Alkermes plc Reports Second Quarter 2025 Financial Results

Second Quarter Revenues of $390.7 Million –

GAAP Net Income of $87.1 Million and Diluted GAAP Earnings per Share of $0.52 –

Company Reiterates 2025 Financial Expectations –

Alkermes to Present Detailed Vibrance-1 Results at Upcoming World Sleep Congress –

Alkermes plc (Nasdaq: ALKS) today reported financial results for the second quarter of 2025.

“Our second quarter results reflect strong performance across all three of our proprietary products and robust profitability and cash flow generation,” said Richard Pops, Chief Executive Officer of Alkermes. “Against the backdrop of solid financial performance, the recently announced positive topline results from Vibrance-1, our phase 2 study of alixorexton (ALKS 2680) in narcolepsy type 1, were an important milestone in the development program and underscore the differentiated features of alixorexton. These data also highlight the potential of orexin 2 receptor agonists to transform the treatment of narcolepsy. As we prepare to initiate a global phase 3 program, we look forward to sharing detailed results from Vibrance-1 at the upcoming World Sleep Congress and topline results from our Vibrance-2 study in patients with narcolepsy type 2 this fall.”

Key Financial Highlights

Revenues(In millions) Three Months Ended Six Months Ended June 30, June 30, 2025 2024 2025 2024Total Revenues $ 390.7 $ 399.1 $ 697.2 $ 749.5Total Proprietary Net Sales $ 307.2 $ 269.3 $ 551.7 $ 502.8VIVITROL® $ 121.7 $ 111.9 $ 222.7 $ 209.5ARISTADA®i $ 101.3 $ 86.0 $ 174.8 $ 164.9LYBALVI® $ 84.3 $ 71.4 $ 154.3 $ 128.4Profitability(In millions) Three Months Ended Six Months Ended June 30, June 30, 2025 2024 2025 2024GAAP Net Income From Continuing Operations $ 87.1 $ 94.7 $ 109.6 $ 133.6GAAP Net Income (Loss) From Discontinued Operations $ — $ (3.3) $ — $ (5.4)GAAP Net Income $ 87.1 $ 91.4 $ 109.6 $ 128.2EBITDA From Continuing Operations $ 101.6 $ 118.6 $ 124.3 $ 170.1EBITDA From Discontinued Operations $ — $ (3.9) $ — $ (6.4)EBITDA $ 101.6 $ 114.7 $ 124.3 $ 163.7Adjusted EBITDA $ 126.5 $ 135.3 $ 172.1 $ 217.1

Revenue Highlights

LYBALVI

— Revenues for the quarter were $84.3 million.

— Revenues and total prescriptions for the quarter grew 18% and 22%, respectively, compared to the second quarter of 2024.

ARISTADAi

— Revenues for the quarter were $101.3 million.

— Revenues for the quarter grew 18% compared to the second quarter of 2024.

— During the quarter, the company recorded ARISTADA revenue of approximately $11.0 million related to gross-to-net favorability, primarily driven by Medicaid utilization adjustments.

VIVITROL

— Revenues for the quarter were $121.7 million.

— Revenues for the quarter grew 9% compared to the second quarter of 2024.

— During the quarter, the company recorded VIVITROL revenue of approximately $9.0 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 $39.4 million.

— Royalty revenues from XEPLION®, INVEGA TRINZA®/TREVICTA® and INVEGA HAFYERA®/BYANNLI® for the quarter were $30.3 million.

Key Operating Expenses

Please see Note 1 below for details regarding discontinued operations.

(In millions) Three Months Ended Six Months Ended June 30, June 30, 2025 2024 2025 2024R&D Expense – Continuing Operations $ 77.4 $ 59.6 $ 149.2 $ 127.3R&D Expense – Discontinued Operations $ — $ 3.9 $ — $ 6.4SG&A Expense – Continuing Operations $ 170.8 $ 168.1 $ 342.6 $ 347.9SG&A Expense – Discontinued Operations $ — $ — $ — $ —

Balance Sheet At June 30, 2025, the company recorded cash, cash equivalents and total investments of $1.05 billion, compared to $916.2 million at March 31, 2025.

Financial Expectations for 2025 Alkermes reiterates its financial expectations for 2025, as set forth in its press release dated Feb. 12, 2025.

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 six months ended June 30, 2024.

Conference Call Alkermes will host a conference call and webcast presentation with accompanying slides at 8:00 a.m. ET (1:00 p.m. BST) on Tuesday, July 29, 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.

AboutAlkermes plc Alkermes plc is a global biopharmaceutical company that seeks to develop innovative medicines in the field of neuroscience. The company has a portfolio of proprietary commercial products for the treatment of alcohol dependence, opioid dependence, schizophrenia and bipolar I disorder, and a pipeline of clinical and preclinical candidates in development for neurological disorders, including narcolepsy and idiopathic hypersomnia. Headquartered in Ireland, Alkermes also has a corporate office and research and development center in Massachusetts and a manufacturing facility in Ohio. For more information, please visit Alkermes' website at www.alkermes.com.

