Alkermes plc

Total revenues were $496 million in the second quarter. Proprietary product net sales were $411.7 million, up 34% year over year. Q2 VIVITROL net sales were $124.5 million; ARISTADA net sales were $96.7 million; LYBALVI net sales were $94 million; and LUMRYZ net sales were $96.6 million. Manufacturing and royalty revenues were $84.3 million. On profitability, the company reported GAAP net income of $0.5 million, EBITDA of $49 million, and adjusted EBITDA of $139.2 million. Cash and total investments ended the quarter at approximately $690 million. For Q3, management guided to total revenues of $450 million to $470 million, COGS of $85 million to $95 million, R&D of $120 million to $130 million, SG&A of $215 million to $225 million, and adjusted EBITDA of $80 million to $100 million. Full-year guidance reiterated includes VIVITROL sales of $460 million to $480 million, ARISTADA sales of $365 million to $385 million, LYBALVI sales of $380 million to $400 million, and LUMRYZ total net sales of $350 million to $370 million, with Alkermes recording $315 million to $335 million.

Richard Pops framed the quarter as evidence that Alkermes is entering a “next major phase of growth,” with the company’s leadership in orexin now clearer and its commercial base more durable. He emphasized the breadth of the pipeline beyond sleep, saying orexin could eventually extend into ADHD, fatigue and other neuroscience areas, while calling the company’s scientific position and commercial business stronger than ever. His tone was optimistic and reflective, consistent with his final earnings call as CEO.

Joshua Reed highlighted strong financial execution, driven by the first full quarter of LUMRYZ contribution and continued growth across the commercial portfolio. He cited $496 million of total revenue, $98.1 million of COGS, $112.9 million of R&D, $217.6 million of SG&A, $0.5 million of GAAP net income, and $139.2 million of adjusted EBITDA, plus about $690 million in cash and investments at quarter-end. He said the company is reiterating most full-year guidance, with the main change being GAAP net loss of $95 million to $115 million and positive EBITDA of $75 million to $95 million because of the Avadel contingent consideration fair value change.

Analysts focused heavily on orexin expansion, especially ADHD, pediatrics, dosing duration, and whether the early adult study can translate into later pediatric development. Management said the adult Phase 1b study is a translational/safety study, that pediatric work would come later through bridging after adult dose-ranging is understood, and that AISRS will be included. Questions also centered on VIVITROL generics, LYBALVI access, LUMRYZ growth, combination use of oxybate plus orexin, and whether the Tris CRL affected Alkermes’ low/no-salt oxybate plans; management said there is no authorized generic for VIVITROL in 2027, no generic is currently expected next year, and the VOX program will pursue a bioequivalence path if possible.