17.3%	5.3%	11.5%	-0.5%
3M Rtn	14.2%	-13.7%	-8.3%	-3.1%	13.5%	25.7%	5.2%
6M Rtn	14.2%	-5.9%	-13.0%	-71.2%	47.6%	40.5%	4.1%
12M Rtn	-7.6%	8.7%	10.0%	-31.6%	252.2%	61.6%	9.3%
3Y Rtn	32.2%	20.5%	16.2%	-99.7%	47.3%	68.3%	26.4%
1M Excs Rtn	9.6%	-6.3%	-16.7%	-19.3%	4.3%	13.3%	-1.0%
3M Excs Rtn	5.8%	-14.7%	-8.5%	-7.4%	15.2%	26.9%	-0.8%
6M Excs Rtn	11.7%	-10.5%	-15.9%	-72.4%	43.7%	36.3%	0.6%
12M Excs Rtn	-13.9%	-6.4%	2.4%	-56.7%	239.2%	49.5%	-2.0%
3Y Excs Rtn	-32.8%	-46.9%	-54.3%	-165.7%	-23.5%	-2.5%	-39.8%

FDIC Bank Data

Bank Capital

null

Bank Deposits

null

Bank Assets

null

Bank Loans

null

FDA Approved Drugs Data

Expand for More

					Post-Approval Fwd Returns
FDA App #	Brand Name	Generic Name	Dosage Form	FDA Approval	3M Rtn	6M Rtn	1Y Rtn	2Y Rtn	Total Rtn
NDA213378	LYBALVI	olanzapine	tablet	5282021	37.2%	-0.9%	34.7%	29.3%	57.3%
NDA209830	ARISTADA INITIO KIT	aripiprazole lauroxil	suspension, extended release	6292018	3.1%	-30.8%	-45.2%	-54.3%	-13.3%
NDA207533	ARISTADA	aripiprazole lauroxil	suspension, extended release	10052015	25.2%	-39.2%	-22.8%	-13.2%	-40.3%
NDA021897	VIVITROL	naltrexone	for suspension, extended release	4132006	-24.0%	-26.7%	-29.6%	-49.4%	62.4%

	Post-Approval Fwd Returns
NDA213378	LYBALVI	olanzapine	tablet	5282021	37.2%	-0.9%	34.7%	29.3%	57.3%
NDA209830	ARISTADA INITIO KIT	aripiprazole lauroxil	suspension, extended release	6292018	3.1%	-30.8%	-45.2%	-54.3%	-13.3%
NDA207533	ARISTADA	aripiprazole lauroxil	suspension, extended release	10052015	25.2%	-39.2%	-22.8%	-13.2%	-40.3%
NDA021897	VIVITROL	naltrexone	for suspension, extended release	4132006	-24.0%	-26.7%	-29.6%	-49.4%	62.4%

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	10/28/2025	2/12/2025	2/21/2024	2/16/2023	2/16/2022	2/11/2021	2/13/2020
Key Financials
Total Revenue	1,521	1,558	1,663	1,112	1,174	1,039	1,171
EBITDA	436	495	519	60	178	-6	-103
Operating Income	359	421	414	-6	98	-112	-162
Net Income	339	367	356	-158	-48	-111	-197
EPS	2.07	2.22	2.14	-0.97	-0.30	-0.70	-1.25
Growth Rates
Total Revenue Growth	1.1%	-6.4%	49.6%	-5.3%	13.0%	-11.3%	7.0%
EBITDA Growth	9.9%	-4.7%	769.1%	-66.3%	3048.2%	94.2%	-1209.3%
Operating Income Growth	14.7%	1.6%	6901.1%	-106.2%	186.9%	30.6%	-63.5%
Net Income Growth	1.6%	3.2%	324.8%	-228.6%	56.6%	43.6%	-41.1%
Margins
EBITDA Margin	28.6%	31.8%	31.2%	5.4%	15.1%	-0.6%	-8.8%
Operating Income Margin	23.6%	27.0%	24.9%	-0.5%	8.3%	-10.8%	-13.8%
Net Income Margin	22.3%	23.6%	21.4%	-14.2%	-4.1%	-10.7%	-16.8%
Cash & Debt
Total Cash	1,111	752	773	608	536	635	535
Total Debt	72	76	372	379	416	410	291
Net Debt / (Cash)	-1,040	-676	-401	-229	-120	-225	-244
Cash Flows
Net Cash from Operations	541	439	401	21	102	83	72
Free Cash from Operations	491	406	353	-17	73	41	-19
Returns to Shareholders
Dividends	0	-0	-0	-0	-0	-0	-0
Share Repurchases	0	200	-0	-0	-0	-0	-0

