At a glance
Alkermes Plc is worth $7.59B, about 32 times its fiscal 2025 earnings. Revenue fell 5.2% to $1.48B in fiscal 2025, with 16.4% kept as profit; over 5 years it has grown 7.3% a year. It pays no dividend; it spent $200.3M buying back its shares over FY2021–FY2025. The stock returned +46.0% over the past year with dividends reinvested and +9.4% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 38.5% in the 2020 crash (S&P 500: 33.7%) and 31.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 9 months and 16 months after the lows.
The business in plain English
Alkermes is a drugmaker focused on neuroscience, meaning medicines for brain and mental health conditions. It is headquartered in Ireland, with a corporate office and research center in Massachusetts and a manufacturing plant in Ohio. It markets its own drugs in the U.S. for alcohol and opioid dependence, schizophrenia, bipolar I disorder and narcolepsy, a disorder that causes extreme daytime sleepiness.
Three products generated most of its $1.48 billion of revenue in the year ended December 31, 2025. VIVITROL, a once-monthly injection for alcohol and opioid dependence, brought in 31.7%. ARISTADA is a long-acting schizophrenia injection. Together with ARISTADA INITIO, the starter dose, it brought in 25.1%. LYBALVI, a daily pill for schizophrenia and bipolar I disorder, brought in 23.5%. The narcolepsy drug LUMRYZ is taken once at bedtime. It joined the lineup when Alkermes completed its purchase of Avadel Pharmaceuticals on February 12, 2026, so it is not in those figures.
The rest of the revenue comes from partners. Janssen markets long-acting schizophrenia injections such as INVEGA SUSTENNA and RISPERDAL CONSTA that use Alkermes technology. Biogen markets the multiple sclerosis drug VUMERITY under license. Royalties made up 16.6% of 2025 revenue, and manufacturing for partners made up 3.1%. Those Janssen products also compete with ARISTADA and LYBALVI.
Price history
The interactive chart needs JavaScript.
ALKS +46.0% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Vivitrol | $467.9M | 31.7% |
| Aristada And Aristada Initio | $370.0M | 25.1% |
| LYBALVI | $346.7M | 23.5% |
| Royalty | $245.3M | 16.6% |
| Manufacturing Revenue | $46.0M | 3.1% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $496.0M, up 27% from a year earlier, and net income was $501K (-99.4%).
- For fiscal 2025, revenue was $1.48B (-5.2% year over year; +7.3% a year from FY2020 to FY2025) with a 16.4% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +7.3% good |
|---|---|
| Operating margin | 17.2% good |
| Free cash flow margin | 32.5% good |
| Return on equity (FY2025) | 13.3% watch |
| Return on assets (FY2025) | 9.7% good |
| Net cash (cash minus debt) | $-833.5M weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.04B | $-110.9M | $40.6M |
| FY2021 | $1.17B | $-48.2M | $73.7M |
| FY2022 | $1.11B | $-158.3M | $-17.2M |
| FY2023 | $1.66B | $355.8M | $353.3M |
| FY2024 | $1.56B | $367.1M | $405.6M |
| FY2025 | $1.48B | $241.7M | $480.3M |
Valuation snapshot
| Market value | $7.59B |
|---|---|
| P/E ratio | 31.6 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Alkermes’s market value went from $8.45B at the end of 2016 to $7.59B on Oct 28, 2026, down 10%; since the end of 2025 it is up 64%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $7.59B | +64.3% |
| 2025 | $4.62B | -0.7% |
| 2024 | $4.65B | +0.5% |
| 2023 | $4.63B | +7.8% |
| 2022 | $4.29B | +14.1% |
| 2021 | $3.76B | +18.5% |
| 2020 | $3.18B | -1.2% |
| 2019 | $3.21B | -29.9% |
| 2018 | $4.59B | -45.5% |
