The study will determine the efficacy of ALKS 9072 (also known as aripiprazole lauroxil or ALKS 9070) for the treatment of schizophrenia in subjects experiencing an acute exacerbation.

Inclusion Criteria:

• Diagnosis of schizophrenia according to DSM-IV-TR criteria
• Has been able to achieve outpatient status for more than 3 months in the past year
• Body mass index (BMI) of 18.5 to 40.0 kg/m2 (inclusive)
• Resides in a stable living situation
• Willing and able to be confined to an inpatient study unit for 2 weeks or longer

Exclusion Criteria:

• History of poor or inadequate clinical response to treatment with aripiprazole
• History of treatment resistance
• Known or suspected intolerance of, allergy, or hypersensitivity to aripiprazole, its ingredients, other antipsychotic agent, or INTRALIPID (including peanuts, soy, egg, or glycerol)
• Diagnosis of current substance dependence (including alcohol)
• Pregnant, lactating, or breastfeeding
• Receipt of any antipsychotic medication by IM injection within 60 days before Screening
• Current involuntary hospitalization or incarceration
• Hospitalized for more than 30 days during the 90 days before Screening

Additional inclusion/exclusion criteria may apply.