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Drug manufacturers · Healthcare · Fiscal year ends Dec 31
Alkermes reported revenue of $1.5B in the fiscal year ended Dec 2025, down 5.2% from the year before. Operating income was $254M, an operating margin of 17.2%, and net income was $242M. Operating cash flow of $521M less capital expenditure of $40M left free cash flow of $480M. It held more cash than debt (net cash $389M).
Ranks among the 78 drug manufacturers companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 1,174 | 1,112 | 1,663 | 1,558 | 1,476 |
| Cost of revenue | 197 | 218 | 253 | 245 | 196 |
| Gross profit | 976 | 894 | 1,410 | 1,312 | 1,279 |
| Research & development | 291 | 273 | 271 | 245 | 324 |
| Selling, general & admin | 550 | 591 | 690 | 645 | 702 |
| Operating income | 97.7 | −6.1 | 414 | 421 | 254 |
| Interest expense | 11.2 | 13.0 | 23.0 | 22.6 | 12.3 |
| Pre-tax income | 87.7 | −31.1 | 422 | 444 | 291 |
| Income tax | 11.3 | 2.0 | −97.6 | 71.6 | 49.8 |
| Net income | −48.2 | −158 | 356 | 367 | 242 |
| Diluted EPS | −0.29 | −0.97 | 2.10 | 2.17 | 1.43 |
| Diluted shares | 165 | 164 | 170 | 169 | 169 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 338 | 292 | 457 | 291 | 389 |
| Receivables | 313 | 288 | 332 | 385 | 334 |
| Inventory | 150 | 181 | 186 | 183 | 197 |
| Current assets | 1,062 | 1,130 | 1,486 | 1,415 | 1,929 |
| Net PP&E | 341 | 223 | 227 | 228 | 222 |
| Goodwill | 92.9 | 83.0 | 83.0 | 83.0 | 83.0 |
| Total assets | 2,024 | 1,964 | 2,136 | 2,056 | 2,487 |
| Payables | 55.7 | 32.8 | 65.6 | 45.6 | 108 |
| Deferred revenue | 6.3 | 6.8 | 2.7 | 1.2 | 0.0 |
| Current liabilities | 471 | 498 | 520 | 465 | 543 |
| Short-term debt | 3.0 | 3.0 | 3.0 | – | 0.0 |
| Long-term debt | 293 | 290 | 288 | – | 0.0 |
| Total liabilities | 912 | 920 | 934 | 591 | 668 |
| Shareholders' equity | 1,113 | 1,044 | 1,203 | 1,465 | 1,819 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 102 | 21.0 | 401 | 439 | 521 |
| Capital expenditure | 28.0 | 38.3 | 48.0 | 33.5 | 40.4 |
| Free cash flow | 73.7 | −17.2 | 353 | 406 | 480 |
| Depreciation & amortisation | 78.7 | 77.9 | 74.9 | 28.5 | 27.2 |
| Stock-based compensation | 87.6 | 94.3 | 101 | 96.6 | 98.7 |
| Share buybacks | – | – | – | 200 | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −5.3% | 49.6% | −6.4% | −5.2% |
| Operating income growth (YoY) | – | −106.2% | – | 1.6% | −39.6% |
| EPS growth (YoY) | – | – | – | 3.3% | −34.1% |
| Gross margin | 83.2% | 80.4% | 84.8% | 84.2% | 86.7% |
| Operating margin | 8.3% | −0.5% | 24.9% | 27.0% | 17.2% |
| Net margin | −4.1% | −14.2% | 21.4% | 23.6% | 16.4% |
| Return on equityBlank when equity is negative | −4.3% | −15.2% | 29.6% | 25.1% | 13.3% |
| ROCEEBIT ÷ (assets − current liabilities) | 6.3% | −0.4% | 25.6% | 26.4% | 13.1% |
| Free cash flow margin | 6.3% | −1.5% | 21.2% | 26.0% | 32.5% |
| Cash conversion (CFO ÷ net income) | −2.11x | −0.13x | 1.13x | 1.20x | 2.15x |
| Receivable days | 97 | 95 | 73 | 90 | 83 |
| Inventory days | 278 | 304 | 269 | 272 | 365 |
| Payable days | 103 | 55 | 95 | 68 | 201 |
| Interest cover | 8.71x | −0.47x | 18.0x | 18.6x | 20.7x |
| Debt ÷ equity | 0.27x | 0.28x | 0.24x | – | 0.00x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −41.7 | 0.8 | −167 | – | −389 |
| Current ratio | 2.25x | 2.27x | 2.86x | 3.04x | 3.55x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.