Alkermes plc. (NASDAQ: ALKS)

Alkermes plc is a global biopharmaceutical company focused on developing innovative medicines for neuroscience disorders. The company markets proprietary products for alcohol dependence, opioid dependence, schizophrenia, bipolar I disorder and narcolepsy. Its portfolio includes ARISTADA and ARISTADA INITIO for schizophrenia, LYBALVI for schizophrenia and bipolar I disorder, VIVITROL for alcohol and opioid dependence, and LUMRYZ for narcolepsy. Alkermes also maintains a robust pipeline of clinical and preclinical candidates targeting similar indications, notably Alixorexton an oral orexin 2 receptor agonist being evaluated for narcolepsy type 1 and idiopathic hypersomnia. Headquartered in Ireland, Alkermes operates a corporate office and research center in Massachusetts and a manufacturing facility in Wilmington, Ohio. Following the completion of the Avadel acquisition in February 2026, the company added a dedicated commercial organization for LUMRYZ to its U. S. operations.

Alkermes generates revenue primarily through direct sales of its proprietary medicines in the United States. Product sales of ARISTADA, ARISTADA INITIO, LYBALVI, VIVITROL and LUMRYZ constitute the core of its top line. In addition, the company receives royalty payments from licensed products that incorporate its technologies, such as the long acting INVEGA products and RISPERDAL CONSTA commercialized by Janssen, and VUMERITY marketed by Biogen worldwide. Alkermes also earns manufacturing revenues from its collaborations with Janssen and Biogen for the production of microspheres and drug substance. According to its public disclosures, royalties from Janssen represented approximately 9% of consolidated revenue in 2025, 17% in 2024 and 31% in 2023, while royalties from Biogen accounted for about 9% in 2025, 9% in 2024 and 8% in 2023. The remaining revenue is derived from product sales and contract manufacturing arrangements with third parties.

Alkermes holds a differentiated position in the biopharmaceutical industry due to its proprietary technology platforms that enable differentiated dosing and improved patient outcomes. These platforms include LINKERX for extended release injectable antipsychotics, NANOCRYSTAL for nanoparticle formulation of poorly water soluble compounds, MICROPUMP for oral controlled release systems, and injectable extended release microsphere technology for sustained drug delivery. The company’s intellectual property portfolio provides long term protection for its marketed products, with patents extending into the 2030s and 2040s for key assets such as ARISTADA, LYBALVI, VIVITROL and LUMRYZ. LUMRYZ additionally benefits from seven years of orphan drug exclusivity in the United States for both adult and pediatric narcolepsy populations. Alkermes competes with large pharmaceutical companies such as Janssen Pharmaceuticals, Otsuka Pharmaceutical, Eli Lilly and Company, Indivior plc, Teva Pharmaceutical Industries and Biogen, as well as numerous generic manufacturers. Competitive advantages stem from its specialized focus on central nervous system disorders, its ability to deliver once monthly or once at bedtime dosing regimens, and its established commercial infrastructure in the United States.

Alkermes serves a diverse customer base that includes pharmaceutical wholesalers, specialty distributors, specialty pharmacies and treatment providers who supply its medicines to healthcare professionals and patients. In the United States, key wholesalers such as McKesson Corporation, Cardinal Health and Cencora (formerly AmerisourceBergen) account for a substantial share of product distribution. LUMRYZ is distributed through a limited network comprising CVS Specialty Pharmacy, Accredo, Optum Specialty Pharmacy and Assist Rx. The company’s sales force sizes reflect its commercial focus, with approximately 105 representatives dedicated to VIVITROL, around 435 representatives covering ARISTADA, ARISTADA INITIO and LYBALVI, and about 60 representatives supporting LUMRYZ following the Avadel acquisition. Additionally, Alkermes’ licensees Janssen and Biogen act as downstream customers for its manufacturing and royalty streams, receiving finished product or active pharmaceutical ingredient under their respective agreements.