Alkermes plc reported first‑quarter 2026 results that surpassed analyst expectations, with total revenue of $392.9 million, up 28% from $306.5 million a year earlier, and a GAAP net loss of $66.5 million, or $0.40 per share, compared with a $22.5 million profit and $0.14 per share in the same quarter last year.
The revenue increase was driven by a 38% jump in proprietary product net sales to $338.1 million, led by VIVITROL ($112.4 million, +11%), ARISTADA ($93.8 million, +28%) and LYBALVI ($92.4 million, +32%). Six weeks of LUMRYZ revenue under Alkermes ownership added $39.5 million, reinforcing the company’s expanding presence in the sleep‑medicine market.
The GAAP net loss was largely attributable to one‑time acquisition costs and inventory step‑up charges associated with the February 12 2026 closing of the Avadel Pharmaceuticals acquisition. When those items are excluded, adjusted EBITDA rose 76% to $80.3 million, well above the $370 million to $410 million guidance, indicating strong underlying profitability.
Alkermes maintained its full‑year revenue outlook of $1.73 billion to $1.84 billion and adjusted EBITDA guidance, while tightening the GAAP net loss range to $70 million to $90 million from the prior $115 million to $135 million. The revision signals management confidence that integration costs will be contained and that the company’s commercial platform will continue to generate cash flow.
The Avadel acquisition has broadened Alkermes’ commercial footprint into narcolepsy and positioned the company to launch alixorexton, an orexin‑2 receptor agonist that has received Breakthrough Therapy designation and is in Phase 3 trials. Management highlighted that the combined commercial team is fully integrated and that the first‑quarter results demonstrate the ability to generate positive operating cash flow while investing heavily in the pipeline.
Investors reacted positively to the earnings beat and the improved guidance, with analysts noting the company’s ability to deliver a $0.24 EPS beat against a consensus of $-0.54 and a $30 million revenue surprise. The market view reflects confidence in Alkermes’ execution of its acquisition strategy and its growing product portfolio.
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