The headline EPS miss and wider GAAP loss guidance are likely to pressure the stock near-term, but the maintained revenue/adjusted EBITDA guidance and strong LUMRYZ launch provide a floor. Watch for the Q3 2026 trajectory of LUMRYZ and any updates on the alixorexton phase 2 idiopathic hypersomnia data expected by year-end.
Price Chart
Executive Summary
Alkermes reported Q2 2026 revenue of $496.0M (+27% YoY), driven by the Avadel acquisition adding LUMRYZ ($96.6M). GAAP net income was $0.5M ($0.00 EPS), a sharp miss vs consensus of $0.29, due to acquisition-related costs and a $26.4M CVR fair-value charge. Full-year guidance was maintained for revenue and adjusted EBITDA, but GAAP net loss guidance was widened to ($95M)-($115M) from ($70M)-($90M) due to the CVR charge. The CEO transition to Blair Jackson on August 1 is a neutral event. The stock will likely trade on the EPS miss and wider GAAP loss, offset by solid LUMRYZ uptake and maintained core guidance.
Key Financial Metrics
Key Facts
- Q2 2026 total revenue $496.0M, up 27% YoY from $390.7M
- GAAP net income $0.5M ($0.00 diluted EPS) vs consensus $0.29 — a 100% miss
- LUMRYZ contributed $96.6M in its first full quarter post-Avadel acquisition
- Full-year 2026 revenue guidance maintained at $1.73B-$1.84B; adjusted EBITDA maintained at $370M-$410M
- GAAP net loss guidance widened to ($95M)-($115M) from ($70M)-($90M) due to a $26.4M CVR fair-value charge
- Blair Jackson to become CEO on August 1, 2026; Richard Pops remains Chairman
- Cash and investments grew to $691.6M from $538.2M at Q1 2026 end
Financial Impact
GAAP EPS miss of $0.29 vs consensus; GAAP net loss guidance widened by ~$25M at midpoint
Risk Factors
- GAAP net loss guidance widened due to non-cash CVR charge, which may spook momentum investors
- Integration of Avadel and LUMRYZ commercial execution remain key execution risks
- CEO transition could introduce near-term organizational uncertainty
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-318844 |
| Document: alks-20260728.htm | 0001193125-26-318844 |
| Document: alks-ex99_2.htm | 0001193125-26-318844 |
| Document: 0001193125-26-318844-index-headers.html | 0001193125-26-318844 |
| Document: 0001193125-26-318844-index.html | 0001193125-26-318844 |
| Document: 0001193125-26-318844.txt | 0001193125-26-318844 |
| 8-K Data (Synthetic) | 0001193125-26-318844 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 16, 2026 16d ago | 8-K | $46.07 $42.13 | ▼ −8.55% | ▼ −11.12% | $41.75 (−9.38%) |
Sep 3, 2026 28d ago | Insider Cluster | $46.10 $45.83 | ▼ −0.59% | ▲ +0.62% | $41.75 (−9.44%) |
Aug 3, 2026 8w ago | Insider Cluster | $49.67 $49.21 | ▲ +0.93% | ▲ +0.83% | $41.75 (+15.95%) |
Aug 3, 2026 8w ago | Insider Cluster | $49.67 $49.21 | ▼ −0.93% | ▼ −0.83% | $41.75 (−15.95%) |
Aug 3, 2026 8w ago | Insider Cluster | $49.67 $49.21 | ▼ −0.93% | ▼ −0.83% | $41.75 (−15.95%) |
Jul 28, 2026 9w ago | 8-K | $50.50 $49.53 | ▲ +1.92% | ▲ +4.19% | $41.75 (+17.33%) |
Jul 8, 2026 12w ago | 8-K | $54.29 $51.60 | ▼ −4.95% | ▼ −5.82% | $41.75 (−23.10%) |
Jul 6, 2026 12w ago | Insider Cluster | $55.14 $51.94 | ▼ −5.80% | ▼ −6.29% | $41.75 (−24.28%) |
Jun 4, 2026 17w ago | Insider Cluster | $42.80 $44.28 | ▲ +3.46% | ▲ +2.89% | $41.75 (−2.45%) |
Jun 1, 2026 17w ago | Insider Cluster | $41.19 $44.29 | ▲ +7.53% | ▲ +10.50% | $41.75 (+1.37%) |
US Market Status
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