Alkermes plc 8-K, filed Nov 3, 2026
Alkermes plc. (ALKS)
About this 8-K
Alkermes plc filed this 8-K on November 3, 2026.
Alkermes plc reported third-quarter revenues of $480.1 million and GAAP net income of $16.3 million for 2026, including LUMRYZ revenue of $89.9 million, and reiterated its 2026 financial expectations. AI summary
Items reported
- Item 2.02: Financial results
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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Registrant's telephone number, including area code: +
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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Emerging growth company |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On November 3, 2026, Alkermes plc (the “Company”) announced financial results for the three and nine months ended September 30, 2026. Copies of the related press release and the investor presentation to be displayed during the Company’s conference call on November 3, 2026 discussing such financial results are furnished herewith as Exhibit 99.1 and Exhibit 99.2, respectively. This information, including Exhibits 99.1 and 99.2, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
EXHIBIT INDEX
Exhibit No. |
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Description |
99.1 |
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99.2 |
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Investor presentation to be displayed by Alkermes plc on November 3, 2026. |
104 |
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Cover page interactive data file (embedded within the Inline XBRL document). |
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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ALKERMES PLC |
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Date: November 3, 2026 |
By: |
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/s/ Joshua Reed |
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Joshua Reed |
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Senior Vice President, Chief Financial Officer (Principal Financial Officer) |
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Exhibit 99.1
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Alkermes Contacts: |
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For Investors: |
Sandy Coombs +1 781 609 6377 |
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For Media: |
Katie Joyce +1 781 249 8927 |
Alkermes plc Reports Third Quarter 2026 Financial Results
— Third Quarter Revenues of $480.1 Million —
— GAAP Net Income of $16.3 Million and Adjusted EBITDA of $120.1 Million —
— Company Reiterates 2026 Financial Expectations —
DUBLIN, Nov. 3, 2026 — Alkermes plc (Nasdaq: ALKS) today reported financial results for the third quarter of 2026.
“We delivered solid commercial and financial performance in the third quarter while continuing to advance our portfolio of orexin 2 receptor agonists in central disorders of hypersomnolence and other neuropsychiatric conditions,” said Blair Jackson, President and Chief Executive Officer of Alkermes. “The rapid expansion of our orexin development programs, highlighted by our recent clinical proof-of-concept data in ADHD and initiation of a phase 2 study in major depressive disorder, further strengthens our leadership position in orexin-based research. As we continue to advance our orexin development portfolio, we are growing the body of evidence supporting the potential of orexin biology across multiple neuropsychiatric disorders and expect several important clinical data readouts over the year ahead. With a portfolio of development candidates in one of the most exciting new therapeutic categories in neuroscience and a steady cadence of clinical data readouts ahead, we believe we are well positioned to drive long-term value for shareholders.”
