Alkermes

What Alkermes does

Alkermes plc is a Dublin-incorporated, NASDAQ-listed (ALKS) biopharmaceutical company founded in 1987 that develops, manufactures, and commercializes proprietary medicines for chronic central nervous system (CNS) disorders. The company operates a specialized sales force targeting psychiatrists, neurologists, sleep specialists, and addiction medicine providers, with end markets spanning schizophrenia, bipolar I disorder, alcohol and opioid dependence, and narcolepsy/idiopathic hypersomnia. Its commercial portfolio consists of four FDA-approved proprietary brands: LYBALVI (olanzapine/samidorphan) for schizophrenia and bipolar I disorder; ARISTADA (aripiprazole lauroxil) long-acting injectable for schizophrenia; VIVITROL (extended-release naltrexone) for alcohol and opioid dependence; and LUMRYZ (sodium oxybate), acquired from Avadel Pharmaceuticals in February 2026 for narcolepsy. Primary U.S. operations sit in Waltham, Massachusetts (R&D and corporate), with manufacturing in Wilmington, Ohio; the company sold its Athlone, Ireland facility to Novo Nordisk in 2024.

The business model is a vertically integrated specialty pharma model: Alkermes discovers, develops, registers, manufactures (in-house for select products), and markets its branded drugs directly through specialty distribution channels, generating revenue primarily from proprietary product net sales (FY2025 proprietary net sales of $1.2 billion, up 9% YoY; FY2025 total revenue $1.498 billion). A secondary revenue stream derives from licensing proprietary drug delivery technologies to third-party pharmaceutical companies. Underlying technology centers on small-molecule neuroscience, notably a proprietary orexin 2 receptor agonist (OX2R) platform whose lead candidate alixorexton (ALKS 2680) is in Phase 3 for narcolepsy types 1 and 2 and Phase 2 for idiopathic hypersomnia, supported by FDA Breakthrough Therapy and orphan drug designations in the U.S. and EU.

Following the $2.1 billion Avadel acquisition financed with $775 million cash and $1.525 billion in term loans due 2031, the company is transitioning from a psychiatry/addiction specialist into a broader neuroscience player with material sleep-medicine exposure. Management's FY2026 revenue guidance of $1.73–$1.84 billion and the planned August 2026 CEO transition from Richard Pops (35 years) to long-tenured COO Blair Jackson underscore a company in active strategic repositioning, with alixorexton's regulatory and commercial outcomes serving as the key forward catalyst.

Name

Alkermes

Legal name

Alkermes, Inc. and any of its present or future subsidiaries or affiliates (collectively referred to as Alkermes)

Website

https://alkermes.com

Company type

Public

Founded year

1987

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Alkermes plc is a Dublin-headquartered, NASDAQ-listed biopharmaceutical company that develops and commercializes FDA-approved proprietary medicines for serious mental illness, addiction, and sleep disorders, targeting prescribers and patients in the United States.

Ownership category

akta.pro rank

Product category

Central Nervous System Pharmaceuticals

NAICS

Pharmaceutical Preparation Manufacturing (325412)

SIC

Pharmaceutical Preparations (2834)

akta.pro primary industry

Neurology & CNS Specialty Pharmaceuticals (HLAIACAC)

akta.pro secondary industry

Neurology & Psychiatry (CNS) Pharmaceuticals (HLAIAAAF)

Keywords

• Central nervous system therapeutics
• Orexin receptor agonists
• Long-acting injectable antipsychotics
• Sleep disorder medicines
• Biopharmaceutical drug development

Headquarters

HQ city

Dublin

HQ country

Ireland

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Supply Chain

Revenue model

1. Proprietary Product Sales: Sales of proprietary pharmaceutical products including LYBALVI, ARISTADA, VIVITROL, and LUMRYZ (post-Avadel acquisition). Q1 2026 proprietary product net sales were $338.1 million. Full-year 2025 proprietary product net sales were $1.2 billion, up 9% year-over-year.
2. Technology Licensing and Royalty Revenue: Revenue from licensing proprietary drug delivery technologies to third-party pharmaceutical companies. The company has historically commercialized third-party medicines using its technologies.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels5 records

Core offering

Alkermes develops, manufactures, and commercializes proprietary pharmaceutical products for the treatment of central nervous system disorders, including schizophrenia, bipolar I disorder, alcohol and opioid dependence, and sleep-wake disorders such as narcolepsy and idiopathic hypersomnia. Its commercial portfolio includes LYBALVI, ARISTADA, VIVITROL, and LUMRYZ, and its R&D pipeline is anchored by a proprietary orexin 2 receptor agonist program (alixorexton) currently in Phase 3 development.

Product overview

Alkermes is a global biopharmaceutical company that has transitioned from a royalty-based technology company to a proprietary products company focused on neuroscience and sleep medicine. The company's commercial portfolio includes four FDA-approved proprietary medicines: LYBALVI (olanzapine and samidorphan) for schizophrenia and bipolar I disorder; ARISTADA, a long-acting injectable antipsychotic for schizophrenia; VIVITROL for alcohol and opioid dependence; and LUMRYZ (sodium oxybate), acquired from Avadel Pharmaceuticals in February 2026 for narcolepsy. The R&D pipeline centers on the orexin receptor agonist program, with alixorexton in Phase 3 development for narcolepsy types 1 and 2, and Phase 2 for idiopathic hypersomnia. Additional pipeline candidates include ALKS 7290 for ADHD and ALKS 4510 in earlier stages.

