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Alkermes Q2 Earnings Beat Estimates, Proprietary Drugs Aid Sales
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Key Takeaways
ALKS posted Q2 EPS of $0.52 and revenues of $390.7M, beating estimates for both.
Proprietary product sales rose 14% y/y to $307.2M, led by strong demand for Vivitrol, Aristada and Lybalvi.
Manufacturing and royalty revenues dropped 35.8% to $83.4M, weighing on the total top-line performance.
Alkermes plc (ALKS - Free Report) reported earnings from continuing operations of 52 cents per share for the second quarter of 2025, which beat the Zacks Consensus Estimate of 41 cents. The company registered earnings of 53 cents per share in the year-ago quarter.
Alkermes’ total revenues of $390.7 million in the second quarter decreased 2.1% from the year-ago quarter due to lower manufacturing and royalty revenues. The top line, however, comprehensively beat the Zacks Consensus Estimate of $339 million.
Year to date, shares of Alkermes have lost 6.1% against the industry’s rise of 0.6%.
Image Source: Zacks Investment Research
ALKS' Q2 Earnings in Detail
Alkermes derives revenues from the net sales of its proprietary products — Vivitrol (alcohol and opioid dependence), Aristada (schizophrenia) and Lybalvi (schizophrenia and bipolar I disorder). The metric also includes manufacturing and/or royalty revenues on net sales of products commercialized by partners.
Sales of the proprietary products portfolio grew 14% year over year to $307.2 million during the second quarter, driven by strong demand for Vivitrol, Aristada and Lybalvi. Sales of proprietary products surpassed management’s expectation, which was in the range of $260-$280 million.
Vivitrol sales increased 9% year over year to $121.7 million in the second quarter, driven by growth in the alcohol dependence indication. Its sales beat the Zacks Consensus Estimate of $111 million and our model estimate of $113.5 million.
Aristada sales increased 18% year over year to $101.3 million, driven by underlying demand and strong new-to-brand prescriptions during the quarter. The figure beat the Zacks Consensus Estimate of $84 million and our model estimate of $84.1 million.
Lybalvi generated sales of $84.3 million, up 18% year over year in the reported quarter. Its sales also beat the Zacks Consensus Estimate of $79 million and our model estimate of $77.7 million. Lybalvi total prescriptions grew 22% year over year in the quarter, driven by new patient starts.
Total manufacturing and royalty revenues decreased around 35.8% year over year to $83.4 million.
Manufacturing and royalty revenues from Biogen’s multiple sclerosis drug, Vumerity, were $39.4 million. Royalty revenues from Xeplion and certain Invega products were $30.3 million in the second quarter.
Research and development expenses totaled $77.4 million, up almost 30% year over year, owing to higher costs related to the ongoing studies on investigational pipeline candidate, alixorexton (formerly ALKS 2680).
Selling, general and administrative expenses totaled $170.8 million, up almost 1.6% year over year.
As of June 30, 2025, Alkermes had cash and cash equivalents of $1.05 billion compared with $916.2 million as of March 31, 2025.
ALKS Reiterates 2025 Guidance
Alkermes reiterated its financial guidance for 2025, which was provided in February.
The company expects total revenues of $1.34-$1.43 billion for 2025.
Net sales of Vivitrol are expected to be $440-$460 million, while Aristada sales are anticipated to be $335-$355 million. Lybalvi’s net sales are expected to be $320-$340 million.
Net sales from proprietary products are expected to be $280-$300 million for the third quarter of 2025.
ALKS' Pipeline Development Activities
Earlier this month, Alkermes reported positive top-line data from the phase II Vibrance-1 study, which evaluated its novel, investigational and oral orexin 2 receptor agonist, alixorexton, for treating patients with narcolepsy type 1 (NT1). Patients were randomized to receive alixorexton (4 mg, 6 mg or 8 mg) or placebo to be taken once daily for six weeks in the study.
NT1 is a chronic sleep disorder causing excessive daytime sleepiness and sudden muscle weakness called cataplexy due to orexin deficiency.
Data from the study showed that treatment with alixorexton across all doses led to a statistically significant, clinically meaningful and dose-dependent improvement from baseline compared with placebo in wakefulness on the Maintenance of Wakefulness Test. This was the study’s primary endpoint.
