Announcement • Apr 17

Alkermes plc Presents Additional Data from Vibrance-1 Phase 2 Study of Alixorexton in Patients with Narcolepsy Type 1

Alkermes plc announced plans to present new data from the Vibrance-1 phase 2 study evaluating alixorexton in patients with narcolepsy type 1 (NT1) at the American Academy of Neurology (AAN) 2026 Annual Meeting, taking place April 18-22, 2026 in Chicago. Alixorexton is a novel, investigational, oral, selective orexin 2 receptor (OX2R) agonist in development for the treatment of NT1, narcolepsy type 2 (NT2) and idiopathic hypersomnia (IH). Vibrance-1, a randomized, placebo-controlled, double-blind phase 2 study conducted in 92 patients with NT1, demonstrated clinically meaningful and statistically significant improvements from baseline compared to placebo in wakefulness, cognition, and fatigue. New data to be presented at AAN augment the detailed positive results from the six-week, randomized double-blind treatment (RDBT) period previously presented at the 2025 World Sleep Congress. The new data demonstrate clinically meaningful improvements from pre-treatment baseline on established measures evaluating excessive daytime sleepiness and cataplexy, as well as participant-reported outcomes, including narcolepsy symptom severity, cognitive functioning and fatigue in patients with NT1 through the seven-week open-label extension. More than 95% (n=88) of participants who entered Vibrance-1 completed treatment in both the six-week double-blind portion of the trial and the seven-week open-label extension for a total of 13 weeks. Exploratory patient-reported outcomes (PROs) in Vibrance-1 included the Narcolepsy Severity Scale-Clinical Trials (NSS-CT)1, British Columbia Cognitive Complaints Inventory (BC-CCI)2, Patient Global Impression of Severity (PGI-S) for Cognition3, PROMIS-Fatigue Short-form 6a (PROMIS-Fatigue)4, and PGI-S for Fatigue. 3 Clinically meaningful improvements were seen across all PRO measures at week 6 with alixorexton, with improvements sustained through weeks 12-13.5 Alixorexton was generally well tolerated across all doses tested throughout the six-week, RDBT period and the seven-week open-label extension period. No serious treatment-emergent adverse events (TEAEs) were reported. Most TEAEs were mild to moderate in severity. Details of the poster presentation are as follows: Poster Number: 14-002 Title: Improvement in Patient-Reported Disease Severity, Cognitive Functioning, and Fatigue in Patients With Narcolepsy Type 1 Treated With Alixorexton, an Orexin 2 Receptor Agonist, in the Vibrance-1 Phase 2 Study Presenter: Giuseppe Plazzi, M.D., Ph.D., Neurologist, Director of the Narcolepsy Center at the IRCCS of the Neurological Sciences of Bologna and Professor of Childhood Neuropsychiatry at the University of Modena and Reggio Emilia Presentation Date: Monday, April 20, 2026 from 5:00 – 6:00 p.m. CT during Poster Session 6 About the Vibrance-1 Phase 2 Study (NCT06358950) Vibrance-1 was a phase 2, randomized, double-blind, dose-range-finding, placebo-controlled study evaluating the safety and efficacy of alixorexton in adults with narcolepsy type 1 (NT1). Participants (n=92) were randomized to receive one of three doses of alixorexton (4 mg, 6 mg or 8 mg) or placebo to be taken once-daily for six weeks. The primary endpoint assessed whether participants taking alixorexton experienced an improvement in wakefulness compared to participants taking placebo, as measured by the change from baseline in mean sleep latency on the Maintenance of Wakefulness Test (MWT) at week six. Secondary endpoints included change from baseline in Epworth Sleepiness Scale (ESS) score at week six, mean weekly cataplexy rate (WCR) at week six6, and incidence of adverse events. The study also included a number of exploratory patient-reported outcome measures, which evaluated the effect of alixorexton on participants’ disease severity, fatigue and cognition. All participants in the double-blind portion of the study were eligible to continue to a seven-week open-label safety extension portion of the study, followed by a long-term safety study. Alixorexton (formerly referred to as ALKS 2680) is a novel, investigational, oral, selective orexin 2 receptor (OX2R) agonist in development for the treatment of narcolepsy type 1 (NT1), narcolepsy type 2 (NT2) and idiopathic hypersomnia (IH). Orexin, a neuropeptide produced in the lateral hypothalamus, is considered to be the master regulator of wakefulness due to its activation of multiple, downstream wake-promoting pathways that project widely throughout the brain.7 Targeting the orexin system may address excessive daytime sleepiness across hypersomnolence disorders, whether or not deficient orexin signaling is the underlying cause of disease.8 Once-daily oral administration of alixorexton was previously evaluated in a phase 1 study in healthy volunteers and patients with NT1, NT2 and IH, and in Vibrance-1 and Vibrance-2, phase 2 studies in patients with NT1 and NT2, respectively. Alixorexton is currently being evaluated in the phase 3 Brilliance Studies in patients with NT1 and NT2, and in the phase 2 Vibrance-3 study in patients with IH. Alixorexton has received Breakthrough Therapy designation for the treatment of NT1 from the U.S. Food and Drug Administration (FDA). 1 NSS-CT: 15-item self-administered questionnaire (score: 0-57) that assesses the severity and consequences of five major narcolepsy symptoms over the past 7 days: daytime sleepiness, cataplexy, hallucinations, sleep paralysis, and disturbed nighttime sleep. 2 BC-CCI: 6-item self-administered questionnaire (score: 0-18) assessing perceived problems with concentration, memory, expressing thoughts, word finding, slow thinking, and difficulty solving problems over the past 7 days (=4 = normative). 3 PGI-S for Cognition, Fatigue: Self-administered, single items assessing cognitive impairment as well as fatigue, over the past 7 days on a 5-point scale (none, mild, moderate, severe or very severe). 4 PROMIS-Fatigue: 6-item self-administered questionnaire assessing the severity of a patient’s fatigue over the past 7 days. Items are scored and transformed to T-scores (5 Per protocol, select PROs were administered at week 12 (NSS-CT, BC-CCI) while others were administered at week 13. 6 Weekly cataplexy rate was derived at Week 6 from patients’ cataplexy diaries over Weeks 5 and 6. 7 Buysse, D. Diagnosis and assessment of sleep and circadian rhythm disorders. Journal of Psychiatric Practice. 2005; 11(2):102-115 8 Ten-Blanco M, Flores A, Cristino L, Pereda-Perez I. Targeting the orexin/hypocretin system for the treatment of neuropsychiatric and neurodegenerative diseases: From animal to clinical studies. Frontiers in Neuroendocrinology. 2023;69(101066).

