Key Win For Lumryz In Idiopathic Hypersomnia

研报英文原文证据摘录

Key Win For Lumryz In Idiopathic Hypersomnia

C O M PA N Y N O T E

M a y 1 2 , 2 0 2 6

Alkermes Plc (ALKS) Overweight

CONCLUSION PRICE: US$35.47

Alkermes announced that Lumryz met its primary endpoint in the Phase III REVITALYZ TARGET: US$43.00

trial in idiopathic hypersomnia (IH). Though the results are not at all surprising (e.g., the 25x EV/2028E EBITDA of $401M (assuming

study design was highly similar to the successful Phase III study evaluating Jazz's (JAZZ; cash of $538M, debt of $1,510M, and ~166M

Overweight) Xywav in IH), we would nonetheless view the data as a clear positive for ALKS shares outstanding), discounted by 12% for 2

shares, in the context of an IH space that very much has a good bit of white space (i.e., years

highly underdiagnosed and underpenetrated, with Xywav the only agent approved in IH,

David Amsellemin the context of a space where, like the broader narcolepsy space, polypharmacy is not Sr. Research Analyst, Piper Sandler & Co.

uncommon). We reiterate our Overweight rating and $43 PT. 212 284-9455, david.amsellem@psc.com

Alex von Riesemann

• Tidbits on the IH data, and some thoughts on positioning versus Xywav. Recall Research Analyst, Piper Sandler & Co.

that in the REVITALYZ trial, patients entered a 10-week open-label dose titration period, 212 284-9513, alex.vonriesemann@psc.com

followed by a 2-week stable dose period, after which patients were randomized to either Naoki Martin

continuation on Lumryz or switch to a placebo. The primary endpoint was the change Research Analyst, Piper Sandler & Co.

212 284-9402, naoki.martin@psc.com

in Epworth Sleepiness Scale (ESS) from the end of the stable dose period through

the randomized withdrawal period (RWP). Notably, treatment with Lumryz yielded a Changes Previous Current