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ALKS · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is Alkermes Inc. plc (ALKS) stock moving?
Alkermes reported Q3 2026 results on Nov 3 that beat consensus on both sales ($480.1M vs $463.6M) and EPS ($0.09 vs a loss estimate), and management reiterated FY2026 sales guidance of $1.730B-$1.840B. Quality of the beat is mixed: Q3 GAAP net income fell to $16.3M from $82.8M a year earlier, nine-month GAAP results show a $(49.7)M loss versus $192.3M, and adjusted EBITDA slipped to $120.1M from $121.5M. Part of the revenue upside came from one-offs, including about $8M of VIVITROL gross-to-net benefit and about $4M of ARISTADA inventory timing. LUMRYZ ($89.9M) is a growing contributor, while LYBALVI declined to $95.9M from $98.2M. Analysts responded with higher targets: Wells Fargo to $68 (Overweight), RBC to $57 (Outperform), and HC Wainwright to $50 (Neutral). The orexin pipeline is the main long-term driver, with a Phase 2 MDD study started Oct 30 and management pointing to several readouts over the coming year. The stock rose from $44.89 on Nov 2 to $46.47 on Nov 10, near the top of its 30-day range (high $47.43 on Nov 3). Volume was elevated at roughly 2.2M-2.3M shares on Nov 2-4, then eased to about 1.04M on Nov 10, so the post-earnings move is losing momentum.
News behind the analysis
- Alkermes plc Reports Third Quarter 2026 Financial ResultsQ3 2026 revenue was $480.1M, GAAP net income $16.3M and adjusted EBITDA $120.1M, and the company reiterated its full-year 2026 expectations.
- Alkermes Q3 EPS $0.09 Beats $(0.06) Estimate, Sales $480.100M Beat $463.606M EstimateThird-quarter EPS of $0.09 beat the consensus loss estimate, and sales topped the $463.6M estimate.
- Alkermes Affirms FY2026 Sales Guidance of $1.730B-$1.840B vs $1.822B EstManagement kept full-year 2026 sales guidance at $1.730B-$1.840B, with the midpoint slightly above the $1.822B consensus.
- Alkermes Q3 2026 Earnings Call TranscriptThe transcript of the third-quarter 2026 earnings call, where management discussed the orexin pipeline and commercial results.
- Wells Fargo Maintains Overweight on Alkermes, Raises Price Target to $68Wells Fargo kept its Overweight rating and raised its price target to $68 after the quarter.
- RBC Raises Price Target on Alkermes to $57 From $56RBC Capital Markets raised its price target from $56 to $57 and kept its Outperform rating.
- HC Wainwright & Co. Maintains Neutral on Alkermes, Raises Price Target to $50HC Wainwright kept a Neutral rating and raised its price target to $50 after the quarter.
- Alkermes Initiates Phase 2 Study of ALKS 7290 for Major Depressive DisorderAlkermes started a Phase 2 trial of ALKS 7290 as an adjunctive treatment for adults with major depressive disorder.
- Alkermes Presents Research from Psychiatry and Sleep Portfolios at NEI Fall CongressAlkermes is presenting data on LYBALVI, ARISTADA, LUMRYZ and the investigational orexin agent alixorexton at the NEI Fall Congress.
About Alkermes Inc. plc
Alkermes is an Ireland-headquartered biopharmaceutical company that makes and sells medicines for psychiatric and neurological conditions, including addiction, schizophrenia, bipolar I disorder and narcolepsy. It stands out for its long-acting injectable drugs and its push into sleep medicine: in February 2026 it bought Avadel, which added the narcolepsy drug LUMRYZ, and it is running late-stage trials of an orexin 2 receptor agonist called alixorexton.
How it makes money
Most of its revenue comes from sales of its own products. These include VIVITROL (for alcohol and opioid dependence), ARISTADA (for schizophrenia) and LYBALVI (for schizophrenia and bipolar I disorder). Since February 2026 it has also sold LUMRYZ, a once-nightly sodium oxybate for narcolepsy, which the company expects to bring in roughly $315–335M in net sales over the rest of 2026. It also earns manufacturing revenue and royalties from partner drugs that use its technology, such as Biogen's VUMERITY. Total revenue was about $1.48B in 2025.
What usually moves ALKS
- Prescription growth for LYBALVI, ARISTADA and VIVITROL
- LUMRYZ sales and how well the Avadel deal is integrated
- Alixorexton Phase 3 trial results and FDA decisions
- Patent expirations and generic competition
- Rival orexin drug programs and sleep-medicine competition