On July 28, 2026 Alkermes plc (Nasdaq: ALKS) reported financial results for the second quarter of 2026.
Schedule your 30 min Free 1stOncology Demo!
Discover why more than 1,500 members use 1stOncology™ to excel in:
Early/Late Stage Pipeline Development - Target Scouting - Clinical Biomarkers - Indication Selection & Expansion - BD&L Contacts - Conference Reports - Combinatorial Drug Settings - Companion Diagnostics - Drug Repositioning - First-in-class Analysis - Competitive Analysis - Deals & Licensing
Schedule Your 30 min Free Demo!
"The second quarter was marked by strong commercial performance and meaningful progress across our pipeline as we continued to execute on our strategic priorities. Our commercial portfolio consists of differentiated products that are positioned to generate substantial revenue and cash flow for years to come. At the same time, our orexin 2 receptor agonist portfolio represents a potentially transformational growth opportunity for Alkermes and positions us at the forefront of one of the most exciting new therapeutic categories in neuroscience," said Richard Pops, Chairman and Chief Executive Officer of Alkermes. "As I prepare to transition the Chief Executive Officer role, I do so with tremendous pride in what this organization has achieved and great optimism for its future. Blair and the leadership team are well positioned to build on this momentum and lead Alkermes through its next phase of growth, innovation and value creation, and I look forward to supporting them in my continuing role as Chairman."
"As we move into the second half of the year, we have clear priorities and a sharp focus on execution. With our first ADHD data for ALKS 7290 expected in the coming months and topline results from our alixorexton phase 2 idiopathic hypersomnia study expected toward year-end, we are generating significant new datasets that may open new opportunities for our orexin 2 receptor portfolio," said Blair Jackson, Chief Operating Officer of Alkermes. "With a talented team, a strong financial foundation and exciting opportunities ahead in sleep medicine and across our neuroscience portfolio, I am honored to step into the CEO role and continue building on the strong foundation for growth that Richard and the entire organization have established."
Key Financial Highlights
Revenues
Three Months Ended
June 30,
Six Months Ended
June 30,
(In millions)
2026
2025
2026
2025
Total Revenues
$
496.0
$
390.7
$
888.9
$
697.2
Total Proprietary Net Sales
$
411.7
$
307.2
$
749.8
$
551.7
VIVITROL
$
124.5
$
121.7
$
236.9
$
222.7
ARISTADAi
$
96.7
$
101.3
$
190.5
$
174.8
LYBALVI
$
94.0
$
84.3
$
186.3
$
154.3
LUMRYZ
$
96.6
$
—
$
136.1
$
—
Profitability
Three Months Ended
June 30,
Six Months Ended
June 30,
(In millions)
2026
2025
2026
2025
GAAP Net (Loss) Income
$
0.5
$
87.1
$
(66.0)
$
109.6
EBITDA
$
49.0
$
101.6
$
18.8
$
124.3
Adjusted EBITDA
$
139.2
$
126.5
$
219.5
$
172.1
1
Revenue Highlights
Proprietary Product Revenues
•
LYBALVI revenues for the quarter were $94.0 million. Revenues and total prescriptions grew 12% and 18%, respectively, compared to the second quarter of 2025.
•
ARISTADAi revenues for the quarter were $96.7 million. During the quarter, the company recorded ARISTADA revenue of approximately $4 million related to gross-to-net favorability, primarily driven by favorable patient mix.
•
VIVITROL revenues for the quarter were $124.5 million. During the quarter, the company recorded VIVITROL revenue of approximately $4 million related to gross-to-net favorability, primarily driven by favorable patient mix.
•
LUMRYZ revenues for the quarter were $96.6 million, which included approximately $7 million of inventory benefit due to timing of shipments.
Manufacturing & Royalty Revenues
•
VUMERITY manufacturing and royalty revenues for the quarter were $30.6 million.
•
Royalty revenue from XEPLION, INVEGA TRINZA/TREVICTA and INVEGA HAFYERA/BYANNLI for the quarter were $27.5 million.
•
Manufacturing revenue from RISPERDAL CONSTA for the quarter was $20.9 million.