Non-GAAP Financial Measures This press release includes information about certain financial measures that are not prepared in accordance with generally accepted accounting principles in the U.S. (GAAP), including EBITDA and Adjusted EBITDA. These non-GAAP measures are not based on any standardized methodology prescribed by GAAP and are not necessarily comparable to similar measures presented by other companies.

EBITDA represents earnings before interest, tax, depreciation and amortization. Adjusted EBITDA excludes share-based compensation expense in addition to the components of EBITDA from earnings.

The company's management and board of directors utilize these non-GAAP financial measures to evaluate the company's performance. The company provides these non-GAAP financial measures of the company's performance to investors because management believes that these non-GAAP financial measures, when viewed with the company's results under GAAP and the accompanying reconciliations, are useful in identifying underlying trends in ongoing operations. However, EBITDA and Adjusted EBITDA are not measures of financial performance under GAAP and, accordingly, should not be considered as alternatives to GAAP measures as indicators of operating performance. Further, EBITDA and Adjusted EBITDA should not be considered measures of the company's liquidity.

A reconciliation of GAAP to non-GAAP financial measures has been provided in the tables included in this press release.

Note Regarding Forward-Looking Statements Certain statements set forth in this press release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including, but not limited to, statements concerning: the company's expectations concerning its future financial and operating performance, business plans or prospects; and the company's expectations regarding development plans, activities and timelines for, and the potential therapeutic and commercial value of, alixorexton (formerly referred to as ALKS 2680). The company cautions that forward-looking statements are inherently uncertain. The forward-looking statements are neither promises nor guarantees and they are necessarily subject to a high degree of uncertainty and risk. Actual performance and results may differ materially from those expressed or implied in the forward-looking statements due to various risks and uncertainties. These risks and uncertainties include, among others: whether the company is able to achieve its financial expectations; clinical development activities may not be initiated or completed on expected timelines or at all; the results of the company's development activities may not be positive, or predictive of future results from such activities, results of future development activities or real-world results; the company's products or product candidates could be shown to be ineffective or unsafe; the U.S. Food and Drug Administration (FDA) or regulatory authorities outside theU.S.may not agree with the company's regulatory approval strategies or may make adverse decisions regarding the company's products; potential changes in thecost, scope and duration of the company development programs; the unfavorable outcome of arbitration, litigation, or other proceedings or disputes related to the company's products or products using the company's proprietary technologies; the company and its licensees may not be able to continue to successfully commercialize their products or support revenue growth from such products; there may be a reduction in payment rate or reimbursement for the company's products or an increase in the company's financial obligations to government payers; the company's products may prove difficult to manufacture, be precluded from commercialization by the proprietary rights of third parties, or have unintended side effects, adverse reactions or incidents of misuse; and those risks and uncertainties described under the heading “Risk Factors” in the company's Annual Report on Form 10-K for the year ended Dec. 31, 2024 and in subsequent filings made by the company with the U.S. Securities and Exchange Commission (SEC), which are available on the SEC's website at www.sec.gov. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Except as required by law, the company disclaims any intention or responsibility for updating or revising any forward-looking statements contained in this press release.

VIVITROL® is a registered trademark of Alkermes, Inc.; ARISTADA®, ARISTADA INITIO® and LYBALVI® are registered trademarks of Alkermes Pharma Ireland Limited, used by Alkermes, Inc. under license; BYANNLI®, INVEGA HAFYERA®, INVEGA TRINZA®, TREVICTA® and XEPLION® are registered trademarks of Johnson & Johnson or its affiliated companies; and VUMERITY® is a registered trademark of Biogen MA Inc., used by Alkermes under license.

___________________ i The term “ARISTADA” as used in this press release refers to ARISTADA and ARISTADA INITIO®, unless the context indicatesotherwise.

