Tearsheet

Alkermes (ALKS)

Market Price (12/25/2025): $28.51 | Market Cap: $4.7 Bil
Sector: Health Care | Industry: Pharmaceuticals

Alkermes (ALKS)

Market Price (12/25/2025): $28.51
Market Cap: $4.7 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 7.2%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.0%, FCF Yield is 10%	Weak multi-year price returns 2Y Excs Rtn is -43%, 3Y Excs Rtn is -60%	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 -22%	Meaningful short interest Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 11.59, 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 35%
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 7.2%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.0%, FCF Yield is 10%
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 -22%
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 35%
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 -43%, 3Y Excs Rtn is -60%
7	Meaningful short interest Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 11.59, 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

	12/25/25	2024	2023	2022	2021
Share Price CYE	$28.51	$28.76	$27.74	$24.29	$21.62
Market Cap CYE ($ Bil)	4.7	4.7	4.6	4.0	3.5
Total Debt ($ Bil)	0.1	0.1	0.4	0.4	0.4
Total Cash ($ Bil)	1.1	0.8	0.8	0.6	0.5
Enterprise Value ($ Bil)	3.7	4.8	5.0	4.4	3.9
Valuation Ratios
P/S TTM	3.1	3.1	2.8	3.8	3.2
P/EBIT TTM	11.6	10.2	10.4	-236.5	37.8
P/E TTM	13.9	13.0	13.0	-27.0	-77.7
P/FCF TTM	9.6	11.7	13.1	-248.6	51.5
Sector Ratios
P/S TTM (Sector)	4.3	3.5	3.9	4.5	7.1
P/EBIT TTM (Sector)	-1.5	-1.3	-1.4	-1.3	-2.6
P/E TTM (Sector)	-1.7	-1.5	-1.5	-1.3	-2.8
P/FCF TTM (Sector)	-1.5	-1.4	-1.4	-1.5	-3.2

	12/25/25	2024	2023
Share Price CYE	$28.51	$28.76	$27.74
Market Cap CYE ($ Bil)	4.7	4.7	4.6
Total Debt ($ Bil)	0.1	0.1	0.4
Total Cash ($ Bil)	1.1	0.8	0.8
Enterprise Value ($ Bil)	3.7	4.8	5.0
Valuation Ratios
P/S TTM	3.1	3.1	2.8
P/EBIT TTM	11.6	10.2	10.4
P/E TTM	13.9	13.0	13.0
P/FCF TTM	9.6	11.7	13.1
Sector Ratios
P/S TTM (Sector)	4.3	3.5	3.9
P/EBIT TTM (Sector)	-1.5	-1.3	-1.4
P/E TTM (Sector)	-1.7	-1.5	-1.5
P/FCF TTM (Sector)	-1.5	-1.4	-1.4

	ALKS	S&P 500
REVENUE GROWTH	FAIR
Rev LTM ($ Bil)	1.5
Rev Chg Q	4.2%	7.3%
Rev Chg LTM	1.1%	6.1%
Rev Chg 3Y Avg	12.1%	5.5%
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%	20.4%
Net Inc Mgn	22.3%	13.1%
VALUATION	LOW
P/S	3.1	3.3
P/CFO	8.7	15.8
P/FCF	9.6	20.7
P/E	13.9	23.5
STABILITY	VERY GOOD
Debt/Equity	0.02	0.21
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
2/11/2026	Earnings Release	Rev: - EPS: -

