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Alkermes plc.

ALKS · Healthcare · $8.8B mkt cap · FY2025 filings · Shallow moat ·

Doesn't clear the bar

Shallow moat
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The five investor questions

52

2021–2025 (latest 5 aligned FYs; v3 window cap 5): revenue $1.2B to $1.5B, increasing; diluted EPS -0.29 to 1.43, increasing.

100

Median gross margin 83.5% over 10y, very stable.

11

Median ROIC -3.5%, above the 12% hurdle in 30% of years.

73

Net debt/EBITDA n/ax, interest coverage 21x.

27

Owner earnings changed trend unclear over up to the ten most recent annual observations.

Price vs. value if growth stopped today

A cautious baseline, not a price target: what the shares may support if normalized owner earnings simply hold steady.

Above value if growth stopped todayBelow value if growth stopped today
226% above value if growth stopped today
$242M
$16.21
$16.21
$52.89
226% above value if growth stopped today

What today’s price assumes: owner earnings growing ~27%/yr over 5 years. The zero-growth estimate assumes owner earnings stay flat (0% growth).

How to read this

We solve for the constant annual change in owner earnings that would make the five-year zero-growth estimate equal today’s price. This keeps the existing model inputs and calculation unchanged; it is an expectations lens, not a forecast.

This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. The recent FY revenue series does not trigger the three-consecutive-declines flag.

Among the current top-score group, the median current price is 239% above the zero-growth estimate across 48 of the current top 50 companies by Moat Score with both values.

Score records captured Jul 26, 2026.

Exactly which 50 companies?

FTNT, META, MEDP, IBEX, MSFT, GOOGL, LULU, ANF, IDXX, TXRH, FHI, QLYS, FFIV, ADBE, LLY, MANH, VEEV, GRMN, SSD, MNST, DOCS, MCO, CPRT, NTAP, LRCX, NVDA, CORT, SFM, MPTI, ULTA, SN, RMD, ROL, PAYC, IRMD, INTU, DECK, MORN, LGCY, DAL, GWW, ISRG, MPWR, CTAS, LOPE, MRK, CMG, FAST, BKNG, ORLY

Missing a usable price or zero-growth estimate: ANF, BKNG.

Model details under moat-index@3.0.0: zero-growth multiple 11.1×, capped-growth comparison at no more than 18×; 9% discount rate; high-end growth 0% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.

17 years of fundamentals

The business, in plain English

Alkermes plc. booked $1.5B of revenue in FY2025 in the Healthcare sector and kept 86.7% of it as gross profit — a high-margin business by that measure. After every other cost, 16.4% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $178M (FY2010) to $1.5B (FY2025) — about 15.1% a year compounded over 15 years.

It earned 14.7% on invested capital in the latest filed year, FY2025. Across the full 16-year measurable filed record, median ROIC was −6.2%. Over the v3 recent window (10 measurable filed years), median ROIC was −3.5%. The Returns on Capital filter above scores it 11/100.

ALKS's latest filed year, FY2025, doesn't disclose total debt in a form the methodology can use, so current leverage is treated as unmeasured — never assumed to be zero.

Put together: Pricing Power is the strongest of the five filters (100/100) and Returns on Capital the weakest (11/100), which is how ALKS lands at 52/100 — a Shallow moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

FY2009–FY2025 · 17 fiscal years, normalized from ALKS’s SEC filings

Sales, as filed$1.5B FY2025
$0$1B2009201520212025
Revenue kept after cost of goods86.7% FY2025
0%50%2009201520212025
Standard ROIC or separately labeled Operating ROICROIC 14.7% FY2025
0%25%2009201520212025
Cash an owner could take out$242M FY2025
$0$250M2009201520212025

Gaps in a line mean that item isn’t in ALKS’s filings for that year. The series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Flagship explainer

How Alkermes plc. makes its money

Start with a dollar of revenue and follow what the filing says remains.

revenueBranching filed flows with values and percentages directly labeled. Missing filing concepts are omitted rather than estimated.Revenue$1.5B · 100%Cost of revenue$196M · 13%Gross profit$1.3B · 87%Operating income$254M · 17%Income before tax$291M · 20%Income tax$49.8M · 3%Net income$242M · 16%As of 2025-12-31 · 1 SEC filing sourceBuy Like Buffett · buylikebuffett.com

Honest partial: the filing did not provide a normalized tag for Research and development, Selling, general and administrative; those components are omitted, not plugged.

