Slide 1: Fourth Quarter and Year-End 2025 Financial Results & Business Update
Fourth Quarter and Year-End 2025 Financial Results & Business Update February 25, 2026
Slide 2: Forward-Looking Statements and Non-GAAP Financial Information
Forward-Looking Statements and Non-GAAP Financial Information Certain statements set forth in this presentation constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including, but not limited to, statements concerning: Alkerm
Slide 3: Alkermes in 2026: Strong Foundation for Near- and Long-term Growth and Value Creation
Alkermes in 2026: Strong Foundation for Near- and Long-term Growth and Value Creation Profitable neuroscience company with late-stage candidate and leadership in exciting new therapeutic category Commercial business generated total revenues >$1.45B, strong cash flow and profitability in 2025; Acquis
Slide 4: Q4 & FY 2025 Financial and Operational Performance
Q4 & FY 2025 Financial and Operational Performance
Slide 5: FY 2025 Financial Results Summary
FY 2025 Financial Results Summary Total Revenue GAAP Net Income GAAP Earnings Per Share Diluted In millions In millions $1,557.6 $1,475.9 $367.1 $2.17 $241.7 $1.43 FY 2024 FY 2025 FY 2024 FY 2025 FY 2024 FY 2025 FY 2025 and FY 2024 results reflect expiration of royalty on U.S. net sales of INVEGA SU
Slide 6: FY 2025 Profitability
FY 2025 Profitability GAAP Net Income EBITDA* Adjusted EBITDA* From Continuing Operations From Continuing Operations In millions In millions In millions $543.3 $452.4 $372.1 $394.0 $285.6 $241.7 FY 2024 FY 2025 FY 2024 FY 2025 FY 2024 FY 2025 EBITDA represents earnings before interest, tax, deprecia
Slide 7: Q4 2025 Revenue Summary
Q4 2025 Revenue Summary In millions Q4’25 Q4’24 Total Proprietary Net Sales $315.5 $307.7 VIVITROL® $124.1 $134.1 ARISTADA®* $97.2 $96.6 LYBALVI® $94.1 $77.0 Manufacturing & Royalty Revenue $69.1** $122.3** Total Revenue $384.5** $430.0** Amounts in the table may not sum due to rounding. *Inclusive
Slide 8: FY 2025 Revenue Summary
FY 2025 Revenue Summary In millions FY’25 FY’24 Total Proprietary Net Sales $1,184.6 $1,083.5 VIVITROL® $467.9 $457.3 ARISTADA®* $370.0 $346.2 LYBALVI® $346.7 $280.0 Manufacturing & Royalty Revenue $291.3** $474.1** Total Revenue $1,475.9** $1,557.6** Amounts in the table may not sum due to rounding
Slide 9: Alkermes: 2026 Financial Expectations
Alkermes: 2026 Financial Expectations* Financial Expectations for (in millions) Year Ending Dec. 31, 2026 Total Revenues $1,730 – $1,840 Cost of Goods Soldb $365 – $385 Expected net sales of proprietary products: R&D Expenses $445 – $485 • VIVITROL® net sales of $460M – $480M SG&A Expenses $890 – $9
Slide 10: 2025 Commercial Review
2025 Commercial Review
Slide 11: Topline Growth and Diversification Reflect Evolving Business
Topline Growth and Diversification Reflect Evolving Business Key Product Revenues ($M) $1,315 $1,218 $1,049 $893 $715 $574 FY'20 FY'21 FY'22 FY'23 FY'24 FY'25 VUMERITY®** VIVITROL® ARISTADA®* LYBALVI® *Inclusive of ARISTADA INITIO® **Licensed product (royalty & manufacturing revenue) 11 © 2026 © 202
Slide 12: LYBALVI Performance and Expectations
LYBALVI® Performance and Expectations LYBALVI Quarterly Net Sales ($M) $100 Q4’25 LYBALVI net sales of $94.1M reflects 22% growth compared to Q4’24 $90 $80 • Q4’25 gross-to-net deductions: ~30% $70 FY’25 LYBALVI net sales were $346.7M $60 Outlook: $50 • FY’26 net sales expected to range from $40 $38
Slide 13: ARISTADA Performance and Expectations
ARISTADA® Performance and Expectations ARISTADA Quarterly Net Sales* ($M) $110 Q4’25 ARISTADA net sales were $97.2M $100 FY’25 ARISTADA net sales were $370.0M $90 $80 Outlook: $70 • FY’26 net sales expected to range from $60 $365M – $385M†* $50 $40 $30 $20 $10 $0 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24
Slide 14: VIVITROL Performance and Expectations
VIVITROL® Performance and Expectations VIVITROL Quarterly Net Sales ($M) $140 Q4’25 VIVITROL net sales were $124.1M $120 FY’25 VIVITROL net sales were $467.9M $100 Outlook: • FY’26 net sales expected to range from $80 $460M – $480M* $60 $40 $20 $0 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'2
Slide 15: Appendix
Appendix
Slide 16: Appendix: Amounts Included in Discontinued Operations
Appendix: Amounts Included in Discontinued Operations Three Months Ended Three Months Ended Three Months Ended Three Months Ended Year Ended (In thousands) March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 December 31, 2024 Cost of goods manufactured and sold $ --- $ --- $ --- $ ---
Slide 17: Appendix: Financial Results GAAP to Non-GAAP Reconciliation
Appendix: Financial Results GAAP to Non-GAAP Reconciliation Year Ended Year Ended (In millions) December 31, 2025 December 31, 2024 Net Income from Continuing Operations — GAAP $ 241.7 $ 372.1 Adjustments: Depreciation expense 27.1 27.4 Amortization expense 0.1 1.1 Interest income (45.3) (42.5) Inte
Slide 18: Appendix: Financial Expectations GAAP to Non-GAAP Reconciliation
Appendix: Financial Expectations GAAP to Non-GAAP Reconciliation Year Ending (In millions) December 31, 2026 Projected Net Loss — GAAP $ (125.0) Adjustments: Net interest expense 80.0 Depreciation and amortization expense 140.0 Income tax benefit (20.0) Projected EBTIDA $ 75.0 Shared-based compensat
Slide 19: www.alkermes.com
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