However, the 6 mg dose of alixorexton was the only one to meet a key secondary goal on cataplexy rates in the study.
Treatment with alixorexton across all doses was generally safe and well-tolerated.
Building on the overall success of the Vibrance-1 study, management is planning to initiate a global phase III program for alixorexton in patients with NT1.
The detailed safety and efficacy data from the phase II Vibrance-1 study are expected to be presented at an upcoming scientific conference.
Besides NT1, alixorexton is also being studied for the treatment of narcolepsy type 2 (NT2) and idiopathic hypersomnia (“IH”).
The phase II Vibrance-2 study is evaluating the safety and efficacy of alixorexton versus placebo in adults with NT2. Enrollment in this study is expected to be completed shortly, with data from the same expected during the fall.
In April 2025, the company initiated the phase II Vibrance-3 study, evaluating the safety and efficacy of alixorexton in adults with IH, a rare, chronic and neurological sleep disorder. Top-line data from this study is expected in mid-2026.
In the past 60 days, estimates for Arvinas’ 2025 loss per share have narrowed from $1.60 to $1.50. Loss per share estimates for 2026 have narrowed from $3.28 to $2.98 during the same period. ARVN stock has plunged 60.9% year to date.
Arvinas’ earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 82.09%.
In the past 60 days, estimates for CorMedix’s earnings per share have increased from 93 cents to 97 cents for 2025. During the same time, earnings per share estimates for 2026 have increased from $1.64 to $1.65. Year to date, shares of CRMD have rallied 43.7%.
CorMedix’s earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 25.82%.
In the past 60 days, estimates for Immunocore’s 2025 loss per share have narrowed from 86 cents to 68 cents. Loss per share estimates for 2026 have narrowed from $1.34 to $1.10 during the same period. IMCR stock has increased 15% year to date.
Immunocore’s earnings beat estimates in three of the trailing four quarters while missing the same on the remaining occasion, the average surprise being 76.18%.
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Alkermes Q2 Earnings Beat Estimates, Proprietary Drugs Aid Sales
Key Takeaways
Alkermes plc (ALKS - Free Report) reported earnings from continuing operations of 52 cents per share for the second quarter of 2025, which beat the Zacks Consensus Estimate of 41 cents. The company registered earnings of 53 cents per share in the year-ago quarter.
Alkermes’ total revenues of $390.7 million in the second quarter decreased 2.1% from the year-ago quarter due to lower manufacturing and royalty revenues. The top line, however, comprehensively beat the Zacks Consensus Estimate of $339 million.
Year to date, shares of Alkermes have lost 6.1% against the industry’s rise of 0.6%.
Image Source: Zacks Investment Research
ALKS' Q2 Earnings in Detail
Alkermes derives revenues from the net sales of its proprietary products — Vivitrol (alcohol and opioid dependence), Aristada (schizophrenia) and Lybalvi (schizophrenia and bipolar I disorder). The metric also includes manufacturing and/or royalty revenues on net sales of products commercialized by partners.
Sales of the proprietary products portfolio grew 14% year over year to $307.2 million during the second quarter, driven by strong demand for Vivitrol, Aristada and Lybalvi. Sales of proprietary products surpassed management’s expectation, which was in the range of $260-$280 million.
Vivitrol sales increased 9% year over year to $121.7 million in the second quarter, driven by growth in the alcohol dependence indication. Its sales beat the Zacks Consensus Estimate of $111 million and our model estimate of $113.5 million.
Aristada sales increased 18% year over year to $101.3 million, driven by underlying demand and strong new-to-brand prescriptions during the quarter. The figure beat the Zacks Consensus Estimate of $84 million and our model estimate of $84.1 million.
Lybalvi generated sales of $84.3 million, up 18% year over year in the reported quarter. Its sales also beat the Zacks Consensus Estimate of $79 million and our model estimate of $77.7 million. Lybalvi total prescriptions grew 22% year over year in the quarter, driven by new patient starts.
Total manufacturing and royalty revenues decreased around 35.8% year over year to $83.4 million.
