FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person *   Ehrich Elliot 2. Date of Event Requiring Statement (Month/Day/Year) 09/21/2006 3. Issuer Name and Ticker or Trading Symbol ALKERMES INC [ALKS] (Last) (First) (Middle) 88 SIDNEY STREET 4. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner __X__ Officer (give title below) _____ Other (specify below) Vice President Medical Affairs 5. If Amendment, Date Original Filed(Month/Day/Year) (Street) CAMBRIDGE, MA 02139 6. Individual or Joint/Group Filing(Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Beneficially Owned

1.Title of Security (Instr. 4) 2. Amount of Securities Beneficially Owned (Instr. 4) 3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5) 4. Nature of Indirect Beneficial Ownership (Instr. 5) Common Stock 10,805 D Â

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.			SEC 1473 (7-02)
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Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Incentive Stock Option (right to buy)	07/18/2003(1)	07/18/2012	Common Stock	9,377	$ 4.77	D	Â
Incentive Stock Option (right to buy)	12/12/2003(1)	12/12/2012	Common Stock	7,511	$ 7.36	D	Â
Incentive Stock Option (right to buy)	04/25/2004(1)	04/25/2013	Common Stock	7,500	$ 9.97	D	Â
Incentive Stock Option (right to buy)	07/12/2005(1)	07/12/2014	Common Stock	7,500	$ 12.3	D	Â
Incentive Stock Option (right to buy)	10/17/2004(1)	10/17/2013	Common Stock	1,731	$ 14.57	D	Â
Incentive Stock Option (right to buy)	12/17/2005(1)	12/17/2014	Common Stock	520	$ 14.9	D	Â
Incentive Stock Option (right to buy)	12/09/2006(1)	12/09/2015	Common Stock	5,376	$ 18.6	D	Â
Incentive Stock Option (right to buy)	10/02/2002(1)	10/02/2011	Common Stock	5,157	$ 19.4	D	Â
Incentive Stock Option (right to buy)	05/02/2007(1)	05/02/2016	Common Stock	4,687	$ 20.79	D	Â
Incentive Stock Option (right to buy)	06/29/2001(1)	06/29/2010	Common Stock	9,100	$ 43.94	D	Â
Non-Qualified Stock Option (right to buy)	07/18/2003(1)	07/18/2012	Common Stock	9,373	$ 4.77	D	Â
Non-Qualified Stock Option (right to buy)	12/12/2003(1)	12/12/2012	Common Stock	30,489	$ 7.36	D	Â
Non-Qualified Stock Option (right to buy)	04/25/2004(1)	04/25/2013	Common Stock	22,500	$ 9.97	D	Â
Non-Qualified Stock Option (right to buy)	12/10/2004(1)	12/10/2013	Common Stock	44,500	$ 12.16	D	Â
Non-Qualified Stock Option (right to buy)	07/12/2005(1)	07/12/2014	Common Stock	22,500	$ 12.3	D	Â
Non-Qualified Stock Option (right to buy)	10/17/2004(1)	10/17/2013	Common Stock	25,269	$ 14.57	D	Â
Non-Qualified Stock Option (right to buy)	12/17/2005(1)	12/17/2014	Common Stock	70,980	$ 14.9	D	Â
Non-Qualified Stock Option (right to buy)	12/09/2006(1)	12/09/2015	Common Stock	32,624	$ 18.6	D	Â
Non-Qualified Stock Option (right to buy)	10/02/2002(1)	10/02/2011	Common Stock	69,843	$ 19.4	D	Â
Non-Qualified Stock Option (right to buy)	05/02/2007(1)	05/02/2016	Common Stock	14,063	$ 20.79	D	Â
Non-Qualified Stock Option (right to buy)	11/20/2001(1)	11/20/2010	Common Stock	35,000	$ 29.31	D	Â
Non-Qualified Stock Option (right to buy)	06/29/2001(1)	06/29/2010	Common Stock	140,900	$ 43.94	D	Â
Restricted Stock Award	09/30/2006(2)	09/30/2006	Common Stock	1,500	$ 0	D	Â
Restricted Stock Award	06/16/2007(3)	06/16/2009	Common Stock	11,250	$ 0	D	Â

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
Ehrich Elliot 88 SIDNEY STREET CAMBRIDGE, MA 02139	Â	Â	  Vice President Medical Affairs	Â

Signatures

By: John P Gaspar, Attorney-in-Fact For: Elliot Ehrich		09/28/2006
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 5(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	The option becomes exercisable in equal annual installments over a four-year period, at the rate of 25% per year commencing one year after the date of grant.
(2)	An award of Common Stock pursuant to the Alkermes, Inc 2002 Restricted Stock Award Plan. The shares vest, in full, on 9/30/06, 18 months from grant. The shares are subject to forfeiture under certain conditions.
(3)	Award of stock pursuant to the Alkermes, Inc 2002 Restricted Stock Award Plan. Shares cease to be subject to forfeiture in 25% increments, commencing on the date of grant and yearly thereafter.

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