# Alkermes plc (ALKS)

> Source: Nexqual · https://nexqual.com/ALKS · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Alkermes plc (ALKS), nexqual.com/ALKS" · informational, not investment advice.

**Price:** USD 44.18 (+1.61% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 43.48 · day 43.46–44.68 · 52w 27–55.67 · market cap $7.41B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.67B, net income $66.1M (4.0% margin), free cash flow $222M (SEC filings).
- Valuation: P/E 112.1x (avg 15.3x at the last 3 fiscal year-ends), EV/EBITDA 46.3x, net debt $868M.
- Insider open-market sales, last ~7 months: 16 Form 4 filings, $6.0M; 2 not under a Rule 10b5-1 plan ($2.9M); 1 by opportunistic insiders (0 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.20 on a 1–5 scale) (20 analysts), mean target USD 56.21 (range 38–83).
- Total return with dividends: 1Y +47.1% vs S&P 500 +14.9%; 5Y +43.2% vs S&P 500 +80.3%.
- Next earnings: 2026-11-03, EPS estimate USD 0.25, revenue estimate $465M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.17B | $1.11B | $1.66B | $1.56B | $1.48B | $1.67B |
| Gross profit | $976M | $894M | $1.41B | $1.31B | $1.28B | — |
| Operating income | $97.7M | -$6.1M | $414M | $421M | $254M | $117M |
| Net income | -$48.2M | -$158M | $356M | $367M | $242M | $66.1M |
| EPS (diluted) | -$0.29 | -$0.97 | $2.10 | $2.17 | $1.43 | — |
| Free cash flow | $73.7M | -$17.2M | $353M | $406M | $480M | $222M |
| Gross margin | 83.2% | 80.4% | 84.8% | 84.2% | 86.7% | — |
| Operating margin | 8.3% | -0.5% | 24.9% | 27.0% | 17.2% | 7.0% |
| Net margin | -4.1% | -14.2% | 21.4% | 23.6% | 16.4% | 4.0% |
| Revenue growth | +13.0% | -5.3% | +49.6% | -6.4% | -5.2% | — |
| Cash + short-term investments | $536M | $608M | $773M | $752M | $588M | — |
| Total debt | $296M | $293M | $291M | — | $0K | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 112.1x · P/S 4.4x · EV/EBITDA 46.3x · EV/Sales 5.0x · P/FCF 33.4x · P/B 4.1x · FCF yield 2.99% · Earnings yield 0.89% · Net debt $868M · EV $8.28B
P/E at fiscal year-ends: Dec 2025 19.5x, Dec 2024 13.3x, Dec 2023 13.2x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
14 of 16 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-02 | Gaffin David Joseph | EVP, CLO, Alkermes, Inc. | 2,034 | $83K | 0.9% | Yes | Too little history (no open-market trades in 2023–2025) |
| 2026-09-03 | Gaffin David Joseph | EVP, CLO, Alkermes, Inc. | 2,034 | $98K | 0.9% | Yes | Too little history (no open-market trades in 2023–2025) |
| 2026-09-01 | Hopkinson Craig C. | EVP R&D, Chief Medical Officer | 9,000 | $423K | 12.1% | Yes | Too little history (no open-market trades in 2023) |
| 2026-08-17 | Nichols Christian Todd | SVP, Chief Commercial Officer | 7,576 | $373K | 6.9% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-03 | Snyderman Nancy Lynn Md | Director | 44,472 | $2.2M | 55.1% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-08-03 | Hopkinson Craig C. | EVP R&D, Chief Medical Officer | 9,000 | $437K | 11.5% | Yes | Too little history (no open-market trades in 2023) |
| 2026-08-03 | Gaffin David Joseph | EVP, CLO, Alkermes, Inc. | 2,034 | $99K | 0.9% | Yes | Too little history (no open-market trades in 2023–2025) |
| 2026-07-06 | Gaffin David Joseph | EVP, CLO, Alkermes, Inc. | 2,034 | $110K | 0.9% | Yes | Too little history (no open-market trades in 2023–2025) |
| 2026-07-01 | Hopkinson Craig C. | EVP R&D, Chief Medical Officer | 9,000 | $464K | 10.9% | Yes | Too little history (no open-market trades in 2023) |
| 2026-06-12 | Wright Christopher I | Director | 2,000 | $90K | 7.2% | Yes | Too little history (no open-market trades in 2023–2025) |
| 2026-06-04 | Gaffin David Joseph | EVP, CLO, Alkermes, Inc. | 2,034 | $88K | 0.9% | Yes | Too little history (no open-market trades in 2023–2025) |
| 2026-06-01 | Hopkinson Craig C. | EVP R&D, Chief Medical Officer | 9,000 | $375K | 10.4% | Yes | Too little history (no open-market trades in 2023) |
| 2026-05-29 | Parisi Samuel Joseph | VP, Finance (Interim PAO) | 16,217 | $687K | 67.8% | No | Too little history (no open-market trades in 2023) |
| 2026-05-04 | Gaffin David Joseph | EVP, CLO, Alkermes, Inc. | 2,034 | $68K | 0.9% | Yes | Too little history (no open-market trades in 2023–2025) |
| 2026-05-01 | Hopkinson Craig C. | EVP R&D, Chief Medical Officer | 9,000 | $301K | 10% | Yes | Too little history (no open-market trades in 2023) |
| 2026-04-06 | Gaffin David Joseph | EVP, CLO, Alkermes, Inc. | 2,034 | $70K | 0.9% | Yes | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.20 on a 1–5 scale), 20 analysts; mean target USD 56.21 (low 38, high 83).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-22 | RBC Capital | Reiterated | Outperform | $56 |
| 2026-09-22 | Baird | Target raised | Outperform | $58 → $61 |
| 2026-09-21 | Needham | Reiterated | Buy | $62 |
| 2026-07-29 | JP Morgan | Target raised | Neutral | $60 → $61 |
| 2026-07-29 | Baird | Target raised | Outperform | $48 → $58 |
| 2026-07-28 | Piper Sandler | Target raised | Overweight | $43 → $65 |
| 2026-07-20 | Stifel | Target raised | Buy | $45 → $63 |
| 2026-07-13 | Needham | Target raised | Buy | $61 → $62 |
| 2026-07-02 | Mizuho | Target raised | Outperform | $53 → $65 |
| 2026-06-29 | Wells Fargo | Target raised | Overweight | $44 → $65 |
| 2026-06-29 | B of A Securities | Downgrade | Neutral → Underperform | $38 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +47.1% | +43.2% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +47.3% | +7.4% |
| Volatility (annualized) | 40.2% | 36.8% |
| Max drawdown | -29.2% (Jul 2026→Oct 2026) | -30.5% (Jul 2022→Oct 2022) |