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	10/28/2025	7/29/2025	5/1/2025	2/12/2025	10/24/2024	7/24/2024	5/1/2024	2/21/2024	10/25/2023	7/26/2023	4/26/2023	2/16/2023
Key Financials Quarterly
Total Revenue	394	391	307	430	378	399	350	377	381	617	288	305
Ebitda	109	113	33	181	123	129	61	83	117	307	13	139
Operating Income	89	93	14	163	105	110	43	55	89	281	-11	116
Net Income	83	87	22	147	92	91	37	113	48	237	-42	-28
EPS	0.50	0.53	0.14	0.90	0.57	0.54	0.22	0.68	0.29	1.43	-0.25	-0.17
Key Financials TTM
Total Revenue TTM	1,521	1,505	1,514	1,558	1,505	1,508	1,726	1,663	1,591	1,462	1,121	1,112
Ebitda TTM	436	450	467	495	396	391	568	519	576	414	96	60
Operating Income TTM	359	374	391	421	313	297	468	414	475	325	10	-6
Net Income TTM	339	348	353	367	333	289	434	356	215	103	-164	-158
Growth Rates Quarterly
Total Revenue Growth	4.2%	-2.1%	-12.5%	13.9%	-0.7%	-35.4%	21.8%	23.9%	51.0%	123.5%	3.2%	-6.1%
EBITDA Growth	-11.7%	-12.9%	-46.0%	118.8%	5.0%	-57.8%	381.1%	-40.3%	365.4%	2767.7%	154.0%	-7.9%
Operating Income Growth	-15.0%	-15.4%	-68.2%	197.8%	17.4%	-60.9%	494.7%	-52.7%	247.1%	916.3%	58.7%	-10.7%
Net Income Growth	-10.4%	-4.7%	-39.0%	29.9%	93.4%	-61.5%	188.0%	499.2%	174.7%	886.7%	-16.6%	-3336.4%
Margins Quarterly
EBITDA Margin	27.6%	28.8%	10.7%	42.2%	32.6%	32.4%	17.4%	22.0%	30.8%	49.6%	4.4%	45.6%
Operating Income Margin	22.6%	23.8%	4.5%	37.8%	27.7%	27.5%	12.4%	14.5%	23.4%	45.6%	-3.8%	37.9%
Net Income Margin	21.0%	22.3%	7.3%	34.1%	24.4%	22.9%	10.5%	29.9%	12.5%	38.4%	-14.5%	-9.3%
Cash & Debt
Total Cash	1,111	1,016	884	752	909	876	745	773	889	829	600	608
Total Debt	72	73	74	76	366	368	370	372	385	390	394	379
Net Debt / (Cash)	-1,040	-943	-810	-676	-543	-508	-375	-401	-504	-440	-206	-229
Cash Flows Quarterly
FCF from Operations	102	150	99	190	82	146	21	107	100	216	-21	1
Cash Flows TTM
FCF from Operations TTM	541	521	517	439	356	374	444	401	295	196	-22	21
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-0	-0	-0	0	116	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	28.5%	28.1%	4.0%	41.5%	24.3%	21.1%	7.3%	11.2%	16.6%	51.6%	-1.9%	16.6%
Return on Invested Capital (ROIC) TTM
ROIC TTM	29.4%	28.9%	27.3%	26.2%	21.5%	17.6%	23.8%	21.2%	21.4%	14.2%	0.4%	-0.3%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Business of developing, manufacturing and commercializing medicines designed to address unmet	1,663
License revenue		2	4	1	146
Manufacturing and royalty revenues		332	542	484	448
Product sales, net		778	627	552	524
Research and development revenue		0	1	2	53
Total	1,663	1,112	1,174	1,039	1,171

