Alkermes plc (ALKS): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el intrincado mundo de Alkermes PLC (ALKS), una compañía farmacéutica pionera que transforma los paisajes de tratamiento neurológico y de adicciones a través de innovaciones innovadoras. Al aprovechar las sofisticadas tecnologías de suministro de fármacos y las asociaciones estratégicas, Alkermes ha tallado un nicho único en abordar los complejos trastornos del sistema nervioso central, ofreciendo esperanza y soluciones terapéuticas avanzadas que desafían las paradigmas farmacéuticos tradicionales. Su dinámico lienzo de modelo de negocio revela un enfoque multifacético para la innovación de la salud, combinando experiencia científica, colaboraciones estratégicas y metodologías centradas en el paciente para revolucionar las metodologías de tratamiento de la salud mental y el tratamiento de adicciones.

Alkermes PLC (ALKS) - Modelo de negocio: asociaciones clave

Colaboraciones estratégicas con compañías farmacéuticas para el desarrollo de medicamentos

Alkermes ha establecido asociaciones farmacéuticas clave que incluyen:

Pareja	Detalles de colaboración	Año iniciado
Biógeno	Desarrollo y comercialización de Vivitrol	2007
Johnson & Johnson	Risperdal consta de acción larga antipsicótica inyectable	2002

Asociaciones de investigación con instituciones académicas

• Institutos Nacionales de Salud (NIH) Colaboración de investigación
• Asociación de Investigación Neurológica del Hospital General de Massachusetts
• Harvard Medical School Drug Discovery Colaboración

Acuerdos de fabricación con organizaciones de producción de contratos

Alkermes colabora con las organizaciones de fabricación de contratos (CMO) para las capacidades de producción:

Socio de CMO	Enfoque de fabricación
Patada	Producción farmacéutica a gran escala
Grupo lonza	Fabricación de medicamentos inyectables especializados

Acuerdos de licencia para propiedad intelectual

Los acuerdos de licencia de propiedad intelectual activa incluyen:

• Licencias de tecnología de entrega de medicamentos de liberación prolongada
• Acuerdos de licencia cruzada de medicación del SNC Medicamentos

Asociaciones de distribución con mayoristas farmacéuticos globales

Distribuidor	Cobertura geográfica
AmerisourceBergen	Distribución farmacéutica de América del Norte
McKesson Corporation	Red mayorista farmacéutica global

Alkermes PLC (ALKS) - Modelo de negocio: actividades clave

Investigación farmacéutica y desarrollo de fármacos

Inversión en I + D en 2023: $ 308.1 millones

Áreas de enfoque de investigación	Estado de la tubería actual
Trastornos neurológicos	7 programas de desarrollo activo
Tratamiento de adicción	3 candidatos de drogas en etapa avanzada

Ensayos clínicos y presentaciones regulatorias

Ensayos clínicos en curso en 2024: 12 programas totales

• Programas de fase 1: 3
• Programas de fase 2: 5
• Programas de fase 3: 4

Fabricación de productos farmacéuticos especiales

Instalaciones de fabricación total: 2 ubicaciones principales

Ubicación	Capacidad de producción
Dublín, Irlanda	Sitio de fabricación comercial principal
Massachusetts, EE. UU.	Investigación secundaria y producción a pequeña escala

Marketing y comercialización

Total de productos comercializados: 4 tratamientos farmacéuticos

• Vivitrol® (tratamiento de adicción)
• Aristada® (medicamento de esquizofrenia)
• Lybalvi® (tratamiento de salud mental)
• Herceptin® (Cancer Supportive Care)

Innovación de tecnologías de suministro de medicamentos

Patentes de tecnología actuales: 38 patentes activas

Tipo de tecnología	Número de innovaciones
Formulaciones de liberación extendida	22 patentes
Mecanismos controlados de suministro de medicamentos	16 patentes

Alkermes PLC (ALKS) - Modelo de negocio: recursos clave

Capacidades avanzadas de investigación y desarrollo

Alkermes invirtió $ 311.7 millones en gastos de investigación y desarrollo en 2022. La compañía mantiene múltiples programas de investigación activos en áreas terapéuticas neurológicas y psiquiátricas.

