Alkermes plc. (ALKS) FY2025 results: revenue $1.5 billion, down 5.2% on the year
Alkermes plc. (ALKS) reported revenue of $1.5 billion for fiscal 2025, the year ended 31 December 2025, down 5.2% on the year before. Net income was $242 million, down 34.2%, and diluted earnings per share $1.43. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2026.
Revenue
$1.5 billion
-5.2% on the year
FY2018FY2025
Operating margin
17.2%
27.0% a year earlier
FY2018FY2025
Net income
$242 million
-34.2% on the year
FY2018FY2025
Diluted EPS
$1.43
-34.1% on the year
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 22 new.
Full-year revenue declined from 2024: Total revenues were $1,475.9 million for 2025, against $1,557.6 million in 2024. Fourth-quarter revenues were $384.5 million, against $430.0 million a year earlier.
Proprietary net sales rose about 9%: Proprietary net sales were $1,184.6 million for 2025, against $1,083.5 million, and $315.5 million in the fourth quarter, against $307.7 million a year earlier.
Adjusted EBITDA declined for 2025: Adjusted EBITDA was $394.0 million for 2025, against $543.3 million, and $100.3 million in the fourth quarter, against $191.9 million. EBITDA was $285.6 million for 2025.
Cash and investments rose to $1.32 billion: Cash, cash equivalents, restricted cash and total investments were $1.32 billion at Dec. 31, 2025, against $824.8 million a year earlier.
Avadel financed with cash and term loans: Management said about $775 million came from balance sheet cash, with term loans totaling $1.525 billion due in 2031 used to finance the Avadel acquisition.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
521
439
401
+18.6%
Capital expenditure
40.4
33.5
48.0
+20.7%
Free cash flow
480
406
353
+18.4%
Free cash flow margin
32.5%
26.0%
21.2%
Cash from investing
295
-111
53.4
Cash from financing
12.4
-494
-290
Depreciation and amortisation
27.2
28.5
74.9
-4.8%
Share-based compensation
98.7
96.6
101
+2.2%
Buybacks
n/a
200
n/a
Diluted shares, weighted
169m
169m
170m
-0.3%
Shares outstanding at period end
166m
162m
167m
+2.1%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
1,819
1,465
1,203
+24.2%
Debt
0.0
0.0
291
Operating lease liabilities
63.3
69.4
75.7
-8.8%
Other liabilities
604
521
567
+16.0%
Total liabilities and equity
2,487
2,056
2,136
+21.0%
Fixed assets
222
228
227
-2.6%
Goodwill
83.0
83.0
83.0
0.0%
Intangible assets
0.8
0.9
2.0
-8.4%
Investments
200
534
356
-62.6%
Cash and equivalents
389
291
457
+33.5%
Receivables
334
385
332
-13.1%
Inventory
197
183
186
+7.5%
Other assets
1,062
352
492
+201.9%
Total assets
2,487
2,056
2,136
+21.0%
10-K for the year ended 31 December 2025, filed 25 February 2026: the filing.