ALKS Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

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The approximate time period from August 31, 2025, to December 26, 2025, for Alkermes (ALKS) shows a mix of positive financial performance and strategic developments, alongside some market fluctuations and negative technical signals that could contribute to a slight stock decline. 1. 1. Alkermes reported strong Q3 2025 financial results, raising full-year 2025 guidance. In October 2025, Alkermes announced robust third-quarter revenues of $394.2 million, a 4.3% increase year-over-year, and a GAAP net income of $82.8 million. The company raised its full-year 2025 guidance for total revenues to $1.43 billion to $1.49 billion, and GAAP net income to $230 million to $250 million, reflecting strong commercial performance and business momentum. This positive financial outlook indicates underlying strength. 2. 2. Proposed acquisition of Avadel Pharmaceuticals. Alkermes announced a proposed acquisition of Avadel Pharmaceuticals, aiming to strengthen its position in central disorders of hypersomnolence and diversify its commercial portfolio with LUMRYZ, an FDA-approved medicine with significant growth potential. While this is a strategic growth driver, the acquisition will be financed through cash and bank debt, which could impact financial flexibility. 3. Show more The approximate time period from August 31, 2025, to December 26, 2025, for Alkermes (ALKS) shows a mix of positive financial performance and strategic developments, alongside some market fluctuations and negative technical signals that could contribute to a slight stock decline. 1. 1. Alkermes reported strong Q3 2025 financial results, raising full-year 2025 guidance. In October 2025, Alkermes announced robust third-quarter revenues of $394.2 million, a 4.3% increase year-over-year, and a GAAP net income of $82.8 million. The company raised its full-year 2025 guidance for total revenues to $1.43 billion to $1.49 billion, and GAAP net income to $230 million to $250 million, reflecting strong commercial performance and business momentum. This positive financial outlook indicates underlying strength. 2. 2. Proposed acquisition of Avadel Pharmaceuticals. Alkermes announced a proposed acquisition of Avadel Pharmaceuticals, aiming to strengthen its position in central disorders of hypersomnolence and diversify its commercial portfolio with LUMRYZ, an FDA-approved medicine with significant growth potential. While this is a strategic growth driver, the acquisition will be financed through cash and bank debt, which could impact financial flexibility. 3. 3. Positive Phase 2 data for alixorexton. The company reported positive data from its Vibrance-1 Phase 2 study of alixorexton in patients with narcolepsy type 1, and plans to initiate a global Phase 3 program in early 2026. Positive clinical trial results for pipeline assets can be a significant long-term value driver. 4. 4. Mixed short-term technical signals and analyst sentiment. As of December 2025, ALKS stock has seen slight fluctuations. While analysts maintain a generally favorable outlook with an average target price suggesting a potential upside, technical indicators show some mixed signals. Some technical analysis indicated a "Strong Sell" candidate status with negative signals and a falling trend in mid-December 2025. 5. 5. Increased operating expenses and market competition. Research and development expenses increased to $81.7 million in Q3 2025, reflecting higher investments in clinical studies, and selling, general, and administrative expenses rose to $171.8 million, partly due to expansion of the psychiatry sales force and promotional activities. The company also faces competitive challenges in the psychiatric and sleep medicine markets. Increased expenses and competitive pressures could temper investor enthusiasm despite strong revenue growth. Show less

Stock Movement Drivers

Fundamental Drivers

The 5.1% change in ALKS stock from 9/25/2025 to 12/25/2025 was primarily driven by a 8.2% change in the company's P/E Multiple.

	9252025	12252025	Change
Stock Price ($)	27.13	28.51	5.09%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	1505.30	1521.34	1.07%
Net Income Margin (%)	23.15%	22.27%	-3.79%
P/E Multiple	12.84	13.89	8.15%
Shares Outstanding (Mil)	164.96	165.09	-0.08%
Cumulative Contribution			5.09%

LTM = Last Twelve Months as of date shown

Market Drivers

9/25/2025 to 12/25/2025

	Return	Correlation
ALKS	5.1%
Market (SPY)	4.9%	25.5%
Sector (XLV)	16.2%	28.7%

Fundamental Drivers

The -1.1% change in ALKS stock from 6/26/2025 to 12/25/2025 was primarily driven by a -4.4% change in the company's Net Income Margin (%).

	6262025	12252025	Change
Stock Price ($)	28.83	28.51	-1.11%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	1513.77	1521.34	0.50%
Net Income Margin (%)	23.30%	22.27%	-4.41%
P/E Multiple	13.36	13.89	4.00%
Shares Outstanding (Mil)	163.41	165.09	-1.03%
Cumulative Contribution			-1.12%

LTM = Last Twelve Months as of date shown

Market Drivers

6/26/2025 to 12/25/2025

	Return	Correlation
ALKS	-1.1%
Market (SPY)	13.1%	16.5%
Sector (XLV)	16.6%	39.2%

Fundamental Drivers

The -3.8% change in ALKS stock from 12/25/2024 to 12/25/2025 was primarily driven by a -4.4% change in the company's P/E Multiple.