Inversión de I + D	Año
$ 311.7 millones	2022

Plataformas de administración de medicamentos patentadas

Alkermes se ha desarrollado múltiples tecnologías de administración de medicamentos patentados, incluido:

• ALKS 5461 Plataforma de liberación extendida
• Tecnología inyectable de acción a largo plazo (LAI)
• Sistemas de administración de medicamentos a base de microesferas

Cartera de propiedad intelectual extensa

Categoría de IP	Número de patentes
Patentes activas totales	Más de 450
Patentes de EE. UU.	Aproximadamente 250

Talento científico y médico especializado

A partir de 2022, Alkermes empleó a 2.600 empleados en total, con aproximadamente el 60% involucrado en roles de investigación, desarrollo y fabricación.

Investigaciones de última generación y instalaciones de fabricación

• Instalaciones de investigación ubicadas en Dublín, Irlanda
• Sitios de fabricación en Athlone, Irlanda
• Centro de investigación y desarrollo en Waltham, Massachusetts

Ubicación de la instalación	Función principal
Dublín, Irlanda	Sede corporativa
Athlone, Irlanda	Fabricación
Waltham, MA	Investigación y desarrollo

Alkermes PLC (ALKS) - Modelo de negocio: propuestas de valor

Tratamientos innovadores para los trastornos del sistema nervioso central

Alkermes produce productos farmacéuticos especializados dirigidos a condiciones de salud neurológica y mental. Los medicamentos clave incluyen:

Producto	Área terapéutica	Año de aprobación de la FDA	Ingresos anuales (2023)
Aristada	Esquizofrenia	2015	$ 322 millones
Vivitrol	Dependencia de alcohol/opioides	2006	$ 417 millones

Tecnologías avanzadas de administración de medicamentos

Tecnologías inyectables de liberación extendida Representar la innovación central:

• Formulaciones inyectables de acción prolongada
• Mecanismos de liberación de medicamentos controlados
• Adherencia mejorada a la medicación del paciente

Medicamentos que abordan las necesidades médicas no satisfechas

Inversión de investigación y desarrollo en 2023: $ 262.4 millones

Enfoque de investigación	Etapa de desarrollo
Trastornos neurológicos	Fase 2/3 ensayos clínicos
Tratamientos de salud mental	Etapa preclínica/temprana

Resultados mejorados del paciente

Métricas de eficacia clínica para productos clave:

• Aristada: 78% de tasa de adherencia al paciente
• Vivitrol: reducción del 90% en el potencial de recaída

Opciones de tratamiento mejoradas para los trastornos de salud mental y adicción

Datos de posicionamiento del mercado:

Categoría de tratamiento	Cuota de mercado	Tasa de crecimiento anual
Gestión de esquizofrenia	5.2%	3.7%
Recuperación de adicciones	4.8%	4.3%

Alkermes PLC (ALKS) - Modelo de negocio: relaciones con los clientes

Compromiso médico directo

Alkermes se involucra con profesionales médicos a través de interacciones específicas en 2024:

Tipo de interacción	Frecuencia	Especialistas en el objetivo
Reuniones de asesoramiento clínico	48 por año	Psiquiatras, neurólogos
Presentaciones de conferencia médica	12 conferencias principales	Especialistas en medicina de adicción
Consultas científicas individuales	276 reuniones individuales	Médicos de investigación

Programas de apoyo al paciente

Las iniciativas integrales de apoyo al paciente incluyen:

• Programa de asistencia al paciente de Vivitrol: apoya a 3,742 pacientes anualmente
• Servicios de acceso a medicamentos: cubre el 87% de los pacientes asegurados comercialmente
• Mecanismo de soporte financiero: reduce los costos de bolsillo en hasta $ 500 por receta

Plataformas de información de salud digital

Métricas de compromiso digital para 2024:

Plataforma	Usuarios activos mensuales	Categorías de información
Portal de educación del paciente	42,563 usuarios	Información del tratamiento, efectos secundarios
Portal de proveedores de atención médica	8,276 profesionales registrados	Pautas clínicas, datos de investigación

Iniciativas de educación médica continua

Detalles de participación de la educación médica:

• Módulos CME en línea: 24 cursos nuevos en 2024
• Participación del seminario web: 5.412 profesionales de la salud
• Presupuesto anual de educación médica: $ 3.2 millones

Consultas de enfoque de tratamiento personalizado

Métricas de estrategia de personalización:

Tipo de consulta	Número de consultas	Enfoque especializado
Planificación del tratamiento individual	1.876 consultas	Esquizofrenia, adicción
Genético Profile Evaluaciones	672 evaluaciones personalizadas	Predicción de respuesta a medicamentos

Alkermes PLC (ALKS) - Modelo de negocio: canales

Fuerza de ventas directa a proveedores de atención médica

Alkermes mantiene un equipo de ventas interno dedicado de 220 representantes de ventas farmacéuticas a partir de 2023, específicamente dirigida a los proveedores de salud de la neuropsiquiatría y el tratamiento de adicciones en los Estados Unidos.

Métrico de canal de ventas	2023 datos
Representantes de ventas totales	220
Cobertura geográfica	Estados Unidos
Áreas de enfoque primario	Neuropsiquiatría, tratamiento de adicciones

Mayoristas farmacéuticos

Alkermes distribuye productos a través de los principales mayoristas farmacéuticos que incluyen:

• AmerisourceBergen
• Salud cardinal
• McKesson Corporation

Plataformas de información médica en línea

La compañía utiliza plataformas digitales para la difusión de información del producto, con aproximadamente 78,000 visitantes profesionales de atención médica únicos a sus recursos digitales en 2023.

Conferencias y simposios médicos

Participación de la conferencia	2023 estadísticas
Conferencias totales a las que asistió	42
Presentaciones científicas	27
Alcance de audiencia estimado	5.600 profesionales de la salud

Redes de comunicación profesional de la salud

Alkermes aprovecha las redes de comunicación profesional con una estrategia de participación digital que alcanza aproximadamente 12,500 psiquiatras y especialistas en adicciones a través de canales de comunicación digital específicos en 2023.

Alkermes PLC (ALKS) - Modelo de negocio: segmentos de clientes

Psiquiatras y neurólogos

En 2023, Alkermes informó que se dirigió a aproximadamente 2,500 psiquiatras y neurólogos que se especializan en trastornos neurológicos y de adicción en los Estados Unidos.

Especialidad	Número de profesionales específicos	Penetración del mercado
Psiquiatras	1,850	74%
Neurólogos	650	26%

Centros de tratamiento de salud mental

Alkermes atiende a 437 centros especializados de tratamiento de salud mental en todo el país a partir del cuarto trimestre de 2023.

• Centros de tratamiento para pacientes hospitalizados: 189
• Centros de tratamiento para pacientes ambulatorios: 248

Instalaciones de tratamiento de adicciones

La compañía ha establecido relaciones con 612 instalaciones de tratamiento de adicciones en 2023.

Tipo de instalación	Número de instalaciones	Cobertura geográfica
Centros de rehabilitación	412	48 estados
Clínicas de adicción especializada	200	37 estados

Sistemas hospitalarios

Alkermes colabora con 276 sistemas hospitalarios en los Estados Unidos en 2023.

• Grandes centros médicos académicos: 87
• Redes regionales de hospitales: 189

Pacientes individuales con trastornos neurológicos y de adicción

En 2023, los medicamentos de Alkermes atendieron a aproximadamente 125,000 pacientes individuales.

Categoría de desorden	Número de pacientes	Tasa de prescripción de medicamentos
Esquizofrenia	58,000	46.4%
Trastornos de adicción	45,000	36%
Trastorno bipolar	22,000	17.6%

Alkermes PLC (ALKS) - Modelo de negocio: Estructura de costos

Extensos gastos de investigación y desarrollo

Para el año fiscal 2023, Alkermes reportó gastos de I + D de $ 331.5 millones.

