Alkermes (ALKS) Q4 2025 Earnings
How Did ALKS Stock React to Q4 2025 Earnings?
S&P 500 over the same 30 days: −8.52%.
Did ALKS Beat Earnings? Q4 2025 Results
No. Alkermes reported Q4 2025 earnings of $0.29 a share on Feb 25, 2026, missing the $0.45 consensus estimate by 35.3%. Revenue was $384.5M against a $381.5M estimate.
Alkermes delivered a mixed fourth quarter for 2025, beating on revenue while falling well short on the bottom line, as the expiration of its lucrative INVEGA SUSTENNA royalty continued to weigh on results. The Dublin-based biopharmaceutical company posted Q4 revenue of $384.55 million, edging past the $381.30 million consensus by 0.85%, though that figure still represented a 10.6% decline from the year-ago period when royalty income padded the top line. Earnings per share came in at $0.29, missing the $0.41 analyst consensus by 29.27%, with GAAP net income falling sharply to $49.34 million from $146.50 million in Q4 2024. Bright spots included LYBALVI, whose revenues of $94.14 million grew 22% year over year, helping proprietary product net sales climb to $315.49 million. The bigger story, however, is the February 2026 close of the $2.3 billion Avadel Pharmaceuticals acquisition, which adds narcolepsy drug LUMRYZ to the portfolio and underpins 2026 revenue guidance of $1.73 billion to $1.84 billion, even as acquisition-related charges are expected to push the company to a GAAP net loss of $115 million to $135 million next year.
- LYBALVI revenue growth of 22% in Q4 with prescriptions up 25% year-over-year
- Proprietary product net sales increased approximately 9% year-over-year in FY 2025
- Disciplined expense management contributing to strong profitability and cash flow
- Expiration of INVEGA SUSTENNA royalty in August 2024 reduced manufacturing & royalty revenues
“Enabled by our strong operational and financial performance in 2025, Alkermes enters 2026 in a position of great strength, both financially and in terms of the opportunity to create value for shareholders through the development of important new medicines with significant market potential.”
Alkermes CEO, on the earnings call
What Was Alkermes's Outlook in Q4 2025?
For 2026, Alkermes expects total revenues of $1,730M–$1,840M, including VIVITROL net sales of $460M–$480M, LYBALVI net sales of $380M–$400M, ARISTADA net sales of $365M–$385M, and LUMRYZ net sales of $315M–$335M (partial year from Feb. 12, 2026). Cost of goods sold is expected at $365M–$385M, R&D expenses at $445M–$485M, and SG&A at $890M–$930M. The company expects a GAAP net loss of ($115M)–($135M) due to Avadel acquisition-related charges including ~$150M LUMRYZ inventory step-up costs and ~$95M–$105M amortization of ~$1.5B in acquired intangible assets. EBITDA is expected at $60M–$90M and Adjusted EBITDA at $370M–$410M. Net interest expense is projected at $75M–$85M reflecting $1.525B in new term loans.
ALKS YoY Financials
| Metric | Q4 2025 | Q4 2024 | Year over year |
|---|---|---|---|
| Revenue | $384.5M | $430.0M | −10.6% |
| Gross Profit | $338.3M | $367.9M | −8.0% |
| Operating Income | $58.1M | $162.7M | −64.3% |
| Net Income | $49.3M | $146.5M | −66.3% |
ALKS Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.