Alkermes (ALKS) 7th Annual Evercore ISI HealthCONx Healthcare Conference summary

Business evolution and current focus

• Transitioned from drug delivery partnerships to a proprietary neuroscience product model, now generating over $1 billion in annual revenue and achieving high profitability.

• Ended a major partnership in August, shifting focus to in-house products without revenue disruption.

• Current attention centers on the clinical pipeline, especially the orexin program.

Orexin program clinical development

• Phase 2 trials are underway for narcolepsy type 1 (NT1) and type 2 (NT2), with completion expected in the second half of next year.

• NT1 trial uses 4, 6, and 8 mg doses; NT2 uses higher doses (10, 14, 18 mg).

• NT2 trial is enrolling faster than NT1 due to less competition for patients and sites.

• Both studies include baseline and follow-up ophthalmic assessments to monitor visual adverse events.

• Trials are conducted in the US, Europe, and Australia, with once-daily morning dosing and mid-study sleep lab assessments.

Safety and efficacy insights

• Mild, transient visual disturbances (blurry vision, light sensitivity) observed in early studies, with no consistent pattern or dose-limiting toxicity.

• Phase 2 design includes a naturalistic open-label period to assess patient dose preferences and real-world tolerability.

• Efficacy is expected to be consistent between six and eight weeks, with data informing future phase 3 and commercial strategies.