Alkermes plc
- Open
- 51.42
- Day high
- 52.78
- Day low
- 50.94
- Prev close
- 51.94
- Volume
- 1.7M
- Mkt cap
- $8.8B
- P/E (TTM)
- 56.7
- EPS (TTM)
- $0.93
- P/B
- 5.0
- P/S
- 5.6
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$2.2M over the last 3 months (0 open-market buys, 9 sales)
- 🏛Institutions mixed (13F)
Alkermes plc (ALKS) is a Healthcare company listed on NASDAQ. The stock is up 80% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 9 sales (SEC Form 4).
Alkermes plc (ALKS) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 9 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
ALKS earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 5, 2026 | $-0.57 | $-0.40 | +29.8% | $393M | +8.2% |
| Feb 25, 2026 | $0.43 | $0.29 | -32.0% | $385M | +7.1% |
| Jul 29, 2025 | $0.41 | $0.52 | +26.8% | $391M | +10.2% |
| May 1, 2025 | $0.25 | $0.13 | -48.9% | $307M | +1.2% |
| Feb 12, 2025 | $0.81 | $1.04 | +28.4% | $430M | +13.3% |
| Oct 24, 2024 | $0.74 | $0.72 | -2.7% | $378M | -0.8% |
| Jul 24, 2024 | $0.70 | $0.70 | +0.0% | $399M | +4.3% |
| May 1, 2024 | $0.59 | $0.44 | -25.4% | $350M | -10.9% |
| Feb 15, 2024 | $0.46 | $0.48 | +4.3% | $377M | +0.1% |
| Oct 25, 2023 | $0.44 | $0.64 | +45.5% | $381M | +5.2% |
| Jul 26, 2023 | $0.48 | $0.55 | +14.6% | $617M | +69.7% |
| Feb 16, 2023 | $0.05 | $0.14 | +180.0% | $305M | +9.3% |
ALKS insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 6, 2026 | Gaffin David Josephofficer: EVP, CLO, Alkermes, Inc. | Sell | 2,034 | $54.03 |
| Jul 1, 2026 | Hopkinson Craig C.officer: EVP R&D, Chief Medical Officer | Option | 5,000 | $19.34 |
| Jul 1, 2026 | Hopkinson Craig C.officer: EVP R&D, Chief Medical Officer | Sell | 8,300 | $51.46 |
| Jul 1, 2026 | Hopkinson Craig C.officer: EVP R&D, Chief Medical Officer | Sell | 700 | $52.13 |
| Jun 12, 2026 | Wright Christopher Idirector | Sell | 2,000 | $45.10 |
| Jun 4, 2026 | Gaffin David Josephofficer: EVP, CLO, Alkermes, Inc. | Sell | 2,034 | $43.05 |
| Jun 1, 2026 | Hopkinson Craig C.officer: EVP R&D, Chief Medical Officer | Sell | 9,000 | $41.67 |
| Jun 1, 2026 | Hopkinson Craig C.officer: EVP R&D, Chief Medical Officer | Option | 5,000 | $19.34 |
| May 29, 2026 | Parisi Samuel Josephofficer: VP, Finance (Interim PAO) | Option | 3,392 | $20.03 |
| May 29, 2026 | Parisi Samuel Josephofficer: VP, Finance (Interim PAO) | Option | 12,825 | $19.34 |
| May 29, 2026 | Parisi Samuel Josephofficer: VP, Finance (Interim PAO) | Sell | 16,217 | $42.36 |
| May 22, 2026 | Lurker Nancydirector | Option | 6,142 | — |
| May 22, 2026 | LAURENCIN CATO Tdirector | Tax | 1,475 | $36.95 |
| May 22, 2026 | MCKEON BRIAN Pdirector | Grant | 5,409 | — |
| May 22, 2026 | LAURENCIN CATO Tdirector | Grant | 5,409 | — |
Source: ALKS SEC Form 4 filings, latest Jul 6, 2026. For informational purposes only — not investment advice.
