The Avadel acquisition is transforming the revenue base but depressing GAAP earnings due to non-cash charges. Monitor LUMRYZ sales trajectory and integration costs in Q2; the improved GAAP net loss guidance suggests cost synergies are tracking ahead of plan. The maintained Adjusted EBITDA guidance of $370M-$410M provides a clean view of underlying cash generation.
Price Chart
Executive Summary
Alkermes reported Q1 2026 revenue of $392.9M, up 28% YoY, driven by the Avadel acquisition adding LUMRYZ ($39.5M) and strong growth in LYBALVI (+32%). GAAP net loss was $66.5M vs. $22.5M income a year ago, reflecting acquisition-related costs and higher R&D/SG&A. The company narrowed its FY 2026 GAAP net loss guidance to ($70M)-($90M) from ($115M)-($135M) on lower expected COGS and amortization, while maintaining revenue and Adjusted EBITDA guidance.
Key Financial Metrics
Key Facts
- Q1 2026 total revenue $392.9M, up 28% YoY from $306.5M
- GAAP net loss of $66.5M vs. net income of $22.5M in Q1 2025
- GAAP diluted EPS of ($0.40) vs. $0.13 in Q1 2025
- Adjusted EBITDA of $80.3M, up 76% from $45.6M in Q1 2025
- LYBALVI revenue $92.4M, up 32% YoY; prescriptions up 21%
- LUMRYZ contributed $39.5M in first 6 weeks post-Avadel acquisition
- FY 2026 revenue guidance maintained at $1.73B-$1.84B
- FY 2026 GAAP net loss guidance improved to ($70M)-($90M) from ($115M)-($135M)
- FY 2026 Adjusted EBITDA guidance maintained at $370M-$410M
- Share repurchases of ~1M shares for $28M in Q1; $172M remaining under program
Financial Impact
Revenue growth of 28% YoY to $392.9M, but GAAP net loss of $66.5M driven by $55.8M in Avadel acquisition costs and $54.6M in share-based compensation
Risk Factors
- Integration of Avadel may face execution risks; $1.525B in new term loans increases leverage
- LUMRYZ faces competition from Jazz Pharma's Xyrem/Xywav; market share trajectory is key
- R&D spending up 44% YoY to $103.3M as Phase 3 alixorexton program ramps up
- GAAP net loss expected for full year 2026 despite strong revenue growth
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-205008 |
| Document: alks-20260505.htm | 0001193125-26-205008 |
| Document: alks-ex99_2.htm | 0001193125-26-205008 |
| Document: 0001193125-26-205008-index-headers.html | 0001193125-26-205008 |
| Document: 0001193125-26-205008-index.html | 0001193125-26-205008 |
| Document: 0001193125-26-205008.txt | 0001193125-26-205008 |
| 8-K Data (Synthetic) | 0001193125-26-205008 |
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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