Alkermes to Present New Alixorexton Data at 2026 Neurology Annual Meeting
Alkermes announced plans to present new data from the Vibrance-1 phase 2 study evaluating alixorexton in patients with narcolepsy type 1 at the American Academy of Neurology 2026 Annual Meeting, taking place April 18-22, 2026 in Chicago. Alixorexton is a novel, investigational, oral, selective orexin 2 receptor agonist in development for the treatment of NT1, narcolepsy type 2 and idiopathic hypersomnia. 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 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% 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. "Results from the Vibrance-1 phase 2 study of alixorexton provide a rich and comprehensive dataset that allows us to better understand its treatment effects on core symptoms of narcolepsy type 1. Improvements observed at week 6 across patient-reported measures of disease severity, cognitive functioning and fatigue were sustained through the seven-week open-label extension, supporting the durability of alixorexton's effects," said 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. "These patient-reported outcomes highlight clinically relevant dimensions of narcolepsy that are often underrecognized, yet central to patients' daily functioning, and demonstrate alixorexton's potential to make a meaningful impact for people living with narcolepsy type 1." Exploratory patient-reported outcomes in Vibrance-1 included the Narcolepsy Severity Scale-Clinical Trials, British Columbia Cognitive Complaints Inventory, Patient Global Impression of Severity for Cognition, PROMIS-Fatigue Short-form 6a, and PGI-S for Fatigue. Clinically meaningful improvements were seen across all PRO measures at week 6 with alixorexton, with improvements sustained through weeks 12-13. 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 were reported. Most TEAEs were mild to moderate in severity.
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- Clinical Trial Progress: Alkermes' alixorexton demonstrated statistically significant improvements in wakefulness during mid-stage studies compared to placebo, indicating its potential in treating narcolepsy and attracting interest from large pharma companies.
- Positive Market Reaction: Following Eli Lilly's acquisition of Centessa, Alkermes shares surged 15%, reflecting market optimism regarding its prospects in the sleep disorder space, particularly with its developing orexin 2 receptor drug.
- Analyst Outlook: RBC Capital highlighted that the Lilly-Centessa deal underscores large pharma interest in the sleep sector, assigning Alkermes an 'Outperform' rating with a $45 price target, suggesting the stock is undervalued based on its orexin program alone.
- Retail Investor Sentiment Shift: On Stocktwits, retail sentiment around Alkermes stock shifted from 'neutral' to 'bullish' in the past 24 hours, with message volume increasing from 'low' to 'normal' levels, indicating rising interest in the stock.
- Grant Program Launch: Alkermes plc announced the opening of applications for the Alkermes Pathways APN Research Awards™ program starting March 16, 2026, designed to support research by psychiatric-mental health nurse practitioners with grants up to $10,000, reflecting the company's ongoing commitment to mental health.
- Eligibility Criteria: Applicants must be licensed psychiatric-mental health nurse practitioners engaged in clinical, academic, or community health settings, holding a doctoral degree or having a qualified co-investigator, ensuring the professionalism and effectiveness of the research.
- Review Process: All applications will be reviewed by an independent committee composed of prominent researchers in the field, ensuring the scientific rigor and clinical relevance of funded projects, thereby enhancing the quality of patient care.
- Industry Impact: This program not only provides significant research opportunities for nurse practitioners but also aims to advance clinical practices related to serious mental illnesses, such as schizophrenia and bipolar I disorder, further solidifying Alkermes' leadership in the mental health sector.
- Revenue Growth Expectations: Alkermes anticipates total revenues exceeding $1.73 billion in 2026, with adjusted EBITDA projected between $370 million and $410 million, indicating a strategic decision to diversify income following the Avadel acquisition.
- Strategic Significance of Avadel Acquisition: CEO Richard F. Pops emphasized that the acquisition not only adds a new revenue stream but also accelerates Alkermes' entry into the commercial sleep medicine market, particularly through LUMRYZ and the upcoming launch of alixorexton.
- Strong Product Sales Performance: In 2025, Alkermes reported proprietary product sales of $1.2 billion, a 9% year-over-year increase, with LUMRYZ contributing approximately $279 million in net sales, expected to continue growing in 2026, further solidifying market position.
- Financial Health Status: The company ended 2025 with $1.3 billion in cash and investments, maintaining good financial flexibility to support future growth despite utilizing $775 million for the Avadel acquisition and taking on $1.525 billion in long-term loans.
- Earnings Decline: Alkermes plc reported a fourth-quarter net income of $49.34 million, translating to $0.29 per share, which represents a significant drop from last year's $146.50 million and $0.88 per share, indicating a marked decline in the company's profitability.
- Revenue Decrease: The company's revenue for the fourth quarter was $384.54 million, a 10.6% decrease from $429.98 million last year, reflecting weakened market demand and increased competition.
- Financial Performance Comparison: Alkermes' earnings per share fell by 66.0% compared to the same period last year, which not only impacts investor confidence but may also pressure the stock price and affect the company's future financing capabilities.
- Uncertain Market Outlook: With both earnings and revenue declining, Alkermes faces greater market challenges and may need to reassess its strategy to cope with industry changes and competitive pressures.
- Financial Performance Overview: Alkermes plc reported its financial results for the quarter and year ended December 31, 2025, indicating continued growth expectations for 2026, although specific figures were not disclosed, reflecting the company's stability and potential in the biopharmaceutical sector.
- Investor Call Arrangement: The company will host a conference call and webcast at 8:00 a.m. EST (1:00 p.m. GMT) to discuss financial results and future outlook, enhancing communication and transparency with investors.
- Product Portfolio and R&D: Alkermes focuses on neuroscience, with proprietary commercial products for alcohol and opioid dependence, and is developing late-stage clinical candidates for narcolepsy and other neurological disorders, demonstrating its commitment to innovative drug development.
- Global Business Presence: Headquartered in Ireland, Alkermes has a research and development center in Massachusetts and a manufacturing facility in Ohio, indicating its global business expansion and technical capabilities.








