Alkermes (NASDAQ: ALKS) maps 2026 loss as it ramps growth drugs

Rhea-AI Filing Summary

Alkermes plc reported 2025 total revenue of $1.48 billion, down from $1.56 billion, as royalties declined after the INVEGA SUSTENNA® U.S. royalty expiry, even though proprietary net sales rose to $1.18 billion. LYBALVI® grew to $346.7 million, ARISTADA® to $370.0 million and VIVITROL® to $467.9 million.

GAAP net income for 2025 was $241.7 million, or $1.43 diluted EPS, compared with $367.1 million and $2.17 in 2024, and Adjusted EBITDA declined to $394.0 million. The company closed its Avadel acquisition, using about $775 million of cash and adding $1.525 billion of term loans, gaining LUMRYZ® and a stronger sleep-medicine franchise. For 2026, Alkermes expects revenues of $1.73–$1.84 billion, proprietary net sales driven by VIVITROL®, LYBALVI®, ARISTADA® and LUMRYZ®, but a GAAP net loss of $(115)–$(135) million and Adjusted EBITDA of $370–$410 million as it absorbs Avadel-related costs and ramps its orexin portfolio.

Insights

Biopharma equity analyst

Proprietary drugs and Avadel deal reshape Alkermes’ growth and margin profile.

Alkermes is shifting from royalty-heavy revenue to a portfolio focused on proprietary neuroscience products and sleep medicine. 2025 total revenue slipped to $1.48 billion, but proprietary net sales climbed to $1.18 billion, led by LYBALVI®, ARISTADA® and VIVITROL®.

Profitability compressed: GAAP net income fell to $241.7 million and Adjusted EBITDA to $394.0 million, reflecting lost INVEGA SUSTENNA® royalties and higher R&D and SG&A. The Avadel acquisition adds LUMRYZ® and requires $1.525 billion of term loans, increasing leverage.

For 2026, guidance calls for revenue of $1.73–$1.84 billion and Adjusted EBITDA of $370–$410 million, but a GAAP net loss of $(115)–$(135) million due to acquisition-related amortization and inventory step-up. Execution on LUMRYZ® ramp and alixorexton’s phase 3 program will be key determinants of how this investment rebalances growth versus margins.

0001520262falseAlkermes plc.00015202622026-02-252026-02-25

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): February 25, 2026

ALKERMES PUBLIC LIMITED COMPANY

(Exact name of registrant as specified in its charter)

Ireland		001-35299				98-1007018
(State or other jurisdiction		(Commission				(IRS Employer
of incorporation)		File Number)				Identification No.)
Connaught House, 1 Burlington Road
Dublin 4, Ireland D04 C5Y6
(Address of principal executive offices)

Registrant's telephone number, including area code: + 353-1-772-8000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐		Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐		Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐		Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐		Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Ordinary shares, $0.01 par value		ALKS		Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On February 25, 2026, Alkermes plc (the “Company”) announced financial results for the three months and year ended December 31, 2025 and financial expectations for the year ending December 31, 2026. Copies of the related press release and the investor presentation to be displayed during the Company’s conference call on February 25, 2026 discussing such financial results and expectations are furnished herewith as Exhibit 99.1 and Exhibit 99.2, respectively. This information, including Exhibits 99.1 and 99.2, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

EXHIBIT INDEX

Exhibit No.		Description
99.1		Press release issued by Alkermes plc on February 25, 2026 announcing financial results for the three months and year ended December 31, 2025 and financial expectations for the year ending December 31, 2026.
99.2		Investor presentation to be displayed by Alkermes plc on February 25, 2026.
104		Cover page interactive data file (embedded within the Inline XBRL document).

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	ALKERMES PLC
Date: February 25, 2026	By:		/s/ Joshua Reed
			Joshua Reed
			Senior Vice President, Chief Financial Officer (Principal Financial Officer)

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Exhibit 99.1

	Alkermes Contacts:
	For Investors:	Sandy Coombs +1 781 609 6377
	For Media:	Katie Joyce +1 781 249 8927

Alkermes plc Reports Financial Results for the Fourth Quarter and Year Ended Dec. 31, 2025 and Provides Financial Expectations for 2026

— Total Revenues of $1.48 Billion in 2025; Net Sales of Proprietary Products Increased Approximately 9% Year-Over-Year —

— GAAP Net Income of $242 Million and Diluted GAAP Earnings per Share of $1.43 for 2025 —

— Alixorexton Phase 3 Clinical Program in Narcolepsy Expected to Initiate in Q1 2026 —

— Recent Completion of Avadel Acquisition Strengthens Leadership Position in Sleep Medicine —

DUBLIN, Feb. 25, 2026 — Alkermes plc (Nasdaq: ALKS) today reported financial results for the quarter and year ended Dec. 31, 2025 and provided financial expectations for 2026.