| 2017 | $8.42B | -0.4% |
| 2016 | $8.45B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| ALKS price data to Oct 28, 2026 | +61.7% | +46.0% | +26.8% | +9.4% | -1.2% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +61.7% |
| 2025 | -2.7% |
| 2024 | +3.7% |
| 2023 | +6.2% |
| 2022 | +12.3% |
| 2021 | +16.6% |
| 2020 | -2.2% |
| 2019 | -30.9% |
| 2018 | -46.1% |
| 2017 | -1.5% |
| 2016 | -30.0% |
| 2015 | +35.5% |
| 2014 | +44.0% |
| 2013 | +119.5% |
| 2012 | +6.7% |
| 2011 | +41.4% |
| 2010 | +30.5% |
| 2009 | -11.6% |
| 2008 | -31.7% |
| 2007 | +16.6% |
| 2006 | -30.1% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 54.6% over that stretch · deepest drop along the way 67.1%, back to its old high 31.3 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 28% over that stretch · deepest drop along the way 38.5%, back to its old high 8.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 8.2% over that stretch · deepest drop along the way 31.2%, back to its old high 16.2 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 16 sales ($5.6M), 14 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 3, 2026 | nancy lynn MD snyderman Director | sell | $2.2M |
| May 29, 2026 | Samuel Joseph Parisi VP, Finance (Interim PAO) | sell | $687K |
| Aug 3, 2026 | Craig C. Hopkinson EVP R&D, Chief Medical Officer | sell (plan) | $437K |
| Jul 1, 2026 | Craig C. Hopkinson EVP R&D, Chief Medical Officer | sell (plan) | $427K |
| Sep 1, 2026 | Craig C. Hopkinson EVP R&D, Chief Medical Officer | sell (plan) | $423K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 15.8% | Mar 31, 2025 |
| Baker Bros. Advisors LP | 6.1% | Dec 31, 2025 |
| Vanguard Portfolio Management | 5.8% | Mar 31, 2026 |
| Vanguard Capital Management | 5.21% | Mar 31, 2026 |
| STATE STREET CORPORATION | 5.2% | Sep 30, 2025 |
| Wellington Management Group LLP | 4.3% | Dec 31, 2024 |
| T. Rowe Price Associates, Inc. | 2.8% | Mar 31, 2026 |
ETFs with the most weight in ALKS
| PSIL AdvisorShares Psychedelics ETF | 7.23% |
| SBIO ALPS Medical Breakthroughs ETF | 4.81% |
| IBRN iShares Neuroscience and Healthcare ETF | 4.52% |
| MEDX Horizon Kinetics Medical ETF | 4.51% |
| FBT First Trust NYSE Arca Biotechnology Index Fund | 3.93% |
| SAMM Strategas Macro Momentum ETF | 3.44% |
| PSCH Invesco S&P SmallCap Health Care ETF | 3.3% |
| MNTL Tema Neuroscience and Mental Health ETF | 1.89% |
What could go wrong
- Three drugs drive most sales. VIVITROL, ARISTADA and LYBALVI brought in 31.7%, 25.1% and 23.5% of 2025 revenue. A new rival, safety concern or pricing change for any one could hurt results. Janssen, a royalty partner, markets rival drugs.
- The Avadel deal has to pay off. Alkermes paid $21.00 a share in cash for Avadel, with $1.50 more per share tied to a milestone. If LUMRYZ falls short, Alkermes may have to mark down the deal's value, cutting reported earnings.
- LUMRYZ comes with strict rules. LUMRYZ is a controlled substance. Under an FDA safety program, only certified prescribers and pharmacies can provide it. Breaking the rules could be costly. Its FDA exclusivity for adults runs through May 1, 2030.
- Patent challenges could invite generic rivals. Alkermes and its partners have faced patent challenges, and the company discloses legal proceedings involving VIVITROL and LYBALVI. Losing patent protection could let in cheaper generic copies and cut sales.
- Debt outweighs cash on hand. As of June 30, 2026, Alkermes owed about $1.53 billion against $691 million of cash and investments. Payments on that debt could limit its ability to respond if the business weakens.