Key Financial Highlights
Revenues
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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(In millions) |
2026 |
2025 |
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2026 |
2025 |
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Total Revenues |
$ |
480.1 |
$ |
394.2 |
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$ |
1,369.1 |
$ |
1,091.4 |
Total Proprietary Net Sales |
$ |
417.3 |
$ |
317.4 |
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$ |
1,167.1 |
$ |
869.2 |
VIVITROL® |
$ |
127.6 |
$ |
121.1 |
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$ |
364.4 |
$ |
343.8 |
ARISTADA®i |
$ |
103.9 |
$ |
98.1 |
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$ |
294.4 |
$ |
272.8 |
LYBALVI® |
$ |
95.9 |
$ |
98.2 |
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$ |
282.2 |
$ |
252.6 |
LUMRYZ® |
$ |
89.9 |
$ |
— |
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$ |
226.0 |
$ |
— |
Profitability
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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(In millions) |
2026 |
2025 |
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2026 |
2025 |
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GAAP Net Income (Loss) |
$ |
16.3 |
$ |
82.8 |
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$ |
(49.7) |
$ |
192.3 |
EBITDA |
$ |
63.0 |
$ |
96.9 |
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$ |
81.8 |
$ |
221.2 |
Adjusted EBITDA |
$ |
120.1 |
$ |
121.5 |
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$ |
339.5 |
$ |
293.7 |
Revenue Highlights
Proprietary Product Revenues
1
Manufacturing & Royalty Revenues
Key Operating Expenses
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Three Months Ended September 30, |
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(In millions) |
2026 GAAP |
2026 Transaction Adjustments |
2026 Non-GAAP Adjusted |
2025 GAAP |
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Cost of Goods Sold |
$ |
94.2 |
$ |
28.7 |
$ |
65.6 |
$ |
51.6 |
R&D Expense |
$ |
121.1 |
$ |
0.1 |
$ |
121.0 |
$ |
81.7 |
SG&A Expense |
$ |
208.5 |
$ |
1.0 |
$ |
207.5 |
$ |
171.8 |
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Nine Months Ended September 30, |
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(In millions) |
2026 GAAP |
2026 Transaction Adjustments(1) |
2026 Non-GAAP Adjusted |
2025 GAAP |
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Cost of Goods Sold |
$ |
253.9 |
$ |
72.4 |
$ |
181.5 |
$ |
150.2 |
R&D Expense |
$ |
337.4 |
$ |
8.3 |
$ |
329.1 |
$ |
230.9 |
SG&A Expense |
$ |
690.7 |
$ |
57.6 |
$ |
633.1 |
$ |
514.3 |
Balance Sheet
Financial Expectations for 2026
Alkermes reiterates its financial expectations for 2026, as set forth in its press release dated July 28, 2026.
Conference Call
Alkermes will host a conference call and webcast presentation with accompanying slides at 8:00 a.m. ET (1:00 p.m. GMT) on Tuesday, November 3, 2026, to discuss these financial results 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.
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About Alkermes plc
Alkermes plc (Nasdaq: ALKS), a mid-cap growth and value equity, is a global biopharmaceutical company that seeks to develop innovative medicines in the field of neuroscience. The company has a portfolio of proprietary commercial products for the treatment of alcohol dependence, opioid dependence, schizophrenia, bipolar I disorder and narcolepsy. Alkermes has established a leadership position in orexin biology and is advancing a portfolio of investigational orexin 2 receptor agonists for narcolepsy, idiopathic hypersomnia and other psychiatric and neurological disorders, including attention-deficit hyperactivity disorder (ADHD), major depressive disorder (MDD) and fatigue associated with multiple sclerosis and Parkinson’s disease. Headquartered in Ireland, Alkermes also has a corporate office and research and development center in Massachusetts and a manufacturing facility in Ohio. For more information, please visit Alkermes’ website at www.alkermes.com.
Non-GAAP Financial Measures
This press release includes information about certain financial measures that are not prepared in accordance with generally accepted accounting principles in the U.S. (GAAP), including EBITDA and Adjusted EBITDA. 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.
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.
The company’s management and board of directors utilize these non-GAAP financial measures to evaluate the company’s performance. 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. However, EBITDA and Adjusted EBITDA are not measures of financial performance under GAAP and, accordingly, should not be considered as alternatives to GAAP measures as indicators of operating performance. Further, EBITDA and Adjusted EBITDA should not be considered measures of the company’s liquidity.
A reconciliation of GAAP to non-GAAP financial measures has been provided in the tables included in this press release.
