Alkermes (ALKS) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenues reached $392.9 million, up from $306.5 million in Q1 2025, reflecting the acquisition of Avadel Pharmaceuticals and LUMRYZ revenue contribution, and expanding presence in sleep medicine.

• GAAP net loss was $66.5 million, compared to net income of $22.5 million in Q1 2025, impacted by acquisition-related expenses.

• Adjusted EBITDA rose to $80.3 million from $45.6 million year-over-year.

• Advanced orexin agonist pipeline, with phase III BRILLIANT studies for alixorexton in narcolepsy underway and new programs in ADHD and fatigue.

Financial highlights

• Total Q1 2026 revenues were $392.9 million, with $338.1 million from proprietary products and $54.8 million from manufacturing and royalties.

• LUMRYZ contributed $39.5 million in net sales for six weeks post-acquisition and $72 million for the full quarter.

• GAAP net loss was $66.5 million; adjusted EBITDA was $80.3 million, exceeding expectations.

• Cost of goods sold included a LUMRYZ inventory step-up charge; excluding this, COGS was $48.9 million, nearly flat year-over-year.

• Ended Q1 with $538 million in cash and investments, down from $1.32 billion at year-end 2025 due to acquisition financing.

Outlook and guidance

• Full-year 2026 revenue guidance: $1.73–$1.84 billion.

• Net sales guidance: VIVITROL $460–$480 million, ARISTADA $365–$385 million, LYBALVI $380–$400 million, LUMRYZ $315–$335 million (post-acquisition).

• Adjusted EBITDA for 2026 projected at $370–$410 million; GAAP net loss expected between $70–$90 million, improved from prior guidance.

• R&D expenses for Q2 expected at $110–$120 million; SG&A at $210–$220 million.

• Amortization of $1.8 billion in LUMRYZ-related intangible assets over 14 years.