Alkermes is a U.S.-focused biopharmaceutical company that develops, manufactures, and commercializes drugs for neurological and psychiatric disorders. Its three core commercial products are VIVITROL, a once-monthly injectable for alcohol and opioid dependence; ARISTADA/ARISTADA INITIO, a long-acting injectable antipsychotic for schizophrenia; and LYBALVI, a once-daily oral antipsychotic for schizophrenia and bipolar I disorder that pairs olanzapine with an opioid antagonist intended to reduce olanzapine's weight gain side effects. In February 2026, Alkermes acquired Avadel Pharmaceuticals, adding LUMRYZ, a once-at-bedtime narcolepsy treatment. Alkermes sells its products to wholesalers and pharmacies and maintains a direct sales force of roughly 600 people. A secondary revenue stream comes from royalties and manufacturing fees tied to older technology licensing partnerships, primarily with Biogen and Janssen, though this stream is declining as legacy royalties expire. All products are manufactured domestically in Wilmington, Ohio. Alkermes' primary growth driver is alixorexton, an oral orexin 2 receptor agonist in development for narcolepsy type 1, narcolepsy type 2, and idiopathic hypersomnia. Alixorexton received FDA Breakthrough Therapy designation in late 2025, and Alkermes plans to initiate a Phase 3 program in early 2026.