Alkermes plc

Business focus

Alkermes is a global biopharmaceutical company focused on neuroscience. The company develops, manufactures, markets and licenses proprietary medicines and product platforms for conditions including schizophrenia, bipolar I disorder, alcohol and opioid dependence, narcolepsy, multiple sclerosis, and other CNS disorders.

Commercial products and recent additions

• Primary proprietary products in the U.S. market:
  • ARISTADA — long-acting injectable antipsychotic for schizophrenia
  • ARISTADA INITIO — initiation onto ARISTADA for schizophrenia
  • LYBALVI — olanzapine and bupropion combination for schizophrenia and bipolar I disorder
  • VIVITROL — naltrexone extended-release injectable suspension for alcohol and opioid dependence
• Recently added via acquisition:
  • LUMRYZ (sodium oxybate) — for narcolepsy with cataplexy in adults and pediatric patients

Development programs and collaborations

• Alixorexton (formerly ALKS 2680) — orexin 2 receptor agonist for narcolepsy-related hypersomnolence disorders; Phase 2 Vibrance-1 and -2 completed with positive topline results (2025); Phase 3 planned for early 2026.
• VUMERITY (diroximel fumarate) for multiple sclerosis — licensed to Biogen.
• Key collaboration and licensing arrangements:
  • Janssen: rights for INVEGA SUSTENNA/XEPLION, INVEGA TRINZA/TREVICTA, INVEGA HAFYERA/BYANNLI (long-acting INVEGA products) in North America and other regions.
  • Biogen: VUMERITY license and supply arrangements.

Manufacturing and supply

• Primary U.S. manufacturing is at the Wilmington, Ohio facility.
• Some products are manufactured by Janssen or third parties; packaging for several products is outsourced.
• LUMRYZ transitioned from the Athlone facility (sold in May 2024); ongoing manufacturing is supported through subcontractors.

Regulatory

• Operates under global pharmaceutical regulatory frameworks (FDA, EMA, DEA, etc.).
• LUMRYZ is subject to a REMS program for sodium oxybate and other products have applicable manufacturing approvals and licenses.

2025 financial highlights

• Product sales, net (2025):
  • VIVITROL: $467.9 million
  • ARISTADA and ARISTADA INITIO: $370.0 million
  • LYBALVI: $346.7 million
  • Total product sales, net: $1,184.6 million
• Manufacturing and royalty revenues (2025): $291.3 million
  • Long-acting INVEGA products: $109.6 million
  • VUMERITY: $130.5 million
  • RISPERDAL CONSTA: $19.6 million
  • Other: $31.6 million
• Revenues from collaboration/licensing arrangements (Janssen-related) accounted for ~9% of total consolidated revenues in 2025 (compared with ~17% in 2024 and ~31% in 2023).
• Net income from continuing operations:
  • 2025: $241.7 million
  • 2024: $372.1 million
• Accumulated deficit (2025): $0.7 billion

Employees and recent corporate actions

• Approximately 2,050 full-time employees in 2025:
  • ~1,950 based in the U.S.; ~100 based in Ireland
• Major corporate actions:
  • Avadel acquisition completed February 12, 2026 (added LUMRYZ and narcolepsy development capabilities)
  • Sale of the Athlone facility to Novo Nordisk in May 2024; subcontracting arrangements continued through the end of 2025

Commercial distribution

• Product distribution frequently involves wholesalers and specialty distributors/pharmacies, including McKesson, Cardinal Health and Cencora.
• 2025 product-specific customer mix (approximate):
  • VIVITROL: ~38% McKesson, ~15% Cardinal Health, ~18% Cencora
  • ARISTADA/ARISTADA INITIO: ~48% McKesson, ~22% Cardinal Health, ~24% Cencora
  • LYBALVI: ~32% McKesson, ~29% Cardinal Health, ~35% Cencora

R&D and pipeline funding

• R&D expenses (2025):
  • External R&D: $167.3 million
  • Internal R&D: $156.7 million
  • Total R&D expense: $324.0 million
• LUMRYZ development and commercialization are being advanced through Avadel-related arrangements; the REMS program for sodium oxybate remains a regulatory consideration.

Corporate structure and risks

• Irish-incorporated company with Nasdaq-listed ADR/traded ordinary shares (ALKS).
• Primary corporate offices in Dublin (headquarters) and U.S. operations including Wilmington, Ohio (manufacturing).
• The company relies on licensees and partners for commercialization of certain products and faces potential IP-related litigation and pricing/reimbursement pressures in the U.S. and globally.