	12252024	12252025	Change
Stock Price ($)	29.65	28.51	-3.84%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	1505.12	1521.34	1.08%
Net Income Margin (%)	22.15%	22.27%	0.56%
P/E Multiple	14.53	13.89	-4.41%
Shares Outstanding (Mil)	163.37	165.09	-1.05%
Cumulative Contribution			-3.86%

LTM = Last Twelve Months as of date shown

Market Drivers

12/25/2024 to 12/25/2025

	Return	Correlation
ALKS	-3.8%
Market (SPY)	15.8%	33.7%
Sector (XLV)	13.3%	42.1%

Fundamental Drivers

The 20.3% change in ALKS stock from 12/26/2022 to 12/25/2025 was primarily driven by a 34.4% change in the company's Total Revenues ($ Mil).

	12262022	12252025	Change
Stock Price ($)	23.70	28.51	20.32%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	1131.58	1521.34	34.44%
P/S Multiple	3.44	3.09	-10.07%
Shares Outstanding (Mil)	164.28	165.09	-0.49%
Cumulative Contribution			20.31%

LTM = Last Twelve Months as of date shown

Market Drivers

12/26/2023 to 12/25/2025

	Return	Correlation
ALKS	2.3%
Market (SPY)	48.3%	27.7%
Sector (XLV)	18.5%	36.6%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
ALKS Return	-2%	17%	12%	14%	4%	-1%	50%
Peers Return	85%	5%	110%	-4%	-30%	46%	301%
S&P 500 Return	16%	27%	-19%	24%	23%	18%	115%
Monthly Win Rates [3]
ALKS Win Rate	50%	58%	58%	58%	42%	50%
Peers Win Rate	53%	55%	57%	50%	38%	62%
S&P 500 Win Rate	58%	75%	42%	67%	75%	73%
Max Drawdowns [4]
ALKS Max Drawdown	-36%	-9%	-6%	-10%	-17%	-9%
Peers Max Drawdown	-23%	-31%	-27%	-33%	-43%	-35%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[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] 2025 data is for the year up to 12/24/2025 (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 IONS, ELAN, TGTX, PRGO, LHI

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.

Better Bets than Alkermes (ALKS)

INDUSTRY: Pharmaceuticals

Higher Rev Chg 3Y Avg | Lower P/S (Values for ALKS: 12.1% | 3.1x)

ANIP (43.7% | 2.0x)

ANI Pharmaceuticals

BCRX (36.2% | 2.7x)

BioCryst Pharmaceuticals

COLL (29.0% | 2.1x)

Collegium Pharmaceutical

PAHC (14.2% | 1.1x)

Phibro Animal Health

AMPH (14.8% | 1.7x)

Amphastar Pharmaceuticals

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for ALKS: 12.1% | 13.1x)

INDV (12.1% | 10.4x)

Indivior

COLL (29.0% | 10.2x)

Collegium Pharmaceutical

PAHC (14.2% | 10.6x)

Phibro Animal Health

AMPH (14.8% | 8.3x)

Amphastar Pharmaceuticals

SIGA (104.9% | 5.0x)

SIGA Technologies

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

LLY (36.8%)

Eli Lilly

JNJ (5.1%)

Johnson & Johnson

PFE (3.9%)

Pfizer

MRK (1.7%)

Merck

BMY (1.3%)

Bristol-Myers Squibb

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

KNSA (96.3%)

Kiniksa Pharmaceuticals International

ACAD (27.8%)

ACADIA Pharmaceuticals

CORT (23.6%)

Corcept Therapeutics

LLY (23.4%)

Eli Lilly

INDV (12.1%)

Indivior

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

LLY (43.0%)

Eli Lilly

MRK (34.9%)

Merck

JNJ (26.2%)

Johnson & Johnson

PFE (24.6%)

Pfizer

BMY (23.8%)

Bristol-Myers Squibb

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

TXMD (75.0%)

TherapeuticsMD

SIGA (67.7%)

SIGA Technologies

SCLX (59.0%)

Scilex

INVA (51.9%)

Innoviva

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: 7.2%)

OGN (35.8%)

Organon

PFE (13.7%)

Pfizer

MRK (10.2%)

Merck

BMY (9.9%)

Bristol-Myers Squibb

JNJ (7.5%)

Johnson & Johnson

SECTOR: Health Care

Higher Rev Chg 3Y Avg | Lower P/S (Values for ALKS: 12.1% | 3.1x)