Net Income by Segment

$ Mil	2024	2023	2022	2021	2020
Business of developing, manufacturing and commercializing medicines designed to address unmet	356
Total	356

Price Behavior

Price Behavior

Market Price	$33.16
Market Cap ($ Bil)	5.5
First Trading Date	07/16/1991
Distance from 52W High	-7.6%
	50 Days	200 Days
DMA Price	$30.85	$29.84
DMA Trend	up	up
Distance from DMA	7.5%	11.1%
	3M	1YR
Volatility	31.6%	35.4%
Downside Capture	78.70	78.46
Upside Capture	147.88	60.37
Correlation (SPY)	40.5%	34.6%

ALKS Betas & Captures as of 1/31/2026

	1M	2M	3M	6M	1Y	3Y
Beta	0.56	0.83	0.55	0.59	0.60	0.55
Up Beta	4.53	3.02	1.02	0.96	0.45	0.43
Down Beta	0.09	-0.02	-0.32	0.07	0.76	0.53
Up Capture	205%	179%	113%	96%	51%	30%
Bmk +ve Days	11	22	34	71	142	430
Stock +ve Days	14	23	32	65	124	371
Down Capture	-258%	9%	60%	50%	75%	85%
Bmk -ve Days	9	19	27	54	109	321
Stock -ve Days	6	18	29	60	121	373

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with ALKS
ALKS	-1.8%	36.1%	0.01	-
Sector ETF (XLV)	9.6%	17.4%	0.37	42.0%
Equity (SPY)	14.0%	19.4%	0.55	35.0%
Gold (GLD)	74.3%	25.3%	2.17	2.1%
Commodities (DBC)	7.0%	16.7%	0.24	12.4%
Real Estate (VNQ)	7.9%	16.6%	0.28	36.5%
Bitcoin (BTCUSD)	-29.8%	44.9%	-0.65	19.1%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with ALKS
ALKS	9.0%	36.4%	0.32	-
Sector ETF (XLV)	8.0%	14.5%	0.37	34.2%
Equity (SPY)	13.3%	17.0%	0.62	28.0%
Gold (GLD)	22.1%	17.0%	1.06	2.1%
Commodities (DBC)	10.5%	18.9%	0.44	4.2%
Real Estate (VNQ)	5.2%	18.8%	0.18	27.8%
Bitcoin (BTCUSD)	8.3%	57.2%	0.37	9.8%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 10-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with ALKS
ALKS	1.0%	41.6%	0.17	-
Sector ETF (XLV)	11.2%	16.5%	0.56	40.3%
Equity (SPY)	15.6%	17.9%	0.75	36.0%
Gold (GLD)	15.3%	15.6%	0.82	-1.8%
Commodities (DBC)	8.1%	17.6%	0.38	13.9%
Real Estate (VNQ)	6.4%	20.7%	0.27	27.6%
Bitcoin (BTCUSD)	67.9%	66.7%	1.07	8.3%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date	1302026
Short Interest: Shares Quantity	19.0 Mil
Short Interest: % Change Since 1152026	-12.3%
Average Daily Volume	2.4 Mil
Days-to-Cover Short Interest	7.8 days
Basic Shares Quantity	165.1 Mil
Short % of Basic Shares	11.5%

