- 2025 Total Revenue: Generated $1.5 billion in 2025, driven by proprietary products like VIVITROL ($467.9M), ARISTADA ($370M), and Livaldi ($346.7M).
- 2026 Revenue Projections: Anticipates $1.73–$1.84 billion in total revenue, with adjusted EBITDA of $370–$410 million.
- Avadel Acquisition Impact: Strategic acquisition adds sleep medicine commercial capabilities and a new revenue stream, enhancing the platform for elixirixant's potential launch.
- Elixirixant Phase 3 Launch: Entering Phase 3 trials for narcolepsy in Q1 2026 after FDA breakthrough therapy designation, with potential blockbuster status.
Revenue Growth Expectations
Analysts estimate next year's revenue growth at 7.6%. The company's guidance for 2026 expects VIVITROL net sales in the range of $460 million to $480 million, ARISTADA net sales in the range of $365 million to $385 million, and LEVOLVI net sales in the range of $380 million to $400 million. The company also expects strong continued growth uptake of LUMRIZE, with total revenue in the range of $350 million to $370 million for the full year.
Valuation Metrics
The current valuation metrics indicate that the stock is trading at a P/E Ratio of 21.15, P/B Ratio of 2.81, and P/S Ratio of 3.47. The EV/EBITDA ratio is 18.14, suggesting that the company's EBITDA is expected to grow. The ROE is 14.45%, and ROIC is 20.77%, indicating a strong return on equity and invested capital. With a Net Debt / EBITDA ratio of -2.04, the company has a significant net cash position, providing flexibility for future investments or potential share buybacks.
Pipeline Updates and Growth Potential
The company has made significant progress in its pipeline, with elixorexant moving to Phase 3 in narcolepsy, following the completion of a rigorous Phase 2 program and FDA breakthrough therapy designation. As Richard F. Pops mentioned, "we believe elixirixant has blockbuster potential and could advance the standard of care in central disorders of hypersomnia." The company is also advancing other orexin-2 receptor agonist candidates, including ALKS 7,290 and ALKS 4,510, into Phase 1 studies in healthy volunteers.
Commercial Portfolio Performance
The company's commercial portfolio delivered another year of solid performance, providing a profitable foundation that enables continued investment in its strategic priorities. With the Avadel transaction now closed, the company enters 2026 with expanded commercial capabilities and a broader platform from which to grow. As C. Todd Nichols stated, "we are excited to build on the strong foundation and enter 2026 with meaningful opportunities to drive growth and broaden the impact of our commercial business."