“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,” said Richard Pops, Chief Executive Officer of Alkermes. “As we look ahead, our strategic priorities for the year are clear: drive strong performance across our portfolio of commercial products, including LUMRYZ® (sodium oxybate) following the recently completed acquisition of Avadel; for alixorexton, initiate phase 3 studies designed to support a best-in-class profile in narcolepsy and complete our phase 2 study in idiopathic hypersomnia; and advance additional orexin candidates into phase 2 development in attention-deficit hyperactivity disorder and fatigue associated with multiple sclerosis and Parkinson’s disease. With strong momentum and a clear strategic vision, we are well positioned to deliver meaningful innovation and drive value in the years ahead.”

“In 2025, we generated total revenue of approximately $1.48 billion, strong profitability and cash flow. These results highlight the strength of our commercial portfolio and our continued focus on disciplined expense management,” said Joshua Reed, Chief Financial Officer of Alkermes. “As reflected in our financial expectations, in 2026 we are poised to drive robust cash generation and profitability while rapidly advancing alixorexton in registrational studies and progressing the clinical program for additional orexin 2 receptor agonists in our portfolio. The completed acquisition of Avadel enhances our financial profile, broadens our commercial capabilities, and accelerates our entry into the sleep medicine market. This positions us well for the potential future launch of alixorexton. With a solid balance sheet, a diversified revenue base, and a focused capital allocation strategy, we believe Alkermes is well‑positioned to deliver long-term growth and shareholder value.”

Key Financial Highlights

Revenues

	Three Months Ended December 31,					Twelve Months Ended December 31,
(In millions)	2025		2024			2025		2024
Total Revenues	$	384.5	$	430.0		$	1,475.9	$	1,557.6
Total Proprietary Net Sales	$	315.5	$	307.7		$	1,184.6	$	1,083.5
VIVITROL®	$	124.1	$	134.1		$	467.9	$	457.3
ARISTADA®i	$	97.2	$	96.6		$	370.0	$	346.2
LYBALVI®	$	94.1	$	77.0		$	346.7	$	280.0

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Profitability

	Three Months Ended December 31,					Twelve Months Ended December 31,
(In millions)	2025		2024			2025		2024
GAAP Net Income From Continuing Operations	$	49.3	$	145.7		$	241.7	$	372.1
GAAP Net Income (Loss) From Discontinued Operations	$	—	$	0.8		$	—	$	(5.1)
GAAP Net Income	$	49.3	$	146.5		$	241.7	$	367.1
EBITDA From Continuing Operations	$	64.4	$	170.0		$	285.6	$	452.4
EBITDA From Discontinued Operations	$	—	$	1.1		$	—	$	(5.8)
EBITDA	$	64.4	$	171.1		$	285.6	$	446.6
Adjusted EBITDA	$	100.3	$	191.9		$	394.0	$	543.3

Revenue Highlights

Proprietary Product Revenues

•LYBALVI revenues for the fourth quarter were $94.1 million. Fourth quarter revenues and total prescriptions grew 22% and 25%, respectively, compared to the fourth quarter of 2024.

•ARISTADAi revenues for the fourth quarter were $97.2 million.

•VIVITROL revenues for the fourth quarter were $124.1 million.

Manufacturing & Royalty Revenues

•VUMERITY® manufacturing and royalty revenues for the fourth quarter were $27.6 million.

•Royalty revenues from XEPLION®, INVEGA TRINZA®/TREVICTA® and INVEGA HAFYERA®/BYANNLI® for the fourth quarter were $31.3 million.

Key Operating Expenses

Please see Note 1 below for details regarding discontinued operations.

	Three Months Ended December 31,					Twelve Months Ended December 31,
(In millions)	2025		2024			2025		2024
R&D Expense – Continuing Operations	$	93.0	$	58.2		$	324.0	$	245.3
R&D Expense – Discontinued Operations	$	—	$	(1.1)		$	—	$	5.8
SG&A Expense – Continuing Operations	$	187.2	$	147.0		$	701.5	$	645.2
SG&A Expense – Discontinued Operations	$	—	$	—		$	—	$	—

Balance Sheet

•At Dec. 31, 2025, the company recorded cash, cash equivalents, restricted cash and total investments of $1.32 billion, compared to $824.8 million at Dec. 31, 2024.

