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Here are a few analogies for Alkermes (ALKS):

• Biogen for psychiatric and addiction therapies. (Like Biogen's focus on neuroscience, Alkermes specializes in mental health and addiction treatments.)
• Vertex Pharmaceuticals for mental health and addiction. (Similar to Vertex's specialization in challenging diseases like cystic fibrosis, Alkermes focuses on complex psychiatric and addiction conditions.)

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• ARISTADA: An intramuscular injectable suspension used for the treatment of schizophrenia.
• VIVITROL: Used for the treatment of alcohol dependence and the prevention of opioid dependence.
• RISPERDAL CONSTA: Treats schizophrenia and bipolar I disorder.
• INVEGA SUSTENNA: Addresses schizophrenia and schizoaffective disorder.
• XEPLION: Treats schizophrenia and schizoaffective disorder.
• INVEGA TRINZA: Treats schizophrenia and schizoaffective disorder.
• TREVICTA: Treats schizophrenia and schizoaffective disorder.
• VUMERITY: For the treatment of relapsing forms of multiple sclerosis in adults.
• LYBALVI: An oral atypical antipsychotic drug candidate in development for schizophrenia and bipolar I disorder.
• nemvaleukin alfa: An engineered fusion protein in development to expand tumor-killing immune cells.

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Alkermes (ALKS) sells its pharmaceutical products primarily to other companies.

Based on the provided company description, a major customer and partner company is:

• Janssen Pharmaceutica (a subsidiary of Johnson & Johnson, NYSE: JNJ). Alkermes has collaboration agreements primarily with Janssen Pharmaceutica N.V., Janssen Pharmaceutica Inc, and Janssen Pharmaceutica International for several products, including RISPERDAL CONSTA, INVEGA SUSTENNA, XEPLION, INVEGA TRINZA, and TREVICTA.

For its other commercialized products (such as ARISTADA, VIVITROL, and VUMERITY), Alkermes typically sells to pharmaceutical wholesalers and distributors, which then supply pharmacies, hospitals, and healthcare providers. However, specific names of these wholesale customer companies are not provided in the company description.

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Richard Pops, Chairman and Chief Executive Officer

Richard Pops joined Alkermes as Chief Executive Officer in 1991 and currently serves as Chairman and CEO. Under his leadership, Alkermes has grown from a privately held company with 25 employees to an international, publicly-traded biopharmaceutical company with over 2,000 employees. He has also served on the boards of directors of other publicly-traded biotechnology companies, including Neurocrine Biosciences, and previously Acceleron Pharma and Epizyme. Mr. Pops is scheduled to retire from his CEO role on July 31, 2026, and will continue to serve as Chairman of the Board and an advisor to the executive team.

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. Prior to joining Alkermes, Mr. Reed served as CFO of Omega Therapeutics and Aldeyra Therapeutics. He also spent more than a decade at Bristol Myers Squibb, where he held the position of Vice President and Head of Finance Operations for the U.S. and Puerto Rico, and held roles 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 Jackson, Executive Vice President, Chief Operating Officer

Blair Jackson serves as Alkermes' Executive Vice President, Chief Operating Officer, a position he has held since January 2021. He joined Alkermes in 1999 and has held various scientific and corporate roles within the company. Mr. Jackson is responsible for Alkermes' strategic planning and corporate services, including global operations, quality, information technology, business development, and corporate planning. He is slated to succeed Richard Pops as Chief Executive Officer, effective August 1, 2026. Additionally, he served as interim principal financial officer from February 2024 to September 2025.

C. Todd Nichols, Senior Vice President, Chief Commercial Officer

C. Todd Nichols is the Senior Vice President, Chief Commercial Officer at Alkermes, a role he assumed in May 2020 after joining the company in May 2019 as SVP, Sales & Marketing. He leads the Sales, Marketing, Market Access, and Commercial Operations functions, overseeing the commercial strategy for Alkermes' marketed medicines. Mr. Nichols brings over 20 years of extensive commercial experience in the biopharmaceutical sector, having previously served as Vice President of Marketing and Sales, Inflammation and Immunology at Celgene. His career also includes marketing and sales leadership positions at Biogen, Merck, and Schering-Plough.

Craig Hopkinson, M.D., Executive Vice President, Research & Development and Chief Medical Officer

Dr. Craig Hopkinson serves as Alkermes' Executive Vice President, Research & Development and Chief Medical Officer.