Note Regarding Forward-Looking Statements
Certain statements set forth in this press release 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: the company’s expectations concerning its future financial and operating performance, business plans or prospects, including expectations related to value creation; and expectations regarding development timelines for, and the potential therapeutic and commercial value of, the company’s orexin development candidates. The company cautions that forward-looking statements are inherently uncertain. The forward-looking statements are neither promises nor guarantees and they are necessarily subject to a high degree of uncertainty and risk. Actual performance and results may differ materially from those expressed or implied in the forward-looking statements due to various risks and uncertainties. These risks and uncertainties include, among others: the company may not be able to achieve its financial expectations, including those related to value creation; clinical development activities may not be completed on time or at all; clinical study results may not be predictive of results from future stages of ongoing clinical studies, future clinical studies or real-world results; the unfavorable outcome of arbitration, litigation, or other proceedings or disputes related to the company’s products or products using the company’s proprietary technologies; the company’s products or product candidates may be shown to be ineffective or unsafe; the U.S. Food and Drug Administration or regulatory authorities outside the U.S. may not agree with the company’s regulatory approval strategies or components of its development programs, including clinical trial designs, conduct and methodologies, and may make adverse decisions regarding the company’s products; the company and its licensees may not be able to
3
continue to successfully commercialize their products or support revenue growth from 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 and duration of the company’s development programs; 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 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. 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 press release.
VIVITROL® is a registered trademark of Alkermes, Inc.; ARISTADA®, ARISTADA INITIO® and LYBALVI® are registered trademarks of Alkermes Pharma Ireland Limited, used by Alkermes, Inc. under license; LUMRYZ® is a registered trademark of Flamel Ireland Limited, an affiliate of Alkermes plc; BYANNLI®, INVEGA HAFYERA®, INVEGA TRINZA®, TREVICTA® and XEPLION®, are registered trademarks of Johnson & Johnson or its affiliated companies; and VUMERITY® is a registered trademark of Biogen MA Inc., used by Alkermes under license.
(tables follow)
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The term “ARISTADA” as used in this press release refers to ARISTADA and ARISTADA INITIO®, unless the context indicates otherwise. |
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Alkermes plc and Subsidiaries |
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Selected Financial Information (Unaudited) |
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Condensed Consolidated Statements of Operations - GAAP |
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Three Months Ended |
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Three Months Ended |
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(In thousands, except per share data) |
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September 30, 2026 |
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September 30, 2025 |
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Revenues: |
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Product sales, net |
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$ |
417,280 |
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$ |
317,423 |
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Manufacturing and royalty revenues |
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62,852 |
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76,762 |
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Total Revenues |
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480,132 |
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394,185 |
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Expenses: |
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Cost of goods manufactured and sold |
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94,220 |
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51,591 |
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Research and development |
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121,120 |
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81,739 |
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Selling, general and administrative |
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208,502 |
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171,773 |
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Amortization of acquired intangible assets |
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19,698 |
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— |
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Change in the fair value of contingent consideration |
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568 |
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— |
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Total Expenses |
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444,108 |
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305,103 |
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Operating Income |
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36,024 |
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89,082 |
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Other (Expense) Income, net: |
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Interest income |
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6,487 |
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11,943 |
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Interest expense |
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(27,551 |
) |
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— |
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Other expense, net |
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(223 |
) |
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(280 |
) |
Total Other (Expense) Income, net |
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(21,287 |
) |
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11,663 |
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Income Before Income Taxes |
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14,737 |
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100,745 |
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Income Tax (Benefit) Provision |
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(1,550 |
) |
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17,984 |
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Net Income — GAAP |
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$ |
