Monitor the integration of Avadel and the ramp-up of LUMRYZ sales, as the company transitions from profitability to a projected net loss in 2026 due to acquisition accounting. The success of alixorexton's phase 3 trials will be critical for long-term value creation.
Price Chart
Executive Summary
Alkermes reported 2025 total revenues of $1.48 billion and diluted GAAP EPS of $1.43, with a 9% year-over-year increase in proprietary product sales. The company expects a GAAP net loss in 2026 due to acquisition-related costs from the Avadel deal, despite projecting revenue growth to $1.73-$1.84 billion. The acquisition of Avadel strengthens its sleep medicine portfolio with LUMRYZ and supports the development of alixorexton.
Key Financial Metrics
Key Facts
- 2025 total revenue was $1.48 billion, down from $1.56 billion in 2024
- 2025 GAAP net income was $242 million, down from $367 million in 2024
- 2026 guidance includes a projected GAAP net loss of $115-$135 million
- 2026 revenue guidance is $1.73-$1.84 billion, representing 17-24% growth
- Acquisition of Avadel closed in February 2026 for $775 million in cash and $1.525 billion in term loans
- LUMRYZ net sales expected to contribute $315-$335 million in 2026
Financial Impact
GAAP net loss of $115-$135 million in 2026 due to $150 million inventory step-up expense and $95-$105 million amortization from Avadel acquisition
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| VIVITROL | $467.9M | +2.3% |
| ARISTADA | $370.0M | +6.9% |
| LYBALVI | $346.7M | +23.9% |
Risk Factors
- Integration risks from the Avadel acquisition
- Dilution from $1.525 billion in new debt
- Execution risk in launching and commercializing LUMRYZ
- Clinical development risk for alixorexton
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-068512 |
| Document: alks-20260225.htm | 0001193125-26-068512 |
| Document: alks-ex99_2.htm | 0001193125-26-068512 |
| Document: 0001193125-26-068512-index-headers.html | 0001193125-26-068512 |
| Document: 0001193125-26-068512-index.html | 0001193125-26-068512 |
| Document: 0001193125-26-068512.txt | 0001193125-26-068512 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 16, 2026 16d ago | 8-K | $46.07 $42.13 | ▼ −8.55% | ▼ −11.12% | $41.62 (−9.67%) |
Sep 3, 2026 28d ago | Insider Cluster | $46.10 $45.83 | ▼ −0.59% | ▲ +0.62% | $41.62 (−9.73%) |
Aug 3, 2026 8w ago | Insider Cluster | $49.67 $49.21 | ▲ +0.93% | ▲ +0.83% | $41.62 (+16.22%) |
Aug 3, 2026 8w ago | Insider Cluster | $49.67 $49.21 | ▼ −0.93% | ▼ −0.83% | $41.62 (−16.22%) |
Aug 3, 2026 8w ago | Insider Cluster | $49.67 $49.21 | ▼ −0.93% | ▼ −0.83% | $41.62 (−16.22%) |
Jul 28, 2026 9w ago | 8-K | $50.50 $49.53 | ▲ +1.92% | ▲ +4.19% | $41.62 (+17.59%) |
Jul 8, 2026 12w ago | 8-K | $54.29 $51.60 | ▼ −4.95% | ▼ −5.82% | $41.62 (−23.35%) |
Jul 6, 2026 12w ago | Insider Cluster | $55.14 $51.94 | ▼ −5.80% | ▼ −6.29% | $41.62 (−24.53%) |
Jun 4, 2026 17w ago | Insider Cluster | $42.80 $44.28 | ▲ +3.46% | ▲ +2.89% | $41.62 (−2.77%) |
Jun 1, 2026 17w ago | Insider Cluster | $41.19 $44.29 | ▲ +7.53% | ▲ +10.50% | $41.62 (+1.04%) |
US Market Status
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