Key Operating Expenses
Three Months Ended
June 30,
(In millions)
2026
GAAP
2026
Transaction Adjustments
2026
Non-GAAP
Adjusted
2025
GAAP
Cost of Goods Sold
$
98.1
$
31.0
$
67.1
$
49.5
R&D Expense
$
112.9
$
0.1
$
112.8
$
77.4
SG&A Expense
$
217.6
$
1.3
$
216.3
$
170.8
Six Months Ended
June 30,
(In millions)
2026
GAAP
2026
Transaction Adjustments(1)
2026
Non-GAAP
Adjusted
2025
GAAP
Cost of Goods Sold
$
159.7
$
43.8
$
115.9
$
98.7
R&D Expense
$
216.3
$
8.2
$
208.1
$
149.2
SG&A Expense
$
482.2
$
56.6
$
425.6
$
342.6
(1)
Includes $20.2 million of share-based compensation expense related to the acceleration of vesting of equity awards for former Avadel Pharmaceuticals plc (Avadel) employees which vested in full upon the closing of the transaction.
•
During the quarter, the company recorded a change in the fair value of contingent consideration of $26.4 million, related to the CVR milestone associated with the acquisition of Avadel, which was deemed more likely to be achieved following the recently announced positive topline results of the phase 3 study of LUMRYZ in idiopathic hypersomnia.
Balance Sheet
•
At June 30, 2026, the company recorded cash, cash equivalents and total investments of $691.6 million, compared to $538.2 million at March 31, 2026.
2
Financial Expectations for 2026
All line items are according to GAAP, except as otherwise noted.
(In millions)
Previous 2026 Expectations
(provided May 5, 2026)
Updated 2026 Expectations
(provided July 28, 2026)
Total Revenues
$1,730 – $1,840
$1,730 – $1,840
VIVITROL Net Sales
$460 – $480
$460 – $480
LYBALVI Net Sales
$380 – $400
$380 – $400
ARISTADAi Net Sales
$365 – $385
$365 – $385
LUMRYZ Net Sales a
$315 – $335
$315 – $335
Cost of Goods Sold b
$320 – $340
$320 – $340
R&D Expenses
$445 – $485
$445 – $485
SG&A Expenses
$890 – $930
$890 – $930
Amortization of Intangible Assets c
$75 – $85
$75 – $85
Change in the Fair Value of Contingent Consideration d
—
~$25
Net Interest Expense
$75 – $85
$75 – $85
Net Tax Benefit
~$0
~$0
GAAP Net Loss e
($70) – ($90)
($95) – ($115)
EBITDA f
$105 – $135
$75 – $95
Adjusted EBITDA f
$370 – $410
$370 – $410
a
The acquisition of Avadel closed on Feb. 12, 2026. LUMRYZ Net Sales expectations represents the period of Feb. 12, 2026 – Dec. 31, 2026.
b
In connection with the acquisition of Avadel, the company will record approximately $125 million of LUMRYZ inventory fair value step-up; the company expects that approximately $105 million of this amount will be expensed in 2026 as this inventory is sold.
c
In connection with the acquisition of Avadel, the company expects to record approximately $1.8 billion of intellectual property related to LUMRYZ, which will be amortized over an expected life of 14 years.
d
In connection with the positive topline results of the LUMRYZ phase 3 study in idiopathic hypersomnia, the company recorded an increase of $26.4 million in the fair value of contingent consideration related to the Avadel acquisition contingent value right (CVR) milestone.
e
Expected 2026 weighted average basic share count of approximately 169.1 million shares outstanding and a weighted average diluted share count of approximately 172.8 million shares outstanding.
f
Non-GAAP measure.
Conference Call
Alkermes will host a conference call and webcast presentation with accompanying slides at 8:00 a.m. ET (1:00 p.m. BST) on Tuesday, July 28, 2026, to discuss these financial results and expectations and provide an update on the company. The webcast may be accessed on the Investors section of Alkermes’ website at www.alkermes.com. The conference call may be accessed by dialing +1 877 407 2988 for U.S. callers and +1 201 389 0923 for international callers. In addition, a replay of the conference call may be accessed by visiting Alkermes’ website.
(Press release, Alkermes, JUL 28, 2026, View Source [SID1234669455])