ALKSMEDIUM SIGNALFINANCIAL10-K

ALKS experienced declining profitability with operating income falling 40% as substantially higher R&D spending offset revenue performance.

The company appears to be in an investment phase, with R&D expenses growing 32% while profitability metrics declined significantly. The increased interest expense suggests higher borrowing costs, though total debt actually decreased, indicating potential refinancing at less favorable terms.

Comparing 2026-02-25 vs 2025-02-12View on EDGAR →
FINANCIAL ANALYSIS

ALKS showed a mixed financial picture with declining profitability as operating income fell 40% and net income dropped 34%, primarily driven by substantially higher R&D spending that grew 32%. However, the balance sheet strengthened considerably with current assets expanding 36%, cash growing 34%, and stockholders' equity increasing 24%, while total debt declined 19%. This suggests the company is investing heavily in development while maintaining a solid financial foundation, though at the cost of near-term earnings performance.

FINANCIAL STATEMENT CHANGES
Interest Expense
P&L
+76.6%
$13.0M→$23.0M

Interest expense surged 76.6% — significant debt increase or rising rates materially impacting earnings.

Operating Income
P&L
-39.6%
$420.6M→$254.0M

Operating income deteriorated sharply — investigate whether driven by one-time charges or structural cost issues.

Current Assets
Balance Sheet
+36.3%
$1.4B→$1.9B

Current assets grew 36.3% — improving short-term liquidity or inventory/receivables build.

Net Income
P&L
-34.2%
$367.1M→$241.7M

Net income declined 34.2% — review whether driven by operations, interest costs, or non-recurring items.

Cash & Equivalents
Balance Sheet
+33.5%
$291.1M→$388.6M

Cash position surged 33.5% — strong cash generation or capital raise providing significant financial cushion.

R&D Expense
P&L
+32.1%
$245.3M→$324.0M

R&D investment increased 32.1% — signals commitment to future product development, though near-term margin impact.

Stockholders Equity
Balance Sheet
+24.2%
$1.5B→$1.8B

Equity base grew 24.2% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Total Assets
Balance Sheet
+21%
$2.1B→$2.5B

Asset base grew 21% — expansion through organic growth, acquisitions, or capital deployment.

Capital Expenditure
Cash Flow
+20.7%
$33.5M→$40.4M

Capex increased 20.7% — ongoing investment in capacity or infrastructure for future growth.

Total Debt
Balance Sheet
-18.9%
$349.9M→$283.7M

Debt reduced 18.9% — deleveraging strengthens balance sheet and reduces financial risk.