•To finance the acquisition of Avadel Pharmaceuticals plc (Avadel), which closed in February 2026, the company used approximately $775 million of cash from its balance sheet and entered into term loans totaling $1.525 billion due in 2031.

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Financial Expectations for 2026

All line items are according to GAAP, except as otherwise noted.

(In millions)		2026 Expectations
Total Revenues		$1,730 – $1,840
VIVITROL Net Sales		$460 – $480
LYBALVI Net Sales		$380 – $400
ARISTADAi Net Sales		$365 – $385
LUMRYZ Net Sales a		$315 – $335
Cost of Goods Sold b		$365 – $385
R&D Expenses		$445 – $485
SG&A Expenses		$890 – $930
Amortization of Intangible Assets c		$95 – $105
Net Interest Expense		$75 – $85
Net Tax Benefit		~$20
GAAP Net Loss d		($115) – ($135)
EBITDA		$60 – $90
Adjusted EBITDA		$370 – $410

a	The acquisition of Avadel closed on Feb. 12, 2026. Expected net sales of LUMRYZ represents the period of Feb. 12, 2026 – Dec. 31, 2026. Avadel recorded net sales of LUMRYZ of approximately $33 million between Jan. 1, 2026 and Feb. 11, 2026.
b	In connection with the acquisition of Avadel, the company expects to record approximately $180 million of LUMRYZ inventory fair value step-up; approximately $150 million of this amount will be expensed as inventory is sold in 2026.
c	In connection with the acquisition of Avadel, the company expects to record approximately $1.5 billion of intellectual property related to LUMRYZ, which will be amortized over an expected life of 13 years.
d	Expected 2026 weighted average basic share count of approximately 169.1 million shares outstanding and a weighted average diluted share count of approximately 172.8 million shares outstanding.

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 twelve months ended Dec. 31, 2024.

Conference Call

Alkermes will host a conference call and webcast presentation with accompanying slides at 8:00 a.m. EST (1:00 p.m. GMT) on Wednesday, Feb. 25, 2026, 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.

About Alkermes plc

Alkermes plc, a mid-cap growth and value equity, 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, bipolar I disorder and narcolepsy. Alkermes’ pipeline includes late-stage clinical candidates in development for narcolepsy and idiopathic hypersomnia, and orexin 2 receptor agonists in early clinical development for other neurological disorders, including attention-deficit hyperactivity disorder (ADHD) and fatigue associated with multiple sclerosis and Parkinson’s disease. 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.

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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 and non-recurring gains or losses 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, including expected drivers of growth, value creation and profitability and the anticipated outcomes and benefits of the completed acquisition; and the company’s expectations regarding development plans, activities and timelines for, and the potential therapeutic and commercial value of, alixorexton and the company’s other development candidates. 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, including those related to value creation and profitability; the businesses of Alkermes and Avadel may not be effectively integrated and the expected benefits and value of the acquisition may not be achieved; there may be unknown or inestimable liabilities and potential litigation associated with the acquisition; clinical development activities may not be completed on time or at all; the results of the company’s development activities may not be positive, or predictive of final results from such activities, results of future development activities or real-world results; 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’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 the U.S. may not agree with the company’s regulatory approval strategies or may make adverse decisions regarding the company’s products; the company may not be able to achieve the expected benefits of the acquisition of Avadel and may not successfully integrate Avadel’s business; the company and its licensees may not be able to continue to successfully commercialize their products or support revenue growth from such products; potential changes in the cost, scope and duration of the company’s development programs; 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 most recent Annual Report on Form 10-K and in subsequent filings made by the company with the U.S. Securities and Exchange Commission (SEC), which are available on

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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; LUMRYZ® is a registered trademark of Flamel Ireland Limited, an affiliate of Alkermes plc; 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.

(tables follow)

