ALKS: Revitalyz (Lumryz in IH) Is Positive, and Confirms Next Growth Opportunity

研报英文原文证据摘录

ALKS: Revitalyz (Lumryz in IH) Is Positive, and Confirms Next Growth Opportunity

Equity Research

Flash Comment — May 12, 2026

Biotechnology

Alkermes PLC

Revitalyz (Lumryz in IH) Is Positive, and Confirms Next Overweight

Growth Opportunity Price Target: $44.00

Ticker ALKS

Our Call Upside/(Downside) to Target 24.0%

We think investors largely expected Lumryz to work in IH, given the clinical precedent set by Price (05/11/2026) $35.47

Xywav. Still, we think this was an important milestone for ALKS, as IH has been the largest 52 Week Range $25.17 - 36.60

source of growth for Xywav. We expect market entry on 3/1/2028. Market Cap (MM) 5,895

Source: Company Data, Wells Fargo Securities estimates, and Factset.

Initial Thoughts NA = Not Available, NC = No Change, NE = No Estimate

Revitalyz hit on all primary and secondary endpoints. ALKS reported that Lumryz Benjamin Burnett, PhD

hit stats on the primary (Epworth Sleepiness Scale, ESS) vs. pbo, w/ a p value less Equity Analyst | Wells Fargo Securities, LLC

Benjamin.J.Burnett@wellsfargo.com | 212-214-5909

than 0.0001. Secondary endpoints, IHSS & PGI-C, were also highly stat. sig. We think

expectations going into the readout were high given Xywav's efficacy in a similarly Tianqi Hang, PhD

designed study. On safety, ALKS notes that the AE profile was generally consistent w/ Associate Equity Analyst | Wells Fargo Securities, LLC Tianqi.Hang@wellsfargo.com | 212-214-5018

prev. observed safety w/ Lumryz & that no new signals were observed in this pop.

Orfeas Sfyrlas

Associate Equity Analyst | Wells Fargo Securities, LLC

sNDA by YE2026, though JAZZ agreement bars ALKS from entry before 3/1/2028. On Orfeas.Sfyrlas@wellsfargo.com | 646-425-2547

timelines, ALKS noted that they expect to file an sNDA for Lumryz in IH by the end of this