Alkermes plc and SubsidiariesSelected Financial Information (Unaudited)Condensed Consolidated Statements of Operations – GAAP Three Months Ended Three Months Ended(In thousands, except per share data) June 30, 2025 June 30, 2024Revenues:Product sales, net $ 307,235 $ 269,273Manufacturing and royalty revenues 83,422 129,858Total Revenues 390,657 399,131Expenses:Cost of goods manufactured and sold 49,460 61,472Research and development 77,370 59,649Selling, general and administrative 170,849 168,113Amortization of acquired intangible assets – 14Total Expenses 297,679 289,248Operating Income 92,978 109,883Other Income, net:Interest income 11,090 10,735Interest expense – (5,952)Other income, net 771 2,053Total Other Income, net 11,861 6,836Income Before Income Taxes 104,839 116,719Income Tax Provision 17,741 22,061Net Income From Continuing Operations 87,098 94,658Loss From Discontinued Operations – Net of Tax – (3,300)Net Income – GAAP $ 87,098 $ 91,358GAAP Earnings Per Ordinary Share – Basic:From continuing operations $ 0.53 $ 0.56From discontinued operations $ – $ (0.02)From net income $ 0.53 $ 0.54GAAP Earnings Per Ordinary Share – Diluted:From continuing operations $ 0.52 $ 0.55From discontinued operations $ – $ (0.02)From net income $ 0.52 $ 0.53Weighted Average Number of Ordinary Shares Outstanding:Basic 164,959 168,321Diluted 168,357 170,977An itemized reconciliation between net income from continuing operations on a GAAP basis and Adjusted EBITDA is as follows:Net Income from Continuing Operations $ 87,098 $ 94,658Adjustments:Depreciation and amortization expense 7,818 6,658Interest income (11,090) (10,735)Interest expense – 5,952Income tax provision 17,741 22,061EBITDA from Continuing Operations 101,567 118,594EBITDA from Discontinued Operations – (3,913)EBITDA 101,567 114,681Share-based compensation 24,966 20,601Adjusted EBITDA $ 126,533 $ 135,282Alkermes plc and SubsidiariesSelected Financial Information (Unaudited)Condensed Consolidated Statements of Operations – GAAP Six Months Ended Six Months Ended(In thousands, except per share data) June 30, 2025 June 30, 2024Revenues:Product sales, net $ 551,728 $ 502,809Manufacturing and royalty revenues 145,439 246,691Research and development revenue – 3Total Revenues 697,167 749,503Expenses:Cost of goods manufactured and sold 98,657 120,116Research and development 149,187 127,260Selling, general and administrative 342,553 347,862Amortization of acquired intangible assets – 1,073Total Expenses 590,397 596,311Operating Income 106,770 153,192Other Income, net:Interest income 21,231 20,134Interest expense – (11,930)Other income, net 2,327 2,235Total Other Income, net 23,558 10,439Income Before Income Taxes 130,328 163,631Income Tax Provision 20,766 30,025Net Income From Continuing Operations 109,562 133,606Loss From Discontinued Operations – Net of Tax – (5,420)Net Income – GAAP $ 109,562 $ 128,186GAAP Earnings Per Ordinary Share – Basic:From continuing operations $ 0.67 $ 0.79From discontinued operations $ – $ (0.03)From net income $ 0.67 $ 0.76GAAP Earnings Per Ordinary Share – Diluted:From continuing operations $ 0.65 $ 0.78From discontinued operations $ – $ (0.03)From net income $ 0.65 $ 0.75Weighted Average Number of Ordinary Shares Outstanding:Basic 164,188 168,152Diluted 168,470 171,960An itemized reconciliation between net income from continuing operations on a GAAP basis and Adjusted EBITDA is as follows:Net Income from Continuing Operations $ 109,562 $ 133,606Adjustments:Depreciation and amortization expense 15,239 14,714Interest income (21,231) (20,134)Interest expense – 11,930Income tax provision 20,766 30,025EBITDA from Continuing Operations 124,336 170,141EBITDA from Discontinued Operations – (6,429)EBITDA 124,336 163,712Share-based compensation 47,776 53,356Adjusted EBITDA $ 172,112 $ 217,068Alkermes plc and SubsidiariesSelected Financial Information (Unaudited)Condensed Consolidated Balance Sheets June 30, December 31,(In thousands) 2025 2024Cash, cash equivalents and total investments $ 1,054,008 $ 824,816Receivables 354,906 389,733Inventory 191,924 182,887Contract assets 1,424 4,990Prepaid expenses and other current assets 71,295 86,077Property, plant and equipment, net 239,399 227,564Intangible assets, net and goodwill 83,880 83,917Deferred tax assets 155,533 154,835Other assets 100,440 100,748Total Assets $ 2,252,809 $ 2,055,567Accrued sales discounts, allowances and reserves $ 253,173 $ 272,452Other current liabilities 252,789 192,747Other long-term liabilities 122,263 125,391Total shareholders' equity 1,624,584 1,464,977Total Liabilities and Shareholders' Equity $ 2,252,809 $ 2,055,567Ordinary shares outstanding (in thousands) 165,055 162,177This selected financial information should be read in conjunction with the consolidated financial statements and notes theretoincludedinAlkermes plc'sQuarterly Report on Form 10-Q for the quarter ended June 30, 2025, which the company intends to file in July 2025.Alkermes Contacts:For Investors: Sandy Coombs +1 781 609 6377For Media: Katie Joyce +1 781 249 8927

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