Alkermes PLC (ALKS): Canvas du modèle d'entreprise [Jan-2025 Mise à jour]

Plongez dans le monde complexe d'Alkermes PLC (ALKS), une entreprise pharmaceutique pionnière transformant des paysages de traitement neurologique et de toxicomanie par des innovations révolutionnaires. En tirant parti des technologies sophistiquées d'administration de médicaments et des partenariats stratégiques, Alkermes a sculpté un créneau unique pour traiter les troubles complexes du système nerveux central, offrant de l'espoir et des solutions thérapeutiques avancées qui remettent en question les paradigmes pharmaceutiques traditionnels. Leur toile de modèle commercial dynamique révèle une approche multiforme de l'innovation des soins de santé, du mélange d'expertise scientifique, de collaborations stratégiques et de méthodologies centrées sur le patient pour révolutionner les méthodologies de traitement de la santé mentale et de la toxicomanie.

Alkermes PLC (ALKS) - Modèle d'entreprise: partenariats clés

Collaborations stratégiques avec des sociétés pharmaceutiques pour le développement de médicaments

Alkermes a établi des partenariats pharmaceutiques clés, notamment:

Partenaire	Détails de collaboration	Année initiée
Biogène	Développement et commercialisation de Vivitrol	2007
Johnson & Johnson	Risperdal Consta Antipsychotique injectable à action prolongée	2002

Partenariats de recherche avec les établissements universitaires

• Collaboration de recherche sur les National Institutes of Health (NIH)
• Massachusetts General Hospital Neurological Research Partnership
• Collaboration de découverte de médicaments de la Harvard Medical School

Accords de fabrication avec des organisations de production de contrats

Alkermes collabore avec les organisations de fabrication de contrats (CMOS) pour les capacités de production:

Partenaire CMO	Focus de la fabrication
Patheron	Production pharmaceutique à grande échelle
Groupe Lonza	Fabrication de médicaments injectables spécialisés

Accords de licence pour la propriété intellectuelle

Les accords de licence de propriété intellectuelle actifs comprennent:

• Licence de technologie de livraison de médicaments à libération prolongée
• Accords de licence de croisement des brevets du SNCS

Partenariats de distribution avec les grossistes pharmaceutiques mondiaux

Distributeur	Couverture géographique
Amerisourcebergen	Distribution pharmaceutique nord-américaine
McKesson Corporation	Réseau de gros pharmaceutique mondial

Alkermes PLC (Alks) - Modèle d'entreprise: Activités clés

Recherche pharmaceutique et développement de médicaments

Investissement en R&D en 2023: 308,1 millions de dollars

Les domaines de recherche sur la recherche	État du pipeline actuel
Troubles neurologiques	7 programmes de développement actif
Traitement de la toxicomanie	3 candidats avancés en matière de médicaments sur scène

Essais cliniques et soumissions réglementaires

Essais cliniques en cours en 2024: 12 programmes totaux

• Programmes de phase 1: 3
• Phase 2: 5 programmes
• Programmes de phase 3: 4

Fabrication de produits pharmaceutiques spécialisés

Installations de fabrication totale: 2 emplacements principaux

Emplacement	Capacité de production
Dublin, Irlande	Site de fabrication commerciale primaire
Massachusetts, États-Unis	Recherche secondaire et production à petite échelle

Marketing et commercialisation

Produits totaux commercialisés: 4 traitements pharmaceutiques

• Vivitrol® (traitement de la toxicomanie)
• Aristada® (médicament schizophrénie)
• Lybalvi® (traitement de santé mentale)
• Herceptin® (soins de soutien au cancer)

Innovation Technologies d'administration de médicaments

Brevets technologiques actuels: 38 brevets actifs

Type de technologie	Nombre d'innovations
Formulations à libération prolongée	22 brevets
Mécanismes d'administration de médicaments contrôlés	16 brevets

Alkermes PLC (ALKS) - Modèle d'entreprise: Ressources clés

Capacités avancées de recherche et de développement

Alkermes a investi 311,7 millions de dollars dans les frais de recherche et de développement en 2022. La société organise de multiples programmes de recherche actifs dans des domaines thérapeutiques neurologiques et psychiatriques.

Investissement en R&D	Année
311,7 millions de dollars	2022

Plateformes de livraison de drogues propriétaires

Alkermes a développé Multiples technologies d'administration de médicaments propriétaires, y compris:

• ALKS 5461 Plateforme à libération prolongée
• Technologie injectable à action prolongée (LAI)
• Systèmes d'administration de médicaments à base de microsphères

Portfolio de propriété intellectuelle étendue

Catégorie IP	Nombre de brevets
Brevets actifs totaux	Plus de 450
Brevets américains	Environ 250

Talent scientifique et médical spécialisé

En 2022, Alkermes employait 2 600 employés au total, avec environ 60% de rôles de recherche, de développement et de fabrication.

