Alkermes plc

Greetings, and welcome to the Alchemy's third quarter 2025 financial results conference call. My name is Rob, and I'll be your operator for today's call. All participant lines will be placed on mute to prevent background noise. If you should require operator assistance during the call, please press star zero from your telephone keypad. Please note that this conference is being recorded. I will now turn the call over to Sandra Coombs, Senior Vice President of Investor Relations and Corporate Affairs. Sandy, you may now begin.

Thanks, Rob. Welcome to the Alkermes POC conference call to discuss our financial results and business update for the quarter ended September 30, 2025. With me today are Richard Pops, our CEO, Blair Jackson, our Chief Operating Officer, Todd Nichols, our Chief Commercial Officer, and Joshua Reed, our Chief Financial Officer. A slide presentation along with our press release, related financial tables, and reconciliations of the GAAP to non-GAAP financial measures that we'll discuss today are available on the investor section of Alkermes.com. We believe the non-GAAP financial results in conjunction with the GAAP results are useful in understanding the ongoing economics of our business. Our discussions during this conference call will include forward-looking statements. Actual results could differ materially from these forward-looking statements. Please see slide two of the accompanying presentation, our press release issued this morning, and our most recent annual and quarterly reports filed with the SEC for important risk factors that could cause our actual results to differ materially from those expressed or implied in the forward-looking statement. We undertake no obligation to update or revise the information provided on this call or in the accompanying presentation as a result of new information or future results or developments. After our prepared remarks, we will open the call for Q&A. And now I'll turn the call over to Richard for some opening remarks.

That's great, Cindy. Thank you. Good morning, everyone. So Alkermes delivered a strong third quarter. It was marked by solid commercial execution, significant progress in our development pipeline, robust financial performance, and continued execution across our strategic priorities. Today, we're raising our financial expectations for 2025, reflecting our confidence in the momentum of the business. Before we dive into the results for the quarter and our increased expectations for the remainder of 2025, I'd like to take a moment on the announcement we made last week regarding our proposed acquisition of Avidel Pharmaceuticals. This transaction is an important step forward in Alkermes' strategic evolution for three compelling reasons. First, we gain an FDA-approved medicine with significant growth potential. Lumerize is the first and only FDA-approved once-at-bedtime oxibate for the treatment of cataplexy or excessive daytime sleepiness in patients seven years or older with narcolepsy. It has already shown strong market uptake since launch. In 2025, It's expected to generate between $265 and $275 million in net revenue. Once the transaction is complete, it will immediately diversify our commercial portfolio and strengthen our profitability. Second, the acquisition will accelerate our commercial entry into the sleep medicine market. It will provide a well-established foundation for the potential launch of elixirexin, our promising erexin-2 receptor agonist in development for narcolepsy and idiopathic hypersomnia. Avidel is a recognized leader in sleep medicine and has successfully built and scaled a high-performing commercial organization. With positive Phase II data for Olexorexin and narcolepsy type 1 now in hand, data from Vibrance 2 and NT2 that we expect to report in November, and plans to initiate a global Phase III program early next year, we've reached a new level of conviction in the potential of our Olexorexin platform. And third, the financial strength of the combined company will enhance our ability to support a diversified development strategy in sleep disorders. This will include alexorexin, as well as our additional orexin-2 receptor agonist candidates, ALX4510 and ALX7290, which recently entered the clinic. Avidel's development pipeline also has the potential to broaden our offerings for the sleep community with an ongoing Phase III study of lumerizing idiopathic hypersomnia and valioxabate, a no-salt oxabate candidate in early-stage development. The proposed acquisition reinforces our commitment to neuroscience. It gives us additional scale and builds on our legacy of innovation in complex psychiatric and neurological disorders. The transaction is a compelling opportunity to accelerate our growth trajectory and is squarely aligned with our financial and strategic priorities. Upon closing, which we currently expect in Q1, we'll be able to provide more color on our expectations for the combined business. So with that as an intro, I'll turn it over to Joshua, who will walk through our third quarter financial results.