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.

• 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.

• Acquisition of Avadel Pharmaceuticals completed in February 2026, expanding presence in sleep medicine and integrating LUMRYZ into the portfolio.

• Diversified commercial capabilities now span addiction, psychiatry, and sleep medicine, with pipeline expansion into ADHD and fatigue.

Financial highlights

• Total proprietary net sales were $338.1 million, up from $244.5 million year-over-year.

• LUMRYZ contributed $39.5 million in net sales for six weeks post-acquisition; full quarter net revenue was $72 million.

• Manufacturing and royalty revenues totaled $54.8 million, including $27.3 million from VUMERITY and $18.0 million from Johnson & Johnson products.

• GAAP net loss was $66.5 million; EBITDA was -$30.1 million; adjusted EBITDA was $80.3 million, exceeding expectations.

• 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.

• Proprietary product net sales expected at $1.7 billion+, adjusted EBITDA projected at $370–$410 million.

• LUMRYZ full-year net sales expected at $315–$335 million post-acquisition.

• VIVITROL, ARISTADA, and LYBALVI full-year net sales expected at $460–$480 million, $365–$385 million, and $380–$400 million, respectively.

• GAAP net loss for 2026 projected at $70–$90 million.