Alkermes plc. ALKS
Alkermes plc is a global biopharmaceutical company that seeks to develop innovative medicines in the field of neuroscience. We have a portfolio of proprietary commercial products for the treatment of alcohol dependence, opioid dependence, schizophrenia, bipolar I disorder and narcolepsy, and a pipeline of clinical and preclinical candidates in development for neurological disorders. Headquartered in Ireland, we also have a corporate office and R&D center in Massachusetts and a manufacturing facility in Ohio.
In October 2025, we and Avadel Pharmaceuticals plc ("Avadel") entered into a definitive transaction agreement, subsequently amended in November 2025 (the "Transaction Agreement"), pursuant to which we agreed to acquire the entire issued and to be issued ordinary share capital of Avadel for consideration of (i) $21.00 per ordinary share, nominal value $0.01 per share, of Avadel (each, an "Avadel Share"), payable in cash at closing and (ii) a non-transferable contingent value right (the "CVR") entitling holders of Avadel Shares to a potential additional cash payment of $1.50 per Avadel Share, contingent upon achievement of a certain specified milestone (the "Avadel Acquisition"). On February 12, 2026, we successfully completed the Avadel Acquisition, adding both LUMRYZ to our portfolio of proprietary commercial products and a commercial organization with experience in narcolepsy.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.48B | $1.56B | $1.66B | $1.11B | $1.17B | $1.04B | $1.17B | $1.09B | $903.4M | $745.7M |
| Cost of revenue | $196.5M | $245.3M | $253.0M | $218.1M | $197.3M | $178.3M | $180.4M | $176.4M | $154.7M | $132.1M |
| Gross profit | $1.28B | $1.31B | $1.41B | $893.7M | $976.4M | $860.4M | $990.6M | $917.9M | $748.6M | $613.6M |
| R&D | $324.0M | $245.3M | $270.8M | $272.7M | $290.9M | $394.6M | $512.8M | $425.4M | $412.9M | $387.1M |
| SG&A | $701.5M | $645.2M | $689.8M | $590.8M | $549.6M | $538.8M | $599.4M | $526.4M | $421.6M | $374.1M |
| Total operating expenses | $1.22B | $1.14B | $1.25B | $1.12B | $1.08B | $1.15B | $1.35B | $1.19B | $1.05B | $954.4M |
| Operating income | $254.0M | $420.6M | $414.1M | -$6.1M | $97.7M | -$112.4M | -$175.5M | -$99.1M | -$147.9M | -$208.7M |
| Interest expense | $12.3M | $22.6M | $23.0M | $13.0M | $11.2M | $8.7M | $13.6M | $15.4M | $12.0M | $14.9M |
| Pre-tax income | $291.4M | $443.8M | $421.5M | -$31.1M | $87.7M | -$96.5M | -$197.1M | -$127.0M | -$143.3M | -$214.4M |
| Income tax | $49.8M | $71.6M | $97.6M | $2.0M | $11.3M | $14.3M | $436.0K | $12.3M | $14.7M | $5.9M |
| Net income | $241.7M | $367.1M | $355.8M | -$158.3M | -$48.2M | -$110.9M | -$196.6M | -$139.3M | -$157.9M | -$208.4M |
| EPS, basic | 1.47 | 2.22 | 2.14 | -0.97 | -0.30 | -0.70 | — | — | — | — |
| EPS, diluted | 1.43 | 2.17 | 2.10 | -0.97 | -0.29 | -0.70 | -1.25 | -0.90 | -1.03 | -1.38 |
| Shares, diluted (wtd. avg.) | $168.7M | $169.2M | $169.7M | $163.7M | $164.8M | $158.8M | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $388.6M | $291.1M | $457.5M | $292.5M | $337.5M | $273.0M | $203.8M | $266.8M | $191.3M | $186.4M |