16,287 |
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$ |
82,761 |
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Earnings Per Share - Basic |
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$ |
0.10 |
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$ |
0.50 |
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Earnings Per Share - Diluted |
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$ |
0.09 |
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$ |
0.49 |
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Weighted Average Number of Ordinary Shares Outstanding: |
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Basic |
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167,872 |
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165,086 |
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Diluted |
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176,370 |
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168,510 |
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An itemized reconciliation between net income on a GAAP basis and Adjusted EBITDA is as follows: |
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Net Income — GAAP |
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$ |
16,287 |
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$ |
82,761 |
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Adjustments: |
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Interest income |
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(6,487 |
) |
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(11,943 |
) |
Interest expense |
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27,551 |
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— |
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Income tax (benefit) provision |
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(1,550 |
) |
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17,984 |
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Depreciation expense |
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7,461 |
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8,060 |
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Amortization of acquired intangible assets |
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19,698 |
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19 |
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EBITDA |
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62,960 |
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96,881 |
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Share-based compensation |
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26,747 |
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24,665 |
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Costs related to the acquisition of Avadel |
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29,790 |
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— |
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Change in the fair value of contingent consideration |
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568 |
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— |
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Adjusted EBITDA |
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$ |
120,065 |
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$ |
121,546 |
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5
Alkermes plc and Subsidiaries |
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Selected Financial Information (Unaudited) |
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Condensed Consolidated Statements of Operations - GAAP |
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Nine Months Ended |
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Nine Months Ended |
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(In thousands, except per share data) |
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September 30, 2026 |
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September 30, 2025 |
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Revenues: |
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Product sales, net |
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$ |
1,167,118 |
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$ |
869,151 |
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Manufacturing and royalty revenues |
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201,934 |
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222,201 |
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Total Revenues |
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1,369,052 |
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1,091,352 |
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Expenses: |
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Cost of goods manufactured and sold |
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253,910 |
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150,248 |
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Research and development |
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337,385 |
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230,926 |
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Selling, general and administrative |
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690,720 |
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514,326 |
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Amortization of acquired intangible assets |
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53,958 |
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— |
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Change in the fair value of contingent consideration |
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26,982 |
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— |
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Total Expenses |
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1,362,955 |
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895,500 |
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Operating Income |
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6,097 |
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195,852 |
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Other (Expense) Income, net: |
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Interest income |
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20,370 |
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33,174 |
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Interest expense |
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(74,368 |
) |
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— |
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Other (expense) income, net |
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(1,164 |
) |
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|
2,047 |
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Total Other (Expense) Income, net |
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(55,162 |
) |
