Alkermes Reiterates 2026 Outlook After LUMRYZ Sales Slip

The Tip Desk · November 3, 2026 · 3 min read

Third-quarter revenue was $480.1 million, with GAAP net income of $16.3 million and Adjusted EBITDA of $120.1 million.

Alkermes plc (ALKS), a global neuroscience biopharmaceutical company, reported third-quarter 2026 revenues of $480.1 million, down from $496.0 million in the second quarter. GAAP net income was $16.3 million, or $0.09 a share, versus $0.5 million in the prior quarter. Adjusted EBITDA was $120.1 million.

Total proprietary net sales were $417.3 million, up from $411.7 million in the second quarter. Manufacturing and royalty revenues were $62.9 million. The company said 2026 results reflect the February 2026 acquisition of Avadel Pharmaceuticals, which brought LUMRYZ into the commercial portfolio.

LUMRYZ net sales were $89.9 million, down from $96.6 million in the second quarter, when the company said results included about $7 million of inventory benefit from shipment timing. At the end of the third quarter, about 4,100 patients were on LUMRYZ therapy. The company expects full-year LUMRYZ net sales of $315 million to $335 million for the period from Feb. 12, 2026 through Dec. 31, 2026.

VIVITROL net sales were $127.6 million, up from $124.5 million in the second quarter. The company recorded about $8 million of VIVITROL revenue related to gross-to-net favorability, primarily from favorable patient mix. ARISTADA net sales were $103.9 million, including about $4 million of inventory benefit from shipment timing and about $3 million of gross-to-net favorability. LYBALVI net sales were $95.9 million, including about $2 million of inventory benefit. Total LYBALVI prescriptions grew 18% versus the third quarter of 2025.

GAAP net income of $16.3 million compared with $82.8 million a year earlier. Operating income was $36.0 million. Interest expense was $27.6 million. The company recorded $19.7 million of amortization of acquired intangible assets and $29.8 million of costs related to the Avadel acquisition in the Adjusted EBITDA reconciliation. Cost of goods sold was $94.2 million, including $28.7 million of Avadel-related transaction adjustments. Research and development expense was $121.1 million. Selling, general and administrative expense was $208.5 million.

Cash, cash equivalents and total investments were $787.6 million at Sept. 30, 2026, compared with $691.6 million at June 30, 2026. Long-term debt, including the current portion, was $1.498 billion.

President and Chief Executive Officer Blair Jackson said the company delivered solid commercial and financial performance while advancing orexin 2 receptor agonists in central disorders of hypersomnolence and other neuropsychiatric conditions. He cited recent clinical proof-of-concept data in ADHD and initiation of a phase 2 study in major depressive disorder. The company said it expects several important clinical data readouts over the year ahead.

Alkermes reiterated its 2026 financial expectations as set forth on July 28, 2026, including total revenues of $1,730 million to $1,840 million and Adjusted EBITDA of $370 million to $410 million. Expected full-year proprietary net sales were $460 million to $480 million for VIVITROL, $380 million to $400 million for LYBALVI, $365 million to $385 million for ARISTADA, and $315 million to $335 million for LUMRYZ. The company said it will record about $125 million of LUMRYZ inventory fair-value step-up from the Avadel acquisition and expects about $105 million of that amount to be expensed in 2026 as the inventory is sold. It also said it expects to record about $1.8 billion of intellectual property related to LUMRYZ, amortized over an expected life of 14 years.