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• Intense Competition and Pricing Pressure: Alkermes operates in the highly competitive Central Nervous System (CNS) therapeutic area, where its proprietary long-acting injectables like ARISTADA, VIVITROL, and LYBALVI face significant rivalry for market share from both branded and generic drug manufacturers. This competitive landscape, coupled with pressure from national payers demanding proof of value for high-cost treatments, can lead to intense pricing battles and erosion of profitability. The acquisition of LUMRYZ for narcolepsy also introduces the company to an area with emerging competition from other OX2R agonists.
• Regulatory and Clinical Development Challenges: As a biopharmaceutical company, Alkermes is subject to stringent and evolving regulatory approval processes by agencies such as the FDA and their international counterparts. Delays, failures, or adverse decisions in securing regulatory approvals for new or existing products can significantly impact business operations, financial health, and investor confidence. Furthermore, the success of Alkermes' future growth is highly dependent on its research and development pipeline, including candidates like ALKS 2680. Clinical trial failures or setbacks can lead to increased costs and delays, as exemplified by past program cancellations.
• Dependence on Key Products and Patent Expirations: A substantial portion of Alkermes' revenue is currently reliant on a few key proprietary products, including ARISTADA, VIVITROL, and LYBALVI. While the company has been shifting towards proprietary product sales, the eventual loss of market exclusivity for these or other products, or increased competition, could lead to significant declines in sales. Even recently acquired products, like LUMRYZ, are projected to face sales declines post-2030 due to patent expirations and increased competition.

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The increasing market preference and competitive emergence of highly effective oral therapies or less burdensome administration methods for chronic psychiatric conditions, which could diminish the market share of Alkermes' substantial portfolio of long-acting injectable (LAI) products for schizophrenia and bipolar I disorder. Alkermes' own development of LYBALVI, an oral atypical antipsychotic for these same indications, suggests an internal recognition of this potential market shift.

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Alkermes plc (ALKS) develops and commercializes pharmaceutical products across various therapeutic areas. The addressable markets for their main products or services are detailed below:

• ARISTADA (aripiprazole lauroxil) for the treatment of schizophrenia:

  The U.S. market for antipsychotics was estimated at $3 billion in 2022, with long-acting injectables (LAIs) representing approximately 20% or $600 million. ARISTADA competes within this broader market.

• VIVITROL (naltrexone) for the treatment of alcohol dependence and prevention of opioid dependence:

  Alkermes reported net sales of $467 million for VIVITROL in fiscal year 2023. Projections for 2024 are between $470 million and $490 million, and for 2025, between $490 million and $510 million. The Alcohol Use Disorder Market in the seven major markets (7MM: United States, EU4, UK, and Japan) was valued at approximately $1,106 million in 2025 and is projected to reach $3,489 million by 2034. The U.S. market size was approximately $1,106 million in 2025. The global naltrexone and buprenorphine market size was estimated at $4.17 billion in 2024 and is projected to reach $9.80 billion by 2033, growing at a CAGR of 9.25%. North America held the largest share of 39.4% in 2024.

• RISPERDAL CONSTA (risperidone) for the treatment of schizophrenia and bipolar I disorder:

  The global market size for RISPERDAL CONSTA was estimated at $3.2 billion in 2022, with a projected Compound Annual Growth Rate (CAGR) of approximately 4.5% from 2023-2028. North America accounts for about 50% of these sales. The broader global antipsychotic drugs market size was valued at $18.51 billion in 2025 and is projected to grow to $27.48 billion by 2034, with North America dominating with a 52.32% share in 2025.

• INVEGA SUSTENNA, XEPLION, INVEGA TRINZA, and TREVICTA (paliperidone palmitate long-acting injectables) for the treatment of schizophrenia and schizoaffective disorder:

  The global schizophrenia treatment market was approximately $4.6 billion in 2022, with injectable antipsychotics accounting for roughly 20% of sales. INVEGA SUSTENNA and its related formulations collectively had global sales exceeding $3 billion in 2022. The U.S. market size for antipsychotics was estimated at $3 billion in 2022, with long-acting injectables (LAIs) representing roughly 20% ($600 million). The total Schizophrenia Market Size in the 7MM was approximately $7,972.0 million in 2022, and in the US, it was approximately $5,749.0 million in 2022. The global schizophrenia market size was valued at approximately $8,000 million in 2024, with the U.S. market at nearly $6 billion in 2024.