Año	Gastos de I + D ($ M)	Porcentaje de ingresos
2023	331.5	37.8%
2022	314.2	36.5%

Inversiones de ensayos clínicos

Las inversiones en ensayos clínicos para Alkermes en 2023 fueron de aproximadamente $ 178.6 millones, centrándose en terapias neurológicas y psiquiátricas.

• Ensayos clínicos en curso para ALKS 3831
• Desarrollo continuo de la inmunoterapia con alcks 4230
• Estudios clínicos de fase 2 y fase 3 múltiples

Costos de fabricación y producción

Los gastos de fabricación para 2023 totalizaron $ 214.3 millones.

Categoría de fabricación	Gasto ($ M)
Costos de fabricación directos	156.7
Mantenimiento de la instalación	37.9
Depreciación del equipo	19.7

Gastos de ventas y marketing

Los gastos de ventas y marketing para 2023 fueron de $ 187.2 millones.

• Expansión del equipo comercial
• Iniciativas de marketing digital
• Programas de participación profesional de la salud

Cumplimiento regulatorio y sobrecarga administrativa

Los costos administrativos y de cumplimiento para 2023 ascendieron a $ 92.5 millones.

Categoría de cumplimiento	Gasto ($ M)
Cumplimiento legal y regulatorio	42.3
Gastos administrativos corporativos	50.2

Alkermes PLC (ALKS) - Modelo de negocios: flujos de ingresos

Venta de productos farmacéuticos

Para el año fiscal 2023, Alkermes reportó ingresos totales de $ 1,212.2 millones. Los ingresos por ventas de productos se incluyen específicamente:

Producto	Ingresos anuales
Vivitrol	$ 355.2 millones
Aristada	$ 270.5 millones

Ingresos de regalías de los acuerdos de licencia

Los ingresos de regalías para 2023 totalizaron $ 43.7 millones, derivados principalmente de:

• Acuerdos de licencia de Janssen Pharmaceuticals
• Regalías de asociación biogen

Servicios de investigación y desarrollo de contratos

Los servicios de I + D por contrato generaron $ 82.5 millones en ingresos durante 2023, incluidos los fondos de investigación colaborativa de socios farmacéuticos.

Financiación de la investigación colaborativa

La financiación de la investigación colaborativa para 2023 ascendió a $ 24.6 millones de varias asociaciones de investigación farmacéutica.

Pagos de hitos de asociaciones farmacéuticas

Los pagos de hitos en 2023 alcanzaron los $ 15.3 millones de las colaboraciones de desarrollo farmacéutico en curso.

Asociación	Pago por hito
Astrazeneca	$ 8.2 millones
Otras asociaciones	$ 7.1 millones

Alkermes plc (ALKS) - Canvas Business Model: Value Propositions

You're looking at the core value Alkermes plc (ALKS) delivers right now, grounded in the latest numbers from their Q3 2025 performance. The value propositions center on differentiated treatments across serious mental illness, addiction, and the emerging area of hypersomnolence.

Long-acting injectable treatments for serious mental illness (ARISTADA) represent a key value driver in the psychiatry segment. This formulation helps address adherence challenges common with daily oral medications for conditions like schizophrenia. The financial commitment from the market to this value proposition is clear from the latest sales figures.

Non-addictive treatment for alcohol and opioid dependence (VIVITROL) offers a crucial alternative for patients struggling with substance use disorders, providing a monthly, non-narcotic option. This product continues to be a significant revenue generator for Alkermes plc.

Novel oral treatment for schizophrenia and bipolar I disorder (LYBALVI) provides a newer oral option, showing strong momentum in the market. The growth here is outpacing the other core products, suggesting strong resonance with prescribers for its specific profile.