Table alternative
Filed lineValue% of revenueSource
$1.5B100%
Cost of revenue$196M13%
$1.3B87%
$254M17%
Income before tax$291M20%
Income tax$49.8M3%
$242M16%
Source: · event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set
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Flagship explainer

What Alkermes plc. owns — and owes

Alkermes plc.'s filing tags don't support a full breakdown — here's what is filed:

Table alternative
Filed lineValue% of assetsSource
Total assets$2.5B100%
Cash and equivalents$389M16%
Stockholders’ equity$1.8B73%
Source: · event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set

Flagship explainer

What drives Alkermes plc.’s return on equity?

ROE is five filed business factors multiplied together.

DuPont return on equity factor treeReturn on equity branches into tax burden, interest burden, operating margin, asset turnover, and the equity multiplier.Return on equity15%Tax burden83%net income ÷ pretax incomeInterest burden115%pretax ÷ operating incomeOperating margin17%operating income ÷ revenueAsset turnover0.65×revenue ÷ average assetsEquity multiplier1.38×average assets ÷ average equityAs of 2025-12-31 · 1 SEC filing sourceBuy Like Buffett · buylikebuffett.com
DuPont source inputs
InputValueFiscal yearSource
$242MFY2025
Income before tax$291MFY2025
Operating income$254MFY2025
$1.5BFY2025
Ending assets$2.5BFY2025
Beginning assets$2.1BFY2024
$1.8BFY2025
$1.5BFY2024
Source:
  • SEC filingFiling detailsAccession 0001193125-26-068925
· event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set
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Flagship explainer

Where Alkermes plc.'s cash went

Alkermes plc.’s filing does not supply enough provenance-matched cash-flow lines for a truthful flow chart — here’s what is filed:

Table alternative
Filed lineValue% of cash from operationsSource
Cash from operations$521M100%
Depreciation and amortization$27.2M5%
Source: · event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set

Curated 19-manager tier

Who reported holding Alkermes plc.

Delayed public 13F reports for 2026-Q2—not live positions, trades, or recommendations.

0 holding0 exited0 not holding0/19 resolved19 unavailable

Named manager positions and quarter-over-quarter changes
ManagerReported positionQuarter-over-quarterFiling accession
Abrams CapitalUnavailableComparison unavailableFiling unavailable
Akre CapitalUnavailableComparison unavailableFiling unavailable
Baupost GroupUnavailableComparison unavailableFiling unavailable
Berkshire HathawayUnavailableComparison unavailableFiling unavailable
Brave Warrior AdvisorsUnavailableComparison unavailableFiling unavailable
Dodge & CoxUnavailableComparison unavailableFiling unavailable
First EagleUnavailableComparison unavailableFiling unavailable
FundsmithUnavailableComparison unavailableFiling unavailable
Gardner Russo & QuinnUnavailableComparison unavailableFiling unavailable
Gates Foundation TrustUnavailableComparison unavailableFiling unavailable
Mairs & PowerUnavailableComparison unavailableFiling unavailable
Markel / Markel-GaynerUnavailableComparison unavailableFiling unavailable
Oakmark / Harris AssociatesUnavailableComparison unavailableFiling unavailable
Pershing SquareUnavailableComparison unavailableFiling unavailable
Polen CapitalUnavailableComparison unavailableFiling unavailable
Sequoia / Ruane CunniffUnavailableComparison unavailableFiling unavailable
Southeastern Asset ManagementUnavailableComparison unavailableFiling unavailable
Tweedy, BrowneUnavailableComparison unavailableFiling unavailable
Yacktman Asset ManagementUnavailableComparison unavailableFiling unavailable

Position size uses shares and filed value from each manager’s 13F. Portfolio weight uses the eligible long-share filing denominator. Changes compare only with the immediately preceding calendar quarter.

Source: Filing source unavailable · event Jun 30, 2026 · retrieved Jul 26, 2026

Flagship explainer

What Alkermes plc. insiders reported

Records still being gathered — partial as of retrieval Aug 18, 2026.

Partial coverage: the incomplete Form 4 walk cannot establish no activity, an activity date, or zero counts.

Moat Score history

16 logged readings since Jul 17, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale52.3 / 100
0406080100WideNarrowShallowNo moatJul 17, 2026Jul 26, 2026

Breaks in the line mark methodology or normalizer upgrades — readings across versions aren’t compared, so a level shift there isn’t a change in the business.

