ALKSAlkermes plc.
Pharmaceutical Preparations
- Revenue
- $1.5B
- 5.2% YoY
- Operating margin
- 17.2%
- 36% YoY
- EBITDA
- $281M
- 37% YoY
- Market cap
- $7.6B
- Employees
- 100,000
- $15K revenue each
- Net debt / EBITDA
- 3.6×
- $1.0B net debt
- AI in 10-K
- 1.1
- mentions per 10K words
Takeover score 1 of 13
Fixable underperformance 0 of 7
- TSR below peersNo0 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$9M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo215% of net incomeCash flow under 80% of net income
- Dilutive SBCNo7% of revenueOver 10% of revenue
- Payouts exceed cash flowNo38% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo14% of assetsOver 40% of assets
- Shareholder dissentNo99% lowest supportAny vote under 80% support
Buyer economics 0 of 4
- Low revenue per employeeNo$15K · 26th pctBottom quartile of its SIC industry
- Quiet on AINo1.1 per 10K words · 35th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo3.6× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedNo$7.6B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$10M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $1.2B | $1.1B | $1.7B | $1.6B | $1.5B | 5.2% |
| Operating income | $98M | −$6M | $414M | $421M | $254M | 40% |
| Net income | −$48M | −$158M | $356M | $367M | $242M | 34% |
| Operating cash flow | $102M | $21M | $401M | $439M | $521M | 19% |
| Capex | $28M | $38M | $48M | $33M | $40M | 21% |
| Stock-based comp | $88M | $94M | $101M | $97M | $99M | 2.2% |
| Buybacks | — | — | — | $200M | — |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Aug 24, 2023 | Sarissa Capital Management LP | SC 13D/A | 5.0% | Passive |
| Jun 28, 2023 | Sarissa Capital Management LP | SC 13D/A | — | Passive |
| Jun 27, 2023 | Sarissa Capital Management LP | SC 13D/A | — | Passive |
| Jun 23, 2023 | Sarissa Capital Management LP | SC 13D/A | — | Passive |
| Jun 21, 2023 | Sarissa Capital Management LP | SC 13D/A | — | Passive |
| Jun 16, 2023 | Sarissa Capital Management LP | SC 13D/A | — | Passive |
| Jun 14, 2023 | Sarissa Capital Management LP | SC 13D/A | 5.1% | Passive |
| Jun 12, 2023 | Sarissa Capital Management LP | SC 13D/A | — | Passive |
| Jun 5, 2023 | Sarissa Capital Management LP | SC 13D/A | 8.4% | Passive |
| Feb 6, 2023 | Sarissa Capital Management LP | SC 13D/A | 8.5% | Active |
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $10M · 33
- Net
- −$10M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $8M | $13M | 143 | 125 |
| FY2024 | $10M | $15M | 147 | 93 |
| FY2023 | $9M | $9M | 141 | 94 |
| FY2022 | $10M | $8M | 131 | 90 |
| FY2021 | $9M | $11M | 117 | 100 |