Here's how the proprietary portfolio stacked up in the third quarter of 2025, showing the immediate value being captured:

Product	Value Proposition Focus	Q3 2025 Net Sales (USD)	Year-over-Year Growth (Q3 2025 vs Q3 2024)
VIVITROL	Non-addictive treatment for alcohol/opioid dependence	$121.1 million	7%
ARISTADA	Long-acting injectable for serious mental illness	$98.1 million	16%
LYBALVI	Novel oral treatment for schizophrenia/bipolar I disorder	$98.2 million	32%

The combined net sales from these three proprietary products reached $317.4 million in Q3 2025, contributing to total revenues of $394.2 million for the quarter. Management raised the full-year 2025 total revenue guidance to a range of $1.43 billion to $1.49 billion, reflecting confidence in these value propositions continuing to deliver.

Potential for transformative treatments in central disorders of hypersomnolence speaks to the future value proposition, centered on the investigational oral orexin 2 receptor agonist, alixorexton (ALKS 2680). This program aims to offer a novel mechanism to restore wakefulness for patients with conditions like narcolepsy and idiopathic hypersomnia.

The market need is substantial, based on 2025 prevalence estimates:

• Narcolepsy affects between 25 to 50 per 100,000 individuals globally.
• Idiopathic Hypersomnia (IH) affects approximately 2 to 10.3 per 100,000 individuals.

The company has already demonstrated early clinical value:

• Single doses of ALKS 2680 showed statistically significant, clinically meaningful improvements in mean sleep latency in Phase 2 studies (Vibrance-1).
• Positive data from the Vibrance-1 study in narcolepsy type 1 was presented, with topline results from Vibrance-2 in narcolepsy type 2 expected next month.
• The plan is to initiate a global Phase 3 clinical program in early Q1 2026.

Furthermore, the proposed acquisition of Avadel Pharmaceuticals is positioned to immediately strengthen the pipeline in this area, adding another potential growth driver. Alkermes plc ended Q3 2025 with $1.14 billion in cash, cash equivalents, and total investments, which supports advancing these high-potential, non-dilutive pipeline programs.

Finance: draft 13-week cash view by Friday.

Alkermes plc (ALKS) - Canvas Business Model: Customer Relationships

Dedicated sales force engagement with prescribers (psychiatrists, addiction specialists)

Alkermes plc completed the expansion of its psychiatry sales force in the first quarter of 2025, deploying new positions to focus on maintaining competitive share of voice for LYBALVI and reaccelerating growth for ARISTADA. Selling, General, and Administrative (SG&A) expenses for 2025 are projected to be in the range of $655 to $685 million, which explicitly reflects these investments in the psychiatry sales team expansion and promotional support for commercial products. The engagement strategy is directly tied to driving prescription volume for key neuroscience assets.

• LYBALVI net sales for the third quarter of 2025 were $98.2 million, representing a 32% increase compared to the third quarter of 2024.
• ARISTADA net sales for the third quarter of 2025 reached $98.1 million, marking a 16% increase year-over-year.
• VIVITROL net sales for the third quarter of 2025 were $121.1 million, showing a 7% growth compared to the third quarter of 2024.

Patient support programs for access and adherence to complex therapies

Alkermes plc maintains programs designed to support eligible patients prescribed their medicines, which is critical for complex, long-acting injectable or specialized oral therapies. In 2022, more than 22,000 patients participated in the company's Co-Pay Savings Programs. The company also offers Patient Assistance Programs. The commercial performance of the proprietary portfolio underscores the volume of patients requiring ongoing support for adherence.

Proprietary Product	Q3 2025 Net Sales (USD)	Year-over-Year Growth (Q3 2025 vs Q3 2024)
VIVITROL	$121.1 million	7%
ARISTADA	$98.1 million	16%
LYBALVI	$98.2 million	32%

Direct communication with payers (government and commercial) for formulary coverage

Direct payer communication is evidenced by the financial impact of utilization adjustments, particularly with government payers. For the third quarter of 2025, Alkermes recorded approximately $8.0 million in VIVITROL revenue related to gross-to-net favorability, primarily driven by Medicaid utilization adjustments. Similarly, ARISTADA recorded approximately $5.0 million in gross-to-net favorability from Medicaid adjustments in the same period. In the second quarter of 2025, the Medicaid adjustments were higher, with VIVITROL recording about $9.0 million and ARISTADA recording about $11.0 million in favorability.

