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Alkermes

Alkermes (ALKS) Q2 2026 Earnings

Reported Jul 28, 2026 at 7:05 AM ET · SEC Source

Q2 26 EPS

$0.00

MISS 100.00%

Est. $0.29

Q2 26 Revenue

$496.0M

BEAT +8.45%

Est. $457.4M

vs S&P Since Q2 26

-8.5%

TRAILING MARKET

ALKS -4.2% vs S&P +4.3%

Market Reaction

Did ALKS Beat Earnings? Q2 2026 Results

Alkermes delivered a split verdict in Q2 2026, posting revenue that well exceeded expectations while earnings came up entirely short. The company reported $496.01 million in total revenue, an 8.45% beat against the $457.36 million consensus and a 27.… Read more Alkermes delivered a split verdict in Q2 2026, posting revenue that well exceeded expectations while earnings came up entirely short. The company reported $496.01 million in total revenue, an 8.45% beat against the $457.36 million consensus and a 27.0% increase from $390.66 million a year ago, fueled in large part by LUMRYZ, which contributed $96.60 million in its first full quarter under Alkermes ownership following the February 2026 acquisition of Avadel Pharmaceuticals. Yet GAAP diluted EPS landed at $0.00, missing the $0.29 consensus by 100.00%, as acquisition-related charges, a $26.41 million contingent consideration step-up tied to a positive LUMRYZ phase 3 study in idiopathic hypersomnia, and $25.93 million in new interest expense weighed heavily on the bottom line. VIVITROL led the legacy portfolio at $124.50 million, while LYBALVI grew 12% year-over-year to $94.00 million. Alkermes maintained full-year revenue guidance of $1.73 billion to $1.84 billion, though it widened its GAAP net loss outlook to $95 million to $115 million, reflecting those contingent consideration charges.

Key Takeaways

  • • LUMRYZ addition from Avadel acquisition contributed $96.6M in first full quarter
  • • LYBALVI revenue grew 12% and total prescriptions grew 18% year-over-year
  • • VIVITROL benefited from approximately $4M in gross-to-net favorability
  • • LUMRYZ included approximately $7M inventory timing benefit
  • • Adjusted EBITDA increased to $139.2M from $126.5M year-over-year

ALKS Forward Guidance & Outlook

Alkermes reiterated full-year 2026 total revenue guidance of $1,730M–$1,840M and Adjusted EBITDA of $370M–$410M. Updated GAAP net loss guidance to ($95M)–($115M), wider than the prior ($70M)–($90M) range, reflecting ~$25M in contingent consideration charges related to the Avadel CVR milestone. Product-level expectations were reiterated: VIVITROL $460M–$480M, LYBALVI $380M–$400M, ARISTADA $365M–$385M, and LUMRYZ $315M–$335M (Feb. 12–Dec. 31, 2026 period). R&D expenses expected at $445M–$485M, SG&A at $890M–$930M, and COGS at $320M–$340M. First ADHD data for ALKS 7290 expected in coming months; topline results from alixorexton phase 2 idiopathic hypersomnia study expected toward year-end.

24/7 Wall St

ALKS YoY Financials

Q2 2026 vs Q2 2025, source: SEC Filings

24/7 Wall St

ALKS Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q2 26

“The second quarter was marked by strong commercial performance and meaningful progress across our pipeline as we continued to execute on our strategic priorities. Our commercial portfolio consists of differentiated products that are positioned to generate substantial revenue and cash flow for years to come. At the same time, our orexin 2 receptor agonist portfolio represents a potentially transformational growth opportunity for Alkermes and positions us at the forefront of one of the most exciting new therapeutic categories in neuroscience.”

— Richard Pops, Q2 2026 Earnings Press Release

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