Tier changesSame-methodology and same-normalizer crossings of the Wide / Narrow / Shallow bars

  1. Normalizer upgraded unstamped (version unknown)moat-xbrl-normalizer@1.1.0 — readings across versions aren’t comparedJul 26, 2026
  2. Methodology upgraded moat-index@2.0.0moat-index@3.0.0 — readings across versions aren’t comparedJul 23, 2026
  3. Methodology upgraded moat-index@1.2.0moat-index@2.0.0 — readings across versions aren’t comparedJul 20, 2026

Scores are logged append-only and never overwritten — this record cannot be reconstructed retroactively, which is exactly why it’s worth keeping.

Insider activity

Form 4 reports mix P/S market or private transactions with compensation-plan mechanics. Activity casually described as “insider selling” can include compensation mechanics; awards, tax withholding, and option exercises are shown by their exact filed class here, never collapsed into “Bought” or “Sold.”

These are disclosed filing facts and arithmetic aggregates, not a signal or verdict.

This machine-readable surface covers SEC ownership filings from 2003; it does not represent earlier paper-era records.

Records still being gathered — partial as of retrieval Aug 18, 2026.

Among the rows shown, A/F/M acquisition, payment or withholding, and exercise or conversion rows outnumber S sale rows (10 versus 5). The filing codes alone do not establish that every such row arose from a compensation plan.

Trailing-12-month totals and the 90-day cluster result are withheld because this issuer walk is incomplete.

InsiderShares owned afterDateFiling detail
Nichols Christian ToddSVP, Chief Commercial OfficerOpen-market or private sale (S)Table I · Disposed · Ordinary Shares7,576$49.2261$372,937See lot detailAug 17, 2026
2 filed lots
  • Table I · Ordinary Shares: 6,912 shares at $49.1851 · code S · owned after 102,857 ·
  • Table I · Ordinary Shares: 664 shares at $49.6526 · code S · owned after 102,193 ·
Jackson Blair CurtisDirector, President & CEO, Alkermes plcGrant, award, or other acquisition (A)Table II · Acquired · Employee Stock Option (Right to Buy)217,534—Grant, award, or other acquisition (A)—See lot detailAug 5, 2026
2 filed lots
  • Table II · Employee Stock Option (Right to Buy): 93,229 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 93,229 ·
  • Table II · Employee Stock Option (Right to Buy): 124,305 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 124,305 ·
snyderman nancy lynn MDDirectorExercise or conversion of derivative security (M)Table I · Acquired · Ordinary Shares · 2 paired events44,472$46.72$2,077,732See lot detailAug 3, 2026
2 filed lots
  • Table I · Ordinary Shares: 27,948 shares at $46.72 · code M · owned after 43,343 · Paired event: 27,948 Non Qualified Stock Option (Right to Buy) → 27,948 Ordinary Shares ·
  • Table I · Ordinary Shares: 16,524 shares at $46.72 · code M · owned after 59,867 · Paired event: 16,524 Non Qualified Stock Option (Right to Buy) → 16,524 Ordinary Shares ·
snyderman nancy lynn MDDirectorOpen-market or private sale (S)Table I · Disposed · Ordinary Shares44,472$50.348$2,239,07615,395Aug 3, 2026
1 filed lot
  • Table I · Ordinary Shares: 44,472 shares at $50.348 · code S · owned after 15,395 ·
snyderman nancy lynn MDDirectorExercise or conversion of derivative security (M)Table II · Disposed · Non Qualified Stock Option (Right to Buy) · 2 paired events44,472—Exercise or conversion of derivative security (M)—See lot detailAug 3, 2026
2 filed lots
  • Table II · Non Qualified Stock Option (Right to Buy): 27,948 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 0 · Paired event: 27,948 Non Qualified Stock Option (Right to Buy) → 27,948 Ordinary Shares ·
  • Table II · Non Qualified Stock Option (Right to Buy): 16,524 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 0 · Paired event: 16,524 Non Qualified Stock Option (Right to Buy) → 16,524 Ordinary Shares ·
Hopkinson Craig C.EVP R&D, Chief Medical OfficerExercise or conversion of derivative security (M)Table I · Acquired · Ordinary Shares · 2 paired events5,000$24.4808$122,404See lot detailAug 3, 2026
2 filed lots
  • Table I · Ordinary Shares: 104 shares at $19.34 · code M · owned after 73,493 · Paired event: 104 Employee Stock Option (Right to Buy) → 104 Ordinary Shares ·
  • Table I · Ordinary Shares: 4,896 shares at $24.59 · code M · owned after 78,389 · Paired event: 4,896 Employee Stock Option (Right to Buy) → 4,896 Ordinary Shares ·
Hopkinson Craig C.EVP R&D, Chief Medical OfficerOpen-market or private sale (S)Table I · Disposed · Ordinary Shares9,000$48.58$437,22069,389Aug 3, 2026
1 filed lot
  • Table I · Ordinary Shares: 9,000 shares at $48.58 · code S · owned after 69,389 ·
Hopkinson Craig C.EVP R&D, Chief Medical OfficerExercise or conversion of derivative security (M)Table II · Disposed · Employee Stock Option (Right to Buy) · 2 paired events5,000—Exercise or conversion of derivative security (M)—See lot detailAug 3, 2026
2 filed lots
  • Table II · Employee Stock Option (Right to Buy): 104 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 1,252 · Paired event: 104 Employee Stock Option (Right to Buy) → 104 Ordinary Shares ·
  • Table II · Employee Stock Option (Right to Buy): 4,896 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 66,276 · Paired event: 4,896 Employee Stock Option (Right to Buy) → 4,896 Ordinary Shares ·
Gaffin David JosephEVP, CLO, Alkermes, Inc.Open-market or private sale (S)Table I · Disposed · Ordinary Shares2,034$48.58$98,812225,456Aug 3, 2026
1 filed lot
  • Table I · Ordinary Shares: 2,034 shares at $48.58 · code S · owned after 225,456 ·

