Revenue growth remains highly inconsistent, with a 28.2% increase in 2026Q1 failing to prevent a net loss of $66.5M due to rising SG&A expenses.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Mar'13 | Mar'12 | Mar'11 | Mar'10 | Mar'09 | Mar'08 | Mar'07 | Mar'06 | Mar'05 | Mar'04 | Mar'03 | Mar'02 | Mar'01 | Mar'00 | Mar'99 | Mar'98 | Mar'97 | Mar'96 |
|---|
| Sales/Revenue | 1.56B | 1.48B | 1.56B | 1.66B | 1.11B | 1.17B | 1.04B | 1.17B | 1.09B | 903.37M | 745.69M | 628.34M | 618.79M | 575.55M | 575.55M | 389.98M | 186.64M | 178.28M | 326.84M | 240.72M | 239.97M | 166.6M | 76.13M | 39.05M | 47.27M | 54.1M | 56.03M | 22.92M | 33.9M | 31.37M | 19.83M |
| Revenue Growth % | 3.21% | -5.25% | -6.36% | 49.61% | -5.28% | 13% | -11.29% | 7.01% | 21.13% | 21.15% | 18.68% | 1.54% | 7.51% | 0% | 47.59% | 108.95% | 4.69% | -45.45% | 35.78% | 0.31% | 44.04% | 118.85% | 94.92% | -17.37% | -12.63% | -3.44% | 144.45% | -32.39% | 8.08% | 58.2% | 24.55% |
| Cost of Goods Sold | 147.26M | 196.46M | 245.33M | 253.04M | 218.07M | 197.32M | 178.32M | 180.38M | 176.42M | 154.75M | 132.12M | 138.99M | 175.83M | 310.48M | 170.47M | 127.58M | 52.19M | 49.44M | 43.4M | 40.68M | 45.21M | 23.49M | 16.83M | 19.04M | 10.91M | 0 | -7.7M | -6.43M | -21.6M | 0 | 0 |
| COGS % of Revenue | - | 13.31% | 15.75% | 15.21% | 19.61% | 16.81% | 17.17% | 15.41% | 16.12% | 17.13% | 17.72% | 22.12% | 28.42% | 53.94% | 29.62% | 32.71% | 27.96% | 27.73% | 13.28% | 16.9% | 18.84% | 14.1% | 22.11% | 48.74% | 23.08% | - | -13.74% | -28.06% | -63.72% | - | - |
| Gross Profit | 1.02B | 1.28B | 1.31B | 1.41B | 893.73M | 976.43M | 860.44M | 990.56M | 917.85M | 748.63M | 613.57M | 489.35M | 442.96M | 265.07M | 405.08M | 262.4M | 134.46M | 128.84M | 283.44M | 200.04M | 194.76M | 143.11M | 59.29M | 20.02M | 36.36M | 0 | 63.73M | 29.35M | 55.5M | 0 | 0 |
| Gross Margin % | 65.42% | 86.69% | 84.25% | 84.79% | 80.39% | 83.19% | 82.83% | 84.59% | 83.88% | 82.87% | 82.28% | 77.88% | 71.58% | 46.06% | 70.38% | 67.29% | 72.04% | 72.27% | 86.72% | 83.1% | 81.16% | 85.9% | 77.89% | 51.26% | 76.92% | - | 113.74% | 128.06% | 163.72% | - | - |
| Gross Profit Growth % | - | -2.5% | -6.95% | 57.81% | -8.47% | 13.48% | -13.14% | 7.92% | 22.61% | 22.01% | 25.39% | 10.47% | 67.11% | -34.56% | 54.38% | 95.16% | 4.36% | -54.54% | 41.69% | 2.71% | 36.09% | 141.37% | 196.2% | -44.94% | - | -100% | 117.12% | -47.11% | - | - | -100% |
| Operating Expenses | 1.15B | 1.03B | 891.66M | 996.25M | 899.82M | 878.68M | 972.87M | 1.17B | 1.02B | 896.53M | 822.24M | 713.65M | 530.1M | 167.61M | 323.27M | 350.68M | 180.09M | 171.88M | 148.49M | 202.83M | 183.71M | 129.45M | 132.67M | 116.92M | 118.58M | 116.48M | 93.63M | 105.29M | 100.9M | 42.32M | 37.24M |
| OpEx % of Revenue | - | 69.48% | 57.24% | 59.89% | 80.93% | 74.86% | 93.66% | 99.58% | 92.94% | 99.24% | 110.26% | 113.58% | 85.67% | 29.12% | 56.17% | 89.92% | 96.49% | 96.41% | 45.43% | 84.26% | 76.56% | 77.7% | 174.27% | 299.38% | 250.88% | 215.3% | 167.12% | 459.35% | 297.64% | 134.92% | 187.84% |
