Alkermes (ALKS) TD Cowen 46th Annual Health Care Conference summary

Business transformation and strategic positioning

• Completed a significant transition in 2025, consolidating focus around sleep medicine and expanding with the acquisition of Avadel.

• Now positioned as a major player in the sleep medicine market, leveraging a strong, cash-generative base business to fund pipeline growth.

• Acquisition of Avadel adds oxybate to the portfolio, supporting both current market presence and the upcoming launch of alixorexton.

• Integration of Avadel's experienced commercial team is expected to enhance future product launches.

• Commercial infrastructure is now scalable and profitable, supporting aggressive pipeline investment.

Sleep medicine and narcolepsy market insights

• Oxybates remain a key treatment for narcolepsy, especially as diagnosis and treatment rates increase.

• The company is uniquely positioned to research and develop combined daytime and nighttime therapies for narcolepsy.

• There is a large gap between narcolepsy prevalence and treatment, with significant unmet patient needs.

• The launch of alixorexton is expected to benefit from established commercial relationships in specialized sleep centers.

Orexin agonist development and clinical program

• Phase II data for orexin 2 receptor agonists show strong safety, tolerability, and efficacy, with once-daily and split dosing options.

• Phase III program includes three studies (two NT1, one NT2), with endpoints such as Maintenance of Wakefulness Test (MWT) and Epworth Sleepiness Scale (ESS).

• Split dosing is being incorporated to extend wakefulness for patients who need it.

• Methodological improvements in cataplexy monitoring and site quality are being applied in phase III.

• Data for idiopathic hypersomnia (IH) are expected soon, with both LUMRYZ and orexin compounds being evaluated.