See the full ALKS insider & 13F page →Alkermes plc company profile
Overview
Alkermes plc (NASDAQ:ALKS) is an Irish-domiciled biopharmaceutical company founded in 1987 and publicly traded since 1991. Originally established as a drug delivery technology company, Alkermes has evolved into a pure-play neuroscience-focused biopharmaceutical enterprise following the planned separation of its oncology business in recent years. The company researches, develops, and commercializes pharmaceutical products primarily targeting central nervous system disorders, with a particular emphasis on schizophrenia, bipolar disorder, alcohol dependence, and opioid dependence. Headquartered in Dublin, Ireland, with significant operations in the United States, Alkermes has built a substantial commercial presence in the psychiatric and addiction medicine markets through both proprietary products and manufacturing partnerships with major pharmaceutical companies.
Business
Alkermes operates in the biopharmaceutical industry, specifically focusing on central nervous system (CNS) disorders and neuroscience therapeutics. The company's business spans two primary segments: proprietary products and manufacturing/royalty services. Proprietary Products (approximately 70% of revenue): Alkermes markets several key psychiatric and addiction medicine drugs. VIVITROL is a once-monthly injectable medication for treating alcohol dependence and preventing opioid dependence, representing the company's largest proprietary product with approximately $457 million in annual sales. The drug works by blocking opioid receptors in the brain, reducing cravings and the euphoric effects of alcohol and opioids. LYBALVI is an oral atypical antipsychotic combining olanzapine with samidorphan, approved for treating schizophrenia and bipolar I disorder in adults, generating around $280 million annually. The samidorphan component helps mitigate the weight gain typically associated with olanzapine. ARISTADA is a long-acting injectable antipsychotic for schizophrenia and schizoaffective disorder, contributing approximately $346 million in annual revenue. Manufacturing and Royalty Services (approximately 30% of revenue): Alkermes provides specialized drug delivery technologies and manufacturing services to pharmaceutical partners, particularly Janssen (Johnson & Johnson). The company manufactures long-acting injectable versions of psychiatric medications including RISPERDAL CONSTA, INVEGA SUSTENNA, INVEGA TRINZA, and TREVICTA. These products utilize Alkermes' proprietary extended-release injection technology that allows medications to be administered monthly or quarterly rather than daily, improving patient compliance in psychiatric treatment. The company also has an emerging pipeline focused on orexin receptor agonists, particularly ALKS 2680, which is being developed for narcolepsy and other sleep-wake disorders. Orexin is a neurotransmitter system that regulates wakefulness, and dysfunction in this system contributes to excessive daytime sleepiness in various neurological conditions.
Revenue model
Alkermes generates revenue through multiple complementary business models. For proprietary products, the company earns revenue through direct pharmaceutical sales to wholesalers, hospitals, and specialty pharmacies. These products are typically covered by commercial insurance, Medicaid (representing 45-50% of volume), and Medicare, with the company managing complex gross-to-net pricing adjustments due to rebates, discounts, and patient assistance programs. The manufacturing and royalty segment operates on a fee-for-service model, where Alkermes receives manufacturing fees for producing partner products plus royalty payments based on the commercial success of these products. The company has long-term supply agreements with Janssen that provide predictable revenue streams, though these relationships can be subject to renegotiation and potential changes in partner strategies. Several factors significantly impact Alkermes' profitability margins. Positive margin drivers include the company's specialized drug delivery technologies that command premium pricing, the recurring nature of psychiatric medications requiring continuous treatment, limited competition for long-acting injectable formulations, and the high barriers to entry in CNS drug development. Patent protection on key products and manufacturing processes also supports pricing power. Margin pressures come from increasing healthcare cost containment efforts, particularly Medicaid rebate negotiations and commercial payer pressure for discounts. The gross-to-net adjustments on proprietary products have been trending higher, moving toward the mid-30% range. Generic competition represents a long-term threat, particularly for VIVITROL which faces potential biosimilar competition. Additionally, the specialized nature of psychiatric medications requires significant investment in medical affairs, key opinion leader relationships, and specialized sales forces, creating ongoing commercial expense pressures. Regulatory compliance costs for manufacturing operations and the high cost of CNS clinical trials also impact margins.