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

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Alkermes plc and Subsidiaries
Selected Financial Information (Unaudited)
Condensed Consolidated Statements of Operations - GAAP		Three Months Ended				Three Months Ended
(In thousands, except per share data)		December 31, 2025				December 31, 2024
Revenues:
Product sales, net		$	315,492			$	307,726
Manufacturing and royalty revenues			69,055				122,260
Total Revenues			384,547				429,986
Expenses:
Cost of goods manufactured and sold			46,209				62,116
Research and development			93,038				58,174
Selling, general and administrative			187,196				146,994
Amortization of acquired intangible assets			—				14
Total Expenses			326,443				267,298
Operating Income			58,104				162,688
Other Income, net:
Interest income			12,130				11,400
Interest expense			(12,277	)			(4,648	)
Other income, net			2,420				449
Total Other Income, net			2,273				7,201
Income Before Income Taxes			60,377				169,889
Income Tax Provision			11,036				24,152
Net Income From Continuing Operations			49,341				145,737
Income From Discontinued Operations — Net of Tax			—				766
Net Income — GAAP		$	49,341			$	146,503
GAAP Earnings Per Ordinary Share - Basic:
From continuing operations		$	0.30			$	0.90
From discontinued operations		$	—			$	0.00
From net income		$	0.30			$	0.90
GAAP Earnings Per Ordinary Share - Diluted:
From continuing operations		$	0.29			$	0.88
From discontinued operations		$	—			$	0.00
From net income		$	0.29			$	0.88
Weighted Average Number of Ordinary Shares Outstanding:
Basic — GAAP and Non-GAAP			165,334				161,956
Diluted — GAAP and Non-GAAP			169,539				166,554
An itemized reconciliation between net income from continuing operations on a GAAP basis and EBITDA is as follows:
Net Income from Continuing Operations		$	49,341			$	145,737
Adjustments:
Depreciation expense			3,828				6,833
Amortization expense			19				14
Interest income			(12,130	)			(11,400	)
Interest expense			12,277				4,648
Income tax provision			11,036				24,152
EBITDA from Continuing Operations			64,371				169,984
EBITDA from Discontinued Operations			—				1,120
EBITDA		$	64,371			$	171,104
Share-based compensation			26,275				20,747
Costs related to the acquisition of Avadel			9,662				—
Adjusted EBITDA		$	100,308			$	191,851

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Alkermes plc and Subsidiaries
Selected Financial Information (Unaudited)
Condensed Consolidated Statements of Operations - GAAP		Year Ended				Year Ended
(In thousands, except per share data)		December 31, 2025				December 31, 2024
Revenues:
Product sales, net		$	1,184,643			$	1,083,534
Manufacturing and royalty revenues			291,256				474,095
Research and development revenue			—				3
Total Revenues			1,475,899				1,557,632
Expenses:
Cost of goods manufactured and sold			196,457				245,331
Research and development			323,964				245,326
Selling, general and administrative			701,522				645,238
Amortization of acquired intangible assets			—				1,101
Total Expenses			1,221,943				1,136,996
Operating Income			253,956				420,636
Other Income, net:
Interest income			45,304				42,450
Interest expense			(12,277	)			(22,578	)
Other income, net			4,467				3,242
Total Other Income, net			37,494				23,114
Income Before Income Taxes			291,450				443,750
Income Tax Provision			49,786				71,612
Net Income From Continuing Operations			241,664				372,138
Loss From Discontinued Operations — Net of Tax			—				(5,068	)
Net Income — GAAP		$	241,664			$	367,070
GAAP Earnings (Loss) Per Ordinary Share - Basic:
From continuing operations		$	1.47			$	2.25
From discontinued operations		$	—			$	(0.03	)
From net income		$	1.47			$	2.22
GAAP Earnings (Loss) Per Ordinary Share - Diluted:
From continuing operations		$	1.43			$	2.20
From discontinued operations		$	—			$	(0.03	)
From net income		$	1.43			$	2.17
Weighted Average Number of Ordinary Shares Outstanding:
Basic — GAAP and Non-GAAP			164,703				165,392
Diluted — GAAP and Non-GAAP			168,743				169,198
An itemized reconciliation between net income from continuing operations on a GAAP basis and EBITDA is as follows:
Net Income from Continuing Operations		$	241,664			$	372,138
Adjustments:
Depreciation expense			27,090				27,432
Amortization expense			75				1,101
Interest income			(45,304	)			(42,450	)
Interest expense			12,277				22,578
Income tax provision			49,786				71,612
EBITDA from Continuing Operations			285,588				452,411
EBITDA from Discontinued Operations			—				(5,790	)
EBITDA		$	285,588			$	446,621
Share-based compensation			98,716				96,636
Costs related to the acquisition of Avadel			9,662				—
Adjusted EBITDA		$	393,966			$	543,257