| Selling, General & Admin | 794.41M | 701.52M | 645.24M | 689.75M | 590.75M | 549.61M | 538.83M | 599.45M | 526.41M | 421.58M | 374.13M | 311.56M | 199.91M | 125.76M | 125.76M | 137.63M | 82.85M | 76.51M | 59.01M | 59.51M | 66.4M | 40.38M | 29.5M | 26.03M | 26.7M | 24.39M | 17.16M | 44.37M | 30.8M | 10.56M | 7.69M |
| SG&A % of Revenue | - | 47.53% | 41.42% | 41.47% | 53.13% | 46.83% | 51.87% | 51.19% | 48.11% | 46.67% | 50.17% | 49.58% | 32.31% | 21.85% | 21.85% | 35.29% | 44.39% | 42.92% | 18.05% | 24.72% | 27.67% | 24.24% | 38.75% | 66.65% | 56.48% | 45.08% | 30.63% | 193.59% | 90.86% | 33.66% | 38.78% |
| Research & Development | 355.49M | 323.96M | 245.33M | 270.81M | 272.7M | 290.92M | 394.59M | 512.83M | 425.41M | 412.89M | 387.15M | 344.4M | 272.04M | 6.54M | 140.01M | 141.89M | 97.24M | 95.36M | 89.48M | 125.27M | 117.31M | 89.07M | 91.64M | 91.1M | 85.39M | 92.09M | 68.77M | 54.48M | 48.5M | 31.76M | 29.55M |
| R&D % of Revenue | - | 21.95% | 15.75% | 16.28% | 24.53% | 24.79% | 37.99% | 43.8% | 38.88% | 45.71% | 51.92% | 54.81% | 43.96% | 1.14% | 24.33% | 36.38% | 52.1% | 53.49% | 27.38% | 52.04% | 48.89% | 53.46% | 120.38% | 233.26% | 180.65% | 170.22% | 122.74% | 237.7% | 143.07% | 101.26% | 149.06% |
| Other Operating Expenses | 0 | 0 | 1.1M | 35.69M | 36.36M | 38.15M | 39.45M | 53.76M | 65.17M | 62.06M | 60.96M | 57.69M | 58.15M | 1.78M | 57.5M | 71.16M | 0 | 0 | 0 | 18.05M | 0 | 0 | 11.53M | -208.15K | 6.5M | 0 | 7.7M | 6.43M | 21.6M | 0 | 0 |
| Operating Income | 191.88M | 253.96M | 420.64M | 414.12M | -6.09M | 97.75M | -112.43M | -175.48M | -99.13M | -147.9M | -208.66M | -224.3M | -87.14M | 81.81M | 81.81M | -88.28M | -45.63M | -43.03M | 134.96M | -2.79M | 11.04M | 13.66M | -73.38M | -96.9M | -82.22M | -62.38M | -29.91M | -75.93M | -45.4M | -10.95M | -17.42M |
| Operating Margin % | 12.28% | 17.21% | 27% | 24.9% | -0.55% | 8.33% | -10.82% | -14.99% | -9.06% | -16.37% | -27.98% | -35.7% | -14.08% | 14.21% | 14.21% | -22.64% | -24.45% | -24.14% | 41.29% | -1.16% | 4.6% | 8.2% | -96.39% | -248.12% | -173.96% | -115.3% | -53.38% | -331.29% | -133.92% | -34.92% | -87.84% |
| Operating Income Growth % | - | -39.63% | 1.57% | 6901.15% | -106.23% | 186.94% | 35.93% | -77.02% | 32.98% | 29.12% | 6.97% | -157.39% | -206.52% | 0% | 192.67% | -93.47% | -6.03% | -131.89% | 4938.9% | -125.26% | -19.17% | 118.62% | 24.28% | -17.85% | -31.82% | -108.57% | 60.61% | -67.25% | -314.49% | 37.11% | -37.1% |
| EBITDA | 211.63M | 281.12M | 449.17M | 489.05M | 71.77M | 176.4M | -30.57M | -95.07M | 4.53M | -49.38M | -114.41M | -138.71M | 10.94M | 155.56M | 155.56M | -40.4M | -36.98M | -18.01M | 145.22M | 9.35M | 23.03M | 24.54M | -62.76M | -85.99M | -72.9M | -51.88M | -22.21M | -69.5M | -23.8M | -6.16M | -14.85M |
| EBITDA Margin % | 13.55% | 19.05% | 28.84% | 29.4% | 6.46% | 15.03% | -2.94% | -8.12% | 0.41% | -5.47% | -15.34% | -22.07% | 1.77% | 27.03% | 27.03% | -10.36% | -19.81% | -10.1% | 44.43% | 3.88% | 9.6% | 14.73% | -82.44% | -220.17% | -154.24% | -95.89% | -39.64% | -303.24% | -70.21% | -19.64% | -74.9% |
| EBITDA Growth % | -49.49% | -37.41% | -8.15% | 581.38% | -59.31% | 676.97% | 67.84% | -2197.66% | 109.18% | 56.84% | 17.52% | -1367.52% | -92.97% | 0% | 485.09% | -9.24% | -105.35% | -112.4% | 1453.34% | -59.41% | -6.14% | 139.1% | 27.02% | -17.95% | -40.53% | -133.57% | 68.04% | -192.03% | -286.33% | 58.52% | -43.46% |
