Alkermes Q3 Revenue Rises 22% as LUMRYZ Adds Sales

Alkermes plc (Nasdaq: ALKS) reported a 22% increase in third-quarter 2026 revenue following its February acquisition of Avadel Pharmaceuticals, which added LUMRYZ to the company’s proprietary product portfolio. However, acquisition-related costs, interest expense and amortization weighed on GAAP earnings, while adjusted EBITDA remained broadly stable.

Revenue rose to $480.1 million from $394.2 million in the third quarter of 2025. Total proprietary net sales increased to $417.3 million from $317.4 million, including $89.9 million from LUMRYZ. Manufacturing and royalty revenue declined to $62.9 million from $76.8 million.

GAAP net income fell to $16.3 million, or $0.09 per diluted share, from $82.8 million, or $0.49 per diluted share, a year earlier. EBITDA decreased to $63.0 million from $96.9 million. Adjusted EBITDA, which excludes share-based compensation and non-recurring gains or losses in addition to interest, taxes, depreciation and amortization, was $120.1 million compared with $121.5 million.

The reconciliation to adjusted EBITDA included $26.7 million of share-based compensation, $29.8 million of Avadel acquisition-related costs and a $0.6 million change in the fair value of contingent consideration. The quarter also included $27.6 million of interest expense and $19.7 million of amortization related to acquired intangible assets.

Proprietary product performance

VIVITROL net sales increased to $127.6 million from $121.1 million in the prior-year quarter, while ARISTADA sales, including ARISTADA INITIO, rose to $103.9 million from $98.1 million.

LYBALVI net sales were $95.9 million, compared with $98.2 million a year earlier. Alkermes said gross-to-net deductions for LYBALVI were approximately 42% in the quarter and expects them to be about 45% in 2027.

LUMRYZ generated $89.9 million in third-quarter net sales, with approximately 4,100 patients on therapy as of Sept. 30, 2026. Alkermes’ 2026 results include Avadel from the acquisition’s closing on Feb. 12.

2026 expectations reiterated

Alkermes reiterated its 2026 financial expectations, including total revenue of $1.73 billion to $1.84 billion. The company continues to expect a GAAP net loss of $95 million to $115 million, EBITDA of $75 million to $95 million and adjusted EBITDA of $370 million to $410 million.

Full-year proprietary product guidance remains $460 million to $480 million for VIVITROL, $380 million to $400 million for LYBALVI and $365 million to $385 million for ARISTADA, including ARISTADA INITIO. LUMRYZ net sales are expected to total $315 million to $335 million for the period from Feb. 12 through Dec. 31, 2026.

The company also expects 2026 research and development expenses of $445 million to $485 million and selling, general and administrative expenses of $890 million to $930 million. Its outlook includes approximately $105 million of expense related to the sale of LUMRYZ inventory subject to an acquisition-date fair-value step-up, as well as $75 million to $85 million of intangible-asset amortization and the same range for net interest expense.

Alkermes said its forward-looking expectations remain subject to commercial, regulatory and competitive risks, including potential generic competition, reimbursement changes, litigation and adverse regulatory decisions. The company also cautioned that the expected benefits of the Avadel acquisition may not be realized and that the transaction could involve unknown liabilities, litigation or additional costs.