Announcement • Feb 12

+ 1 more update

Alkermes plc (NasdaqGS:ALKS) completed the acquisition of Avadel Pharmaceuticals plc (NasdaqGM:AVDL).

Alkermes plc (NasdaqGS:ALKS) entered into a definitive agreement to acquire Avadel Pharmaceuticals plc (NasdaqGM:AVDL) for $1.8 billion on October 22, 2025. Transaction Valued at $18.5 per Share in Cash with a CVR for an Additional $1.5 per Share in Cash, for Total Consideration of up to $20 per share Subject and pursuant to the terms of the CVR Agreement, each CVR will represent the contractual right to receive the Milestone Payment upon the occurrence of each of: approval by the United States Food and Drug Administration (the "FDA") of an application submitted to the FDA for the commercial marketing and sale of the CVR Product in the United States for the Indication; provided, that, such approval shall be deemed achieved upon receipt of written notice from the FDA that the CVR Product has been approved for the Indication in the United States and which is not blocked by any third party orphan-drug exclusivity, regardless of whether any risk evaluation and mitigation strategies or other conditions are imposed by the FDA ("LUMRYZ Approval"); and the dismissal of the Claims with prejudice by the United States District Court for the District of Delaware pursuant to the Settlement and License Agreement, by and between Jazz Pharmaceuticals, Inc. and Jazz Pharmaceuticals Ireland Limited, on the one hand, and Avadel CNS Pharmaceuticals LLC and Flamel Ireland Limited, on the other hand, dated October 21, 2025 between the Company and Jazz Pharmaceuticals, Inc. If the Milestone is not achieved by the Milestone Expiration, then the CVRs will have no value. The minimum payment under each CVR is zero; if the Milestone Payment is made, the payment under each CVR is $1.50. It is intended that, subject to and following the Scheme becoming effective, and subject to applicable laws and rules and policies of Nasdaq, the Company Shares will be delisted from the Nasdaq Global Market and deregistered, along with any other Company securities registered under the Exchange Act, if any, as promptly as practicable after the Effective Time. As a result of the Scheme, Avadel will become a wholly owned subsidiary of Alkermes. Alkermes reserves the right, subject to the terms of the Transaction Agreement, to elect to implement the Acquisition by way of a takeover offer (as such term is defined in the Irish Takeover Rules) rather than the Scheme. The Bridge Credit Agreement provides for a senior secured bridge term loan facility (the “Bridge Credit Facility”) in an aggregate principal amount of up to $1,231,459,813.22 that is available to finance the payment of Cash Consideration and fees and expenses related to the Acquisition. Following Completion, the global headquarters of the Combined Group will be located at Alkermes' current global headquarters in Dublin, Ireland. Alkermes will, as part of its review of the Company's business referred to above, evaluate the consolidation of some or all of the Company's locations of business, including functions currently undertaken at the Company's U.S. headquarters in St. Louis, Missouri, into Alkermes' global headquarters in Dublin, Ireland and other locations of Alkermes across the United States. The Acquisition is subject the approval by the Company Shareholders of the Scheme; the sanction by the High Court of the Scheme; the receipt of required antitrust Clearances in the United States; the Transaction Agreement not having been terminated in accordance with its terms; the absence of a Company Material Adverse Effect that is continuing; the absence of a Parent Material Adverse Effect that is continuing; the accuracy of each of the Parties' representations and warranties, except generally as would not have a material adverse effect on such Party; and the performance by each Party, in all material respects, with all of its covenants and agreements under the Transaction Agreement. The transaction is expected to close in the first quarter of 2026. The board of directors of Avadel Pharmaceuticals