Financial Expectations for 2026

In connection with the purchase price accounting related to the acquisition of Avadel, the company is updating certain non-cash elements of its 2026 full year financial expectations, resulting in improved expectations for GAAP net loss and EBITDA. All line items are according to GAAP, except as otherwise noted.

 

     
(In millions) 

Previous 2026 Expectations

(provided Feb. 25, 2026)

 

Updated 2026 Expectations

(provided May 5, 2026)

Total Revenues $1,730 – $1,840 $1,730 – $1,840
VIVITROL Net Sales $460 – $480 $460 – $480
LYBALVI Net Sales $380 – $400 $380 – $400
ARISTADAi Net Sales $365 – $385 $365 – $385
LUMRYZ Net Sales a $315 – $335 $315 – $335
Cost of Goods Sold b $365 – $385 $320 – $340
R&D Expenses $445 – $485 $445 – $485
SG&A Expenses $890 – $930 $890 – $930
Amortization of Intangible Assets c $95 – $105 $75 – $85
Net Interest Expense $75 – $85 $75 – $85
Net Tax Benefit ~$20 ~$0
GAAP Net Loss d ($115) – ($135) ($70) – ($90)
EBITDA e $60 – $90 $105 – $135
Adjusted EBITDA e $370 – $410  $370 – $410

 

  
aThe acquisition of Avadel closed on Feb. 12, 2026. LUMRYZ Net Sales expectations represents the period of Feb. 12, 2026 – Dec. 31, 2026.
bIn connection with the acquisition of Avadel, the company will record approximately $125 million of LUMRYZ inventory fair value step-up; the company expects that approximately $105 million of this amount will be expensed in 2026 as this inventory is sold.
cIn connection with the acquisition of Avadel, the company expects to record approximately $1.8 billion of intellectual property related to LUMRYZ, which will be amortized over an expected life of 14 years.
dExpected 2026 weighted average basic share count of approximately 169.1 million shares outstanding and a weighted average diluted share count of approximately 172.8 million shares outstanding.
eNon-GAAP measure.