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35,221 |
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(Loss) Income Before Income Taxes |
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(49,065 |
) |
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|
231,073 |
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Income Tax Provision |
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|
627 |
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|
38,750 |
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Net (Loss) Income — GAAP |
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$ |
(49,692 |
) |
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$ |
192,323 |
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|
|
|
|
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(Loss) Earnings Per Share - Basic |
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$ |
(0.30 |
) |
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$ |
1.17 |
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(Loss) Earnings Per Share - Diluted |
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$ |
(0.30 |
) |
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$ |
1.14 |
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Weighted Average Number of Ordinary Shares Outstanding: |
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|
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|
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Basic |
|
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167,037 |
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|
|
164,490 |
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Diluted |
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|
167,037 |
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|
168,445 |
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An itemized reconciliation between net (loss) income on a GAAP basis and Adjusted EBITDA is as follows: |
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Net (Loss) Income — GAAP |
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$ |
(49,692 |
) |
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$ |
192,323 |
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Adjustments: |
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Interest income |
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(20,370 |
) |
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|
(33,174 |
) |
Interest expense |
|
|
74,368 |
|
|
|
— |
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Income tax provision |
|
|
627 |
|
|
|
38,750 |
|
Depreciation expense |
|
|
22,907 |
|
|
|
23,262 |
|
Amortization of acquired intangible assets |
|
|
53,958 |
|
|
|
56 |
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EBITDA |
|
|
81,798 |
|
|
|
221,217 |
|
Share-based compensation |
|
|
112,624 |
|
|
|
72,441 |
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Costs related to the acquisition of Avadel |
|
|
118,140 |
|
|
|
— |
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Change in the fair value of contingent consideration |
|
|
26,982 |
|
|
|
— |
|
Adjusted EBITDA |
|
$ |
339,544 |
|
|
$ |
293,658 |
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6
Alkermes plc and Subsidiaries |
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Selected Financial Information (Unaudited) |
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Condensed Consolidated Balance Sheets |
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September 30, |
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December 31, |
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(In thousands) |
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2026 |
|
|
2025 |
|
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Cash, cash equivalents and total investments |
|
$ |
787,574 |
|
|
$ |
588,360 |
|
Restricted cash |
|
|
— |
|
|
|
731,206 |
|
Receivables |
|
|
459,090 |
|
|
|
334,025 |
|
Inventory |
|
|
261,098 |
|
|
|
196,625 |
|
Prepaid expenses and other current assets |
|
|
105,086 |
|
|
|
79,090 |
|
Property, plant and equipment, net |
|
|
215,023 |
|
|
|
221,722 |
|
Intangible assets, net |
|
|
1,741,758 |
|
|
|
815 |
|
Goodwill |
|
|
592,519 |
|
|
|
83,027 |
|
Deferred tax assets |
|
|
120,771 |
|
|
|
125,815 |
|
Other assets |
|
|
152,604 |
|
|
|
126,308 |
|
Total Assets |
|
$ |
4,435,523 |
|
|
$ |
2,486,993 |
|
Accrued sales discounts, allowances and reserves |
|
$ |
323,406 |
|
|
$ |
247,126 |
|
Long-term debt, current portion |
|
|
26,500 |
|
|
|
— |
|
Other current liabilities |
|
|
302,027 |
|
|
|
296,311 |
|
Long-term debt |
|
|
1,471,231 |
|
|
|
— |
|
Other long-term liabilities |
|
|
447,638 |
|
|
|
124,261 |
|
Total shareholders' equity |
|
|
1,864,721 |
|
|
|
1,819,295 |
|
Total Liabilities and Shareholders' Equity |
|
$ |
4,435,523 |
|
|
$ |
2,486,993 |
|
|
|
|
|
|
|
|
||
Ordinary shares outstanding (in thousands) |
|
|
168,030 |
|
|
|
165,607 |
|
|
|
|
|
|
|
|
||
This selected financial information should be read in conjunction with the consolidated financial statements and notes thereto included in Alkermes plc's Quarterly Report on Form 10-Q for the quarter ended September 30, 2026, which the company intends to file in November 2026. |
|
|||||||
7
Alkermes plc and Subsidiaries |
|
||||||||||||||||
Summary of Costs Related to the Acquisition of Avadel |
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Three Months Ended September 30, 2026 |
|
|
|
|
|
||||||||||
(In thousands) |
|
GAAP Results |
|
|
Costs Related to the Acquisition of Avadel |
|
|
Net of Costs Related to the Acquisition of Avadel |
|
|
|
Three Months Ended September 30, 2025 |
|
||||
Cost of goods manufactured and sold |
|
$ |
94,220 |
|
|
$ |
28,650 |
|
|
$ |
65,570 |
|
|
|
$ |
51,591 |
|
Research and development |
|
$ |
121,120 |
|
|
$ |
111 |
|
|
$ |
121,009 |
|
|
|
$ |
81,739 |
|
Selling, general and administrative |
|
$ |
208,502 |
|
|
$ |
1,029 |
|
|
$ |
207,473 |
|
|
|
$ |
171,773 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Nine Months Ended September 30, 2026 |
|
|
|
|
|
||||||||||
(In thousands) |
|
GAAP Results |
|
|
Costs Related to the Acquisition of Avadel (1) |
|
|
Net of Costs Related to the Acquisition of Avadel |
|
|
|
Nine Months Ended September 30, 2025 |
|
||||
Cost of goods manufactured and sold |
|
$ |
253,910 |
|
|
$ |
72,413 |
|
|
$ |
181,497 |
|
|
|
$ |
150,248 |
|
Research and development |
|
$ |
337,385 |
|
|
$ |
8,314 |
|
|
$ |
329,071 |
|
|
|
$ |
230,926 |
|
Selling, general and administrative |
|
$ |
690,720 |
|
|
$ |
57,602 |
|
|
$ |
633,118 |
|
|
|
$ |
514,326 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
(1) Includes $20,188 of share-based compensation expense related to the acceleration of vesting of equity awards for Avadel employees which vested in full upon the closing of the transaction. |
|
||||||||||||||||
8
Third Quarter 2026 Financial Results & Business Update November 3, 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 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 expected benefits and value of the acquisition of Avadel Pharmaceuticals plc (“Avadel”) may not be achieved and 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.
