ALKS Alkermes plc

Wells Fargo⬆️ $ALKS's PT to $68 from $65 and reiterated Overweight [CNTA - LLY TAK OTSKY AXSM SUPN] Wells Fargo said in its note: We like the potential for IH data to unlock add'l value for sleep, but also for its potential to de- risk wake-promoting effects in orexin-normal pts. For Vib-3, we think split dosing will work, and we like the pooled pbo stats design. PT to $68. Inbound investor Q's have been largely focused on the orexin programs, w/ interest in the upcoming IH readout, as well as non-sleep pursuits. IH matters near term; we're positive given the split dosing strategy, and pooling the pbo arms ought to mitigate some variability. We think the IH commercial opp'y is meaningful, but we're also focused on the pot'l for Vib.3 to demonstrate efficacy in orexin-normal patients. If pos., we think appetite to own '7290 & '4510 catalysts increases.

$ALKS paid 2,306.9 million dollars for Avadel, and the 10-Q allocation is mostly one drug. LUMRYZ got 1,768.6 million dollars of the 1,794.9 million in intangibles acquired, goodwill was another 509.5 million, and the CVR liability already sits at 136.9 million dollars against a 165.7 million maximum. Acquired LUMRYZ inventory also carried a 121.6 million dollar step up above cost, which will run through cost of goods as it sells.

$ALKS Q3 '26 Earnings Results & Recap • Reported GAAP EPS of $0.09 down -81.63% YoY • Reported revenue of $480.13M up 21.80% YoY • Alkermes reiterated its financial expectations for 2026, as set forth in its July 28, 2026 press release; this filing does not state quantified revenue, margin, or earnings expectations.

$ALKS reclaimed its 200DMA and supporting trendline today! Over $1.2M in premium hit the tape for January 2028 $55 Calls! 😲 This is a beautiful set up for the long term - immediate target at ~$43!