Alixorexton

— Second Quarter Revenues of $390.7 Million — — GAAP Net Income of $87.1 Million and Diluted GAAP Earnings per Share of $0.52 — — Company Reiterates 2025 Financial Expectations — — Alkermes to Present Detailed Vibrance-1 Results at Upcoming World Sleep Congress — DUBLIN , July 29, 2025 /PRNewswire/ -- Alkermes plc (Nasdaq: ALKS) today reported financial results for the second quarter of 2025. "Our second quarter results reflect strong performance across all three of our proprietary products and robust profitability and cash flow generation," said Richard Pops , Chief Executive Officer of Alkermes. "Against the backdrop of solid financial performance, the recently announced positive topline results from Vibrance-1, our phase 2 study of alixorexton (ALKS 2680) in narcolepsy type 1, were an important milestone in the development program and underscore the differentiated features of alixorexton. These data also highlight the potential of orexin 2 receptor agonists to transform the treatment of narcolepsy. As we prepare to initiate a global phase 3 program, we look forward to sharing detailed results from Vibrance-1 at the upcoming World Sleep Congress and topline results from our Vibrance-2 study in patients with narcolepsy type 2 this fall." Key Financial Highlights Revenues (In millions) Three Months Ended June 30 , Six Months Ended June 30 , 2025 2024 2025 2024 Total Revenues $ 390.7 $ 399.1 $ 697.2 $ 749.5 Total Proprietary Net Sales $ 307.2 $ 269.3 $ 551.7 $ 502.8 VIVITROL® $ 121.7 $ 111.9 $ 222.7 $ 209.5 ARISTADA®i $ 101.3 $ 86.0 $ 174.8 $ 164.9 LYBALVI® $ 84.3 $ 71.4 $ 154.3 $ 128.4 Profitability (In millions) Three Months Ended June 30 , Six Months Ended June 30 , 2025 2024 2025 2024 GAAP Net Income From Continuing Operations $ 87.1 $ 94.7 $ 109.6 $ 133.6 GAAP Net Income (Loss) From Discontinued Operations $ -- $ (3.3) $ -- $ (5.4) GAAP Net Income $ 87.1 $ 91.4 $ 109.6 $ 128.2 EBITDA From Continuing Operations $ 101.6 $ 118.6 $ 124.3 $ 170.1 EBITDA From Discontinued Operations $ -- $ (3.9) $ -- $ (6.4) EBITDA $ 101.6 $ 114.7 $ 124.3 $ 163.7 Adjusted EBITDA $ 126.5 $ 135.3 $ 172.1 $ 217.1 Revenue Highlights LYBALVI Revenues for the quarter were $84.3 million . Revenues and total prescriptions for the quarter grew 18% and 22%, respectively, compared to the second quarter of 2024. ARISTADAi Revenues for the quarter were $101.3 million . Revenues for the quarter grew 18% compared to the second quarter of 2024. During the quarter, the company recorded ARISTADA revenue of approximately $11.0 million related to gross-to-net favorability, primarily driven by Medicaid utilization adjustments. VIVITROL Revenues for the quarter were $121.7 million . Revenues for the quarter grew 9% compared to the second quarter of 2024. During the quarter, the company recorded VIVITROL revenue of approximately $9.0 million related to gross-to-net favorability, primarily driven by Medicaid utilization adjustments. Manufacturing & Royalty Revenues VUMERITY® manufacturing and royalty revenues for the quarter were $39.4 million . Royalty revenues from XEPLION®, INVEGA TRINZA®/TREVICTA® and INVEGA HAFYERA®/BYANNLI® for the quarter were $30.3 million . Key Operating Expenses Please see Note 1 below for details regarding discontinued operations. (In millions) Three Months Ended June 30 , Six Months Ended June 30 , 2025 2024 2025 2024 R&D Expense – Continuing Operations $ 77.4 $ 59.6 $ 149.2 $ 127.3 R&D Expense – Discontinued Operations $ -- $ 3.9 $ -- $ 6.4 SG&A Expense – Continuing Operations $ 170.8 $ 168.1 $ 342.6 $ 347.9 SG&A Expense – Discontinued Operations $ -- $ -- $ -- $ -- Balance SheetAt June 30, 2025 , the company recorded cash, cash equivalents and total investments of $1.05 billion , compared to $916.2 million at March 31, 2025 . Financial Expectations for 2025Alkermes reiterates its financial expectations for 2025, as set forth in its press release dated Feb. 12, 2025 . Notes and Explanations1. The company determined that upon the separation of its former oncology business, completed on Nov. 15, 2023 , the oncology business met the criteria for discontinued operations in accordance with Financial Accounting Standards Board Accounting Standards Codification 205, Discontinued Operations. Accordingly, the accompanying selected financial information has been updated to present the results of the oncology business as discontinued operations for the three and six months ended June 30, 2024 . Conference CallAlkermes will host a conference call and webcast presentation with accompanying slides at 8:00 a.m. ET ( 1:00 p.m. BST ) on Tuesday, July 29, 2025 , to discuss these financial results and provide an update on the company. The webcast may be accessed on the Investors section of Alkermes' website at www.alkermes.com. The conference call may be accessed by dialing +1 877 407 2988 for U.S. callers and +1 201 389 0923 for international callers. In addition, a replay of the conference call may be accessed by visiting Alkermes' website. About Alkermes plc Alkermes plc is a global biopharmaceutical company that seeks to develop innovative medicines in the field of neuroscience. The company has a portfolio of proprietary commercial products for the treatment of alcohol dependence, opioid dependence, schizophrenia and bipolar I disorder, and a pipeline of clinical and preclinical candidates in development for neurological disorders, including narcolepsy and idiopathic hypersomnia. Headquartered in Ireland , Alkermes also has a corporate office and research and development center in Massachusetts and a manufacturing facility in Ohio . For more information, please visit Alkermes' website at www.alkermes.com. Non-GAAP Financial MeasuresThis press release includes information about certain financial measures that are not prepared in accordance with generally accepted accounting principles in the U.S. (GAAP), including EBITDA and Adjusted EBITDA. These non-GAAP measures are not based on any standardized methodology prescribed by GAAP and are not necessarily comparable to similar measures presented by other companies. EBITDA represents earnings before interest, tax, depreciation and amortization. Adjusted EBITDA excludes share-based compensation expense in addition to the components of EBITDA from earnings. The company's management and board of directors utilize these non-GAAP financial measures to evaluate the company's performance. The company provides these non-GAAP financial measures of the company's performance to investors because management believes that these non-GAAP financial measures, when viewed with the company's results under GAAP and the accompanying reconciliations, are useful in identifying underlying trends in ongoing operations. However, EBITDA and Adjusted EBITDA are not measures of financial performance under GAAP and, accordingly, should not be considered as alternatives to GAAP measures as indicators of operating performance. Further, EBITDA and Adjusted EBITDA should not be considered measures of the company's liquidity. A reconciliation of GAAP to non-GAAP financial measures has been provided in the tables included in this press release. Note Regarding Forward-Looking StatementsCertain statements set forth in this press release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including, but not limited to, statements concerning: the company's expectations concerning its future financial and operating performance, business plans or prospects; and the company's expectations regarding development plans, activities and timelines for, and the potential therapeutic and commercial value of, alixorexton (formerly referred to as ALKS 2680). The company cautions that forward-looking statements are inherently uncertain. The forward-looking statements are neither promises nor guarantees and they are necessarily subject to a high degree of uncertainty and risk. Actual performance and results may differ materially from those expressed or implied in the forward-looking statements due to various risks and uncertainties. These risks and uncertainties include, among others: whether the company is able to achieve its financial expectations; clinical development activities may not be initiated or completed on expected timelines or at all; the results of the company's development activities may not be positive, or predictive of future results from such activities, results of future development activities or real-world results; the company's products or product candidates could be shown to be ineffective or unsafe; the U.S. Food and Drug Administration (FDA) or regulatory authorities outside the U.S. may not agree with the company's regulatory approval strategies or may make adverse decisions regarding the company's products; potential changes in the cost, scope and duration of the company development programs; the unfavorable outcome of arbitration, litigation, or other proceedings or disputes related to the company's products or products using the company's proprietary technologies; the company and its licensees may not be able to continue to successfully commercialize their products or support revenue growth from such products; there may be a reduction in payment rate or reimbursement for the company's products or an increase in the company's financial obligations to government payers; the company's products may prove difficult to manufacture, be precluded from commercialization by the proprietary rights of third parties, or have unintended side effects, adverse reactions or incidents of misuse; and those risks and uncertainties described under the heading "Risk Factors" in the company's Annual Report on Form 10-K for the year ended Dec. 31, 2024 and in subsequent filings made by the company with the U.S. Securities and Exchange Commission (SEC), which are available on the SEC's website at www.sec.gov. