Second Quarter 2026 Financial Results & Business Update July 28, 2026 Exhibit 99.2
Forward-Looking Statements and Non-GAAP Financial Information Certain statements set forth in this presentation constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including, but not limited to, statements concerning: Alkermes plc’s (the “Company”) expectations with respect to its current and future financial, commercial and operating performance, business plans or prospects, including expected revenue and profitability. The Company cautions that forward-looking statements are inherently uncertain. Actual performance and results may differ materially from those expressed or implied in the forward-looking statements due to various risks, assumptions and uncertainties. These risks, assumptions and uncertainties include, among others: the Company may not be able to achieve its financial expectations, including those related to revenue and profitability; the Company’s commercial activities may not result in the benefits that the Company anticipates; the unfavorable outcome of arbitration, litigation, including so-called “Paragraph IV” litigation, or other proceedings or other disputes related to the Company’s products or products using the Company’s proprietary technologies; the U.S. Food and Drug Administration or other regulatory authorities may make adverse decisions regarding the Company’s products; the Company and its licensees may not be able to continue to successfully commercialize their products or support growth of such products; potential changes in the competitive landscape impacting our products, including earlier than anticipated entry of competition from generic forms of our products or competitive products and negotiated maximum fair pricing of competitive products; potential changes in the cost, scope, design or duration of the Company’s development activities; the results of the Company’s development activities may not be positive, or predictive of final results from such activities, results of future development activities or real-world results; the businesses of the Company and Avadel Pharmaceuticals plc (“Avadel”) may not be effectively integrated and the expected benefits and value of the acquisition may not be achieved; there may be unknown or inestimable liabilities, potential litigation and transaction costs associated with the acquisition; there may be a reduction in payment rate or reimbursement for the Company’s products or an increase in the Company’s financial obligations to government payers; the Company’s products may prove difficult to manufacture, be precluded from commercialization by the proprietary rights of third parties, or have unintended side effects, adverse reactions or incidents of misuse; and those risks, assumptions and uncertainties described under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended Dec. 31, 2025 and in subsequent filings made by the Company with the U.S. Securities and Exchange Commission (“SEC”), which are available on the SEC’s website at www.sec.gov, and on the Company’s website at www.alkermes.com in the ‘Investors – SEC Filings’ section. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Except as required by law, the Company disclaims any intention or responsibility for updating or revising any forward-looking statements contained in this presentation. Non-GAAP Financial Measures: This presentation includes information about certain financial measures that are not prepared in accordance with generally accepted accounting principles in the U.S. (“GAAP”), including EBITDA (earnings before interest, taxes, depreciation and amortization) and Adjusted EBITDA (excludes share‐based compensation expense and non‐recurring gains or losses in addition to the components of EBITDA from earnings). The Company provides these non-GAAP financial measures of the Company’s performance to investors because management believes that these non-GAAP financial measures, when viewed with the Company’s results under GAAP and the accompanying reconciliations, are useful in identifying underlying trends in ongoing operations. These non-GAAP measures are not based on any standardized methodology prescribed by GAAP and are not necessarily comparable to similar measures presented by other companies. Reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures, to the extent reasonably determinable, can be found in the Appendix of this presentation. Note Regarding Trademarks: The Company and its affiliates are the owners of various U.S. federal trademark registrations (®) and other trademarks (TM), including ARISTADA®, ARISTADA INITIO®, LUMRYZ®, LYBALVI® and VIVITROL®. Any other trademarks referred to in this presentation are the property of their respective owners. Appearances of such other trademarks herein should not be construed as any indicator that their respective owners will not assert their rights thereto.
Q2 2026 Financial and Operational Performance
In millions Q2 2026 Financial Results Summary Total Revenue In millions GAAP Net Income GAAP Earnings Per Share Diluted 2026 results reflect the acquisition of Avadel in February 2026.
In millions Q2 2026 Profitability GAAP Net Income In millions Adjusted EBITDA* EBITDA* In millions EBITDA represents earnings before interest, tax, depreciation and amortization. Adjusted EBITDA excludes share‐based compensation expense and non‐recurring gains or losses in addition to the components of EBITDA from earnings. *Reconciliation of this non-GAAP financial measure to the most directly comparable GAAP financial measure can be found in the Appendix of this presentation.
