-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 Q1fDJhZMi78BHUmj5q8gRbekrrH9fM4Bx3uW1uBC6Tq/g8qS+LWzA7RDdhRozWMP
 BIphWwIDfdY+zC41U8Zh2A==

<SEC-DOCUMENT>0001179110-08-009183.txt : 20080509
<SEC-HEADER>0001179110-08-009183.hdr.sgml : 20080509
<ACCEPTANCE-DATETIME>20080509114157
ACCESSION NUMBER:		0001179110-08-009183
CONFORMED SUBMISSION TYPE:	5
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20080331
FILED AS OF DATE:		20080509
DATE AS OF CHANGE:		20080509

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ALKERMES INC
		CENTRAL INDEX KEY:			0000874663
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				232472830
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			0331

	BUSINESS ADDRESS:	
		STREET 1:		88 SIDNEY ST
		CITY:			CAMBRIDGE
		STATE:			MA
		ZIP:			02139-4136
		BUSINESS PHONE:		617-494-0171

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			WALL MICHAEL A
		CENTRAL INDEX KEY:			0001236449

	FILING VALUES:
		FORM TYPE:		5
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14131
		FILM NUMBER:		08816820

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		617-494-0171

	MAIL ADDRESS:	
		STREET 1:		88 SIDNEY ST
		CITY:			CAMBRIDGE
		STATE:			MA
		ZIP:			02139
</SEC-HEADER>
<DOCUMENT>
<TYPE>5
<SEQUENCE>1
<FILENAME>edgar.xml
<DESCRIPTION>FORM 5 -
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>5</documentType>

    <periodOfReport>2008-03-31</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <form3HoldingsReported>0</form3HoldingsReported>

    <form4TransactionsReported>0</form4TransactionsReported>

    <issuer>
        <issuerCik>0000874663</issuerCik>
        <issuerName>ALKERMES INC</issuerName>
        <issuerTradingSymbol>ALKS</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001236449</rptOwnerCik>
            <rptOwnerName>WALL MICHAEL A</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>88 SIDNEY STREET</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>CAMBRIDGE</rptOwnerCity>
            <rptOwnerState>MA</rptOwnerState>
            <rptOwnerZipCode>02139</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2007-12-27</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>5</transactionFormType>
                <transactionCode>G</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>19000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>698450</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <footnotes></footnotes>

    <ownerSignature>
        <signatureName>Jennifer Baptiste, Attorney-in-Fact for Michael A. Wall</signatureName>
        <signatureDate>2008-05-09</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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