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Except as required by law, the company disclaims any intention or responsibility for updating or revising any forward-looking statements contained in this press release. VIVITROL® is a registered trademark of Alkermes, Inc. ; ARISTADA®, ARISTADA INITIO® and LYBALVI® are registered trademarks of Alkermes Pharma Ireland Limited , used by Alkermes, Inc. under license; BYANNLI®, INVEGA HAFYERA®, INVEGA TRINZA®, TREVICTA® and XEPLION® are registered trademarks of Johnson & Johnson or its affiliated companies; and VUMERITY® is a registered trademark of Biogen MA Inc. , used by Alkermes under license. ___________________i The term "ARISTADA" as used in this press release refers to ARISTADA and ARISTADA INITIO®, unless the context indicates otherwise. Alkermes plc and Subsidiaries Selected Financial Information (Unaudited) Condensed Consolidated Statements of Operations - GAAP Three Months Ended Three Months Ended (In thousands, except per share data) June 30, 2025 June 30, 2024 Revenues: Product sales, net $ 307,235 $ 269,273 Manufacturing and royalty revenues 83,422 129,858 Total Revenues 390,657 399,131 Expenses: Cost of goods manufactured and sold 49,460 61,472 Research and development 77,370 59,649 Selling, general and administrative 170,849 168,113 Amortization of acquired intangible assets — 14 Total Expenses 297,679 289,248 Operating Income 92,978 109,883 Other Income, net: Interest income 11,090 10,735 Interest expense — (5,952) Other income, net 771 2,053 Total Other Income, net 11,861 6,836 Income Before Income Taxes 104,839 116,719 Income Tax Provision 17,741 22,061 Net Income From Continuing Operations 87,098 94,658 Loss From Discontinued Operations — Net of Tax — (3,300) Net Income — GAAP $ 87,098 $ 91,358 GAAP Earnings Per Ordinary Share - Basic: From continuing operations $ 0.53 $ 0.56 From discontinued operations $ — $ (0.02) From net income $ 0.53 $ 0.54 GAAP Earnings Per Ordinary Share - Diluted: From continuing operations $ 0.52 $ 0.55 From discontinued operations $ — $ (0.02) From net income $ 0.52 $ 0.53 Weighted Average Number of Ordinary Shares Outstanding: Basic 164,959 168,321 Diluted 168,357 170,977 An itemized reconciliation between net income from continuing operations on a GAAP basis and Adjusted EBITDA is as follows: Net Income from Continuing Operations $ 87,098 $ 94,658 Adjustments: Depreciation and amortization expense 7,818 6,658 Interest income (11,090) (10,735) Interest expense — 5,952 Income tax provision 17,741 22,061 EBITDA from Continuing Operations 101,567 118,594 EBITDA from Discontinued Operations — (3,913) EBITDA 101,567 114,681 Share-based compensation 24,966 20,601 Adjusted EBITDA $ 126,533 $ 135,282 Alkermes plc and Subsidiaries Selected Financial Information (Unaudited) Condensed Consolidated Statements of Operations - GAAP Six Months Ended Six Months Ended (In thousands, except per share data) June 30, 2025 June 30, 2024 Revenues: Product sales, net $ 551,728 $ 502,809 Manufacturing and royalty revenues 145,439 246,691 Research and development revenue — 3 Total Revenues 697,167 749,503 Expenses: Cost of goods manufactured and sold 98,657 120,116 Research and development 149,187 127,260 Selling, general and administrative 342,553 347,862 Amortization of acquired intangible assets — 1,073 Total Expenses 590,397 596,311 Operating Income 106,770 153,192 Other Income, net: Interest income 21,231 20,134 Interest expense — (11,930) Other income, net 2,327 2,235 Total Other Income, net 23,558 10,439 Income Before Income Taxes 130,328 163,631 Income Tax Provision 20,766 30,025 Net Income From Continuing Operations 109,562 133,606 Loss From Discontinued Operations — Net of Tax — (5,420) Net Income — GAAP $ 109,562 $ 128,186 GAAP Earnings Per Ordinary Share - Basic: From continuing operations $ 0.67 $ 0.79 From discontinued operations $ — $ (0.03) From net income $ 0.67 $ 0.76 