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Alkermes plc and Subsidiaries
Selected Financial Information (Unaudited)
Condensed Consolidated Balance Sheets		December 31,				December 31,
(In thousands)		2025				2024
Cash, cash equivalents and total investments		$	588,360			$	824,816
Restricted cash			731,206				—
Receivables			334,025				384,528
Inventory			196,625				182,887
Prepaid expenses and other current assets			79,090				96,272
Property, plant and equipment, net			221,722				227,564
Intangible assets, net and goodwill			83,842				83,917
Deferred tax assets			125,815				154,835
Other assets			126,308				100,748
Total Assets		$	2,486,993			$	2,055,567
Accrued sales discounts, allowances and reserves		$	247,126			$	272,452
Other current liabilities			296,311				192,747
Long-term liabilities			124,261				125,391
Total shareholders' equity			1,819,295				1,464,977
Total Liabilities and Shareholders' Equity		$	2,486,993			$	2,055,567
Ordinary shares outstanding (in thousands)			165,607				162,177
This selected financial information should be read in conjunction with the consolidated financial statements and notes thereto included in Alkermes plc's Annual Report on Form 10-K for the year ended December 31, 2025, which the company intends to file in February 2026.

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Alkermes plc and Subsidiaries
2026 Guidance — GAAP to EBITDA and Adjusted EBITDA
An itemized reconciliation between projected net loss on a GAAP basis, EBITDA and Adjusted EBITDA is as follows:
(In millions)		Amount
Projected Net Loss — GAAP		$	(125.0	)
Adjustments:
Net interest expense			80.0
Depreciation and amortization expense			140.0
Income tax benefit			(20.0	)
Projected EBITDA		$	75.0
Share-based compensation expense			115.0
Costs related to the acquisition of Avadel			200.0
Projected Adjusted EBITDA		$	390.0
Projected Net Loss on a GAAP basis and Projected EBITDA and Projected Adjusted EBITDA reflect mid-points within ranges of estimated guidance.

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Alkermes plc and Subsidiaries
Revenues for Calendar Year 2025 and 2024
(In thousands)		Three Months Ended March 31, 2025				Three Months Ended June 30, 2025				Three Months Ended September 30, 2025				Three Months Ended December 31, 2025				Year Ended December 31, 2025
Revenues:
VIVITROL		$	100,996			$	121,660			$	121,125			$	124,131			$	467,912
ARISTADA			73,475				101,295				98,050				97,224				370,044
LYBALVI			70,022				84,280				98,248				94,137				346,687
Total Proprietary Sales			244,493				307,235				317,423				315,492				1,184,643
PARTNERED LONG-ACTING ANTIPSYCHOTICS (1)			26,874				34,135				33,931				34,256				129,196
VUMERITY			27,833				39,399				35,616				27,620				130,468
Key Commercial Product Revenues			299,200				380,769				386,970				377,368				1,444,307
Legacy Product Revenues			7,310				9,888				7,215				7,179				31,592
Total Revenues		$	306,510			$	390,657			$	394,185			$	384,547			$	1,475,899
(In thousands)		Three Months Ended March 31, 2024				Three Months Ended June 30, 2024				Three Months Ended September 30, 2024				Three Months Ended December 31, 2024				Year Ended December 31, 2024
Revenues:
VIVITROL		$	97,659			$	111,873			$	113,650			$	134,133			$	457,315
ARISTADA			78,870				86,049				84,652				96,616				346,187
LYBALVI			57,007				71,351				74,697				76,977				280,032
Total Proprietary Sales			233,536				269,273				272,999				307,726				1,083,534
PARTNERED LONG-ACTING ANTIPSYCHOTICS (1)			65,391				82,297				60,876				51,267				259,831
VUMERITY			31,254				35,234				32,574				34,985				134,047
Key Commercial Product Revenues			330,181				386,804				366,449				393,978				1,477,412
Legacy Product Revenues			20,188				12,327				11,694				36,008				80,217
Research and Development Revenues			3				—				—				—				3
Total Revenues		$	350,372			$	399,131			$	378,143			$	429,986			$	1,557,632
(1) - Includes RISPERDAL CONSTA, INVEGA SUSTENNA/XEPLION, INVEGA TRINZA/TREVICTA and INVEGA HAFYERA/BYANNLI.