has unanimously determined that the Acquisition by Alkermes is in the best interests of all Shareholders and has unanimously approved the Acquisition. The Acquisition has also been approved by the board of directors of Alkermes. The transaction is expected to be immediately accretive upon closing and represents a compelling financial and strategic opportunity, leveraging Alkermes' existing commercial expertise and operational infrastructure and adding new capabilities in rare disease. The transaction is expected to be immediately accretive upon closing and represents a compelling financial and strategic opportunity, leveraging Alkermes' existing commercial expertise and operational infrastructure and adding new capabilities in rare disease. As of November 17, 2025 The Board of Directors at Avadel has determined that the proposal from Lundbeck constitutes a Superior Proposal for the company and recommends shareholders to take no action. On November 18, 2025, Alkermes plc has increased its offer per share from $18.5 to $21 and with the terms of the CVR unchanged. The Scheme Meeting will be held on January 12, 2026, commencing at 10:00 a.m. (Irish local time) and the EGM will be held on January 12, 2026, commencing at 10:15 a.m. On December 8, 2025, the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, has expired. The closing of the Acquisition remains subject to other customary closing conditions set forth in the Transaction Agreement, including receipt of approval of Avadel’s shareholders and the sanction by the Irish High Court of the Scheme and delivery of the court order to the Irish Registrar of Companies. As of January 12, 2026, Avadel Pharmaceuticals shareholders approved the deal. As on January 19, 2026, the High Court of Ireland set a court hearing for February 10, 2026 at 11:00 a.m to consider the application of Avadel Pharmaceuticals plc and the Acquisition is expected to close shortly after the Court issues an order sanctioning the Scheme. As of February 10, 2026, the transaction is approved by Irish High Court. The transaction is expected to close on February 12, 2026. Jeremy Meilman, Andy Ham Dwayne Lysaght and Edward Hatter of J.P. Morgan Securities LLC and J.P. Morgan Securities plc acted as financial advisors, James E.Langston and Chelsea N. Darnell of Paul, Weiss, Rifkind, Wharton & Garrison LLP and Stephen FitzSimons and Jack Kelly of McCann FitzGerald LLP acted as legal advisors for Alkermes plc. Cleary Gottlieb Steen & Hamilton LLP is acting as legal counsel to Alkermes for the financing. Peter van der Goes, Ryan Fisk and Emily West Warren Stables of Goldman Sachs & Co. LLC, Tedd Smith, Daniel Cohen, David Kitterick and Ben Nassau of Morgan Stanley & Co. International plc and Morgan Stanley & Co. LLC acted as financial advisors, while Robert Puopolo, Blake Liggio, Caitlin Tompkins, and Stephanie Isaia of Goodwin Procter LLP and Christopher McLaughlin; and David Vos of Arthur Cox LLP acted as legal advisors for Avadel Pharmaceuticals plc. Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC acted as fairness opinion providers for Avadel Pharmaceuticals plc. Innisfree M&A Incorporated act as proxy solicitor to Avadel. Avadel has agreed to pay Goldman Sachs a transaction fee of approximately $27 million, $2 million of which became payable upon the announcement of the Transaction, and the remainder of which is contingent on closing of the Transaction. Avadel agreed to pay Morgan Stanley a fee of approximately $27 million for its services, $2 million of which became payable in connection with the delivery of Morgan Stanley’s opinion, and the remainder of which is contingent on closing of the Transaction. Anne Harkin and Justin McKenna of Mason Hayes & Curran LLP advised J.P. Morgan Securities plc, on the transaction. Alkermes plc (NasdaqGS:ALKS) completed the acquisition of Avadel Pharmaceuticals plc (NasdaqGM:AVDL) on February 12, 2026. As per the transaction, Alkermes will use approximately $775 million of cash from its balance sheet and borrowed a total of $1.525 billion in term loans that are due in 2031.

