Alkermes plc

ALKS

NASDAQ · Specialty & Generic Drugs

$45.90

At close - Nov 6, 4:00 PM EST - USD

Market Cap$7.7B

P/E-9999.0x

52W High$55.67

Volume1.65M

VCP Research Verdict2026Q2

Leveraged Spin-Off Pressures Margins Despite Revenue Surge

Alkermes' 2026Q2 revenue surged 27% sequentially to $496.0M, but operating margin collapsed to 3.7% from 23.8% a year earlier as R&D and SG&A costs rose 33% to $330.5M.

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MARKET ACTION

ALKS price & volume

Price trend, volume and key moving averages

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Build the investment case

Start with the evidence for owning the stock and the risks that can break the thesis.

EXECUTIVE THESIS

The Investment Case

Full Analysis

Fundamental Trajectory

Revenue grew 27% sequentially to $496.0M in 2026Q2, but operating margin fell to 3.7% from 23.8% year-over-year, with net income nearly zero at $0.5M due to cost escalation.

Analyst Consensus+27.9% target

Buy(29 analysts)

16 Buy10 Hold3 Sell

The Bull Case

Upside Catalysts

Revenue growth potential

A successful trial could accelerate the 5-year revenue CAGR to 12-15%, significantly boosting growth prospects.

Pipeline maturation

The base case projects a 4-6% CAGR over 10 years as ALKS 2680 matures, indicating steady long-term growth.

Investor relations transparency

The company provides detailed business information for stockholders and analysts, fostering investor confidence.

The Bear Case

Key Downside Risks

Market performance

Price History →

Trailing total returns as of 11/8/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).

YTD Return

ALKS+62.42%

S&P 500 (^GSPC)+7.63%

1-Year Return

ALKS+44.89%

S&P 500 (^GSPC)+9.69%

3-Year Return

ALKS+83.67%

S&P 500 (^GSPC)+74.01%

5-Year Return

ALKS+56.50%

S&P 500 (^GSPC)+61.56%

Test the fundamentals

Check whether operating performance supports the current valuation.

VALUATION & INTRINSIC VALUE

Valuation Scenarios

Valuation Analysis

Trailing P/E5Y Low

-9999.0x

Forward P/E

N/A

EV/EBITDA80th %ile

45.9x

FCF YieldCash Flow

3.0%

Valuation vs 5-Year History

Multiple Range

Metric

Current

5Y Median

Historical Range

Percentile

P/E

-9999.0x

13.3x

0th· Low

EV/EBITDA

45.9x

13.1x

80th· High

Price/FCF

33.9x

13.3x

75th· Fair

Current Multiple

5Y Median (50th %ile)

Intrinsic Value Scenarios

DCF Projection

Bear$19.65-57.2%

Base (Fair)$32.58-29.0%

Bull$34.94-23.9%

$19.65 Bear$32.58 Base$34.94 Bull

Current Market Price: $45.90

Trades at a 40.9% premium to Base DCF ($32.58)

Open DCF & Valuation Models →Chart Terminal ↗

Growth & profitability

Annual revenue & EPS trend

Revenue FY25

$1.48B-5.2% YoY

Net income FY25

$242M-34.2% YoY

Free cash flow FY25

$480M+18.4% YoY

Operating margin FY25

17.2%-9.8 pts YoY

ROIC (FY25)18.9%

Avg ROIC 5Y15.8%

ROE (TTM)-0%

Piotroski Score7 / 9

Financial Statements →

Monitor what changed

Recent results and news deserve attention only when they alter the forward view.

OPERATING RESULTS

Recent Earnings

Earnings History

EPS Beat Rate6/12 (50%)

Revenue Beat Rate10/12 (83%)

Quarter	EPS (Act vs Est)	Revenue (Act vs Est)
Q4 2026Latest Nov 3, 2026	$0.09+210.1% vs -$0.08	$480M+3.6% vs $463M
Q3 2026 Jul 28, 2026	$0.70+2650.1% vs -$0.03	$496M+8.4% vs $457M
Q2 2026 May 5, 2026	-$0.40+29.8% vs -$0.57	$393M+8.2% vs $363M
Q1 2026 Feb 25, 2026	$0.34-20.9% vs $0.43	$385M+1.5% vs $379M

Historical baseline: 12 quarters analyzedGAAP / Adjusted

MARKET COVERAGE

Latest News

4 Stories

Business Wire·2d ago

Alkermes Showcases Research From Psychiatry and Sleep Portfolios at the Neuroscience Education Institute Fall Congress

DUBLIN--(BUSINESS WIRE)--Alkermes plc (Nasdaq: ALKS) today announced plans to present data from across its psychiatry and sleep medicine portfolios at the Neuroscience Education Institute (NEI) Fall Congress, taking place Nov. 5-8, 2026 in Colorado Springs, Colo. The company will present data related to LYBALVI® (olanzapine and samidorphan), ARISTADA® (aripiprazole lauroxil) and LUMRYZ® (sodium oxybate) extended-release oral suspension, as well as alixorexton, the company's novel, investigation.

Seeking Alpha·4d ago

Alkermes plc (ALKS) Q3 2026 Earnings Call Transcript

Alkermes plc ( ALKS ) Q3 2026 Earnings Call November 3, 2026 8:00 AM EST Company Participants Sandra Coombs - Senior Vice President of Corporate Affairs & Investor Relations Blair Jackson - President, CEO & Director Todd Nichols Joshua Reed - Senior VP & CFO Conference Call Participants Leonid Timashev - RBC Capital Markets, Research Division Graig Suvannavejh - Mizuho Securities USA LLC, Research Division Rudy Li David Amsellem - Piper Sandler & Co., Research Division David Hoang - Deutsche Bank AG, Research Division Marc Goodman - Leerink Partners LLC, Research Division Alex Nackenoff Umer Raffat - Evercore ISI Institutional Equities, Research Division So Youn Shim - UBS Investment Bank, Research Division Ami Fadia - Needham & Company, LLC, Research Division Luke Herrmann - Robert W. Baird & Co. Incorporated, Research Division Douglas Tsao - H.C.