• VUMERITY (diroximel fumarate) for the treatment of relapsing forms of multiple sclerosis in adults:

  The global multiple sclerosis drugs market size was valued at $21.07 billion in 2025 and is projected to grow to $53.20 billion by 2034, at a CAGR of 11.08%. North America dominated this market with a 48.51% share in 2025. The global multiple sclerosis therapeutics market size reached $27.42 billion in 2024 and is expected to reach $46.22 billion by 2033, growing at a CAGR of 6.1%. North America holds the largest revenue share of 43.17% in 2024. The Multiple Sclerosis Treatment Market in the 7MM was valued at approximately $20 billion in 2024, and the U.S. market size was approximately $16 billion in 2024.

• LYBALVI (olanzapine and samidorphan) for the treatment of adults with schizophrenia and bipolar I disorder:

  LYBALVI was approved in June 2021 and commercially available in the U.S. since October 2021. The global antipsychotic drugs market size was valued at $18.51 billion in 2025 and is projected to grow to $27.48 billion by 2034. North America dominated with a 52.32% share in 2025. The global antipsychotic drugs market was valued at $18.04 billion in 2023 and is expected to reach around $37.40 billion by 2032. The total Schizophrenia Market Size in the 7MM was approximately $7,972.0 million in 2022, and in the U.S. was approximately $5,749.0 million in 2022. The global schizophrenia market size was valued at approximately $8,000 million in 2024, with the U.S. market at nearly $6 billion in 2024.

• nemvaleukin alfa, an engineered fusion protein for solid tumors:

  Nemvaleukin alfa is being developed for solid tumors, including mucosal melanoma. The global cancer immunotherapy market was valued at $125.7 billion in 2023 and is estimated to grow at a 9.3% CAGR from 2024 to 2032, reaching $277.4 billion.

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Alkermes (ALKS) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and product advancements:

1. Continued Growth of Key Proprietary Neuroscience Products: Alkermes anticipates sustained revenue growth from its established proprietary products, including ARISTADA for schizophrenia, VIVITROL for alcohol and opioid dependence, and LYBALVI for schizophrenia and bipolar I disorder. In 2025, the proprietary product portfolio grew 9% year over year, with LYBALVI showing particularly strong growth. The company's 2026 guidance projects proprietary product net sales of $1.52 billion to $1.6 billion, demonstrating continued confidence in these core assets.
2. Integration and Expansion of LUMRYZ Following the Avadel Acquisition: The recent acquisition of Avadel Pharmaceuticals, completed in February 2026, is a significant strategic move that introduces LUMRYZ into Alkermes' commercial portfolio. This acquisition accelerates Alkermes' entry into the commercial sleep medicine market and is expected to be a substantial new revenue stream. LUMRYZ generated $279 million in net sales in 2025 and is projected to contribute $350 million to $370 million in 2026, with further growth anticipated in the narcolepsy and idiopathic hypersomnia markets.
3. Advancement and Potential Launch of Alixorexton (ALKS 2680): Alixorexton, an investigational orexin-2 receptor agonist for narcolepsy and idiopathic hypersomnia, is considered a transformative opportunity for Alkermes. The company plans to enter Phase 3 studies following a rigorous Phase 2 program and recently granted FDA breakthrough therapy designation. This asset is expected to significantly enhance long-term growth and market entry into new areas within central nervous system disorders.
4. Expansion of the Orexin Portfolio: Beyond alixorexton, Alkermes is progressing other orexin 2 receptor agonists in its pipeline, including ALKS 7290 for ADHD and ALKS 4510 for fatigue in neurodegenerative disorders. Both are advancing toward Phase 2 trials in 2026, indicating a broader strategic focus on the orexin system to drive future revenue streams.

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Share Repurchases

• Alkermes announced a share repurchase program in February 2024, authorizing the repurchase of up to $400 million of its shares.
• In 2024, the company repurchased approximately 7.9 million ordinary shares for a total of $200 million under this program.
• As of September 30, 2024, $200 million remained authorized for future share repurchases, with no shares repurchased in 2025.

Outbound Investments

• In February 2026, Alkermes completed the acquisition of Ireland-based Avadel Pharmaceuticals for a total transaction value of approximately $2.1 billion. This acquisition was financed using approximately $775 million of cash from the balance sheet and $1.525 billion in term loans due in 2031. The acquisition adds Lumryz to Alkermes' commercial portfolio, accelerating its entry into the sleep medicine market.
• The company completed the separation of its former oncology business into an independent, publicly-traded company, Mural Oncology plc, in November 2023.

Capital Expenditures

• Alkermes expects to spend $40 million to $50 million on capital expenditures in 2026. These expenditures are anticipated to support strategic initiatives, including advancing its pipeline programs.