Competitive moat
Alkermes possesses a moderate competitive moat built primarily around its specialized drug delivery technologies and established relationships in the psychiatric medication market. The company's core strength lies in its proprietary extended-release injection platforms that enable monthly or quarterly dosing of psychiatric medications, addressing a critical need for improved patient compliance in mental health treatment. This technology requires significant expertise in formulation science and manufacturing, creating meaningful barriers to entry. The company's regulatory and manufacturing expertise in complex injectable formulations provides additional protection, as these products require specialized facilities, quality systems, and regulatory knowledge that competitors cannot easily replicate. Long-term supply agreements with major pharmaceutical partners like Janssen create some revenue stability and switching costs. However, Alkermes faces significant competitive vulnerabilities. The psychiatric medication market is highly competitive with numerous large pharmaceutical companies developing alternative treatments. Patent expirations pose ongoing threats, particularly for VIVITROL which faces potential biosimilar competition. The company's products operate in therapeutic areas with multiple treatment alternatives, limiting pricing power. New drug delivery technologies, including emerging oral formulations with improved compliance profiles, could potentially disrupt the long-acting injectable market. The company's pipeline concentration risk around orexin receptor agonists also presents challenges, as this program represents the primary growth driver beyond existing products. Competition in narcolepsy treatment is intensifying with multiple companies developing orexin-based therapies. Additionally, Alkermes lacks the scale and diversification of major pharmaceutical companies, making it vulnerable to product-specific setbacks or market changes. The specialized nature of CNS drug development also means that clinical trial failures can have disproportionate impact on the company's prospects.
Risks & safety
Alkermes demonstrates a strong financial safety profile with solid liquidity and manageable debt levels, though valuation metrics suggest limited margin of safety at current prices. Financial Strength: - Cash and investments: $916 million (as of Q1 2025) - Minimal debt: Debt-to-equity ratio of 0.05 - Strong current ratio: 3.33 - Positive free cash flow: $89 million in Q1 2025, $406 million in FY 2024 - No significant solvency risk given strong balance sheet Valuation Metrics: - P/E ratio: 60.0 (Q1 2025), indicating expensive valuation - EV/EBITDA: 91.9 (Q1 2025), extremely high due to low EBITDA in recent quarter - Price-to-book: 3.57 - Graham number suggests potential overvaluation at current levels Other Considerations: - Revenue concentration risk from manufacturing partnerships - Patent cliff exposure for key products - Clinical trial execution risk for pipeline programs - Regulatory approval risk for development candidates
Recent development
Over the past few years, Alkermes has undergone a significant strategic transformation into a pure-play neuroscience company. The most notable development was the planned separation of its oncology business, allowing management to focus exclusively on CNS disorders and psychiatric medications. This strategic pivot reflects increased confidence in the neuroscience portfolio and the desire to optimize value creation for both business segments. The company has made substantial investments in expanding its commercial capabilities, particularly around LYBALVI, which has emerged as a key growth driver. LYBALVI sales grew 46% in 2024 to $280 million, with management expanding the psychiatry sales force by 80 representatives to capture additional market share. The product has achieved a roughly even split between schizophrenia and bipolar disorder indications, demonstrating the value of its broad label. Pipeline advancement has centered on the orexin receptor agonist program, with ALKS 2680 progressing through Phase 2 studies in narcolepsy Type 1 and Type 2. The company initiated the Vibrance clinical program with multiple studies exploring different patient populations and dose ranges. Early results are expected in Q3 2025, with potential Phase 3 studies contingent on positive data. Alkermes has also advanced two additional orexin compounds (ALKS 4510 and ALKS 7290) into first-in-human studies, expanding the potential applications of this drug class. The company resolved a significant business relationship challenge with Janssen through arbitration, reinstating important royalty cash flows from long-acting INVEGA products. However, management has indicated that manufacturing and royalty revenues will face pressure in 2025 due to various partnership transitions. Financial management has been active, with the company repurchasing approximately 8 million shares, retiring all debt, and building a substantial cash position exceeding $900 million to support both organic growth and potential business development opportunities.
ALKS company profile · for informational purposes only — not investment advice.
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