| Short-term investments | $199.6M | $460.5M | $316.0M | $316.0M | $198.8M | $362.1M | $331.2M | $272.5M | $242.2M | $310.9M |
| Receivables | $334.0M | $384.5M | $332.5M | $288.0M | $313.2M | $275.1M | $257.1M | $292.2M | $233.6M | $191.1M |
| Inventory | $196.6M | $182.9M | $186.4M | $181.4M | $150.3M | $125.7M | $101.8M | $90.2M | $93.3M | $63.0M |
| Total current assets | $1.93B | $1.42B | $1.49B | $1.13B | $1.06B | $1.11B | $962.0M | $983.3M | $808.8M | $790.7M |
| Property, plant and equipment | $221.7M | $227.6M | $226.9M | $222.9M | $341.1M | $350.0M | $362.2M | $310.0M | $284.7M | $264.8M |
| Goodwill | $83.0M | $83.0M | $83.0M | $83.0M | $92.9M | $92.9M | $92.9M | $92.9M | $92.9M | $92.9M |
| Other intangibles | $815.0K | $890.0K | $2.0M | $37.7M | $74.0M | $111.2M | $150.6M | $191.0M | $256.2M | $318.2M |
| Total assets | $2.49B | $2.06B | $2.14B | $1.96B | $2.02B | $1.95B | $1.81B | $1.83B | $1.80B | $1.73B |
| Accounts payable | $108.0M | $45.6M | $65.6M | $32.8M | $55.7M | $46.0M | $54.3M | $39.8M | $55.5M | $46.3M |
| Short-term debt | — | — | $3.0M | $3.0M | $3.0M | $2.8M | $2.8M | $2.8M | $3.0M | $3.0M |
| Total current liabilities | $543.4M | $465.2M | $520.2M | $497.7M | $471.3M | $438.3M | $391.1M | $339.8M | $291.1M | $212.0M |
| Long-term debt | — | — | $287.7M | $290.3M | $292.8M | $272.1M | $274.3M | $276.5M | $278.4M | $280.7M |
| Total liabilities | $667.7M | $590.6M | $933.5M | $920.2M | $911.9M | $882.7M | $720.0M | $653.7M | $594.4M | $516.9M |
| Retained earnings | -$734.8M | -$976.5M | -$1.34B | -$1.70B | -$1.54B | -$1.49B | -$1.38B | -$1.19B | -$1.04B | -$947.9M |
| Total equity | $1.82B | $1.46B | $1.20B | $1.04B | $1.11B | $1.07B | $1.09B | $1.17B | $1.20B | $1.21B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $520.8M | $439.1M | $401.4M | $21.0M | $101.7M | $82.8M | $72.1M | $99.3M | $19.2M | -$63.8M |
| Depreciation and amortisation | $27.2M | $28.5M | $74.9M | $77.9M | $78.7M | $81.9M | $80.4M | $103.7M | $98.5M | $94.3M |
| Stock-based compensation | $98.7M | $96.6M | $100.9M | $94.3M | $87.6M | $90.2M | $101.0M | $105.4M | $83.9M | $94.4M |
| Capital expenditure | $40.4M | $33.5M | $48.0M | $38.3M | $28.0M | $42.2M | $90.9M | $69.4M | $51.3M | $43.7M |
| Investing cash flow | $295.5M | -$111.3M | $53.4M | -$64.5M | -$66.2M | -$11.5M | -$141.8M | -$22.2M | -$18.4M | $127.2M |
| Financing cash flow | $12.4M | -$494.1M | -$289.7M | -$1.6M | $29.1M | -$2.2M | $6.8M | -$1.6M | $4.1M | -$58.2M |
| Buybacks | — | $200.3M | — | — | — | — | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-143977.
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| JNJ | JOHNSON & JOHNSON | $663.28B | 25.0x | 6.0% |
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| ABBV | AbbVie Inc. | $453.19B | 108.7x | 8.6% |
| MRK | Merck & Co., Inc. | $370.89B | 20.6x | 1.3% |
| ABT | ABBOTT LABORATORIES | $188.69B | 29.1x | 5.7% |
| PFE | PFIZER INC | $162.16B | 20.9x | -1.6% |