What happened with ALKS today?
No read yet
Uses news and trading volume to explain the day’s move and how it relates to the market.
Stop guessing. Get the call, a three-month target price, the best and worst cases, and a source for every claim.
Alkermes Inc. plc sells medicines for psychiatric disorders, addiction and narcolepsy. Its main revenue source is its U.S. portfolio: ARISTADA and ARISTADA INITIO for schizophrenia, LYBALVI for schizophrenia and bipolar I disorder, and VIVITROL for alcohol dependence and prevention of relapse to opioid dependence. LUMRYZ, added through the completed Avadel acquisition, treats narcolepsy. Wholesalers, specialty distributors and pharmacies buy its products; rebates and discounts reduce the sales proceeds Alkermes keeps. Distribution of its established brands relies heavily on McKesson, Cardinal Health and Cencora, while patient access depends partly on insurance coverage and reimbursement.
A smaller revenue stream comes from partners selling medicines that use Alkermes’ licensed products or technologies. Janssen pays royalties on long-acting INVEGA products and royalties and manufacturing fees for RISPERDAL CONSTA; Biogen pays royalties on VUMERITY for multiple sclerosis. These payments depend on partners’ sales and the remaining terms of the licenses. U.S. royalties on INVEGA SUSTENNA have already ended.
Alkermes relies on its Wilmington, Ohio plant to manufacture its established proprietary brands and on outside manufacturers for LUMRYZ. LUMRYZ is a controlled substance: U.S. production requires DEA quotas, and distribution must follow an FDA-required safety program that restricts access.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Alkermes’ schizophrenia business also depends on competing with Otsuka’s ABILIFY MAINTENA and ABILIFY ASIMTUFII, important rivals missing from this list.
Jazz Pharmaceuticals competes with Alkermes’ LUMRYZ for narcolepsy patients through XYWAV and XYREM, but also earns royalties by letting Alkermes use its patents. Alkermes pays Jazz 3.85% of LUMRYZ narcolepsy net sales, subject to possible reductions, so LUMRYZ sales also generate income for its rival.
Indivior Pharmaceuticals competes for opioid-dependence treatment sales with Alkermes’ VIVITROL through its long-acting SUBLOCADE injection and SUBOXONE Film. Watch SUBLOCADE sales as a measure of a competing treatment’s reach, rather than as a readout of VIVITROL’s separate alcohol-dependence business.
Teva competes with Alkermes’ ARISTADA through UZEDY for schizophrenia treatment and can also challenge VIVITROL with a generic version. Watch for a U.S. generic VIVITROL launch: Teva has royalty-free rights to sell it beginning January 15, 2027, or earlier under specified conditions.
Amneal Pharmaceuticals competes with Alkermes’ ARISTADA by selling injectable risperidone and holds rights to launch its own generic VIVITROL. It also has conditional rights to buy Alkermes-supplied VIVITROL and sell it as an authorized generic in the U.S.; watch which route it takes, because Alkermes may terminate that supply deal if Amneal launches its own version.
Johnson & Johnson’s Janssen sells long-acting schizophrenia medicines that compete with Alkermes’ ARISTADA, while paying Alkermes for its technology and buying the RISPERDAL CONSTA microspheres it makes. Watch this income stream separately from ARISTADA sales: Janssen collaboration revenue fell to about 9% of Alkermes’ revenue in 2025 from 17% in 2024.
Biogen sells VUMERITY under license from Alkermes, so its worldwide VUMERITY net sales feed Alkermes’ royalties; royalties and manufacturing revenue from the collaboration supplied about 9% of Alkermes’ 2025 revenue. Watch VUMERITY sales and the manufacturing transition separately: Biogen has taken over manufacturing, while Alkermes retains a 15% royalty subject to specified increases and reductions.
Bristol Myers Squibb sells COBENFY for schizophrenia, competing with Alkermes’ LYBALVI and ARISTADA for treatment choices.
Alkermes Inc. plc earningsThis company
Alkermes’ report will show whether sales of its own medicines can keep growing as royalties and manufacturing revenue from licensed products decline.
Read sales of Alkermes’ own medicines alongside royalties and manufacturing revenue from licensed products. Growing product sales with steadier partner income would show its own business is filling the gap; weaker sales as partner income falls would leave revenue more dependent on its own products while making costs harder to absorb.
Biogen Inc. earningsBIIB
Biogen’s report will show how VUMERITY sales feed the royalties it pays Alkermes.
Watch Biogen’s disclosed VUMERITY sales, not its overall results as a proxy for this collaboration. Rising sales would support Alkermes’ royalties; falling sales would put that partner income under pressure.
Fed Interest Rate Decision
The Fed’s policy rate—the benchmark that influences borrowing costs—matters to Alkermes because higher rates can raise interest expense on its $1.525 billion Avadel acquisition debt and leave less cash for operations.
Expected4.0%Last release4.0%
If it comes in above expectations
Higher rates could increase interest expense on Alkermes’ acquisition debt, leaving less cash for operations and other needs.
If it comes in below expectations
Lower rates could reduce interest expense on Alkermes’ acquisition debt, leaving more cash for operations and other needs.
Indivior Pharmaceuticals, Inc. earningsINDV
Indivior Pharmaceuticals’ report will show how SUBLOCADE sales reflect competition for VIVITROL in opioid-dependence treatment.
Watch SUBLOCADE sales, not Indivior’s total revenue. Growth would show the long-acting injection reaching more demand in opioid-dependence treatment, increasing competitive pressure on VIVITROL in that use; weaker sales would indicate less reach for this rival. This does not measure VIVITROL’s alcohol-dependence business.
Teva Pharmaceutical Industries Limited earningsTEVA
Teva’s report may show progress toward its U.S. generic VIVITROL launch, permitted from January 15, 2027, or earlier under specified conditions.
Watch for Teva disclosures on launch preparations or timing for generic VIVITROL. Credible progress would mean U.S. generic competition could be closer, putting pressure on Alkermes’ VIVITROL sales; without such progress, January 15, 2027 remains the stated date when Teva may begin selling.