| D&A (Non-Cash Add-back) | 19.74M | 27.16M | 28.53M | 74.93M | 77.86M | 78.65M | 81.85M | 80.41M | 103.66M | 98.52M | 94.26M | 85.6M | 98.09M | 73.75M | 73.75M | 47.88M | 8.65M | 25.03M | 10.27M | 12.14M | 11.99M | 10.88M | 10.62M | 10.91M | 9.32M | 10.5M | 7.7M | 6.43M | 21.6M | 4.79M | 2.57M |
| EBIT | 278.24M | 303.73M | 466.33M | 444.55M | -18.09M | 98.95M | -87.88M | -183.46M | -111.53M | -131.27M | -199.5M | -210.76M | -599K | 55.52M | 84.44M | -86.28M | -43.19M | -38.73M | 144.77M | 3.63M | 11.04M | 13.66M | -61.85M | -97.11M | -75.73M | -62.38M | -29.91M | -75.93M | -45.4M | -10.95M | -17.42M |
| Net Interest Income | 22.89M | 33.03M | 19.87M | 7.82M | -5.41M | -8.81M | -1.7M | 375K | -6.2M | -7.36M | -11.14M | -9.92M | -11.46M | -48.15M | -48.15M | -26.59M | -570K | -1.31M | -2.36M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 43.7M | 45.3M | 42.45M | 30.85M | 7.63M | 2.41M | 6.96M | 13.98M | 9.24M | 4.65M | 3.75M | 3.33M | 1.97M | 841K | 841K | 1.52M | 2.73M | 4.67M | 11.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | -8.62M | 12.28M | 22.58M | 23.03M | 13.04M | 11.22M | 8.66M | 13.6M | 15.44M | 12.01M | 14.89M | 13.25M | 13.43M | 48.99M | 48.99M | 28.11M | 3.3M | 5.97M | 13.76M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 12.15M | 37.49M | 23.11M | 7.4M | -25.04M | -10.02M | 15.89M | -21.58M | -27.84M | 4.63M | -5.72M | 296K | 73.11M | 963K | -46.37M | -26.11M | -860K | -1.67M | -3.94M | 175.62M | -499K | -13.66M | -1.79M | 96.9M | -24.68M | 1.02M | 13.04M | 75.93M | 45.4M | 10.95M | 17.42M |
| Pretax Income | 204.03M | 291.45M | 443.75M | 421.52M | -31.13M | 87.73M | -96.54M | -197.06M | -126.97M | -143.27M | -214.39M | -224M | -14.03M | 35.44M | 35.44M | -114.39M | -46.49M | -44.7M | 131.01M | 172.83M | 10.54M | 0 | -75.17M | 0 | -106.9M | -61.35M | -16.87M | 0 | 0 | 0 | 0 |
| Pretax Margin % | 13.06% | 19.75% | 28.49% | 25.34% | -2.8% | 7.47% | -9.29% | -16.83% | -11.6% | -15.86% | -28.75% | -35.65% | -2.27% | 6.16% | 6.16% | -29.33% | -24.91% | -25.07% | 40.08% | 71.8% | 4.39% | - | -98.74% | - | -226.16% | -113.41% | -30.11% | - | - | - | - |
| Income Tax | 51.31M | 49.79M | 71.61M | -97.64M | 2.02M | 11.33M | 14.32M | -436K | 12.34M | 14.67M | -5.94M | 3.16M | 16.03M | 10.46M | 10.46M | -714K | -951K | -5.08M | 507K | 5.85M | 1.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 25.15% | 17.08% | 16.14% | -23.16% | -6.5% | 12.91% | -14.84% | 0.22% | -9.72% | -10.24% | 2.77% | -1.41% | -114.28% | 29.51% | 29.51% | 0.62% | 2.05% | 11.35% | 0.39% | 3.39% | 10.41% | - | 0% | - | 0% | 0% | 0% | - | - | - | - |
| Net Income | 152.72M | 241.66M | 367.07M | 355.76M | -158.27M | -48.17M | -110.86M | -196.62M | -139.31M | -157.94M | -208.44M | -227.16M | -30.06M | 24.98M | 24.98M | -113.68M | -45.54M | -39.63M | 130.5M | 166.98M | 9.45M | 3.82M | -75.17M | -102.38M | -106.9M | -61.35M | -16.87M | -68.05M | -41.1M | -12.58M | -18.8M |
| Net Margin % | 9.78% | 16.37% | 23.57% | 21.39% | -14.24% | -4.1% | -10.67% | -16.79% | -12.73% | -17.48% | -27.95% | -36.15% | -4.86% | 4.34% | 4.34% | -29.15% | -24.4% | -22.23% | 39.93% | 69.37% | 3.94% | 2.29% | -98.74% | -262.16% | -226.16% | -113.41% | -30.11% | -296.89% | -121.24% | -40.11% | -94.81% |
