On October 28, 2025 Alkermes plc (Nasdaq: ALKS) reported financial results for the third quarter of 2025.
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"Alkermes delivered another successful quarter, achieving strong revenue growth and robust profitability, fueled by focused execution and underlying demand across our commercial portfolio. We ended the quarter in a strong financial position and have raised our financial outlook for 2025, underscoring the momentum of the business. Our proposed acquisition of Avadel Pharmaceuticals announced last week represents another potential growth driver for our business and an important element of our strategic plan as we seek to become a leader in the treatment of central disorders of hypersomnolence," said Richard Pops, Chief Executive Officer of Alkermes. "During the quarter, we also advanced our development pipeline, with notable progress in our orexin 2 receptor agonist program. We recently presented positive data from Vibrance-1, our phase 2 study of alixorexton in patients with narcolepsy type 1, and expect to report topline results from Vibrance-2, in narcolepsy type 2, next month. As we prepare to initiate our phase 3 clinical program in early 2026, we believe alixorexton represents a compelling opportunity to create value and deliver meaningful innovation to patients."
Key Financial Highlights
Revenues
(In millions)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2025
2024
2025
2024
Total Revenues
$
394.2
$
378.1
$
1,091.4
$
1,127.6
Total Proprietary Net Sales
$
317.4
$
273.0
$
869.2
$
775.8
VIVITROL
$
121.1
$
113.7
$
343.8
$
323.2
ARISTADAi
$
98.1
$
84.7
$
272.8
$
249.6
LYBALVI
$
98.2
$
74.7
$
252.6
$
203.1
Profitability
(In millions)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2025
2024
2025
2024
GAAP Net Income From Continuing Operations
$
82.8
$
92.8
$
192.3
$
226.4
GAAP Net Income (Loss) From Discontinued Operations
$
—
$
(0.4)
$
—
$
(5.8)
GAAP Net Income
$
82.8
$
92.4
$
192.3
$
220.6
EBITDA From Continuing Operations
$
96.9
$
112.3
$
221.2
$
282.4
EBITDA From Discontinued Operations
$
—
$
(0.5)
$
—
$
(6.9)
EBITDA
$
96.9
$
111.8
$
221.2
$
275.5
Adjusted EBITDA
$
121.5
$
134.3
$
293.7
$
351.4
Revenue Highlights
LYBALVI
Revenues for the quarter were $98.2 million.
Revenues and total prescriptions for the quarter grew 32% and 25%, respectively, compared to the third quarter of 2024.
ARISTADAi
Revenues for the quarter were $98.1 million.
Revenues for the quarter grew 16% compared to the third quarter of 2024.
During the quarter, the company recorded ARISTADA revenue of approximately $5.0 million related to gross-to-net favorability, primarily driven by Medicaid utilization adjustments.
VIVITROL
Revenues for the quarter were $121.1 million.
Revenues for the quarter grew 7% compared to the third quarter of 2024.
During the quarter, the company recorded VIVITROL revenue of approximately $8.0 million related to gross-to-net favorability, primarily driven by Medicaid utilization adjustments.
Manufacturing & Royalty Revenues
VUMERITY manufacturing and royalty revenues for the quarter were $35.6 million.
Royalty revenues from XEPLION, INVEGA TRINZA/TREVICTA and INVEGA HAFYERA/BYANNLI for the quarter were $30.2 million.
Key Operating Expenses
Please see Note 1 below for details regarding discontinued operations.
(In millions)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2025
2024
2025
2024
R&D Expense – Continuing Operations
$
81.7
$
59.9
$
230.9
$
187.2
R&D Expense – Discontinued Operations
$
—
$
0.5
$
—
$
6.9
SG&A Expense – Continuing Operations
$
171.8
$
150.4
$
514.3
$
498.2
SG&A Expense – Discontinued Operations
$
—
$
—
$
—
$
—
Balance Sheet
At Sept. 30, 2025, the company recorded cash, cash equivalents and total investments of $1.14 billion, compared to $1.05 billion at June 30, 2025.
Financial Expectations for 2025
Today, Alkermes raised its financial expectations for 2025, as set forth below. All line items are according to GAAP, except as otherwise noted.
In millions
Previous 2025 Expectations
(provided Feb. 12, 2025)
Updated 2025 Expectations
(provided Oct. 28, 2025)
Total Revenues
$1,340 – $1,430
$1,430 – $1,490
VIVITROL Net Sales
$440 – $460
$460 – $470
ARISTADAi Net Sales
$335 – $355
$360 – $370
LYBALVI Net Sales
$320 – $340
$340 – $350
Cost of Goods Sold
$185 – $205
$195 – $205
R&D Expense
$305 – $335
$315 – $325
SG&A Expense
$655 – $685
$675 – $705
GAAP Net Income a
$175 – $205
$230 – $250
EBITDA b
$215 – $245
$270 – $290
Adjusted EBITDA b
$310 – $340
$365 – $385
Effective Tax Rate
~17%
~17%
a Expected 2025 weighted average basic share count of approximately 165.5 million shares outstanding and a weighted average diluted share count of approximately 169.5 million shares outstanding
b Non-GAAP measure
Notes and Explanations
1. The company determined that upon the separation of its former oncology business, completed on Nov. 15, 2023, the oncology business met the criteria for discontinued operations in accordance with Financial Accounting Standards Board Accounting Standards Codification 205, Discontinued Operations. Accordingly, the accompanying selected financial information has been updated to present the results of the oncology business as discontinued operations for the three and nine months ended Sept. 30, 2024.
Conference Call
Alkermes will host a conference call and webcast presentation with accompanying slides at 8:00 a.m. ET (12:00 p.m. GMT) on Tuesday, Oct. 28, 2025, to discuss these financial results and provide an update on the company. The webcast may be accessed on the Investors section of Alkermes’ website at www.alkermes.com. The conference call may be accessed by dialing +1 877 407 2988 for U.S. callers and +1 201 389 0923 for international callers. In addition, a replay of the conference call may be accessed by visiting Alkermes’ website.
(Press release, Alkermes, OCT 28, 2025, View Source [SID1234657059])