Returns Analyses

	Title
0	How Low Can Alkermes Stock Really Go?
1	Alkermes Stock Return Comparison
2	[10/15/2021] Alkermes (ALKS) Stock Price Forecast: AI Forecasts ALKS Stock Price To Be Around $31.80 In A Month (Up 0.3%)
3	Alkermes Total Shareholder Return (TSR): 12.3% in 2022 and 8.6% 3-yr returns (above peer average)
4	Alkermes (ALKS) Stock Return: AI Predicts ALKS Average and Excess Return After a Fall or Rise

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
1/12/2026	-0.1%	6.6%	17.1%
10/22/2025	-1.1%	-1.4%	-8.8%
7/29/2025	3.3%	1.9%	10.8%
5/1/2025	6.3%	5.6%	6.4%
1/13/2025	1.0%	5.0%	13.8%
10/24/2024	-3.6%	-5.5%	-0.5%
7/24/2024	6.0%	10.5%	13.0%
5/1/2024	-2.2%	0.2%	-5.4%
...
SUMMARY STATS
# Positive	11	13	13
# Negative	13	11	11
Median Positive	6.0%	5.6%	10.8%
Median Negative	-5.3%	-5.7%	-9.5%
Max Positive	16.3%	15.4%	27.0%
Max Negative	-12.7%	-14.3%	-27.4%

	Forward Returns
1/12/2026	-0.1%	6.6%	17.1%
10/22/2025	-1.1%	-1.4%	-8.8%
7/29/2025	3.3%	1.9%	10.8%
5/1/2025	6.3%	5.6%	6.4%
1/13/2025	1.0%	5.0%	13.8%
10/24/2024	-3.6%	-5.5%	-0.5%
7/24/2024	6.0%	10.5%	13.0%
5/1/2024	-2.2%	0.2%	-5.4%
2/15/2024	16.3%	3.3%	2.7%
10/25/2023	-7.4%	-4.5%	3.6%
7/26/2023	-2.6%	-7.5%	-9.5%
2/16/2023	4.4%	1.4%	-3.6%
11/2/2022	3.5%	-0.3%	8.4%
7/27/2022	-5.3%	-12.8%	-14.2%
4/27/2022	11.9%	6.9%	6.3%
2/16/2022	14.9%	3.5%	11.1%
10/27/2021	-9.1%	-5.7%	-27.4%
7/28/2021	6.8%	15.4%	27.0%
4/28/2021	-3.2%	-0.9%	-0.8%
2/11/2021	-12.7%	-14.3%	-15.3%
10/29/2020	5.8%	13.4%	20.2%
7/29/2020	-6.3%	-7.3%	-19.9%
4/29/2020	-10.6%	-11.1%	3.5%
2/13/2020	-7.6%	7.0%	-15.5%
SUMMARY STATS
# Positive	11	13	13
# Negative	13	11	11
Median Positive	6.0%	5.6%	10.8%
Median Negative	-5.3%	-5.7%	-9.5%
Max Positive	16.3%	15.4%	27.0%
Max Negative	-12.7%	-14.3%	-27.4%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
09/30/2025	10/28/2025	10-Q
06/30/2025	07/29/2025	10-Q
03/31/2025	05/01/2025	10-Q
12/31/2024	02/12/2025	10-K
09/30/2024	10/24/2024	10-Q
06/30/2024	07/24/2024	10-Q
03/31/2024	05/01/2024	10-Q
12/31/2023	02/21/2024	10-K
09/30/2023	10/25/2023	10-Q
06/30/2023	07/26/2023	10-Q
03/31/2023	04/26/2023	10-Q
12/31/2022	02/16/2023	10-K
09/30/2022	11/02/2022	10-Q
06/30/2022	07/27/2022	10-Q
03/31/2022	04/27/2022	10-Q
12/31/2021	02/16/2022	10-K

