Alkermes plc
Q3 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: −0.53%.
Did ALKS Beat Earnings? Q3 2025 Results
Alkermes posted a strong third quarter for fiscal 2025, beating Wall Street on both the top and bottom lines as proprietary product momentum more than offset headwinds from declining manufacturing and royalty revenues. The Dublin-based biopharma reported earnings per share of $0.49, clearing the $0.39 consensus estimate by 26.91%, while revenue of $394.19 million topped expectations by 10.66% and grew 4.2% year-over-year. The key driver was a surge in proprietary net product sales to $317.42 million, up sharply from $273.00 million a year earlier, with VIVITROL, ARISTADA, and LYBALVI all contributing to gains. Higher R&D spending, which climbed to $81.74 million from $59.89 million, reflected the company's deepening investment in its orexin pipeline, including positive Phase 2 narcolepsy data for alixorexton. Management raised full-year 2025 revenue guidance to $1.43 billion to $1.49 billion and GAAP net income to $230 million to $250 million, while a proposed $2.1 billion acquisition of Avadel Pharmaceuticals signals an accelerating push into the sleep medicine market.
- LYBALVI revenue and prescriptions grew 32% and 25% YoY respectively
- ARISTADA revenue grew 16% YoY
- VIVITROL revenue grew 7% YoY
- Gross-to-net favorability of approximately $5.0M for ARISTADA and $8.0M for VIVITROL driven by Medicaid utilization adjustments
- Proprietary net product sales grew 16% YoY to $317.4M
“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.”
Alkermes CEO, on the earnings call
Forward Guidance & Outlook
Alkermes raised its full-year 2025 financial expectations: total revenues of $1,430M–$1,490M (previously $1,340M–$1,430M), COGS of $195M–$205M, R&D expense of $315M–$325M, SG&A expense of $675M–$705M, GAAP net income of $230M–$250M (previously $175M–$205M), EBITDA of $270M–$290M (previously $215M–$245M), and Adjusted EBITDA of $365M–$385M (previously $310M–$340M). Effective tax rate expected at ~17%. Product-level guidance: VIVITROL net sales of $460M–$470M, ARISTADA net sales of $360M–$370M, LYBALVI net sales of $340M–$350M. The company expects topline results from Vibrance-2 (alixorexton in narcolepsy type 2) shortly, and plans to initiate Phase 3 clinical program in early 2026.
ALKS YoY Financials
ALKS Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.