Alkermes 2026 guidance: rev $1.73–$1.84B, adj EBITDA $370–$410M, GAAP net loss

Alkermes beats Q4 estimates with non-GAAP EPS $0.47, revenue $384.5M, posts 2025 revenue $1.48B and net income $242M

• Q4 2025 non-GAAP EPS $0.47 fell 55% YoY; revenue $384.5M declined 11% YoY, both beat estimates.
• 2025 proprietary portfolio hit high end of raised guidance, delivering $394M adjusted EBITDA and 9% sales-growth, supporting pipeline investment.
• 2026 guidance: revenue $1.73–$1.84B, adjusted EBITDA $370–$410M, with GAAP net loss from Avadel-related purchase accounting.
• LUMRYZ generated $279M 2025 sales from ~3,500 patients; 2026 revenue guided to $350–$370M despite generic XYREM overhang.
• Orexin flagship alixorexton has FDA breakthrough status, Phase III narcolepsy plan defined, and IH Phase II readout expected Q4 2026.

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