Installations de recherche et de fabrication de pointe

• Installations de recherche situées à Dublin, Irlande
• Sites de fabrication à Athlone, Irlande
• Centre de recherche et développement à Waltham, Massachusetts

Emplacement de l'installation	Fonction primaire
Dublin, Irlande	Siège social
Athlone, Irlande	Fabrication
Waltham, MA	Recherche et développement

Alkermes PLC (ALKS) - Modèle d'entreprise: propositions de valeur

Traitements innovants pour les troubles du système nerveux central

Alkermes produit des produits pharmaceutiques spécialisés ciblant les problèmes de santé neurologique et mentale. Les médicaments clés comprennent:

Produit	Zone thérapeutique	Année d'approbation de la FDA	Revenus annuels (2023)
Aristada	Schizophrénie	2015	322 millions de dollars
Vivitrol	Dépendance de l'alcool / des opioïdes	2006	417 millions de dollars

Technologies avancées d'administration de médicaments

Technologies injectables à libération prolongée représenter l'innovation de base:

• Formulations injectables à action prolongée
• Mécanismes de libération de médicaments contrôlés
• Amélioration de l'adhésion aux médicaments des patients

Médicaments répondant aux besoins médicaux non satisfaits

Investissement de recherche et développement en 2023: 262,4 millions de dollars

Focus de recherche	Étape de développement
Troubles neurologiques	Phase 2/3 essais cliniques
Traitements de santé mentale	Préclinique / à un stade précoce

Amélioration des résultats des patients

Mesures d'efficacité clinique pour les produits clés:

• Aristada: taux d'adhésion à 78%
• Vivitrol: réduction à 90% du potentiel de rechute

Options de traitement améliorées pour les troubles de la santé mentale et de la toxicomanie

Données de positionnement du marché:

Catégorie de traitement	Part de marché	Taux de croissance annuel
Gestion de la schizophrénie	5.2%	3.7%
Récupération de la toxicomanie	4.8%	4.3%

Alkermes PLC (ALKS) - Modèle d'entreprise: relations avec les clients

Engagement professionnel médical direct

Alkermes s'engage avec des professionnels de la santé grâce à des interactions ciblées en 2024:

Type d'interaction	Fréquence	Spécialistes de la cible
Réunions de conseil clinique	48 par an	Psychiatres, neurologues
Présentations de la conférence médicale	12 conférences majeures	Spécialistes en médecine de la toxicomanie
Consultations scientifiques individuelles	276 réunions individuelles	Médecins de la recherche

Programmes de soutien aux patients

Les initiatives complètes de soutien aux patients comprennent:

• Programme d'assistance aux patients Vivitrol: soutient 3 742 patients par an
• Services d'accès aux médicaments: couvre 87% des patients assurés commercialement
• Mécanisme de soutien financier: réduit les coûts de la poche jusqu'à 500 $ par ordonnance

Plateformes d'information sur la santé numérique

Métriques d'engagement numérique pour 2024:

Plate-forme	Utilisateurs actifs mensuels	Catégories d'informations
Portail de formation des patients	42 563 utilisateurs	Informations sur le traitement, effets secondaires
Portail des prestataires de soins de santé	8 276 professionnels enregistrés	Lignes directrices cliniques, données de recherche

Initiatives continues de l'éducation médicale

Détails d'engagement de l'enseignement médical:

• Modules CME en ligne: 24 nouveaux cours en 2024
• Participation du webinaire: 5 412 professionnels de la santé
• Budget annuel de formation médicale: 3,2 millions de dollars

Consultations d'approche de traitement personnalisées

Métriques de la stratégie de personnalisation:

Type de consultation	Nombre de consultations	Focus spécialisé
Planification du traitement individuel	1 876 consultations	Schizophrénie, dépendance
Génétique Profile Évaluations	672 Évaluations personnalisées	Prédiction de réponse aux médicaments

Alkermes PLC (ALKS) - Modèle d'entreprise: canaux

Force de vente directe aux prestataires de soins de santé

Alkermes maintient une équipe de vente interne dédiée à 220 représentants des ventes pharmaceutiques à partir de 2023, ciblant spécifiquement les fournisseurs de soins de santé de neuropsychiatrie et de toxicomanie aux États-Unis.

Métrique du canal de vente	2023 données
Représentants des ventes totales	220
Couverture géographique	États-Unis
Domaines d'intervention primaire	Neuropsychiatrie, traitement de la toxicomanie

Pharmaceutiques

Alkermes distribue des produits par le biais de grands grossistes pharmaceutiques, notamment:

• Amerisourcebergen
• Santé cardinale
• McKesson Corporation

Plateformes d'information médicale en ligne

L'entreprise utilise des plateformes numériques pour la diffusion des informations sur les produits, avec approximativement 78 000 visiteurs professionnels de la santé unique à leurs ressources numériques en 2023.

