ALKS Alkermes plc.

Did the company actually spend money buying back stock in 3+ of the last 4 quarters?

Bought back stock in 3/4 quarters. Q1 2026: $28M, Q2 2026: $-28M, Q3 2024: $116M, Q3 2025: $116M

Is the most recent quarter's buyback spend more than 15% above the trailing average?

Latest quarter $28M vs trailing avg $68M (-59%)

What percentage of free cash flow is going to buybacks? Bull: 30%+. Bear: negative FCF or no buybacks.

Buyback $231M / FCF $167M = 138% of FCF

How fast are they shrinking the float? Bull: 2%+ annually. Bear: under 0.5%.

Repurchased 2,000,000 shares = 1.2% of 165,607,028 outstanding (annualized)

Are officers and directors buying stock with their own money on the open market?

No insider open-market purchases in the last 12 months

Are both company buybacks and insider buying independently active? Bull when the company is buying back stock in 2+ quarters and insiders have made 2+ open-market purchases.

Need both buyback and insider purchase data

Over the last 90 days, are insiders net buyers or net sellers on the open market?

Insiders bought $0M, sold $5M in the last 90 days (net selling)

Active buyback + insiders net selling 3x+ more than buying. Company cash may be supporting price while insiders exit.

Company buying back stock while insiders sold 9585776.5x more than bought. 2 C-suite officers among sellers

• Hopkinson Craig C. (EVP R&D, Chief Medical Officer) sold 9,000 shares on 2026-08-03
• Hopkinson Craig C. (EVP R&D, Chief Medical Officer) sold 8,300 shares on 2026-07-01
• Hopkinson Craig C. (EVP R&D, Chief Medical Officer) sold 700 shares on 2026-07-01
• Hopkinson Craig C. (EVP R&D, Chief Medical Officer) sold 9,000 shares on 2026-06-01
• Hopkinson Craig C. (EVP R&D, Chief Medical Officer) sold 9,000 shares on 2026-05-01
• Hopkinson Craig C. (EVP R&D, Chief Medical Officer) sold 9,000 shares on 2026-04-01
• Nichols Christian Todd (SVP, Chief Commercial Officer) sold 6,000 shares on 2026-03-02
• Hopkinson Craig C. (EVP R&D, Chief Medical Officer) sold 9,000 shares on 2026-03-02
• Hopkinson Craig C. (EVP R&D, Chief Medical Officer) sold 5,000 shares on 2026-02-02
• Hopkinson Craig C. (EVP R&D, Chief Medical Officer) sold 4,000 shares on 2026-02-02