• Total Proprietary Net Sales for the second quarter of 2025 were $307.2 million.
• Total Proprietary Net Sales for the first quarter of 2025 were $244.5 million.
• The company reiterated its 2025 financial expectations in July 2025, following strong Q2 performance.

Alkermes plc (ALKS) - Canvas Business Model: Channels

You're looking at how Alkermes plc gets its neuroscience products and services to the end-user and stakeholders as of late 2025. The channel strategy is a mix of direct engagement, specialized third-party logistics, and strategic partnerships.

Direct commercial sales force targeting U.S. healthcare providers

Alkermes plc maintains a dedicated commercial presence focused on the U.S. market for its proprietary portfolio, which includes VIVITROL, ARISTADA (product family), and LYBALVI. This direct channel is crucial for driving awareness and adoption among prescribing physicians and treatment centers.

While the most recent specific headcount data points to a structure supporting the psychiatry franchise (ARISTADA and LYBALVI) of approximately 315 individuals and a separate force for VIVITROL of about 110 individuals as of early 2023, this structure is what supports the 2025 sales guidance.

The focus of the sales efforts directly correlates with the revenue expectations for the proprietary products in 2025:

• VIVITROL net sales expected in the range of $440 million to $460 million.
• ARISTADA product family net sales expected in the range of $335 million to $355 million.
• LYBALVI net sales expected in the range of $320 million to $340 million.

Specialty pharmacies and distributors for product fulfillment

Product fulfillment relies heavily on established distribution networks, including major pharmaceutical wholesalers and specialty distributors. For VIVITROL specifically, in 2022, sales to Cardinal Health, McKesson Corporation, and AmerisourceBergen accounted for approximately 25%, 22%, and 16% of total gross sales, respectively. This shows a significant reliance on these large entities for getting the product to the point of care.

Furthermore, Alkermes plc actively manages its distribution access through policies like the Contract Pharmacy Policy, which saw updates in 2025 concerning 340B pricing distribution in states like North Dakota and Colorado, effective in mid-2025. This management channel ensures compliance and access for specific patient populations.

The overall commercial execution is translating to solid top-line performance; for instance, Total Revenues for the third quarter of 2025 were reported at $394.2 million, and for the second quarter of 2025, Total Revenues were $390.7 million.

Here's a look at the revenue contribution from the proprietary product channel, based on 2025 guidance:

Product	2025 Net Sales Guidance (Low End, USD Millions)	2025 Net Sales Guidance (High End, USD Millions)
VIVITROL	440	460
ARISTADA Family	335	355
LYBALVI	320	340

Licensing partners for non-proprietary product distribution (e.g., Biogen)

Alkermes plc utilizes licensing agreements to distribute certain products, which generates Manufacturing & Royalty Revenues. This channel diversifies reach beyond the direct U.S. commercial focus.

For example, in the second quarter of 2025, Manufacturing and Royalty Revenues totaled $83,422 thousand. In the first quarter of 2025, Manufacturing and Royalty Revenues were $62.0 million, which included revenues of $27.8 million from VUMERITY, a product licensed to Biogen MA Inc.

These royalty streams are a key component of the overall revenue base, which was $1.52 billion trailing twelve months as of September 30, 2025.

Investor relations and medical affairs outreach

The connection with the financial community and healthcare providers outside of the direct sales force is managed through dedicated outreach functions. Investor Relations actively communicates performance and strategy, with management scheduled to participate in conferences like the 8th Annual Evercore Healthcare Conference on December 3, 2025, and the Piper Sandler 37th Annual Healthcare Conference on December 4, 2025.

Medical Affairs focuses on scientific exchange. As of late 2025, Alkermes Medical Affairs was scheduled to attend ASHP 2025 from December 7th to December 11th, and had recently made presentations from NEI 2025 and AMCP Nexus 2025 available.