MCK (12.6% | 0.3x)

McKesson

CI (13.6% | 0.3x)

Cigna

ENSG (18.4% | 2.1x)

Ensign

MOH (12.8% | 0.2x)

Molina Healthcare

BTSG (24.3% | 0.6x)

BrightSpring Health Services

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for ALKS: 12.1% | 13.1x)

MOH (12.8% | 6.5x)

Molina Healthcare

HALO (29.0% | 10.9x)

Halozyme Therapeutics

PTCT (41.7% | 6.7x)

PTC Therapeutics

INDV (12.1% | 10.4x)

Indivior

LNTH (25.5% | 12.8x)

Lantheus

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

LLY (36.8%)

Eli Lilly

UNH (10.5%)

UnitedHealth

ABBV (7.4%)

AbbVie

JNJ (5.1%)

Johnson & Johnson

MRK (1.7%)

Merck

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

LLY (23.4%)

Eli Lilly

ISRG (16.3%)

Intuitive Surgical

BSX (15.6%)

Boston Scientific

CI (13.6%)

Cigna

MCK (12.6%)

McKesson

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

LLY (43.0%)

Eli Lilly

MRK (34.9%)

Merck

ISRG (29.3%)

Intuitive Surgical

JNJ (26.2%)

Johnson & Johnson

ABBV (24.1%)

AbbVie

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

UTHR (49.7%)

United Therapeutics

VEEV (44.7%)

Veeva Systems

AMGN (36.5%)

Amgen

RMD (35.8%)

ResMed

REGN (35.6%)

Regeneron Pharmaceuticals

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

RPRX (102.4%)

Royalty Pharma

VEEV (44.7%)

Veeva Systems

UTHR (35.7%)

United Therapeutics

RMD (33.4%)

ResMed

ABBV (33.0%)

AbbVie

Higher Total Yield (Value for ALKS: 7.2%)

MRK (10.2%)

Merck

UNH (8.6%)

UnitedHealth

ABT (8.3%)

Abbott Laboratories

GILD (7.7%)

Gilead Sciences

JNJ (7.5%)

Johnson & Johnson

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for ALKS: 12.1% | 3.1x)

BRK-B (19.8% | 2.7x)

Berkshire Hathaway

PGR (20.6% | 1.6x)

Progressive

CB (12.2% | 2.1x)

Chubb

WBD (17.2% | 1.9x)

Warner Bros. Discovery

PWR (17.9% | 2.4x)

Quanta Services

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for ALKS: 12.1% | 13.1x)

NEM (23.9% | 12.3x)

Newmont

APO (89.3% | 10.9x)

Apollo Asset Management

CP (22.2% | 12.2x)

Canadian Pacific Kansas City

OKE (16.4% | 7.8x)

ONEOK

FANG (20.8% | 7.6x)

Diamondback Energy

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

NVDA (65.2%)

NVIDIA

MSFT (15.6%)

Microsoft

GOOGL (13.4%)

Alphabet

AMZN (10.9%)

Amazon.com

AAPL (6.0%)

Apple

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

NVDA (91.6%)

NVIDIA

AVGO (25.2%)

Broadcom

BRK-B (19.8%)

Berkshire Hathaway

META (17.3%)

Meta Platforms

MSFT (13.2%)

Microsoft

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

NVDA (58.8%)

NVIDIA

MSFT (46.3%)

Microsoft

META (43.2%)

Meta Platforms

GOOGL (32.2%)

Alphabet

AAPL (31.9%)

Apple

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

META (56.8%)

Meta Platforms

MSFT (50.0%)

Microsoft

NVDA (44.4%)

NVIDIA

AVGO (43.1%)

Broadcom

GOOGL (39.3%)

Alphabet

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

V (53.9%)

Visa

MA (52.5%)

Mastercard

PLTR (46.0%)

Palantir Technologies

AVGO (42.1%)

Broadcom

NVDA (41.3%)

NVIDIA

Higher Total Yield (Value for ALKS: 7.2%)

XOM (9.2%)

Exxon Mobil

WFC (8.7%)

Wells Fargo

CVX (8.6%)

Chevron

RY (8.5%)

Royal Bank of Canada

PEP (7.5%)

