Here are 1-3 brief analogies for Alkermes:

• Biogen for psychiatric and neurological conditions.

• A more specialized Eli Lilly, focusing on mental health treatments.

• 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.

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)

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.

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

1. 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.
2. 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).
3. 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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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.

1. 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.
2. 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.
3. 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.
4. 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.

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.