Alkermes (ALKS) Q3 2026 earnings summary

Executive summary

• Q3 proprietary-product sales rose 31% YoY to $417.3M; total revenue was $480.1M, while GAAP net income fell to $16.3M from $82.8M, reflecting acquisition-related costs and higher debt interest.

• Adjusted EBITDA was $120.1M, compared with $121.5M a year earlier; 2026 financial expectations were reiterated.

• Orexin programs advanced across hypersomnolence and neuropsychiatric conditions, with multiple clinical data readouts expected over the coming year.

Financial highlights

• Q3 revenue was $480.1M vs. $394.2M; proprietary net sales were $417.3M vs. $317.4M, and manufacturing and royalty revenue was $62.9M vs. $76.8M.

• Q3 GAAP net income was $16.3M vs. $82.8M, diluted EPS was $0.09 vs. $0.49, and operating income was $36.0M vs. $89.1M.

• Q3 EBITDA was $63.0M vs. $96.9M; Adjusted EBITDA was $120.1M vs. $121.5M.

• COGS was $94.2M vs. $51.6M; R&D was $121.1M vs. $81.7M, reflecting orexin investment; SG&A was $208.5M vs. $171.8M, primarily due to Avadel commercial infrastructure.

• 9M revenue was $1.369B vs. $1.091B; GAAP net loss was $49.7M vs. net income of $192.3M, while Adjusted EBITDA was $339.5M vs. $293.7M.

Outlook and guidance

• FY 2026 revenue guidance was reiterated at $1.73B–$1.84B; GAAP net loss guidance is $95M–$115M and Adjusted EBITDA guidance is $370M–$410M.

• FY 2026 sales guidance: VIVITROL $460M–$480M; ARISTADA $365M–$385M; LYBALVI $380M–$400M; LUMRYZ $315M–$335M from Feb. 12 through year-end.

• FY 2026 expense expectations: COGS $320M–$340M; R&D $445M–$485M; SG&A $890M–$930M; intangible amortization $75M–$85M; net interest expense $75M–$85M.

• Q4 proprietary-product net sales are expected at $400M–$420M; LYBALVI FY 2027 gross-to-net deductions are expected near 45%.

• In 2027, COGS is expected to normalize lower as most LUMRYZ inventory step-up is recognized in 2026; SG&A excluding early-2026 transaction costs is expected broadly similar, with R&D reflecting broader clinical activity.