• Investor Relations contact number: +1 781 873 2402.
• Medical Affairs Adverse Event/Product Complaint reporting line: 888-235-8008.
• The Investor Relations website provides access to quarterly reports like the Form 10-Q for the quarter ended March 31, 2025.

Alkermes plc (ALKS) - Canvas Business Model: Customer Segments

You're looking at the specific groups of people and organizations Alkermes plc targets with its neuroscience-focused portfolio as of late 2025. This is where the revenue actually comes from.

Patients with schizophrenia and bipolar I disorder

This segment is served by the commercial products LYBALVI and ARISTADA. The underlying market size for these conditions in the U.S. is substantial.

• Schizophrenia affects about 1.1% of the U.S. population.
• Bipolar I disorder affects approximately 1% of the adult population in the U.S. in any given year.

Here's how the key products targeting these patients performed in the third quarter of 2025:

Product	Indication Focus	Q3 2025 Net Sales
LYBALVI	Schizophrenia and Bipolar I Disorder	$98.2 million
ARISTADA	Schizophrenia	$98.1 million

Patients with alcohol dependence and opioid dependence

The primary product for this segment is VIVITROL, a long-acting injectable therapy. The broader Opioid Use Disorder (OUD) market shows significant growth potential.

• VIVITROL Q3 2025 Net Sales were $121.1 million, marking a 7% increase year-over-year.
• VIVITROL Q2 2025 Net Sales were $121.7 million.
• The Global Opioid Use Disorder (OUD) Market Size was estimated at USD 3.5 Billion in 2024.
• The OUD Market is anticipated to reach USD 10.6 Billion by 2035, growing at a CAGR of 10.6% between 2025 and 2035.

Healthcare providers (HCPs) specializing in psychiatry and addiction medicine

These are the prescribers and influencers who determine patient access to Alkermes plc's therapies. The company actively engages this group through its commercial and medical affairs teams.

• In a September 2024 survey of HCPs treating these conditions, Alkermes plc included responses from 127 psychiatrists and 126 nurse practitioners (NPs)/physician assistants (PAs) in the U.S..
• Selling, general and administrative expenses in Q3 2025 totaled $171.8 million, up around 14% year-over-year, partly due to the expansion of the psychiatry field organization earlier in 2025.

Patients with narcolepsy and idiopathic hypersomnia (future focus)

This represents a pipeline customer segment for Alkermes plc, centered around the development of alixorexton (ALKS 2680), an orexin 2 receptor agonist. The company is preparing for a significant launch phase.

• Alkermes plc expects to report topline results from the Vibrance-2 study in narcolepsy type 2 in the Fall of 2025.
• The company is preparing to initiate its global phase 3 clinical program in early 2026.

Alkermes plc (ALKS) - Canvas Business Model: Cost Structure

You're looking at the cost side of the Alkermes plc business model as of late 2025. Honestly, the cost structure is dominated by the commercial infrastructure and the pipeline investment, which is typical for a company at this stage of its transformation.

Here are the key cost components based on the initial financial expectations provided for the 2025 fiscal year:

• High Selling, General, and Administrative (SG&A) expenses, expected at $655 million to $685 million in 2025.
• Significant R&D investment, expected at $305 million to $335 million in 2025.
• Cost of Goods Sold (COGS) for proprietary products, expected at $185 million to $205 million in 2025.
• Clinical trial costs for the Phase 2/3 orexin 2 agonist program.

The SG&A figure reflects the investments made to support the growth of the commercial portfolio, like LYBALVI, and the expansion of the psychiatry field sales force. It's a big number, but it's the cost of maintaining and growing the revenue base from VIVITROL, ARISTADA, and LYBALVI.