10

Alkermes plc and Subsidiaries
Amounts Included in Discontinued Operations
(In thousands)		Three Months Ended March 31, 2024				Three Months Ended June 30, 2024				Three Months Ended September 30, 2024				Three Months Ended December 31, 2024				Year Ended December 31, 2024
Cost of goods manufactured and sold		$	—			$	—			$	—			$	—			$	—
Research and development			2,516				3,913				481				(1,120	)			5,790
Selling, general and administrative			—				—				—				—				—
Income tax (benefit) provision			(396	)			(613	)			(67	)			354				(722	)
Loss (income) from discontinued operations, net of tax		$	2,120			$	3,300			$	414			$	(766	)		$	5,068

11

Fourth Quarter and Year-End 2025 Financial Results & Business Update February 25, 2026 Exhibit 99.2

Forward-Looking Statements and Non-GAAP Financial Information Certain statements set forth in this presentation 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: Alkermes plc’s (the “Company”) expectations with respect to its current and future financial, commercial and operating performance, business plans or prospects, including its expected drivers of growth, value creation and profitability; and the Company’s expectations regarding development plans, activities and timelines for, and the potential therapeutical and commercial value of, its development candidates. The Company cautions that forward-looking statements are inherently uncertain. Actual performance and results may differ materially from those expressed or implied in the forward-looking statements due to various risks, assumptions and uncertainties. These risks, assumptions and uncertainties include, among others: whether the Company is able to achieve its financial expectations, including those related to profitability; the Company’s commercial activities may not result in the benefits that the Company anticipates; the businesses of the Company and Avadel Pharmaceuticals plc (“Avadel”) may not be effectively integrated and the expected benefits and value of the acquisition may not be achieved; there may be unknown or inestimable liabilities, potential litigation and transaction costs associated with the acquisition; the completion of the acquisition could result in disruption to the business and make it more difficult to maintain business and operational relationships of the Company and Avadel, including the ability of the Company to retain highly qualified personnel; clinical development activities may not be completed on time or at all and the results of such activities may not be positive, or predictive of final results from such activities, results of future development activities or real-world results; potential changes in the cost, scope, design or duration of the Company’s development activities; the unfavorable outcome of arbitration, litigation, including so-called “Paragraph IV” litigation, or other proceedings or other disputes related to the Company’s products or products using the Company’s proprietary technologies; the U.S. Food and Drug Administration or other regulatory authorities may make adverse decisions regarding the Company’s products; the Company and its licensees may not be able to continue to successfully commercialize their products or support growth of 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, assumptions and uncertainties described under the heading “Risk Factors” in the Company’s most recent Annual Report on Form 10-K 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, and on the Company’s website at www.alkermes.com in the ‘Investors – SEC Filings’ section. 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 presentation. Non-GAAP Financial Measures: This presentation includes information about certain financial measures that are not prepared in accordance with generally accepted accounting principles in the U.S. (“GAAP”), including EBITDA (earnings before interest, taxes, depreciation and amortization) and Adjusted EBITDA (excludes share‐based compensation expense and non‐recurring gains or losses in addition to the components of EBITDA from earnings). 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. 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. Reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures, to the extent reasonably determinable, can be found in the Appendix of this presentation. Note Regarding Trademarks: The Company and its affiliates are the owners of various U.S. federal trademark registrations (®) and other trademarks (TM), including ARISTADA®, ARISTADA INITIO®, LUMRYZ®, LYBALVI® and VIVITROL®. INVEGA SUSTENNA® is a registered trademark of Johnson & Johnson or its affiliated companies. VUMERITY® is a registered trademark of Biogen MA Inc., used by Alkermes under license. Any other trademarks referred to in this presentation are the property of their respective owners. Appearances of such other trademarks herein should not be construed as any indicator that their respective owners will not assert their rights thereto.

Alkermes in 2026: Strong Foundation for Near- and Long-term Growth and Value Creation Commercial business generated total revenues >$1.45B, strong cash flow and profitability in 2025; Acquisition of Avadel augments revenue growth profile and profitability Alixorexton: Blockbuster potential in narcolepsy and idiopathic hypersomnia, if approved; recently granted FDA Breakthrough Therapy designation in NT1; entering phase 3 in narcolepsy in Q1 2026 Orexin 2 receptor agonist candidates represent potential new vertical of growth and expansion in multiple disease areas beyond sleep medicine Profitable neuroscience company with late-stage candidate and leadership in exciting new therapeutic category NT1 = narcolepsy type 1

Q4 & FY 2025 Financial and Operational Performance

In millions FY 2025 Financial Results Summary Total Revenue In millions GAAP Net Income GAAP Earnings Per Share Diluted FY 2025 and FY 2024 results reflect expiration of royalty on U.S. net sales of INVEGA SUSTENNA® in August 2024.

In millions FY 2025 Profitability GAAP Net Income From Continuing Operations In millions Adjusted EBITDA* EBITDA* From Continuing Operations In millions EBITDA represents earnings before interest, tax, depreciation and amortization. Adjusted EBITDA excludes share‐based compensation expense and non‐recurring gains or losses in addition to the components of EBITDA from earnings.*Reconciliation of this non-GAAP financial measure to the most directly comparable GAAP financial measure can be found in the Appendix of this presentation. FY 2025 and FY 2024 results reflect expiration of royalty on U.S. net sales of INVEGA SUSTENNA® in August 2024.