Insider Activity

Expand for More

#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Hopkinson, Craig C	EVP R&D, Chief Medical Officer	Direct	Sell	1022026	28.00	4,000	112,000	1,728,720	Form
2	Hopkinson, Craig C	EVP R&D, Chief Medical Officer	Direct	Sell	12052025	30.00	3,748	112,447	1,972,325	Form
3	Hopkinson, Craig C	EVP R&D, Chief Medical Officer	Direct	Sell	12012025	29.30	4,000	117,200	1,926,182	Form
4	Hopkinson, Craig C	EVP R&D, Chief Medical Officer	Direct	Sell	11032025	30.38	9,000	273,442	2,118,869	Form
5	Hopkinson, Craig C	EVP R&D, Chief Medical Officer	Direct	Sell	10152025	31.53	9,000	283,776	2,325,074	Form

ALKS Trade Sentinel

Core Investment Debate

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Next 6 months: Risks and Catalysts

Timeline	Event & Metric To Watch

Key Events in Last 6 Months

Date	Event	Stock Impact

Risk Management

Position Sizing

null

Diversification Alternatives

Industry Resources

Health Care Resources

U.S. National Library of Medicine

Health Data Management

FDA Tracker

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

Prefer one of these to Trefis? Tell us why.

Alkermes (ALKS)

Market Price (2/14/2026): $33.17 | Market Cap: $5.5 BilSector: Health Care | Industry: Pharmaceuticals

Alkermes (ALKS)

Market Price (2/14/2026): $33.17Market Cap: $5.5 BilSector: Health CareIndustry: Pharmaceuticals

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About Alkermes (ALKS)

1. Share Repurchases

4. Outbound Investments

5. Capital Expenditures

Interactive Breakdown

Better Bets vs. Alkermes (ALKS)

INDUSTRY: Pharmaceuticals

Higher Rev Chg 3Y Avg | Lower P/S (Values for ALKS: 12.1% | 3.6x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for ALKS: 12.1% | 15.3x)

Higher Rev Chg LTM (Value for ALKS: 1.1%)

Higher Rev Chg 3Y Avg (Value for ALKS: 12.1%)

Higher Op Mgn LTM (Value for ALKS: 23.6%)

Higher CFO/Rev LTM (Value for ALKS: 35.6%)

Higher FCF/Rev LTM (Value for ALKS: 32.3%)

Higher Total Yield (Value for ALKS: 6.2%)

SECTOR: Health Care

Higher Rev Chg 3Y Avg | Lower P/S (Values for ALKS: 12.1% | 3.6x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for ALKS: 12.1% | 15.3x)

Higher Rev Chg LTM (Value for ALKS: 1.1%)

Higher Rev Chg 3Y Avg (Value for ALKS: 12.1%)

Higher Op Mgn LTM (Value for ALKS: 23.6%)

Higher CFO/Rev LTM (Value for ALKS: 35.6%)

Higher FCF/Rev LTM (Value for ALKS: 32.3%)

Higher Total Yield (Value for ALKS: 6.2%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for ALKS: 12.1% | 3.6x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for ALKS: 12.1% | 15.3x)

Higher Rev Chg LTM (Value for ALKS: 1.1%)

Higher Rev Chg 3Y Avg (Value for ALKS: 12.1%)

Higher Op Mgn LTM (Value for ALKS: 23.6%)

Higher CFO/Rev LTM (Value for ALKS: 35.6%)

Higher FCF/Rev LTM (Value for ALKS: 32.3%)

Higher Total Yield (Value for ALKS: 6.2%)

Best Bets in Health Care

P/EBIT (Value for ALKS: 13.5x)

P/E (Value for ALKS: 16.2x)

Rev Chg 3Y Avg (Value for ALKS: 12.1%)

Rev Chg LTM (Value for ALKS: 1.1%)

Rev Chg Q (Value for ALKS: 4.2%)

FCF/Rev 3Y Avg (Value for ALKS: 23.1%)

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Market Price (2/14/2026): $33.17 | Market Cap: $5.5 Bil
Sector: Health Care | Industry: Pharmaceuticals

Market Price (2/14/2026): $33.17
Market Cap: $5.5 Bil
Sector: Health Care
Industry: Pharmaceuticals