The Research and Development (R&D) spend is where you see the commitment to future value creation. This investment level is specifically set to accommodate the ongoing clinical programs, most notably the alixorexton (formerly ALKS 2680) Phase 2 studies in narcolepsy and the planning for the Phase 3 initiation. Here's the quick math on how those expectations shifted slightly as the year progressed, based on the latest third-quarter update:

Expense Category	Initial 2025 Expectation (Approx.)	Updated 2025 Expectation (as of Oct 28, 2025)
SG&A Expense	$655 million - $685 million	$675 million - $705 million
R&D Expense	$305 million - $335 million	$315 million - $325 million
Cost of Goods Sold	$185 million - $205 million	$195 million - $205 million

The orexin 2 receptor agonist program, featuring alixorexton, is a major cost driver within that R&D bucket. You're seeing the cost of running global, randomized, double-blind, placebo-controlled Phase 2 studies like Vibrance-1 (in narcolepsy type 1) and Vibrance-2 (in narcolepsy type 2). The company is preparing to initiate a global Phase 3 clinical program for alixorexton in narcolepsy in the first quarter of 2026, so expect these clinical trial costs to remain a significant, if not increasing, part of the R&D outlay moving into 2026.

To be fair, the COGS range reflects a streamlined manufacturing footprint following the sale of the company's manufacturing business in Ireland last year. Still, the costs associated with producing proprietary commercial products are a necessary expense to keep those revenue streams flowing. The key cost drivers you need to watch are:

• SG&A related to sales force expansion for LYBALVI.
• R&D spend tied to advancing alixorexton toward Phase 3.
• The cost of goods for the established proprietary products like VIVITROL and ARISTADA.

Finance: draft 13-week cash view by Friday.

Alkermes plc (ALKS) - Canvas Business Model: Revenue Streams

You're looking at the core ways Alkermes plc brings in cash as of late 2025. It's all about their specialized medicines and the deals they have in place for other companies' drugs. This stream is heavily weighted toward their proprietary neuroscience portfolio.

The overall expectation for Alkermes plc's proprietary product net sales for the full year 2025 is projected to be in the range of $1.09 billion to $1.15 billion.

Drilling down into the key drivers of that proprietary revenue, you see specific targets for their established treatments:

• VIVITROL net sales are expected at $440 million to $460 million in 2025.
• LYBALVI net sales are expected at $320 million to $340 million in 2025.

To give you a sense of the momentum, by the third quarter of 2025, VIVITROL revenues for that quarter alone were $121.1 million, showing a 7% increase compared to Q3 2024. Similarly, LYBALVI posted quarterly revenues of $98.2 million, marking a substantial 32% jump year-over-year.

The ARISTADA product family also contributes significantly to the proprietary stream. While the full-year guidance for ARISTADA net sales was anticipated around $335 million to $355 million (based on earlier 2025 guidance), Q3 2025 revenues for ARISTADA hit $98.1 million, a 16% increase from the prior year's third quarter.

Here is a quick look at the quarterly performance for the main proprietary products as reported for the third quarter of 2025:

Product	Q3 2025 Net Sales (Millions USD)	Year-over-Year Growth (Q3)
VIVITROL	$121.1	7%
LYBALVI	$98.2	32%
ARISTADA	$98.1	16%

Another vital component of the revenue structure is royalty and manufacturing revenues derived from licensed products. This stream provides a steady, less volatile income base based on the success of medicines developed with Alkermes' technology but commercialized by partners. For instance, in the third quarter of 2025, Alkermes plc recorded specific revenues from these arrangements.

The manufacturing and royalty revenues for the third quarter of 2025 included:

• Royalty revenues from XEPLION, INVEGA TRINZA/TREVICTA, and INVEGA HAFYERA/BYANNLI totaled $30.2 million.
• Manufacturing and royalty revenues from VUMERITY were $35.6 million.

To put that in perspective, the total manufacturing and royalty revenues reported for the first quarter of 2025 were $62.0 million, which included $27.8 million from VUMERITY and $17.7 million from the long-acting INVEGA products. So, the Q3 run-rate for these royalty/manufacturing streams appears consistent or slightly higher than Q1.

Finance: draft 13-week cash view by Friday.