Alkermes plc. (ALKS) · Nov 3, 2026 · Earnings
Beat — Q3 revenue $480.1M vs ~$463.5M consensus
Alkermes earnings beat Q3 revenue expectations on LUMRYZ and core-product growth, while adjusted EBITDA slipped and full-year guidance stayed unchanged.
Alkermes is in the middle of a commercial expansion: it added Avadel’s LUMRYZ to its neuroscience portfolio in February 2026 and is using the product to diversify beyond its established VIVITROL, ARISTADA, and LYBALVI franchises. The quarter advances that strategy, but does not materially change the broader outlook. The acquisition and LUMRYZ ramp were already known; the new information is the pace of contribution relative to expectations. Published Q3 revenue consensus was about $463.5 million.
Revenue cleared expectations, led by the newly acquired product. Total revenue was $480.1 million, roughly 3.6% above the published consensus, with proprietary net sales up sharply year over year. LUMRYZ contributed $89.9 million in its first full post-acquisition quarter, while VIVITROL and ARISTADA also grew; that combination more than offset the decline in manufacturing and royalty revenue.
| Q3 2026 | Q3 2025 | Consensus | |
|---|---|---|---|
| Total revenue (Revenue Summary) | $480.1M (+21.8%) | $394.2M | ~$463.5M |
| Proprietary net sales (Revenue Summary) | $417.3M (+31.5%) | $317.4M | |
| VIVITROL net sales (Revenue Summary) | $127.6M (+5.4%) | $121.1M | |
| ARISTADA net sales (Revenue Summary) | $103.9M (+5.9%) | $98.1M | |
| LYBALVI net sales (Revenue Summary) | $95.9M (-2.3%) | $98.2M | |
| LUMRYZ net sales (Revenue Summary) | $89.9M | — | |
| Manufacturing & royalty revenue (Revenue Summary) | $62.9M (-18.1%) | $76.8M | |
| Adjusted EBITDA (GAAP to Non-GAAP Reconciliation) | $120.1M (-1.2%) | $121.5M |
The quality of the beat is mixed rather than broad-based. LUMRYZ is scaling, with approximately 4,100 patients on therapy as of September 30, but LYBALVI sales declined and gross-to-net deductions were already about 42%, with the company expecting roughly 45% in 2027. That suggests the revenue beat is being supported by a product ramp while pricing and access pressure remain an issue for LYBALVI. 〔0〕 〔1〕
Profitability did not improve with the revenue beat. Adjusted EBITDA was $120.1 million versus $121.5 million a year earlier, reflecting the cost burden of the Avadel integration and LUMRYZ-related acquisition accounting. The filing’s GAAP reconciliation shows $29.8 million of acquisition-related costs in the quarter, so the reported earnings profile remains noisy even as the commercial portfolio expands. 〔2〕
Management left the full-year framework unchanged. The company reiterated 2026 revenue of $1.73 billion to $1.84 billion and adjusted EBITDA of $370 million to $410 million rather than raising the outlook after the revenue beat. 〔3〕
Bottom line: This is a modest earnings beat that validates the LUMRYZ-led expansion, but unchanged guidance and softer underlying profitability keep it from rewriting the Alkermes story. The business is progressing, though more of the growth is now dependent on successfully scaling the acquired sleep-medicine product.
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