Q4 2025 Revenue Summary In millions Q4’25 Q4’24 Total Proprietary Net Sales $315.5 $307.7 VIVITROL® $124.1 $134.1 ARISTADA®* $97.2 $96.6 LYBALVI® $94.1 $77.0 Manufacturing & Royalty Revenue $69.1 $122.3 Total Revenue $384.5 $430.0 *Inclusive of ARISTADA INITIO® **Reflects expiration of royalty on U.S. net sales of INVEGA SUSTENNA® in August 2024. ** ** ** ** Amounts in the table may not sum due to rounding.

FY 2025 Revenue Summary In millions FY’25 FY’24 Total Proprietary Net Sales $1,184.6 $1,083.5 VIVITROL® $467.9 $457.3 ARISTADA®* $370.0 $346.2 LYBALVI® $346.7 $280.0 Manufacturing & Royalty Revenue $291.3 $474.1 Total Revenue $1,475.9 $1,557.6 *Inclusive of ARISTADA INITIO® **Reflects expiration of royalty on U.S. net sales of INVEGA SUSTENNA® in August 2024. ** ** ** ** Amounts in the table may not sum due to rounding.

Alkermes: 2026 Financial Expectations* a The acquisition of Avadel closed on Feb. 12, 2026. Expected net sales of LUMRYZ represents the period of Feb. 12, 2026 – Dec. 31, 2026. Avadel recorded net sales of LUMRYZ of $33 million between Jan. 1, 2026 and Feb. 11, 2026. b In connection with the acquisition of Avadel, the Company expects to record approximately $180 million of LUMRYZ inventory fair value step-up, approximately $150 million of which is expected to be expensed as inventory is sold in 2026. c In connection with the acquisition of Avadel, the Company expects to record approximately $1.5 billion of intellectual property related to LUMRYZ, which will be amortized over an expected life of 13 years. *These expectations are provided by the Company on Feb. 25, 2026 and are effective only as of such date. The Company expressly disclaims any obligation to update or reaffirm these expectations. ‡Reconciliation of this non-GAAP financial measure to the most directly comparable GAAP financial measure can be found in the Appendix of this presentation. i Inclusive of ARISTADA INITIO®. (in millions) Financial Expectations for Year Ending Dec. 31, 2026 Total Revenues $1,730 – $1,840 Cost of Goods Soldb $365 – $385 R&D Expenses $445 – $485 SG&A Expenses $890 – $930 Amortization of Intangible Assetsc $95 – $105 Net Interest Expense $75 – $85 GAAP Net Loss ($115) – ($135) EBITDA‡ $60 – $90 Adjusted EBITDA‡ $370 – $410 Tax Benefit ~$20 Expected net sales of proprietary products: VIVITROL® net sales of $460M – $480M LYBALVI® net sales of $380M – $400M ARISTADA®i net sales of $365M – $385M LUMRYZ®a net sales of $315M – $335M EBITDA represents earnings before interest, tax, depreciation and amortization. Adjusted EBITDA excludes share‐based compensation expense and non‐recurring gains or losses in addition to the components of EBITDA from earnings.

2025 Commercial Review

Topline Growth and Diversification Reflect Evolving Business *Inclusive of ARISTADA INITIO® **Licensed product (royalty & manufacturing revenue) Key Product Revenues ($M) $574 $715 $893 $1,049 $1,218 $1,315

LYBALVI® Performance and Expectations *These expectations are provided by the Company on Feb. 25, 2026 and are effective only as of such date. The Company expressly disclaims any obligation to update or reaffirm these expectations. Q4’25 LYBALVI net sales of $94.1M reflects 22% growth compared to Q4’24 Q4’25 gross-to-net deductions: ~30% FY’25 LYBALVI net sales were $346.7M Outlook: FY’26 net sales expected to range from $380M – $400M* LYBALVI Quarterly Net Sales ($M)

ARISTADA® Performance and Expectations Q4’25 ARISTADA net sales were $97.2M FY’25 ARISTADA net sales were $370.0M Outlook: FY’26 net sales expected to range from $365M – $385M†* *Inclusive of ARISTADA INITIO®†These expectations are provided by the Company on Feb. 25, 2026 and are effective only as of such date. The Company expressly disclaims any obligation to update or reaffirm these expectations. ARISTADA Quarterly Net Sales* ($M)