GAAP Earnings Per Ordinary Share - Diluted: From continuing operations $ 0.65 $ 0.78 From discontinued operations $ — $ (0.03) From net income $ 0.65 $ 0.75 Weighted Average Number of Ordinary Shares Outstanding: Basic 164,188 168,152 Diluted 168,470 171,960 An itemized reconciliation between net income from continuing operations on a GAAP basis and Adjusted EBITDA is as follows: Net Income from Continuing Operations $ 109,562 $ 133,606 Adjustments: Depreciation and amortization expense 15,239 14,714 Interest income (21,231) (20,134) Interest expense — 11,930 Income tax provision 20,766 30,025 EBITDA from Continuing Operations 124,336 170,141 EBITDA from Discontinued Operations — (6,429) EBITDA 124,336 163,712 Share-based compensation 47,776 53,356 Adjusted EBITDA $ 172,112 $ 217,068 Alkermes plc and Subsidiaries Selected Financial Information (Unaudited) Condensed Consolidated Balance Sheets June 30 , December 31 , (In thousands) 2025 2024 Cash, cash equivalents and total investments $ 1,054,008 $ 824,816 Receivables 354,906 389,733 Inventory 191,924 182,887 Contract assets 1,424 4,990 Prepaid expenses and other current assets 71,295 86,077 Property, plant and equipment, net 239,399 227,564 Intangible assets, net and goodwill 83,880 83,917 Deferred tax assets 155,533 154,835 Other assets 100,440 100,748 Total Assets $ 2,252,809 $ 2,055,567 Accrued sales discounts, allowances and reserves $ 253,173 $ 272,452 Other current liabilities 252,789 192,747 Other long-term liabilities 122,263 125,391 Total shareholders' equity 1,624,584 1,464,977 Total Liabilities and Shareholders' Equity $ 2,252,809 $ 2,055,567 Ordinary shares outstanding (in thousands) 165,055 162,177 This selected financial information should be read in conjunction with the consolidated financial statements and notes thereto included in Alkermes plc's Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 , which the company intends to file in July 2025 . Alkermes Contacts: For Investors: Sandy Coombs +1 781 609 6377 For Media: Katie Joyce +1 781 249 8927 View original content to download multimedia:https://www.prnewswire.com/news-releases/alkermes-plc-reports-second-quarter-2025-financial-results-302515286.html SOURCE Alkermes plc

– Alixorexton Demonstrated Clinically Meaningful and Statistically Significant Improvements in Wakefulness at All Doses Tested Compared to Placebo in Patients With Narcolepsy Type 1 – – Alixorexton Demonstrated Robust and Consistent Improvements in Patient-Reported Outcomes Related to Disease Severity, Fatigue and Cognition at All Doses Tested – – Alixorexton Was Generally Well Tolerated at All Doses Tested – – Detailed Results to Be Presented at Upcoming World Sleep Congress – – Data Support Advancement of Alixorexton to Phase 3 Development in Narcolepsy – DUBLIN, July 21, 2025 /PRNewswire/ -- Alkermes plc (Nasdaq: ALKS) today announced positive topline results from the randomized double-blind treatment period of the Vibrance-1 phase 2 study evaluating alixorexton in patients with narcolepsy type 1 (NT1). Alixorexton, formerly referred to as ALKS 2680, is the company's novel, investigational, oral orexin 2 receptor (OX2R) agonist in phase 2 development as a once-daily treatment for NT1, narcolepsy type 2 (NT2) and idiopathic hypersomnia (IH). In Vibrance-1, alixorexton met the primary endpoint across all doses tested, demonstrating statistically significant, clinically meaningful and dose-dependent improvements from baseline compared to placebo in wakefulness on the Maintenance of Wakefulness Test (MWT). In addition to achieving normative wakefulness across all dose groups on the MWT (mean sleep latency >20 minutes), once-daily alixorexton demonstrated robust and clinically meaningful improvements compared to placebo on patient-reported outcomes related to excessive daytime sleepiness and other key symptoms such as fatigue and cognition. Alixorexton was generally well tolerated at all doses tested. These data support rapid initiation of a global phase 3 program of alixorexton in patients with NT1. "These compelling results demonstrated that once-daily alixorexton normalized wakefulness and excessive daytime sleepiness scores in highly symptomatic patients with narcolepsy type 1 with a generally well tolerated profile across all doses tested. In addition, the initial data from patient-reported outcome measures related to fatigue and cognition are truly exciting and highlight the breadth of benefit that alixorexton may provide across multiple facets of narcolepsy. There is a clear and pressing need for new therapies for narcolepsy