PepsiCo

		Best Bets In Health Care Sector
	ALKS	RPRX	HALO	DOCS	CPRX	HRMY	LGND	ISRG	GMED	MD	HIMS
What You Pay
P/E	13.9	22.2	13.5	32.5	13.8	11.9	79.4	74.9	28.1	11.4	58.7
P/EBIT	11.6	10.7	10.5	33.3	11.6	9.0	57.8	73.1	27.4	7.6	68.2
What You Get
Rev Chg Q	4.2%	7.9%	22.1%	23.2%	15.3%	28.7%	122.8%	22.9%	22.9%	-3.6%	49.2%
Rev Chg LTM	1.1%	3.7%	31.2%	20.2%	25.6%	21.1%	64.8%	22.2%	11.7%	-4.2%	78.0%
Rev Chg 3Y Avg	12.1%	1.5%	29.0%	17.4%	46.5%	27.4%	16.0%	16.3%	45.6%	-0.5%	71.0%
FCF/Rev 3Y Avg	23.1%	115.2%	45.0%	42.7%	34.2%	33.2%	23.9%	16.5%	14.3%	8.9%	6.9%

[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	Topic
0	DASHBOARDS
1	How Low Can Alkermes Stock Really Go?	Return
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	Financials
5	Alkermes (ALKS) Net Income Comparison	Financials
6	Alkermes (ALKS) Operating Income Comparison	Financials
7	Alkermes (ALKS) Revenue Comparison	Financials
8	Alkermes vs. Elanco Animal Health: With Return Forecast Of 17%, Elanco Animal Health Is A Better Bet
9	Alkermes vs. S&P500 Correlation	Correlation
10	Alkermes Price Volatility	Volatility

	Title
0	ARTICLES

Trade Ideas

Select ideas related to ALKS. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
CRL_11142025_Dip_Buyer_FCFYield	11142025	CRL	Charles River Laboratories International	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	21.1%	21.1%	-3.7%
GDRX_11142025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11142025	GDRX	GoodRx	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	-6.7%	-6.7%	-11.8%
ASTH_11142025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11142025	ASTH	Astrana Health	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	16.7%	16.7%	-5.5%
SGRY_11142025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11142025	SGRY	Surgery Partners	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	2.3%	2.3%	-1.4%
TFX_11072025_Dip_Buyer_FCFYield	11072025	TFX	Teleflex	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	11.8%	11.8%	-5.1%

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ASTS	AST SpaceMobile	18.9	-8.9%	269.9%
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OMER	Omeros	0.9	74.0%	55.5%
LUNR	Intuitive Machines	2.0	63.7%	-8.0%
AAOI	Applied Optoelectronics	2.6	51.1%	11.2%
FBYD	Falcons Beyond Global	0.7	47.2%	129.7%
FLY	Firefly Aerospace	3.8	45.9%	-55.2%
RKLB	Rocket Lab	39.8	43.0%	203.0%
DVAX	Dynavax Technologies	1.8	42.5%	20.4%
UAMY	United States Antimony	0.8	39.9%	258.8%
DJT	Trump Media & Technology	4.0	36.7%	-58.0%
RZLT	Rezolute	0.3	36.3%	-44.1%

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NOW	ServiceNow	31.7	-80.5%	-28.0%
TPL	Texas Pacific Land	6.8	-66.5%	-19.2%
LW	Lamb Weston	6.0	-28.6%	-34.8%
TLRY	Tilray Brands	10.8	-21.2%	-23.7%
INSP	Inspire Medical Systems	2.8	-19.1%	-48.4%
TDUP	ThredUp	0.8	-17.1%	354.7%
OLMA	Olema Pharmaceuticals	2.3	-15.8%	370.8%
IIPR	Innovative Industrial Properties	1.4	-12.9%	-15.7%
ABM	ABM Industries	2.6	-12.6%	-15.8%
FRMI	Fermi	5.5	-12.6%	-75.7%

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WVE	WAVE Life Sciences	3.0	144.6%	47.5%
TE	T1 Energy	1.1	124.5%	418.4%
ANF	Abercrombie & Fitch	6.0	93.2%	-15.2%
VERA	Vera Therapeutics	3.6	90.4%	31.6%
LUNR	Intuitive Machines	2.0	85.7%	-8.0%
AAOI	Applied Optoelectronics	2.6	82.5%	11.2%
RKLB	Rocket Lab	39.8	81.8%	203.0%
PL	Planet Labs PBC	6.2	76.1%	403.0%
NRGV	Energy Vault	0.8	66.9%	118.9%
FLY	Firefly Aerospace	3.8	60.4%	-55.2%