VIVITROL® Performance and Expectations *These expectations are provided by the Company on Feb. 25, 2026 and are effective only as of such date. The Company expressly disclaims any obligation to update or reaffirm these expectations. Q4’25 VIVITROL net sales were $124.1M FY’25 VIVITROL net sales were $467.9M Outlook: FY’26 net sales expected to range from $460M – $480M* VIVITROL Quarterly Net Sales ($M)

Appendix

Appendix: Amounts Included in Discontinued Operations (In thousands) Year Ended December 31, 2023 Three Months Ended March 31, 2024 Three Months Ended June 30, 2024 Three Months Ended September 30, 2024 Three Months Ended December 31, 2024 Year Ended December 31, 2024 Cost of goods manufactured and sold $ --- $ --- $ --- $ --- $ --- Research and development 2,516 3,913 481 (1,120) 5,790 Selling, general and administrative --- --- --- --- --- Income tax (benefit) provision $ (396) $ (613) $ (67) $ 354 $ (722) Loss (profit) from discontinued operations, net of tax $ 2,120 $ 3,300 $ 414 $ (766) $ 5,068

Appendix: Financial Results GAAP to Non-GAAP Reconciliation (In millions) Year Ended December 31, 2025 Year Ended December 31, 2024 Net Income from Continuing Operations — GAAP $ 241.7 $ 372.1 Adjustments: Depreciation expense 27.1 27.4 Amortization expense 0.1 1.1 Interest income (45.3) (42.5) Interest expense 12.3 22.6 Income tax provision 49.8 71.6 EBITDA from Continuing Operations 285.6 452.4 EBITDA from Discontinued Operations -- (5.8) EBITDA 285.6 446.6 Share-based compensation 98.7 96.6 Costs related to the acquisition of Avadel 9.7 -- Adjusted EBITDA $ 394.0 $ 543.3 Amounts in the table may not sum due to rounding.

Appendix: Financial Expectations GAAP to Non-GAAP Reconciliation Projected GAAP and non-GAAP measures in the table above reflect the mid-points within the Company’s financial expectations ranges. (In millions) Year Ended December 31, 2023 Year Ending December 31, 2026 Projected Net Loss — GAAP $ (125.0) Adjustments: Net interest expense 80.0 Depreciation and amortization expense 140.0 Income tax benefit (20.0) Projected EBTIDA $ 75.0 Shared-based compensation expense 115.0 Costs related to the acquisition of Avadel 200.0 Projected Adjusted EBITDA $ 390.0

www.alkermes.com

FAQ

How did Alkermes (ALKS) perform financially in 2025?

Alkermes generated $1.48 billion in 2025 revenue, down from $1.56 billion in 2024, as certain royalties expired. Proprietary net sales increased to $1.18 billion, and GAAP net income was $241.7 million, or $1.43 diluted earnings per share.

What are Alkermes’ 2026 revenue and profit expectations?

For 2026, Alkermes expects $1.73–$1.84 billion in total revenue and a GAAP net loss of $(115)–$(135) million. The company guides to $60–$90 million of EBITDA and $370–$410 million of Adjusted EBITDA as it integrates Avadel and grows LUMRYZ®.

How did Alkermes’ key proprietary drugs perform in 2025?

In 2025, LYBALVI® net sales reached $346.7 million, ARISTADA® $370.0 million, and VIVITROL® $467.9 million. Total proprietary net sales were $1.18 billion, up from $1.08 billion in 2024, partly offsetting lower royalty revenue.

What did Alkermes pay for the Avadel acquisition and how was it financed?

To complete the Avadel Pharmaceuticals acquisition, Alkermes used approximately $775 million of cash from its balance sheet and entered term loans totaling $1.525 billion due in 2031. The deal adds LUMRYZ® and strengthens its position in sleep medicine.

What guidance did Alkermes provide for its main products in 2026?

For 2026, Alkermes expects VIVITROL® net sales of $460–$480 million, LYBALVI® $380–$400 million, ARISTADA® $365–$385 million, and LUMRYZ® $315–$335 million. These four proprietary products are projected to drive most of the company’s revenue growth.

Why does Alkermes expect a GAAP net loss in 2026 despite higher revenue?

Alkermes anticipates a $(115)–$(135) million GAAP net loss in 2026 mainly due to acquisition-related effects. Guidance includes $95–$105 million of intangible amortization and about $150 million of LUMRYZ® inventory fair value step-up expense tied to the Avadel transaction.

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