Total Shareholder Yield	0.4%
Future Dividend Yield	0%
Dividend Growth	n/a
Next dividend pay date	n/a
Ex dividend date	n/a
Dividend per share	n/a
Payout ratio	n/a

Segment	Dividend Yield
Company (ALKS)	n/a
Market Bottom 25% (US)	1.4%
Market Top 25% (US)	4.2%
Industry Average (Biotechs)	2.5%
Analyst forecast (ALKS) (up to 3 years)	0%

Data	Last Updated (UTC time)
Company Analysis	2026/05/11 08:41
End of Day Share Price	2026/05/11 00:00
Earnings	2026/03/31
Annual Earnings	2025/12/31

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

Analyst	Institution
null null	Baird
Joel Beatty	Baird
Luke Herrmann	Baird

Alkermes Dividends and Buybacks

Dividend criteria checks 0/6

Key information

Recent dividend and buyback updates

Alkermes plc (NasdaqGS:ALKS) announces an Equity Buyback for $400 million worth of its shares.

Recent updates

New major risk - Financial position

Alkermes Beats Q1 2026 Estimates With Revenue Growth and Avadel Acquisition Boost

First quarter 2026 earnings: EPS and revenues exceed analyst expectations

ALKS: Sleep And Narcolepsy Franchise Will Drive Future Upside Potential

Alkermes plc to Report Q1, 2026 Results on May 05, 2026

Alkermes plc Presents Additional Data from Vibrance-1 Phase 2 Study of Alixorexton in Patients with Narcolepsy Type 1

ALKS: Sleep Franchise And Orexin Program Will Shape Future Upside Potential

Alkermes plc Publishes Long-Term Analysis of Lybalvi on Negative Symptoms of Schizophrenia

ALKS: Sleep Franchise And Orexin Pipeline Will Drive Future Upside

Alkermes Plc Initiates Phase 3 Brilliance Studies Evaluating Alixorexton For The Treatment Of Narcolepsy Type 1 And Type 2

Investor sentiment improves as stock rises 25%

Alkermes plc, Annual General Meeting, May 20, 2026

ALKS: Sleep Franchise And Orexin Breakthrough Will Drive Future Upside Potential

ALKS: Emerging Sleep Franchise And Orexin Program Will Drive Future Upside

Consensus EPS estimates have been downgraded.

New minor risk - Profit margin trend

Full year 2025 earnings: EPS misses analyst expectations

Alkermes plc Announces CEO Changes

ALKS: Improved CVR Offer Terms Will Support Future Sleep Disorder Leadership

Alkermes plc (NasdaqGS:ALKS) completed the acquisition of Avadel Pharmaceuticals plc (NasdaqGM:AVDL).