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RZLT	Rezolute	0.3	-72.0%	-44.1%
JANX	Janux Therapeutics	0.9	-54.6%	-73.3%
LENZ	LENZ Therapeutics	0.5	-46.3%	-40.6%
FRMI	Fermi	5.5	-45.2%	-75.7%
GOGO	Gogo	0.6	-34.1%	-43.0%
HPK	HighPeak Energy	0.6	-30.8%	-69.2%
ORIC	ORIC Pharmaceuticals	0.7	-28.5%	4.5%
FDMT	4D Molecular Therapeutics	0.5	-25.6%	45.4%
NKTR	Nektar Therapeutics	0.6	-25.1%	215.0%
LW	Lamb Weston	6.0	-24.8%	-34.8%

Peer Comparisons for Alkermes

Peers to compare with:

Financials

	ALKS	NBIX	ACAD	BTAI	INDV	JNJ	Median
Name	Alkermes	Neurocri.	ACADIA P.	BioXcel .	Indivior	Johnson .
Mkt Price	28.51	146.98	27.86	1.72	36.00	207.75	32.26
Mkt Cap	4.7	14.6	4.7	0.0	4.5	500.3	4.7
Rev LTM	1,521	2,683	1,047	1	1,174	92,149	1,348
Op Inc LTM	359	554	94	-50	435	24,146	397
FCF LTM	491	593	99	-58	171	18,679	331
FCF 3Y Avg	353	473	70	-103	-32	17,814	212
CFO LTM	541	637	199	-58	218	24,204	380
CFO 3Y Avg	397	508	103	-103	4	23,209	250

Growth & Margins

	ALKS	NBIX	ACAD	BTAI	INDV	JNJ	Median
Name	Alkermes	Neurocri.	ACADIA P.	BioXcel .	Indivior	Johnson .
Rev Chg LTM	1.1%	19.6%	12.7%	-67.0%	2.4%	5.1%	3.7%
Rev Chg 3Y Avg	12.1%	24.6%	27.8%	274.3%	12.1%	6.1%	18.4%
Rev Chg Q	4.2%	27.8%	11.3%	-54.2%	1.0%	6.8%	5.5%
QoQ Delta Rev Chg LTM	1.1%	6.9%	2.8%	-13.4%	0.3%	1.7%	1.4%
Op Mgn LTM	23.6%	20.6%	9.0%	-6,708.2%	37.1%	26.2%	22.1%
Op Mgn 3Y Avg	24.7%	22.1%	-1.1%	-8,707.9%	26.5%	26.4%	23.4%
QoQ Delta Op Mgn LTM	-1.3%	0.8%	0.2%	-930.4%	2.4%	1.7%	0.5%
CFO/Rev LTM	35.6%	23.7%	19.0%	-7,741.2%	18.6%	26.3%	21.4%
CFO/Rev 3Y Avg	25.9%	22.6%	8.7%	-8,288.0%	0.2%	26.4%	15.7%
FCF/Rev LTM	32.3%	22.1%	9.5%	-7,741.2%	14.6%	20.3%	17.4%
FCF/Rev 3Y Avg	23.1%	21.1%	5.5%	-8,288.0%	-3.0%	20.3%	12.9%

Valuation

	ALKS	NBIX	ACAD	BTAI	INDV	JNJ	Median
Name	Alkermes	Neurocri.	ACADIA P.	BioXcel .	Indivior	Johnson .
Mkt Cap	4.7	14.6	4.7	0.0	4.5	500.3	4.7
P/S	3.1	5.4	4.5	32.5	3.8	5.4	5.0
P/EBIT	11.6	25.1	49.8	-0.5	17.4	15.4	16.4
P/E	13.9	34.1	18.0	-0.4	35.2	19.9	19.0
P/CFO	8.7	22.9	23.6	-0.4	20.6	20.7	20.7
Total Yield	7.2%	2.9%	5.6%	-281.0%	2.8%	7.5%	4.2%
Dividend Yield	0.0%	0.0%	0.0%	0.0%	0.0%	2.4%	0.0%
FCF Yield 3Y Avg	7.4%	3.8%	2.7%	-2,989.1%	-4.6%	4.4%	3.3%
D/E	0.0	0.0	0.0	4.5	0.1	0.1	0.1
Net D/E	-0.2	-0.0	-0.2	3.0	-0.0	0.1	-0.0