LANGUAGE CHANGES
NEW — 2026-02-25
PRIOR — 2025-02-12
ADDED
As of February 20, 2026, 166,649,934 ordinary shares were outstanding.
Securities and Exchange Commission ( SEC ) and other government agencies could negatively impact our business; we may not be able to successfully expand our research and development ( R D ) pipeline or our commercial product portfolio, which could limit our growth potential; we are subject to risks related to the manufacture of our products; we rely on third parties to provide goods and services in connection with the manufacture and distribution of our products; LUMRYZ is a controlled substance subject to U.S.
government or governments of other nations, could have an adverse effect on our business, results of operations, or financial condition.
); ANTABUSE Teva Women s Health, Inc.; AUBAGIO and LEMTRADA Sanofi Societe Anonyme France; AVONEX , PLEGRIDY , TECFIDERA , TYSABRI and VUMERITY Biogen MA Inc.
(together with its affiliates, Biogen ); BETASERON Bayer Pharma AG; BRIXADI Braeburn Inc.; BRIUMVI TG Therapeutics, Inc.; BUNAVAIL TM BioDelivery Sciences; CAMPRAL Merck Sante;COPAXONE and UZEDY Teva Pharmaceutical Industries Ltd.
Lundbeck A/S plc; SUBOXONE , SUBUTEX and SUBLOCADE Indivior plc (or its affiliates); RYKINDO Luye Pharma Group; SUNOSI Axsome Therapeutics, Inc.; VRAYLAR Forest Laboratories, LLC; COBENFY and ZEPOSIA Bristol-Myers Squibb Company; and WAKIX Harmony Biosciences Holdings, Inc.; XYWAV and XYREM Jazz Pharmaceuticals plc; ZUBSOLV Orexo US, Inc.; and ZYPREXA and ZYPREXA RELPREVV Eli Lilly and Company ( Lilly ).
We have a portfolio of proprietary commercial products for the treatment of alcohol dependence, opioid dependence, schizophrenia, bipolar I disorder and narcolepsy, and a pipeline of clinical and preclinical candidates in development for neurological disorders.
On February 12, 2026, we successfully completed the Avadel Acquisition, adding both LUMRYZ to our portfolio of proprietary commercial products and a commercial organization with experience in narcolepsy.
7 The following provides summary information regarding our proprietary products that we commercialize: Proprietary Products Product Indicated Disease State Territory Initiation or re-initiation of ARISTADA for the treatment of Schizophrenia U.S.
LUMRYZ LUMRYZ (sodium oxybate) is an extended-release oral suspension product approved by the FDA in May 2023 as the first and only once-at-bedtime treatment for cataplexy or excessive daytime sleepiness ( EDS ) in adults with narcolepsy, and subsequently approved by the FDA in October 2024 as a once-at-bedtime treatment for cataplexy or EDS in pediatric patients seven years of age and older with narcolepsy.
REMOVED
As of February 7, 2025, 162,614,067 ordinary shares were outstanding.
federal and Irish tax purposes as we anticipate, we and/or our shareholders could be subject to significant tax liabilities; 4 the market price of our ordinary shares has been volatile and may continue to be volatile in the future, and could decline significantly; our business could be negatively affected as a result of the actions of activist shareholders; and information security breaches and other disruptions could compromise our information and expose us to liability, which could cause our business and reputation to suffer.
( Acorda ); ANJESO Baudax Bio, Inc.; ANTABUSE Teva Women s Health, Inc.; AUBAGIO and LEMTRADA Sanofi Societe Anonyme France; AVONEX , PLEGRIDY , TECFIDERA , TYSABRI and VUMERITY Biogen MA Inc.
(together with its affiliates, Biogen ); BETASERON Bayer Pharma AG; BRIXADI Braeburn Inc.; BRIUMVI TG Therapeutics, Inc.; BUNAVAIL TM BioDelivery Sciences; CAMPRAL Merck Sante; CAPLYTA Intra-Cellular Therapies, Inc.; COPAXONE and UZEDY Teva Pharmaceutical Industries Ltd.
Lundbeck A/S plc; PERSERIS , SUBOXONE , SUBUTEX and SUBLOCADE Indivior plc (or its affiliates); RYKINDO Luye Pharma Group; VRAYLAR Forest Laboratories, LLC; COBENFY and ZEPOSIA Bristol-Myers Squibb Company; ZUBSOLV Orexo US, Inc.; and ZYPREXA and ZYPREXA RELPREVV Eli Lilly and Company ( Lilly ).
We have a portfolio of proprietary commercial products for the treatment of alcohol dependence, opioid dependence, schizophrenia and bipolar I disorder, and a pipeline of clinical and preclinical candidates in development for neurological disorders, including narcolepsy and idiopathic hypersomnia.
The following provides summary information regarding our proprietary products that we commercialize: Proprietary Products Product Indication(s) Territory Initiation or re-initiation of ARISTADA for the treatment of Schizophrenia U.S.
12,180,164 relating to ARISTADA and ARISTADA INITIO was granted.
The patent has claims to the metabolite N-hydroxymethyl aripiprazole and expires in 2030.
The patent has claims to methods of treatment that cover LYBALVI and expires in 2031.
MORE FINANCIAL SIGNALS
CRMHIGHSalesforce significantly increased debt by 71% to $14.4B while simultaneously ac...
2026-03-02
UNHHIGHUNH's operating income plummeted 41% despite 12% revenue growth, indicating seve...
2026-03-02
PFEHIGHPfizer achieved a dramatic 87.3% reduction in total debt from $31.4B to $4.0B, r...
2026-02-26
GILDHIGHGILD dramatically increased R&D spending by 81.5% to $9.1B while introducing new...
2026-02-24
ANALYZE ANY FILING FREE

See what changed in your portfolio's filings

500+ US-listed companies analyzed. Language delta, financial analysis, instant signal scoring.

Try Tracenotes free →