DUBLIN — Alkermes plc reported higher first-quarter revenue Tuesday, driven by growth across its proprietary products and the addition of LUMRYZ following its acquisition of Avadel Pharmaceuticals.
The biopharmaceutical company reported total revenue of $392.9 million for the quarter ended March 31, up from $306.5 million a year earlier. Alkermes posted a GAAP net loss of $66.5 million, compared with net income of $22.5 million in the first quarter of 2025. Adjusted EBITDA rose to $80.3 million from $45.6 million.
“We delivered a strong quarter marked by solid financial and commercial execution, alongside meaningful strategic progress that positions Alkermes as an emerging leader in sleep medicine,” said Richard Pops, Chairman and Chief Executive Officer of Alkermes. “During the quarter, we successfully closed the acquisition of Avadel, strengthening our financial profile and accelerating our entry into the commercial sleep medicine market at scale. We are also rapidly advancing the alixorexton development program and recently initiated the phase 3 Brilliance studies to further characterize alixorexton’s differentiated profile and potential utility in both narcolepsy type 1 and type 2. The multi-billion-dollar market opportunity in narcolepsy and idiopathic hypersomnia represents a transformative opportunity for Alkermes. Taken together with the broad therapeutic potential across other neuropsychiatric disorders, orexin 2 receptor agonists represent one of the most exciting new therapeutic categories in neuroscience, and Alkermes is at the forefront of generating new clinical data and expanding our understanding of this neurocircuitry.”
Proprietary product net sales totaled $338.1 million, up from $244.5 million a year earlier. VIVITROL revenue increased to $112.4 million from $101 million, while ARISTADA revenue rose to $93.8 million from $73.5 million. LYBALVI revenue grew to $92.4 million from $70 million.
LUMRYZ, which was added through the Avadel acquisition, generated $39.5 million in revenue for the period from Feb. 12 through March 31. Alkermes said Avadel recorded about $33 million in LUMRYZ net sales from Jan. 1 through Feb. 11, before the transaction closed.
The company completed its acquisition of Avadel in February. To finance the deal, Alkermes used about $775 million in cash from its balance sheet and entered into term loans totaling $1.525 billion due in 2031. Alkermes ended the quarter with $538.2 million in cash, cash equivalents, restricted cash and total investments, down from $1.32 billion at the end of 2025.
Alkermes also said it initiated its Phase 3 Brilliance clinical program for alixorexton in narcolepsy during the first quarter. The company is developing alixorexton as part of its broader focus on sleep medicine and neuroscience.
The company updated certain non-cash elements of its 2026 financial outlook in connection with purchase accounting related to the Avadel acquisition. Alkermes maintained its full-year revenue forecast of $1.73 billion to $1.84 billion and adjusted EBITDA forecast of $370 million to $410 million.
The company now expects a 2026 GAAP net loss of $70 million to $90 million, improved from its previous forecast of a loss of $115 million to $135 million. Alkermes also raised its expected EBITDA range to $105 million to $135 million, from its prior outlook of $60 million to $90 million.
During the first quarter, Alkermes repurchased about 1 million ordinary shares for roughly $28 million under its share repurchase program. As of March 31, the company had about $172 million remaining under the program.
Alkermes is headquartered in Ireland and has a corporate office and research and development center in Massachusetts, as well as a manufacturing facility in Ohio. The company develops medicines in neuroscience, with commercial products for alcohol dependence, opioid dependence, schizophrenia, bipolar I disorder and narcolepsy.