Differentiator

Problem solved

Functional benefit

Brands

• Alkermes Pathways Research Awards: Research awards program offering grants up to $100,000 to early-career investigators in neuroscience
• Alkermes Inspiration Grants

Products and services

• LYBALVI (olanzapine and samidorphan) FDA-approved proprietary once-daily oral combination of olanzapine (antipsychotic) and samidorphan (opioid receptor antagonist) for adults with schizophrenia and bipolar I disorder, designed to provide antipsychotic efficacy while mitigating olanzapine-associated weight gain.
• ARISTADA (aripiprazole lauroxil) FDA-approved long-acting injectable aripiprazole formulation for the treatment of schizophrenia in adults, available in monthly and every-six-week dosing regimens to support adherence.
• VIVITROL (naltrexone for extended-release injectable suspension) FDA-approved once-monthly extended-release injectable naltrexone for the treatment of alcohol dependence and for the prevention of relapse to opioid dependence following opioid detoxification.
• LUMRYZ (sodium oxybate) FDA-approved once-nightly extended-release oral suspension of sodium oxybate for the treatment of cataplexy and excessive daytime sleepiness in patients with narcolepsy; acquired through the February 2026 Avadel Pharmaceuticals acquisition.
• Alixorexton (ALKS 2680) Investigational oral selective orexin 2 receptor agonist in clinical development for the treatment of narcolepsy type 1, narcolepsy type 2, and idiopathic hypersomnia; currently in Phase 3 Brilliance Studies for narcolepsy types 1 and 2 and Phase 2 Vibrance-3 study for idiopathic hypersomnia.

Quantifiable outcome

• Phase 3 Brilliance Studies initiated for alixorexton in narcolepsy types 1 and 2 (2026)
• +3 more outcomes

Named customers2 records

Segments4 records

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

One partnership is on record.

• Avadel PharmaceuticalscoreStrategic or Co-development Partner · 22 October 2025Alkermes acquired Avadel Pharmaceuticals in a transaction valued at up to $2.1 billion (finalized February 12, 2026), adding the sleep drug LUMRYZ and Avadel's commercial infrastructure to Alkermes' portfolio.

Scale indicators10 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Jazz Pharmaceuticals: Jazz Pharmaceuticals is the dominant player in the oxybate/narcolepsy market with XYWAV and Xyrem, directly competing with Alkermes' newly-acquired LUMRYZ. Both companies focus on CNS specialty pharmaceuticals with similar patient populations, prescriber bases, and commercial channels, making them the most directly comparable peer.
• Neurocrine Biosciences: Neurocrine Biosciences is a CNS-focused specialty biopharma with Ingrezza for tardive dyskinesia and a pipeline in movement disorders, schizophrenia, and sleep. Highly comparable to Alkermes in CNS therapeutic focus, specialty sales force model, and pipeline-driven growth strategy targeting underserved neurology indications.
• Intra-Cellular Therapies: Intra-Cellular Therapies commercializes Caplyta for schizophrenia and bipolar depression, directly competing with Alkermes' LYBALVI and ARISTADA. Similar mid-cap specialty CNS profile with concentrated focus on psychiatry indications and prescriber relationships overlapping Alkermes' psychiatry sales force.
• Otsuka Pharmaceutical: Otsuka is the originator and partner on LYBALVI (co-developed with Alkermes), with major CNS franchises including Abilify. Direct strategic alignment with Alkermes through LYBALVI collaboration and similar focus on psychiatry/schizophrenia markets.
• Sumitomo Pharma (formerly Sumitomo Dainippon): Sumitomo Pharma commercializes Latuda (lurasidone) for schizophrenia and bipolar depression, directly competing with Alkermes' LYBALVI in the same psychiatrist-prescribed segment. Comparable CNS specialty focus and established psychiatric commercial infrastructure.
• Lundbeck: Lundbeck is a global CNS specialty pharmaceutical company with a portfolio spanning depression, schizophrenia, and neurology. Highly comparable specialty CNS focus and similar commercial model targeting psychiatrists and neurologists with branded therapies.
• Supernus Pharmaceuticals: Supernus Pharmaceuticals is a specialty CNS company with a portfolio including Qelbree for ADHD and CNS therapies targeting similar prescriber bases. Mid-cap CNS specialty profile with comparable patient-focused commercial model and central nervous system therapeutic focus.

Broad incumbents

• Takeda Pharmaceutical: Takeda operates a broader neuroscience franchise including narcolepsy treatments and CNS therapies. While larger and more diversified than Alkermes, Takeda's CNS commercial infrastructure and pipeline overlap with Alkermes' psychiatric and sleep medicine focus areas.
• Bristol-Myers Squibb: BMS operates a large pharmaceutical portfolio with established CNS franchises including schizophrenia treatments (Cobenfy, formerly KarXT). Larger and more diversified than Alkermes, but competes in overlapping CNS indications and prescriber relationships through its neuroscience commercial infrastructure.

Emerging players

• Sage Therapeutics: Sage Therapeutics is a CNS-focused biopharma commercializing Zurzuvae for postpartum depression. Comparable specialty CNS focus and psychiatrist-targeted commercial model, though Sage is at an earlier commercial stage than Alkermes with a more concentrated pipeline.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/UC1CXRHrg3JzXO962jQctF7w
• LinkedInlinkedin.com/company/alkermes
• Xx.com/alkermes

Revenue estimate

Valuation estimate

Number of profiles

Profiles27 records

Subsidiaries1 record

Funding overview

Funding rounds2 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A4 records

Investments15 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Alkermes