Q2 2026 Revenue Summary In millions Q2’26 Q2’25 Total Proprietary Net Sales $411.7 $307.2 VIVITROL® $124.5 $121.7 ARISTADA®* $96.7 $101.3 LYBALVI® $94.0 $84.3 LUMRYZ® $96.6 - Manufacturing & Royalty Revenue $84.3 $83.4 Total Revenue $496.0 $390.7 Amounts in the table may not sum due to rounding. *Inclusive of ARISTADA INITIO®
Alkermes: 2026 Financial Expectations a The acquisition of Avadel closed on Feb. 12, 2026. Expected net sales of LUMRYZ represents the period of Feb. 12, 2026 – Dec. 31, 2026. Avadel recorded net sales of LUMRYZ of approx. $33 million between Jan. 1, 2026 and Feb. 11, 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. *These expectations were provided by the Company on July 28, 2026 and are effective only as of such date. The Company expressly disclaims any obligation to update or reaffirm these expectations. **These expectations were initially provided by the Company on Feb. 25, 2026, are reiterated by the Company on July 28, 2026 and are effective only as of such date. The Company expressly disclaims any obligation to update or reaffirm these expectations. ‡Reconciliation of this non-GAAP financial measure to the most directly comparable GAAP financial measure can be found in the Appendix of this presentation. i Inclusive of ARISTADA INITIO®. (in millions) Previous Financial Expectations for Year Ending Dec. 31, 2026 (provided May 5, 2026) Updated Financial Expectations for Year Ending Dec. 31, 2026* (provided July 28, 2026) Total Revenues $1,730 – $1,840 $1,730 – $1,840 Cost of Goods Soldb $320 – $340 $320 – $340 R&D Expenses $445 – $485 $445 – $485 SG&A Expenses $890 – $930 $890 – $930 Amortization of Intangible Assetsc $75 – $85 $75 – $85 Change in the fair value of contingent considerationd -- ~$25 Net Interest Expense $75 – $85 $75 – $85 GAAP Net Loss ($70) – ($90) ($95) – ($115) EBITDA‡ $105 – $135 $75 – $95 Adjusted EBITDA‡ $370 – $410 $370 – $410 Net Tax Benefit ~$0 ~$0 Expected net sales of proprietary products:** VIVITROL® net sales of $460M – $480M LYBALVI® net sales of $380M – $400M ARISTADA®i net sales of $365M – $385M LUMRYZ®a net sales of $315M – $335M EBITDA represents earnings before interest, tax, depreciation and amortization. Adjusted EBITDA excludes share‐based compensation expense and non‐recurring gains or losses in addition to the components of EBITDA from earnings.
Q2 2026 Commercial Review
VIVITROL® Performance and Expectations *These expectations were initially provided by the Company on Feb. 25, 2026, are reiterated by the Company on July 28, 2026 and are effective only as of such date. The Company expressly disclaims any obligation to update or reaffirm these expectations. Q2’26 VIVITROL net sales were $124.5M Outlook: FY’26 net sales expected to range from $460M – $480M* VIVITROL Quarterly Net Sales ($M)
ARISTADA® Performance and Expectations Q2’26 ARISTADA net sales were $96.7M Outlook: FY’26 net sales expected to range from $365M – $385M†* *Inclusive of ARISTADA INITIO® †These expectations were initially provided by the Company on Feb. 25, 2026, are reiterated by the Company on July 28, 2026 and are effective only as of such date. The Company expressly disclaims any obligation to update or reaffirm these expectations. ARISTADA Quarterly Net Sales* ($M)
LYBALVI® Performance and Expectations *These expectations were initially provided by the Company on Feb. 25, 2026, are reiterated by the Company on July 28, 2026 and are effective only as of such date. The Company expressly disclaims any obligation to update or reaffirm these expectations. Q2’26 LYBALVI net sales of $94.0M Q2’26 gross-to-net deductions: ~36% Outlook: FY’26 net sales expected to range from $380M – $400M* LYBALVI Quarterly Net Sales ($M)
LUMRYZ® Performance and Expectations *These expectations were initially provided by the Company on Feb. 25, 2026, are reiterated by the Company on July 28, 2026 and are effective only as of such date. The Company expressly disclaims any obligation to update or reaffirm these expectations. Q2’26 LUMRYZ net sales were $96.6M Outlook: FY’26 net sales expected to range from $315M – $335M* LUMRYZ Net Sales expectations represents the period of Feb. 12, 2026 – Dec. 31, 2026 LUMRYZ Quarterly Net Sales ($M)
Appendix
Appendix: Financial Results GAAP to Non-GAAP Reconciliation (In millions) Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 Net Income — GAAP $ 0.5 $ 87.1 Adjustments: Interest income (5.3) (11.1) Interest expense 25.9 -- Income tax (benefit) provision (2.4) 17.7 Depreciation expense 7.7 7.8 Amortization of acquired intangible assets 22.6 -- EBITDA 49.0 101.6 Share-based compensation 31.3 25.0 Costs related to the acquisition of Avadel 32.5 -- Change in the fair value of contingent consideration 26.4 -- Adjusted EBITDA $ 139.2 $ 126.5 Amounts in the table may not sum due to rounding.
Appendix: Financial Expectations GAAP to Non-GAAP Reconciliation Projected GAAP and non-GAAP measures in the table above reflect the mid-points within the Company’s financial expectations ranges. (In millions) Year Ended December 31, 2023 Year Ending December 31, 2026 Projected Net Loss — GAAP $ (105.0) Adjustments: Net interest expense 80.0 Depreciation and amortization expense 110.0 Income tax benefit -- Projected EBITDA $ 85.0 Shared-based compensation expense 125.0 Costs related to the acquisition of Avadel 155.0 Change in the fair value of contingent consideration 25.0 Projected Adjusted EBITDA $ 390.0
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