Returns

	ALKS	NBIX	ACAD	BTAI	INDV	JNJ	Median
Name	Alkermes	Neurocri.	ACADIA P.	BioXcel .	Indivior	Johnson .
1M Rtn	-1.7%	2.4%	14.2%	-9.9%	8.8%	0.5%	1.5%
3M Rtn	5.1%	4.3%	31.3%	-39.0%	57.8%	17.6%	11.4%
6M Rtn	-1.1%	16.0%	25.4%	-15.3%	163.0%	38.5%	20.7%
12M Rtn	-3.8%	7.7%	63.2%	-69.4%	200.3%	46.8%	27.2%
3Y Rtn	20.3%	22.2%	80.1%	-99.5%	63.6%	28.2%	25.2%
1M Excs Rtn	-2.3%	0.7%	13.2%	-15.2%	5.8%	-2.6%	-0.8%
3M Excs Rtn	0.1%	-0.6%	26.4%	-44.0%	52.9%	12.7%	6.4%
6M Excs Rtn	-14.0%	3.1%	12.5%	-28.2%	150.1%	25.7%	7.8%
12M Excs Rtn	-20.9%	-8.4%	48.2%	-85.5%	191.9%	31.3%	11.5%
3Y Excs Rtn	-60.0%	-57.0%	2.9%	-181.5%	-17.6%	-51.9%	-54.4%

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%	35.3%
NDA209830	ARISTADA INITIO KIT	aripiprazole lauroxil	suspension, extended release	6292018	3.1%	-30.8%	-45.2%	-54.3%	-25.5%
NDA207533	ARISTADA	aripiprazole lauroxil	suspension, extended release	10052015	25.2%	-39.2%	-22.8%	-13.2%	-48.7%
NDA021897	VIVITROL	naltrexone	for suspension, extended release	4132006	-24.0%	-26.7%	-29.6%	-49.4%	39.7%

	Post-Approval Fwd Returns
NDA213378	LYBALVI	olanzapine	tablet	5282021	37.2%	-0.9%	34.7%	29.3%	35.3%
NDA209830	ARISTADA INITIO KIT	aripiprazole lauroxil	suspension, extended release	6292018	3.1%	-30.8%	-45.2%	-54.3%	-25.5%
NDA207533	ARISTADA	aripiprazole lauroxil	suspension, extended release	10052015	25.2%	-39.2%	-22.8%	-13.2%	-48.7%
NDA021897	VIVITROL	naltrexone	for suspension, extended release	4132006	-24.0%	-26.7%	-29.6%	-49.4%	39.7%

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	$28.52
Market Cap ($ Bil)	4.7
First Trading Date	07/16/1991
Distance from 52W High	-20.8%
	50 Days	200 Days
DMA Price	$29.83	$29.67
DMA Trend	down	indeterminate
Distance from DMA	-4.4%	-3.9%
	3M	1YR
Volatility	36.4%	35.2%
Downside Capture	149.50	76.38
Upside Capture	139.69	61.18
Correlation (SPY)	26.4%	33.6%

ALKS Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	0.25	0.56	0.47	0.54	0.61	0.57
Up Beta	0.37	0.16	0.60	1.29	0.42	0.46
Down Beta	-2.84	-0.38	0.11	0.25	0.78	0.59
Up Capture	34%	91%	55%	23%	50%	29%
Bmk +ve Days	12	25	38	73	141	426
Stock +ve Days	9	18	30	63	124	369
Down Capture	85%	112%	62%	57%	78%	85%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	10	23	32	61	118	373

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

Based On 1-Year Data

		Comparison of ALKS With Other Asset Classes (Last 1Y)
	ALKS	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-4.8%	16.4%	19.2%	71.9%	8.9%	6.0%	-10.1%
Annualized Volatility	35.0%	17.3%	19.5%	19.3%	15.3%	17.1%	35.0%
Sharpe Ratio	-0.09	0.72	0.78	2.69	0.36	0.18	-0.12
Correlation With Other Assets		41.7%	33.4%	-6.7%	7.1%	38.0%	17.4%