Source-event as of . Retrieved .

Track record

How Alkermes plc.’s moat rated in each of the years we can reconstruct from its filings — scored only on what was knowable at the time — and what its price and returns did afterward. The score never saw a price; the two are joined only in hindsight, for education, not as a signal.

Point-in-time scores 2011–2025, one methodology version · reconstructed from filings on file each Dec 31 — never with hindsight

Point-in-time Moat Score (dot colored by tier)Indexed price (total-return (dividends reinvested))Rated Wide-moat that year

How to read this: each dot is what the engine would have scored ALKS on that December 31; the line below is its total-return price path (dividends reinvested) in the years since.

0406080100WideNarrowShallowNo moatPoint-in-time Moat Score100200Indexed price · log scale (2012 = 100)201120142017202020232026

Two tracks, one timeline: the score has its own 0–100 scale (top), the price its own 100-based scale (bottom) — never a shared axis. The price path is a total-return (dividends reinvested) index built from the same data the forward returns use; gaps in the score line are years with no reconstructed rating (see the table for why). The Table view carries every value.

What followed, in the years it rated Wide

In the reconstructed history shown, ALKS did not rate Wide-moat in any year, so there is no wide-moat track record to report. That absence is itself the honest answer — we don’t manufacture a comparison where the rating never earned one.

Healthcare context

#158 of 710 scored Healthcare companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #156IDXG INTERPACE BIOSCIENCES, INC.52.7Shallow moat
  2. #157TMDX TransMedics Group, Inc.52.7Shallow moat
  3. #159MYO MYOMO, INC.52.2Shallow moat
  4. #160BTCY BIOTRICITY INC.52.1Shallow moat

Compare ALKS with its nearest peers →All Healthcare companies on the Index →

Common questions about ALKS

Does Alkermes plc. have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores Alkermes plc. (ALKS) 52.3 out of 100 — a Shallow moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 52, pricing power 100, returns on capital 11, balance-sheet safety 73, capital allocation 27.
Is ALKS trading below the conservative owner-earnings estimate?
The value if growth stopped today — a zero-growth baseline — is $16.21 per share. It capitalizes normalized owner earnings at a 9% rate and assumes 0% growth. Versus a recent price of $52.89, that is 226% above value if growth stopped today. The model also publishes a capped-growth comparison, but the zero-growth estimate is the cautious baseline. It assumes trailing owner earnings persist and is unreliable for declining businesses. This is an educational estimate from primary SEC filings, not intrinsic value as a fact or investment advice.
How has ALKS's Moat Score changed over time?
The record logs 16 readings since Jul 17, 2026; the latest reads 52.3 out of 100 (shallow moat). No tier changes on record yet. (Methodology or normalizer upgrades on Jul 20, 2026, Jul 23, 2026, Jul 26, 2026 re-based the score; readings across versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.

Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell ALKS. See the disclaimer.