ALKS: Avadel Bid And Orexin Breakthrough Status Will Support Future Sleep Leadership

Independent Director notifies of intention to sell stock

ALKS: Avadel Sleep Deal And Orexin Breakthrough Designation Will Drive Upside

Alkermes: Avadel Deal And Vibrance-2 Unlock Upside

Alkermes plc Announces the U.S. Food and Drug Administration Grants Breakthrough Therapy Designation to Alixorexton for the Treatment of Narcolepsy Type 1

ALKS: Sleep Franchise Acquisition Will Drive Future Orexin Class Leadership

ALKS: Avadel Deal And Sleep Franchise Are Poised To Drive Upside

ALKS: Sleep Medicine Acquisition Will Drive Future Orexin Opportunity Upside

ALKS: Sleep Medicine Acquisition Will Drive Momentum After Narcolepsy Study Results

Alkermes plc Announces Positive Topline Results from Vibrance-2 Phase 2 Study of Once-Daily Alixorexton in Patients with Narcolepsy Type 2

ALKS: Clinical Progress In Narcolepsy Will Drive Share Momentum This Fall

Alkermes plc Just Recorded A 62% EPS Beat: Here's What Analysts Are Forecasting Next

Third quarter 2025 earnings: EPS and revenues exceed analyst expectations

Consensus EPS estimates increase by 11%

New major risk - Revenue and earnings growth

Analyst Commentary Highlights Growth Prospects and Risks Following Alkermes Acquisition and Updated Valuation

Alkermes plc (NasdaqGS:ALKS) entered into a definitive agreement to acquire Avadel Pharmaceuticals plc (NasdaqGM:AVDL) for $1.8 billion.

Alkermes plc to Report Q3, 2025 Results on Oct 28, 2025

Investor sentiment improves as stock rises 15%

Alkermes plc Appoints Joshua Reed as Chief Financial Officer, Effective Date Is September 15, 2025

Second quarter 2025 earnings: EPS and revenues exceed analyst expectations

Alkermes plc to Report Q2, 2025 Results on Jul 29, 2025

Insufficient new directors

Is There An Opportunity With Alkermes plc's (NASDAQ:ALKS) 48% Undervaluation?

Alkermes plc to Present New Research Related to Alks 2680 At Sleep 2025

First quarter 2025 earnings: EPS exceeds analyst expectations

Alkermes plc Announces Demise of Iain M. Brown, Chief Financial Officer

Investor sentiment deteriorates as stock falls 16%

Alkermes plc, Annual General Meeting, May 21, 2025

Price target increased by 9.5% to US$37.64

Alkermes' Neuroscience Pivot: ALKS 2680 Set To Revolutionize Narcolepsy Treatment

Insider notifies of intention to sell stock

Alkermes plc Provides Earnings Guidance for 2025

Full year 2024 earnings: EPS and revenues exceed analyst expectations

Alkermes plc to Report Q4, 2024 Results on Feb 12, 2025

Insider notifies of intention to sell stock

Insider notifies of intention to sell stock

Alkermes: Products Sales, ALKS 2680 Can Still Drive Long-Term Growth

Insider notifies of intention to sell stock

Third quarter 2024 earnings: EPS misses analyst expectations

Alkermes plc to Report Q3, 2024 Results on Oct 24, 2024

New major risk - Revenue and earnings growth

Robust Product Demand And Critical Innovations Set To Propel Growth, Amid Analysts' Concerns And Revenue Diversification Challenges

Alkermes Announces Initiation of Vibrance-2 Phase 2 Study Evaluating ALKS 2680 for the Treatment of Narcolepsy Type 2

Alkermes: Fairly Valued After Post-Earnings Bump

Second quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind

The Bottom Fishing Club: Alkermes Has Great Value And Safety

First quarter 2024 earnings: EPS and revenues miss analyst expectations

Alkermes plc to Report Q1, 2024 Results on May 01, 2024

Alkermes plc, Annual General Meeting, May 31, 2024

Price target increased by 7.3% to US$35.50

Alkermes: Waking Up Narcolepsy Treatment With Promising Trial Data

Alkermes plc Announces Positive Topline Results from Phase 1b Study of ALKS 2680 Demonstrating Improved Wakefulness in Patients with Narcolepsy Type 2 and Idiopathic Hypersomnia

New minor risk - Shareholder dilution