Conférences médicales et symposiums

Participation de la conférence	2023 statistiques
Les conférences totales ont assisté	42
Présentations scientifiques	27
Reach du public estimé	5 600 professionnels de la santé

Réseaux de communication professionnelle de la santé

Alkermes exploite les réseaux de communication professionnels avec une stratégie d'engagement numérique atteignant environ 12 500 psychiatres et spécialistes de la toxicomanie via des canaux de communication numériques ciblés en 2023.

Alkermes PLC (ALKS) - Modèle d'entreprise: segments de clientèle

Psychiatres et neurologues

En 2023, Alkermes a déclaré avoir ciblé environ 2 500 psychiatres et neurologues spécialisés dans les troubles neurologiques et à la toxicomanie à travers les États-Unis.

Spécialité	Nombre de professionnels ciblés	Pénétration du marché
Psychiatres	1,850	74%
Neurologues	650	26%

Centres de traitement de la santé mentale

Alkermes dessert 437 centres de traitement de santé mentale spécialisés à l'échelle nationale au quatrième trimestre 2023.

• Centres de traitement des patients hospitalisés: 189
• Centres de traitement ambulatoires: 248

Installations de traitement de la toxicomanie

L'entreprise a établi des relations avec 612 installations de traitement de la toxicomanie en 2023.

Type d'installation	Nombre d'installations	Couverture géographique
Centres de réadaptation	412	48 États
Cliniques de toxicomanie spécialisées	200	37 États

Systèmes hospitaliers

Alkermes collabore avec 276 systèmes hospitaliers aux États-Unis en 2023.

• Grands centres médicaux universitaires: 87
• Réseaux hospitaliers régionaux: 189

Patients individuels souffrant de troubles neurologiques et de toxicomanie

En 2023, les médicaments d'Alkermes ont servi environ 125 000 patients individuels.

Catégorie de troubles	Nombre de patients	Taux de prescription de médicaments
Schizophrénie	58,000	46.4%
Troubles de la toxicomanie	45,000	36%
Trouble bipolaire	22,000	17.6%

Alkermes PLC (ALKS) - Modèle d'entreprise: Structure des coûts

Dépenses de recherche et développement approfondies

Pour l'exercice 2023, Alkermes a déclaré des dépenses de R&D de 331,5 millions de dollars.

Année	Dépenses de R&D ($ m)	Pourcentage de revenus
2023	331.5	37.8%
2022	314.2	36.5%

Investissements d'essais cliniques

Les investissements en essais cliniques pour Alkermes en 2023 étaient d'environ 178,6 millions de dollars, axés sur les thérapies neurologiques et psychiatriques.

• Essais cliniques en cours pour les Alks 3831
• Développement continu de l'immunothérapie Alks 4230
• Études cliniques multiples de phase 2 et de phase 3

Coûts de fabrication et de production

Les dépenses de fabrication pour 2023 ont totalisé 214,3 millions de dollars.

Catégorie de fabrication	Dépenses ($ m)
Coûts de fabrication directes	156.7
Entretien d'installation	37.9
Dépréciation de l'équipement	19.7

Dépenses de vente et de marketing

Les frais de vente et de marketing pour 2023 étaient de 187,2 millions de dollars.

• Extension de l'équipe commerciale
• Initiatives de marketing numérique
• Programmes d'engagement professionnel de la santé

Conformité réglementaire et frais généraux administratifs

Les frais administratifs et de conformité pour 2023 s'élevaient à 92,5 millions de dollars.

Catégorie de conformité	Dépenses ($ m)
Conformité juridique et réglementaire	42.3
Frais administratifs d'entreprise	50.2

Alkermes PLC (ALKS) - Modèle d'entreprise: Strots de revenus

Ventes de produits pharmaceutiques

Pour l'exercice 2023, Alkermes a déclaré un chiffre d'affaires total de 1 212,2 millions de dollars. Les revenus des ventes de produits sont spécifiquement inclus:

Produit	Revenus annuels
Vivitrol	355,2 millions de dollars
Aristada	270,5 millions de dollars

Revenu des redevances provenant des accords de licence

Les revenus de redevances pour 2023 ont totalisé 43,7 millions de dollars, principalement dérivé de:

• Accords de licence de pharmaceutique Janssen
• Royalités de partenariat biogène

Services de recherche et développement contractuels

Les services de R&D contractuels ont généré 82,5 millions de dollars de revenus en 2023, y compris le financement de la recherche collaborative de Parmaceutical Partners.

Financement de recherche collaborative

Le financement de la recherche en collaboration pour 2023 s'élevait à 24,6 millions de dollars provenant de divers partenariats de recherche pharmaceutique.

Payments d'étape provenant des partenariats pharmaceutiques

Les paiements d'étape en 2023 ont atteint 15,3 millions de dollars parmi les collaborations en cours de développement pharmaceutique.

Partenariat	Paiement d'étape
Astrazeneca	8,2 millions de dollars
Autres partenariats	7,1 millions de dollars

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.