ETFs used for asset classes: Sector ETF = XLV, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

		Comparison of ALKS With Other Asset Classes (Last 5Y)
	ALKS	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	7.4%	8.6%	14.9%	18.7%	11.7%	4.8%	32.7%
Annualized Volatility	36.5%	14.5%	17.1%	15.5%	18.7%	18.9%	48.7%
Sharpe Ratio	0.29	0.41	0.70	0.97	0.51	0.17	0.60
Correlation With Other Assets		33.5%	27.4%	0.1%	3.9%	27.3%	9.0%

Based On 10-Year Data

		Comparison of ALKS With Other Asset Classes (Last 10Y)
	ALKS	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-9.0%	9.8%	14.7%	14.9%	6.9%	5.2%	69.3%
Annualized Volatility	44.0%	16.6%	18.0%	14.8%	17.6%	20.8%	55.8%
Sharpe Ratio	-0.04	0.48	0.70	0.83	0.31	0.22	0.90
Correlation With Other Assets		39.0%	34.2%	-3.1%	12.6%	26.4%	8.8%

Short Interest

Short Interest: As Of Date	12152025
Short Interest: Shares Quantity	20,033,904
Short Interest: % Change Since 11302025	6.4%
Average Daily Volume	1,728,095
Days-to-Cover Short Interest	11.59
Basic Shares Quantity	165,086,000
Short % of Basic Shares	12.1%

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

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	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
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%
...
SUMMARY STATS
# Positive	11	12	12
# Negative	12	11	11
Median Positive	6.0%	5.3%	9.6%
Median Negative	-5.8%	-5.7%	-9.5%
Max Positive	16.3%	15.4%	27.0%
Max Negative	-12.7%	-14.3%	-27.4%

	Forward Returns
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	12	12
# Negative	12	11	11
Median Positive	6.0%	5.3%	9.6%
Median Negative	-5.8%	-5.7%	-9.5%
Max Positive	16.3%	15.4%	27.0%
Max Negative	-12.7%	-14.3%	-27.4%

SEC Filings

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Report Date	Filing Date	Filing
9302025	10282025	10-Q 9/30/2025
6302025	7292025	10-Q 6/30/2025
3312025	5012025	10-Q 3/31/2025
12312024	2122025	10-K 12/31/2024
9302024	10242024	10-Q 9/30/2024
6302024	7242024	10-Q 6/30/2024
3312024	5012024	10-Q 3/31/2024
12312023	2212024	10-K 12/31/2023
9302023	10252023	10-Q 9/30/2023
6302023	7262023	10-Q 6/30/2023
3312023	4262023	10-Q 3/31/2023
12312022	2162023	10-K 12/31/2022
9302022	11022022	10-Q 9/30/2022
6302022	7272022	10-Q 6/30/2022
3312022	4272022	10-Q 3/31/2022
12312021	2162022	10-K 12/31/2021

Insider Activity

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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

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Alkermes (ALKS)

Market Price (12/25/2025): $28.51 | Market Cap: $4.7 BilSector: Health Care | Industry: Pharmaceuticals

Alkermes (ALKS)

Market Price (12/25/2025): $28.51Market Cap: $4.7 BilSector: Health CareIndustry: Pharmaceuticals

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

Valuation, Metrics & Events

ALKS Stock

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 than Alkermes (ALKS)

INDUSTRY: Pharmaceuticals

Higher Rev Chg 3Y Avg | Lower P/S (Values for ALKS: 12.1% | 3.1x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for ALKS: 12.1% | 13.1x)

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: 7.2%)

SECTOR: Health Care

Higher Rev Chg 3Y Avg | Lower P/S (Values for ALKS: 12.1% | 3.1x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for ALKS: 12.1% | 13.1x)

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: 7.2%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for ALKS: 12.1% | 3.1x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for ALKS: 12.1% | 13.1x)

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: 7.2%)

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Market Price (12/25/2025): $28.51 | Market Cap: $4.7 Bil
Sector: Health Care | Industry: Pharmaceuticals

Market Price (12/25/2025): $28.51
Market Cap: $4.7 Bil
Sector: Health Care
Industry: Pharmaceuticals