| Net Income Growth % | -56.7% | -34.16% | 3.18% | 324.78% | -228.57% | 56.55% | 43.62% | -41.14% | 11.8% | 24.23% | 8.24% | -655.67% | -220.33% | 0% | 121.98% | -149.62% | -14.92% | -130.36% | -21.84% | 1667.91% | 147.38% | 105.08% | 26.58% | 4.22% | -74.23% | -263.71% | 75.21% | -65.57% | -226.65% | 33.07% | -36.74% |
| Net Income (Continuing) | 152.72M | 241.66M | 372.14M | 519.16M | -33.15M | 76.4M | -110.86M | -196.62M | -139.31M | -157.94M | -208.44M | -227.16M | -30.06M | 23.53M | 24.98M | -113.68M | -45.54M | -39.63M | 130.5M | 166.98M | 9.45M | 3.82M | -75.17M | -102.38M | -106.9M | -61.35M | -16.87M | -68.05M | -41.1M | -12.58M | -18.8M |
| Discontinued Operations | 0 | 0 | -5.07M | -163.4M | -125.11M | -124.57M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.92 | 1.43 | 2.17 | 2.10 | -0.97 | -0.30 | -0.70 | -1.25 | -0.90 | -1.03 | -1.38 | -1.52 | -0.21 | 0.18 | 0.18 | -0.99 | -0.48 | -0.42 | 1.36 | 1.62 | 0.09 | 0.04 | -0.83 | -1.25 | -1.70 | -0.96 | -0.43 | -1.52 | -0.99 | -0.28 | -0.51 |
| EPS Growth % | -56.94% | -34.1% | 3.33% | 316.49% | -223.33% | 57.14% | 44% | -38.89% | 12.62% | 25.36% | 9.21% | -623.81% | -216.67% | 0% | 118.18% | -106.25% | -14.29% | -130.88% | -16.05% | 1700% | 125% | 104.82% | 33.6% | 26.47% | -77.08% | -123.26% | 71.71% | -53.54% | -253.57% | 45.1% | -8.51% |
| EPS (Basic) | - | 1.47 | 2.22 | 2.14 | -0.97 | -0.30 | -0.70 | -1.25 | -0.90 | -1.03 | -1.38 | -1.52 | -0.21 | 0.19 | 0.19 | -0.99 | -0.48 | -0.42 | 1.37 | 1.66 | 0.10 | 0.04 | -0.83 | -1.25 | -1.70 | -0.96 | -0.43 | -1.52 | -0.99 | -0.28 | -0.51 |
| Diluted Shares Outstanding | 166.2M | 168.74M | 169.2M | 169.73M | 163.74M | 160.94M | 158.8M | 157.05M | 155.11M | 153.41M | 151.48M | 149.21M | 145.27M | 137.1M | 137.1M | 114.7M | 95.61M | 94.84M | 96.25M | 102.92M | 103.35M | 97.38M | 90.09M | 82.08M | 64.37M | 63.67M | 59.86M | 51.01M | 49.12M | 46.04M | 36.58M |
| Basic Shares Outstanding | 166.2M | 164.7M | 165.39M | 166.22M | 163.74M | 160.94M | 158.8M | 157.05M | 155.11M | 153.41M | 151.48M | 149.21M | 145.27M | 131.71M | 131.71M | 114.7M | 95.61M | 94.84M | 95.16M | 100.74M | 99.24M | 91.02M | 90.09M | 82.08M | 64.37M | 63.67M | 55.75M | 51.01M | 49.12M | 46.04M | 36.58M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Royalty stream arbitration uncertainty
As reported in recent financial filings, Alkermes experienced a 28.2% revenue increase in 2026Q1, yet this follows a period of inconsistent performance where quarterly growth rates fluctuated significantly, suggesting that the company's reliance on milestone payments and royalty streams creates an inherently unpredictable revenue trajectory.
The recent revenue spike appears heavily influenced by the timing of partner-related payments rather than purely organic product demand. Investors should monitor whether the commercial scaling of Lybalvi can provide a more stable, predictable growth floor to offset the inherent lumpiness of the royalty-heavy business model.