type 1, as patients continue to face a range of persistent symptoms that disrupt their day-to-day lives," 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 exciting data underscore the transformative potential of orexin 2 receptor agonists for the treatment of narcolepsy type 1 and highlight the differentiated features of alixorexton." "Data from Vibrance-1 further characterize the clinical profile of alixorexton across a range of once-daily doses in a multiweek study in patients with narcolepsy type 1. Based on the positive outcomes across multiple symptoms important to patients, we are moving forward expeditiously to initiate a global phase 3 program. We look forward to sharing detailed data from Vibrance-1 at the World Sleep meeting in September," said Craig Hopkinson, M.D., Chief Medical Officer and Executive Vice President, Research & Development at Alkermes. "These positive topline data represent an important stride forward for the alixorexton development program and Alkermes' broader portfolio of orexin 2 receptor agonists. Alkermes is at the forefront of development in this exciting potential therapeutic category, and these data support our hypothesis that the therapeutic potential of orexin 2 receptor agonists extends beyond improvements in wakefulness to other symptoms such as fatigue and cognition in narcolepsy." Vibrance-1 is a global, randomized, double-blind, placebo-controlled, multiple dose phase 2 study conducted in patients with NT1 (n=92). Patients were randomized (1:1:1:1) to receive a once-daily dose of alixorexton (4 mg, 6 mg or 8 mg) or placebo for six weeks. Primary Endpoint Maintenance of Wakefulness Test (MWT): Across all doses tested, alixorexton demonstrated statistically significant, clinically meaningful and dose-dependent improvements from baseline in mean sleep latency compared to placebo at week six (p<0.0001 at all doses)1. Key Secondary Endpoints Epworth Sleepiness Scale (ESS)2: At all doses tested, alixorexton drove statistically significant and clinically meaningful improvements from baseline in excessive daytime sleepiness compared to placebo on the Epworth Sleepiness Scale at week six (p<0.0001 at all doses). Weekly Cataplexy Rates (WCR): Alixorexton numerically improved weekly cataplexy rates across all doses compared to placebo at week six and achieved statistical significance at the 6 mg dose (p=0.005). Exploratory Patient-Reported Outcome Measures Alixorexton demonstrated consistent and clinically meaningful improvements across a number of patient-reported outcome measures of symptoms important to patients including, but not limited to, the following (reported p-values are nominal): Narcolepsy Severity Scale (NSS)3: Across all doses tested, alixorexton demonstrated clinically meaningful improvements from baseline in narcolepsy symptom severity as compared to placebo at week six (p<0.001 at all doses). British Columbia Cognitive Complaints Inventory (BC-CCI)4: Across all doses tested, alixorexton demonstrated clinically meaningful improvements from baseline in cognitive complaints compared to placebo at week six (p<0.0001 at all doses). PROMIS (Patient-Reported Outcomes Measurement Information System)-Fatigue5: Across all doses tested, alixorexton demonstrated clinically meaningful improvements from baseline in fatigue as compared to placebo at week six (p<0.01 at all doses). Alixorexton was generally well tolerated across all doses tested in the randomized double-blind period of the Vibrance-1 study. No treatment-emergent serious adverse events were reported. Most treatment-emergent adverse events (TEAEs) were mild to moderate in severity and were generally consistent with the events observed across the alixorexton phase 1 program in healthy volunteers and patients with NT1, NT2 and IH. There were no treatment-related safety signals observed in hepatic and renal parameters, vital signs, or ophthalmic exams. More than 95% of patients who participated in the six-week double-blind portion of the trial entered into the seven-week open-label extension, which is ongoing. Alkermes plans to present detailed safety and efficacy results from the Vibrance-1 phase 2 study in an oral presentation at the upcoming World Sleep Congress, taking place Sept. 5-10, 2025 in Singapore. Vibrance-2 and Vibrance-3, phase 2 studies evaluating the safety and efficacy of alixorexton in adults with NT2 (NCT06555783) and IH (NCT06843590), respectively, are ongoing. About the Vibrance-1 Phase 2 Study (NCT06358950) Vibrance-1 is a phase 2, randomized, double-blind, dose-range-finding, placebo-controlled