Financial Data and Key Metrics Changes - For Q3 2025, total revenues reached $394.2 million, with proprietary products generating net sales of $317.4 million, reflecting a 16% year-over-year growth [11][12] - GAAP net income was $82.8 million, with EBITDA of $96.9 million and adjusted EBITDA of $121.5 million for the quarter [13] - The company raised its full-year 2025 guidance to total revenues of $1.43 billion to $1.49 billion, GAAP net income of $230 million to $250 million, and adjusted EBITDA of $365 million to $385 million [14] Business Line Data and Key Metrics Changes - Vivitrol net sales for Q3 were $121.1 million, driven by growth in the alcohol dependence indication market, with full-year expectations now at $460 million to $470 million [18] - Aristada net sales were $98.1 million for Q3, with full-year expectations raised to $360 million to $370 million [19] - Lybalvi net sales grew 32% year-over-year to $98.2 million, with full-year expectations now at $340 million to $350 million [19] Market Data and Key Metrics Changes - The company experienced strong underlying demand across its proprietary products, with gross-to-net favorability primarily related to Medicaid utilization rates [11][12] - The expansion of the psychiatry sales force contributed to increased prescriber breadth and strong new-to-brand prescriptions [18][19] Company Strategy and Development Direction - The proposed acquisition of Avadel Pharmaceuticals is expected to diversify the commercial portfolio and strengthen profitability, particularly in the sleep medicine market [6][8] - The company is advancing its portfolio of orexin-2 receptor agonists, with a focus on Elixerextant for narcolepsy and idiopathic hypersomnia [22][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the momentum of the business and the strong commercial performance through the first nine months of the year [5][14] - The company is positioned to deliver long-term value for shareholders while advancing innovative medicines [15][25] Other Important Information - The company entered Q3 with $1.14 billion in cash and total investments, planning to use cash and bank debt for the acquisition of Avadel [14] - Management highlighted the importance of maintaining a disciplined contracting strategy consistent with the value of their medicines [21] Q&A Session Summary Question: Can you talk about Lybalvi's performance and gross-to-net expectations? - Management noted strong performance driven by an expanded psychiatry footprint and increased call volume, with gross-to-net lower due to deductible resets and lower copay utilization [28][30] Question: What are the expectations for NT2 Elixerextant data and FDA next steps? - Management expects to request an end-of-phase meeting with the FDA after receiving NT2 data in November, with plans to initiate the phase three program early next year [34][35] Question: Can you confirm details on the top-line release for Vibrance II data? - Management indicated that top-line data will be released soon, with a focus on safety and efficacy across various doses [43][45] Question: How do you view the potential impact of ACA subsidy lapses on commercial business? - Management believes there is a strong political reason to maintain ACA subsidies, particularly for patients with serious mental illness and addiction [86][88]

Financial Data and Key Metrics Changes - Alkermes reported total revenues of $394.2 million for Q3 2025, driven by proprietary products generating net sales of $317.4 million, reflecting a 16% year-over-year growth [9][10] - The company raised its full-year 2025 guidance to total revenues of $1.43 to $1.49 billion, GAAP net income of $230 to $250 million, EBITDA of $270 to $290 million, and adjusted EBITDA of $365 to $385 million [11] - GAAP net income for Q3 was $82.8 million, with EBITDA of $96.9 million and adjusted EBITDA of $121.5 million [10] Business Line Data and Key Metrics Changes - Vivitrol net sales for Q3 were $121.1 million, with full-year expectations now in the range of $460 to $470 million [16] - Aristada net sales for Q3 were $98.1 million, with full-year expectations raised to $360 to $370 million [17] - Lybalvi net sales grew 32% year-over-year to $98.2 million, with full-year expectations now in the range of $340 to $350 million [17] Market Data and Key Metrics Changes - The company experienced strong underlying demand across its proprietary product portfolio, with gross-to-net favorability primarily related to Medicaid utilization rates [9][10] - The expansion of the psychiatry sales force earlier in the year significantly increased the frequency of call volume for high-priority prescriber targets [16] Company Strategy and Development Direction - Alkermes announced a proposed acquisition of Avadel Pharmaceuticals, which is expected to diversify its commercial portfolio and strengthen profitability [4][5] - The acquisition will accelerate entry into the sleep medicine market and support the development of Elixerextant, an orexin-2 receptor agonist [5][6] - The company is focused on advancing its pipeline of orexin-2 receptor agonists, with plans to initiate a global phase 3 program for Elixerextant early next year [20][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the momentum of the business and the strong commercial execution observed in Q3 [4][8] - The company is operating from a position of financial strength and is well-positioned to deliver long-term value for shareholders [12][22] - Management highlighted the importance of maintaining a disciplined contracting strategy consistent with the significant value of their medicines [18] Other Important Information - Alkermes entered Q3 with $1.14 billion in cash and total investments, planning to use cash and bank debt to finance the acquisition of Avadel [11] - The company is committed to neuroscience and aims to support a diversified development strategy in sleep disorders [6] Q&A Session Summary Question: Can you talk about Lybalvi's performance and gross-to-net expectations? - Management noted strong performance driven by an expanded psychiatry footprint and increased call volume, with gross-to-net lower due to deductible resets and lower copay utilization [25][27] Question: What are the expectations for the NT2 Elixerextant data and Vivitrol heading into Q4? - Management expects data from the NT2 study in November, which will inform the next steps with the FDA, while Vivitrol is expected to continue strong AD growth in Q4 [30][32] Question: Can you confirm details about the top-line release for Vibrance II data? - Management indicated that top-line data will be released soon, with a focus on safety and efficacy across various parameters to inform phase 3 design [39][41] Question: What are the expectations for ocular monitoring in phase 3 programs? - Management stated that while there were mild ocular events in previous studies, it is too early to determine if monitoring will be necessary in phase 3 [48] Question: How does the company view the potential impact of ACA subsidy lapses? - Management expressed that there is a strong political reason to maintain ACA subsidies, particularly for patients with serious mental illness and addiction [75][77]