MarketBeat·4d ago

What Alkermes (ALKS) Said on Its Q3 Earnings Call

Alkermes NASDAQ: ALKS reported third-quarter 2026 results marked by 31% year-over-year growth in proprietary product sales, while management highlighted continued investment in its orexin development portfolio across sleep, neuropsychiatric and neurological disorders.

Zacks Investment Research·4d ago

Alkermes (ALKS) Reports Q3 Earnings: What Key Metrics Have to Say

Although the revenue and EPS for Alkermes (ALKS) give a sense of how its business performed in the quarter ended September 2026, it might be worth considering how some key metrics compare with Wall Street estimates and the year-ago numbers.

Filtered for Alkermes plcMore Headlines

Compare before deciding

Benchmark ALKS against direct peers instead of judging its metrics in isolation.

Peers Comparison

Key metrics vs top competitors for Alkermes plc (ALKS)

Full Screener →

Company	Price	Market Cap	P/E Ratio	Rev Growth (1Y)	Net Margin	ROE	Div Yield
ALKSAlkermes plcCurrent	$45.90	$7.7B	-9999.00	-5.25%	-0.02%	-0.02%	—
INVAInnoviva, Inc.	$19.10	$1.41B	7.12	18.52%	43.79%	15.84%	—
SUPNSupernus Pharmaceuticals, Inc.	$26.16	$3.19B	7.09	4.29%	32.75%	—	—
ACADACADIA Pharmaceuticals Inc.	$21.23	$3.64B	10.28	11.87%	30.13%	28.03%	—
AXSMAxsome Therapeutics, Inc.	$132.37	$6.81B	-44.14	65.55%	-18.18%	-189.73%	—
INTRInter & Co, Inc.	$3.86	$1.7B	6.18	31.26%	15.79%	14.95%	2.56%

Compare ALKS vs Peers

Alkermes plc (ALKS) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs INVA

Most directly comparable listed peer for ALKS.

Scale Benchmark

vs LLY

Larger-name benchmark to compare ALKS against a more recognizable public peer.

Peer Set

Compare Top 5

vs INVA, SUPN, ACAD, AXSM

Keep researching

Verify the primary filings, follow material updates, and answer the remaining questions.

ALKS SEC Filings & Documents

Alkermes plc (ALKS) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

Material company update

Aug 12, 2026·SEC

Material company update

Jul 28, 2026·SEC

Material company update

Jul 8, 2026·SEC

10-K Annual Reports

FY 2026

Feb 25, 2026·SEC

FY 2025

Feb 12, 2025·SEC

10-Q Quarterly Reports

FY 2026

Jul 28, 2026·SEC

FY 2026

May 5, 2026·SEC

FY 2025

Oct 28, 2025·SEC

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ALKS Frequently Asked Questions

Alkermes plc (ALKS) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

What is Alkermes plc's revenue?

Alkermes plc (ALKS) reported $1.75B in revenue over the trailing twelve months. Revenue was $1.48B in fiscal year 2025. That is 7344% more than the $19.8M of fiscal year 1996.

How fast is Alkermes plc growing?

Alkermes plc (ALKS) grew revenue by 15.3% over the trailing twelve months, compared with the twelve months before.

Is ALKS profitable?

No. Alkermes plc (ALKS) reported a net loss of $0.4M over the trailing twelve months.

Dividend & Returns

What is ALKS's return on equity?

Alkermes plc (ALKS) had a return on equity (ROE) of -0.0% over the trailing twelve months. A negative ROE means the company lost money over the period.

What is Alkermes plc's free cash flow?

Alkermes plc (ALKS) generated $227.4M in free cash flow over the trailing twelve months.

What if you invested $1,000 in ALKS back in 1996?

Total return calculator · dividends reinvested · 30+ years of data

See returns →

Quarter

EPS (Act vs Est)

Revenue (Act vs Est)

Q4 2026Latest

Nov 3, 2026

$0.09+210.1%

vs -$0.08

$480M+3.6%

vs $463M

Q3 2026

Jul 28, 2026

$0.70+2650.1%

vs -$0.03

$496M+8.4%

vs $457M

Q2 2026

May 5, 2026

-$0.40+29.8%

vs -$0.57

$393M+8.2%

vs $363M

Q1 2026

Feb 25, 2026

$0.34-20.9%

vs $0.43

$385M+1.5%

vs $379M

Company

Price

Market Cap

P/E Ratio

Rev Growth (1Y)

Net Margin

ROE

Div Yield

ALKSAlkermes plcCurrent

$45.90

$7.7B

-9999.00

-5.25%

-0.02%

—

INVAInnoviva, Inc.

$19.10

$1.41B

7.12

18.52%

43.79%

15.84%

—

SUPNSupernus Pharmaceuticals, Inc.

$26.16

$3.19B

7.09

4.29%

32.75%

—

ACADACADIA Pharmaceuticals Inc.

$21.23

$3.64B

10.28

11.87%

30.13%

28.03%

—

AXSMAxsome Therapeutics, Inc.

$132.37

$6.81B

-44.14

65.55%

-18.18%

-189.73%

—

INTRInter & Co, Inc.

$3.86

$1.7B

6.18

31.26%

15.79%

14.95%

2.56%