- Profits have been uneven. Alkermes lost money every year from 2020 to 2022. Net income fell 34.2% in 2025. In the quarter ended June 30, 2026, it was about $0.5 million, though revenue rose 27% from a year earlier.
Recent events
- Investor presentation or announcement; Other company announcement
- Executive or board change; Investor presentation or announcement
- Major agreement signed
- Quarterly results released
- Major agreement ended
- Investor presentation or announcement; Other company announcement
- Executive or board change; Shareholder vote results
- Investor presentation or announcement; Other company announcement
- Quarterly results released
- Executive or board change; Investor presentation or announcement
For income and retirement investors
Alkermes does not pay a dividend and paid none from fiscal 2021 through 2025, so it offers no regular income. For an income investor, any return would come from changes in the share price. The company generated $480.3 million of free cash flow (cash left after running the business and investing in it) in 2025. It spent $200.3 million on buybacks (repurchases of its own stock) in 2024. Even so, the share count rose 3.7% between October 2021 and July 2026.
The shares have fallen hard in past downturns. In the 2008 financial crisis they dropped 67.1% between October 2007 and November 2008, and took about 31 months to recover. In the 2020 COVID crash they fell 38.5% in March and recovered by December 2020. In the 2022 bear market they slid 31.2% from July to October and needed about 16 months to come back. Single stocks like Alkermes carry more risk than diversified funds.
Questions investors ask
Does Alkermes pay a dividend?
No. Alkermes does not pay a dividend and paid none from fiscal 2021 through 2025. Instead, it has returned some cash through buybacks, spending $200.3 million to repurchase shares in 2024. Even so, shares outstanding rose 3.7% between October 22, 2021 and July 23, 2026. For an income investor, that means any return from this stock would come from changes in the share price, not from regular payments.
How does Alkermes make money?
Mostly from its own brain-health medicines, which it markets in the U.S. Alkermes had $1.48 billion of revenue in the year ended December 31, 2025. VIVITROL (alcohol and opioid dependence) brought in 31.7%, ARISTADA and ARISTADA INITIO (schizophrenia) 25.1%, and LYBALVI (schizophrenia and bipolar I disorder) 23.5%. Royalties made up 16.6% and manufacturing for partners 3.1%. Partners include Janssen, whose schizophrenia injections use Alkermes technology, and Biogen, which holds the license to VUMERITY. The narcolepsy drug LUMRYZ came with the Avadel acquisition in February 2026.
What did Alkermes gain from the Avadel acquisition?
Alkermes gained LUMRYZ, a narcolepsy treatment taken once at bedtime, plus a commercial team with experience in narcolepsy. The deal closed on February 12, 2026. Alkermes paid $21.00 per Avadel share in cash, plus a right to $1.50 more per share if a specified milestone is met. LUMRYZ has FDA orphan drug exclusivity, which shields it from certain competing versions. It lasts through May 1, 2030 for adults and through October 16, 2031 for children seven and older. Jazz receives a 3.85% royalty on LUMRYZ sales for narcolepsy.
How has Alkermes stock performed over the long term?
Unevenly. As of October 28, 2026, the shares were up 61.7% year to date and 46% over one year. Over three years they gained 104% in total, or 26.8% a year. Over five years they gained 56%, or 9.4% a year. Over 10 years, though, they lost 11% in total, about 1.2% a year. The stock has been volatile. It fell 46.1% in 2018 and 30.9% in 2019, and its deepest decline in roughly 21 years of price history was 83.7%.
How much debt does Alkermes have?
Alkermes had $1.525 billion of total debt as of June 30, 2026, against $691.5 million of cash and investments. That is about $834 million more debt than cash. Shareholders' equity was about $1.81 billion. The company's annual report warns that its debt could limit its ability to plan for or respond to changes in its business. For context, Alkermes generated $480.3 million of free cash flow (cash left after running and investing in the business) in 2025.