study evaluating the safety and efficacy of alixorexton (formerly referred to as ALKS 2680) 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 and mean weekly cataplexy rate (WCR) at week six, and incidence of adverse events. The study also included a number of 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. About Alixorexton Alixorexton (formerly referred to as ALKS 2680) is a novel, investigational, oral, selective orexin 2 receptor (OX2R) agonist in development as a once-daily treatment for 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.6 Targeting the orexin system may address excessive daytime sleepiness across hypersomnolence disorders, whether or not deficient orexin signaling is the underlying cause of disease.7 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 is currently being evaluated in the phase 2 Vibrance-1, Vibrance-2 and Vibrance-3 studies in patients with NT1, NT2 and IH, respectively. About Alkermes plc Alkermes plc is a global biopharmaceutical company that seeks to develop innovative medicines in the field of neuroscience. The company has a portfolio of proprietary commercial products for the treatment of alcohol dependence, opioid dependence, schizophrenia and bipolar I disorder, and a pipeline of clinical and preclinical candidates in development for neurological disorders, including narcolepsy and idiopathic hypersomnia. Headquartered in Ireland, Alkermes also has a corporate office and research and development center in Massachusetts and a manufacturing facility in Ohio. For more information, please visit Alkermes' website at . Note Regarding Forward-Looking Statements Certain statements set forth in this press release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including, but not limited to, statements concerning: the potential therapeutic and commercial value of alixorexton (formerly referred to as ALKS 2680) and the company's expectations regarding the alixorexton development program. The company cautions that forward-looking statements are inherently uncertain. Although the company believes that such statements are based on reasonable assumptions within the bounds of its knowledge of its business and operations, the forward-looking statements are neither promises nor guarantees and they are necessarily subject to a high degree of uncertainty and risk. Actual performance and results may differ materially from those expressed or implied in the forward-looking statements due to various risks and uncertainties. These risks and uncertainties include, among others: whether initial clinical results for alixorexton will be predictive of results of future stages of ongoing clinical studies, future clinical studies or real-world results; whether ongoing or future clinical studies for alixorexton will be initiated or completed on expected timelines or at all; whether alixorexton could be shown to be ineffective or unsafe; potential changes in the cost, scope and duration of the alixorexton development program; and those risks and uncertainties described under the heading "Risk Factors" in the company's Annual Report on Form 10-K for the year ended Dec. 31, 2024 and in subsequent filings made by the company with the U.S. Securities and Exchange Commission (SEC), which are available on the SEC's website at . Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Except as required by law, the company disclaims any intention or responsibility for updating or revising any forward-looking statements contained in this press release. 1 All p-values presented are unadjusted for multiplicity. 2 Epworth Sleepiness Scale: 8-item self-administered questionnaire that measures severity of excessive daytime sleepiness across multiple conditions over the past 7 days (≤10 = normative). 3 Narcolepsy Severity Scale: 15-item self-administered questionnaire (score: 0-57) that assesses the severity and consequences of the five major narcolepsy symptoms such as daytime sleepiness, cataplexy, hallucinations, sleep paralysis, and disturbed nighttime sleep over the past 7 days. 4 British Columbia Cognitive Complaints Inventory: 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. 5 PROMIS Fatigue: 6-item self-administered questionnaire designed to assess a patients' fatigue over the past 7 days. 6 Buysse, D. Diagnosis and assessment of sleep and circadian rhythm disorders. Journal of Psychiatric Practice. 2005; 11(2):102-115 7 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). Alkermes Contacts: For Investors: Sandy Coombs, +1 781 609 6377 For Media: Gretchen Murphy, +1 781 609 6419 Logo -