With the acquisition of Avadel Pharmaceuticals complete, Alkermes prepares to initiate phase 3 studies for its orexin agonist alixorexton while planning a leadership transition for mid-2026.
Key takeaways:
- Alkermes reported total revenues of $1.48 billion for 2025, with proprietary product net sales increasing approximately 9%.
- The company completed its acquisition of Avadel Pharmaceuticals in February 2026, adding LUMRYZ to its commercial portfolio with expected 2026 net sales of $315 million to $335 million.
- A phase 3 clinical program for alixorexton in narcolepsy is expected to begin in the first quarter of 2026.
- Richard Pops will retire as CEO on July 31, 2026, with current executive vice president and chief operating officer Blair Jackson assuming the role on Aug 1.
Alkermes plc reported financial results for the year ended Dec 31, 2025, highlighting the expansion of its sleep medicine portfolio through the recent acquisition of Avadel Pharmaceuticals and the upcoming initiation of phase 3 studies for alixorexton.
The company also announced a major leadership transition. Richard Pops will retire as CEO effective July 31, 2026, after 35 years with the company. The board of directors has appointed Blair Jackson (pictured), the current executive vice president and chief operating officer, as the next CEO, effective Aug 1, 2026.
“Enabled by our strong operational and financial performance in 2025, Alkermes enters 2026 in a position of great strength, both financially and in terms of the opportunity to create value for shareholders through the development of important new medicines with significant market potential,” says Richard Pops, CEO of Alkermes, in a release.
Sleep Medicine Portfolio Expansion
A key strategic priority for Alkermes in 2026 is driving performance across its commercial products, which now includes LUMRYZ (sodium oxybate) following the acquisition of Avadel Pharmaceuticals that closed in February 2026.
For the fiscal year 2026, Alkermes expects LUMRYZ net sales to range between $315 million and $335 million for the period of Feb 12 through Dec 31. This guidance follows the integration of Avadel, which the company states accelerates its entry into the sleep medicine market.
“The completed acquisition of Avadel enhances our financial profile, broadens our commercial capabilities, and accelerates our entry into the sleep medicine market,” says Joshua Reed, chief financial officer of Alkermes, in a release. “This positions us well for the potential future launch of alixorexton.”
Pipeline Progress: Alixorexton
Alkermes is advancing its neuroscience pipeline with a focus on orexin agonism. The company expects to initiate a phase 3 clinical program for alixorexton, an orexin 2 receptor agonist, in narcolepsy during the first quarter of 2026.
The company notes that alixorexton has been granted Breakthrough Therapy designation by the US Food and Drug Administration for the treatment of narcolepsy type 1. Additionally, Alkermes plans to complete a phase 2 study of alixorexton in idiopathic hypersomnia and advance other orexin candidates into phase 2 development for indications including attention-deficit hyperactivity disorder.
“As we look ahead, our strategic priorities for the year are clear: drive strong performance across our portfolio of commercial products, including LUMRYZ… [and] for alixorexton, initiate phase 3 studies designed to support a best-in-class profile in narcolepsy,” says Pops in a release.
Leadership Transition
Pops, who joined Alkermes in 1991, will transition to the role of chairman of the board and act as an advisor following his retirement as CEO. Jackson, who has been with the company since 1999, has served as COO since Jan 2021.
“I am honored to carry forward Alkermes’ legacy of working to address unmet needs of patients living with complex conditions in the neuroscience space,” says Blair Jackson, executive vice president and chief operating officer, in a release. “With a strong commercial business, an exciting pipeline, a deeply committed team, and a clear path for growth, I’m energized by the opportunities ahead to advance our pipeline, leverage our scientific leadership, and create value for shareholders.”
2025 Financial Results
For 2025, Alkermes generated total revenues of $1.48 billion, compared to $1.56 billion in 2024. GAAP net income for the year was $241.7 million, or $1.43 per diluted share.
The company provided financial expectations for 2026, projecting total revenues between $1.73 billion and $1.84 billion, driven in part by the addition of LUMRYZ to the commercial portfolio.