Manufacturing and royalty revenues from Biogen’s multiple sclerosis drug, Vumerity, were $39.4 million. Royalty revenues from Xeplion and certain Invega products were $30.3 million in the second quarter.
Research and development expenses totaled $77.4 million, up almost 30% year over year, owing to higher costs related to the ongoing studies on investigational pipeline candidate, alixorexton (formerly ALKS 2680).
Selling, general and administrative expenses totaled $170.8 million, up almost 1.6% year over year.
As of June 30, 2025, Alkermes had cash and cash equivalents of $1.05 billion compared with $916.2 million as of March 31, 2025.
ALKS Reiterates 2025 Guidance
Alkermes reiterated its financial guidance for 2025, which was provided in February.
The company expects total revenues of $1.34-$1.43 billion for 2025.
Net sales of Vivitrol are expected to be $440-$460 million, while Aristada sales are anticipated to be $335-$355 million. Lybalvi’s net sales are expected to be $320-$340 million.
Net sales from proprietary products are expected to be $280-$300 million for the third quarter of 2025.
ALKS' Pipeline Development Activities
Earlier this month, Alkermes reported positive top-line data from the phase II Vibrance-1 study, which evaluated its novel, investigational and oral orexin 2 receptor agonist, alixorexton, for treating patients with narcolepsy type 1 (NT1). Patients were randomized to receive alixorexton (4 mg, 6 mg or 8 mg) or placebo to be taken once daily for six weeks in the study.
NT1 is a chronic sleep disorder causing excessive daytime sleepiness and sudden muscle weakness called cataplexy due to orexin deficiency.
Data from the study showed that treatment with alixorexton across all doses led to a statistically significant, clinically meaningful and dose-dependent improvement from baseline compared with placebo in wakefulness on the Maintenance of Wakefulness Test. This was the study’s primary endpoint.
However, the 6 mg dose of alixorexton was the only one to meet a key secondary goal on cataplexy rates in the study.
Treatment with alixorexton across all doses was generally safe and well-tolerated.
Building on the overall success of the Vibrance-1 study, management is planning to initiate a global phase III program for alixorexton in patients with NT1.
The detailed safety and efficacy data from the phase II Vibrance-1 study are expected to be presented at an upcoming scientific conference.
Besides NT1, alixorexton is also being studied for the treatment of narcolepsy type 2 (NT2) and idiopathic hypersomnia (“IH”).
The phase II Vibrance-2 study is evaluating the safety and efficacy of alixorexton versus placebo in adults with NT2. Enrollment in this study is expected to be completed shortly, with data from the same expected during the fall.
In April 2025, the company initiated the phase II Vibrance-3 study, evaluating the safety and efficacy of alixorexton in adults with IH, a rare, chronic and neurological sleep disorder. Top-line data from this study is expected in mid-2026.
Alkermes plc Price, Consensus and EPS Surprise
Alkermes plc price-consensus-eps-surprise-chart | Alkermes plc Quote
ALKS' Zacks Rank & Stocks to Consider
Alkermes currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the biotech sector are Arvinas (ARVN - Free Report) , CorMedix (CRMD - Free Report) and Immunocore (IMCR - Free Report) , each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
In the past 60 days, estimates for Arvinas’ 2025 loss per share have narrowed from $1.60 to $1.50. Loss per share estimates for 2026 have narrowed from $3.28 to $2.98 during the same period. ARVN stock has plunged 60.9% year to date.
Arvinas’ earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 82.09%.
In the past 60 days, estimates for CorMedix’s earnings per share have increased from 93 cents to 97 cents for 2025. During the same time, earnings per share estimates for 2026 have increased from $1.64 to $1.65. Year to date, shares of CRMD have rallied 43.7%.
CorMedix’s earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 25.82%.
In the past 60 days, estimates for Immunocore’s 2025 loss per share have narrowed from 86 cents to 68 cents. Loss per share estimates for 2026 have narrowed from $1.34 to $1.10 during the same period. IMCR stock has increased 15% year to date.
Immunocore’s earnings beat estimates in three of the trailing four quarters while missing the same on the remaining occasion, the average surprise being 76.18%.