## Peers (Drug Manufacturers - Specialty & Generic)
AMRX (Amneal Pharmaceuticals, Inc.) USD 20.48 +1.39% · HIMS (Hims & Hers Health, Inc.) USD 29.13 -0.27% · LNTH (Lantheus Holdings, Inc.) USD 100.1 -0.14% · KNSA (Kiniksa Pharmaceuticals Interna) USD 80.79 +1.37% · RDY (Dr. Reddy's Laboratories Ltd) USD 13.23 +0.30% · RGC (Regencell Bioscience Holdings L) USD 9.81 -9.17%

## More
Full page: https://nexqual.com/ALKS · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in ALKS's own 10-K filed 2026-02-25 (https://www.sec.gov/Archives/edgar/data/1520262/000119312526068925/alks-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Novo Nordisk (NVO) | "In May 2024, we completed the sale of our Athlone Facility and related business to Novo Nordisk ("Novo") and entered into subcontracting arrangements to continue certain development and manufacturing activities performed…" |
| Partner | Janssen | "Under an exclusive license agreement with Janssen, we provided Janssen with rights to, and know-how, training and technical assistance in respect of, our small particle pharmaceutical compound technology, known as NANOCR…" |
| Partner | Avadel Pharmaceuticals | "In October 2025, we entered into the Transaction Agreement with Avadel, which was subsequently amended in November 2025, pursuant to which we agreed to acquire the entire issued and to be issued ordinary share capital of…" |
| Competitor | Eli Lilly (LLY) | "In the treatment of schizophrenia, ARISTADA, the long-acting INVEGA products and RISPERDAL CONSTA compete with each other and a number of other injectable products, including ZYPREXA RELPREVV ((olanzapine) For Extended R…" |
| Competitor | Johnson & Johnson (JNJ) | "In the treatment of schizophrenia, LYBALVI competes with other oral antipsychotic products, including CAPLYTA (lumateperone) marketed by Johnson & Johnson or its affiliated companies.;" |

Other companies that name ALKS in their own reports (relationship from ALKS's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| supplier | VEEVA SYSTEMS INC (VEEV) | 10-K 2026-03-20 | "Our life sciences customers range from the largest global pharmaceutical and biotechnology companies such as Bayer AG, Boehringer Ingelheim GmbH, Eli Lilly and Company, Gilead Sciences, Inc., Merck Sh…" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Product | $411.7M | 83.0% | +34.0% |
| — Vivitrol (part of Product) | $124.5M | 25.1% | +2.3% |
| — Aristada & Aristada Initio (part of Product) | $96.7M | 19.5% | -4.5% |
| — LUMRYZ (part of Product) | $96.6M | 19.5% | — |
| — LYBALVI (part of Product) | $94.0M | 18.9% | +11.5% |
| Manufactured Product & Royalty | $84.3M | 17.0% | +1.0% |
| — Royalty (part of Manufactured Product & Royalty) | $63.4M | 12.8% | -5.2% |
| — Manufacturing Revenue (part of Manufactured Product & Royalty) | $20.9M | 4.2% | +26.2% |
| Total revenue | $496.0M | 100% | — |

## Revenue by region (fiscal year ended 2025-12-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $1.37B | 93.0% | -2.7% |
| Foreign Country Excluding Specified Country | $102.4M | 6.9% | -30.0% |
| Ireland | $754,000 | 0.1% | -41.7% |
| Total revenue | $1.48B | 100% | — |

## Customer concentration

Period ended 2025-12-31: 31%, 20%, 17% of revenue from unnamed direct customers (10-K, filed 2026-02-25).

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.25 | $0.36 | -31.6% | $465.1M | 4 |
| Next quarter (ends 2026-12-31) | $0.09 | $0.32 | -72.0% | $472.3M | 4 |
| Current fiscal year (ends 2026-12-31) | $1.27 | $0.98 | +29.6% | $1.82B | 4 |
| Next fiscal year (ends 2027-12-31) | $1.81 | $1.56 | +16.2% | $1.94B | 4 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-03): ±11.0%; last 8 reports averaged ±6.1%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 48.8% | ±11.0% |
| 2026-12-18 | 56 | 50.7% | ±15.9% |
| 2027-01-15 | 84 | 49.3% | ±19.1% |
| 2027-02-19 | 119 | 49.6% | ±22.5% |
| 2027-05-21 | 210 | 51.6% | ±30.7% |