Based on the provided income statement data, Alkermes maintains a robust gross margin profile, consistently hovering above 83%, which reflects the high-margin nature of its royalty-based revenue streams despite recent operational cost fluctuations that have pressured the company's bottom-line profitability in the most recent quarter.
The ability to sustain high gross margins suggests strong pricing power within the specialized CNS market. However, the compression of operating margins to negative levels in 2026Q1 warrants investigation into whether this is a temporary spike in SG&A or a sign of rising commercialization costs for newer assets.
According to the latest quarterly results, Alkermes' operating income swung to a loss of $48.3M, indicating that the company has struggled to achieve meaningful operating leverage as SG&A expenses continue to outpace the growth of gross profit in the current fiscal environment.
The disconnect between gross profit generation and operating income suggests that the company's fixed cost base, particularly in sales and marketing, remains high relative to current revenue levels. This lack of scalability may imply that the company is currently in a heavy investment phase for its newer product portfolio.
Analysis of the income statement reveals that net income has been subject to significant swings, with the 2026Q1 net loss of $66.5M highlighting the impact of non-operating items and potential accounting adjustments that complicate the assessment of the company's true underlying earnings power.
The presence of significant quarterly fluctuations in net income, coupled with the recent $72.4M negative stock-based compensation adjustment in 2025Q4, suggests that reported EPS may not always reflect core operational performance. Investors should be cautious of relying on headline earnings without adjusting for these non-recurring or accounting-driven distortions.
While the company's royalty-heavy model provides high margins, the ongoing arbitration regarding the Invega franchise, as noted in recent disclosures, presents a material risk that could lead to a sudden and significant contraction in the company's most profitable revenue segment moving forward.
Short-term observers may focus on the potential for a 'royalty cliff' if legal outcomes favor partners, which would fundamentally alter the company's cash flow profile. The reliance on these high-margin, low-cost streams masks the true operational cost of the proprietary product business, which may be less profitable than the consolidated figures suggest.
Quick answers to the most common questions about buying ALKS stock.
For fiscal year 2025, Alkermes plc (ALKS) reported total revenue of $1.48B. This represents a 7343.9% increase compared to $19.8M in 1996.
Alkermes plc (ALKS) is profitable, generating $241.7M in net income for the fiscal year ending 2025 with a net profit margin of 16.4%.
Alkermes plc (ALKS) reported an operating income of $254.0M, resulting in an operating profit margin of 17.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Alkermes plc (ALKS) generated $1.28B in gross profit for the year, representing a gross profit margin of 86.7%. This demonstrates the company's core pricing power and production efficiency.