Q3 2026 Financial and Operational Performance
In millions Q3 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 Q3 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.
Q3 2026 Revenue Summary In millions Q3’26 Q3’25 Total Proprietary Net Sales $417.3 $317.4 VIVITROL® $127.6 $121.1 ARISTADA®* $103.9 $98.1 LYBALVI® $95.9 $98.2 LUMRYZ® $89.9 -- Manufacturing & Royalty Revenue $62.9 $76.8 Total Revenue $480.1 $394.2 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, are reiterated by the Company on Nov. 3, 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 Nov. 3, 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) Financial Expectations for Year Ending Dec. 31, 2026* Total Revenues $1,730 – $1,840 Cost of Goods Soldb $320 – $340 R&D Expenses $445 – $485 SG&A Expenses $890 – $930 Amortization of Intangible Assetsc $75 – $85 Change in the fair value of contingent considerationd ~$25 Net Interest Expense $75 – $85 GAAP Net Loss ($95) – ($115) EBITDA‡ $75 – $95 Adjusted EBITDA‡ $370 – $410 Net Tax Benefit ~$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.
Q3 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 Nov. 3, 2026 and are effective only as of such date. The Company expressly disclaims any obligation to update or reaffirm these expectations. Q3’26 VIVITROL net sales were $127.6M Outlook: FY’26 net sales expected to range from $460M – $480M* VIVITROL Quarterly Net Sales ($M)
ARISTADA® Performance and Expectations Q3’26 ARISTADA net sales were $103.9M Outlook: FY’26 net sales expected to range from $365M – $385M†* *Inclusive of ARISTADA INITIO® †These expectations were initially provided by the Company on Feb. 25, 2026, are reiterated by the Company on Nov. 3, 2026 and are effective only as of such date. The Company expressly disclaims any obligation to update or reaffirm these expectations. ARISTADA Quarterly Net Sales* ($M)
LYBALVI® Performance and Expectations *These expectations were initially provided by the Company on Feb. 25, 2026, are reiterated by the Company on Nov. 3, 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 Nov. 3, 2026 and are effective only as of such date. The Company expressly disclaims any obligation to update or reaffirm these expectations. Q3’26 LYBALVI net sales of $95.9M Q3’26 gross-to-net deductions: ~42% Outlook: FY’26 net sales expected to range from $380M – $400M* FY’27 gross-to-net deductions expected to be: ~45%** LYBALVI Quarterly Net Sales ($M)
LUMRYZ® Performance and Expectations *These expectations were initially provided by the Company on Feb. 25, 2026, are reiterated by the Company on Nov. 3, 2026 and are effective only as of such date. The Company expressly disclaims any obligation to update or reaffirm these expectations. Q3’26 LUMRYZ net sales were $89.9M ~4,100 patients on therapy as of 9/30/26 Outlook: FY’26 net sales expected to range from $315M – $335M* (for the period of Feb. 12, 2026 – Dec. 31, 2026) LUMRYZ Quarterly Net Sales ($M)
Appendix
Appendix: Financial Results GAAP to Non-GAAP Reconciliation (In millions) Three Months Ended September 30, 2026 Three Months Ended September 30, 2025 Net Income — GAAP $ 16.3 $ 82.8 Adjustments: Interest income (6.5) (11.9) Interest expense 27.6 -- Income tax (benefit) provision (1.6) 18.0 Depreciation expense 7.5 8.1 Amortization of acquired intangible assets 19.7 0.0 EBITDA 63.0 96.9 Share-based compensation 26.7 24.7 Costs related to the acquisition of Avadel 29.8 -- Change in the fair value of contingent consideration 0.6 -- Adjusted EBITDA $ 120.1 $ 121.5 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 Share-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
www.alkermes.com