Alkermes plc

Greetings and welcome to the Alchemy's fourth quarter 2025 financial results conference call. My name is Melissa and I will 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 on 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, please go ahead.

Good morning. Welcome to the Alkermes PLC conference call to discuss our financial results and business update for the quarter and year-ended December 31, 2025. With me today are Richard Pops, our CEO, Joshua Reed, our Chief Financial Officer, Todd Nichols, our Chief Commercial Officer, and Blair Jackson, our Chief Operating Officer, who will join us for the Q&A. 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 2 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 statements. 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'll open the call for Q&A. And now I'll turn the call over to Richard for some opening remarks.

Great. Thank you, Sandy, and good morning, everyone. Well, we clearly had a strong and eventful 2025. As we enter 2026, there are three elements of the business to understand and to value. And the first is the commercial business. In 2026, we expect to generate revenues of more than $1.7 billion and adjusted EBITDA of more than $370 million. and we're continuing to build this business with the recently completed acquisition of Avidel. Adding Avidel represents an important milestone and strategic step in the company's transformation. The acquisition adds an important new revenue stream and growth opportunity to our portfolio of commercial products. Strategically, it accelerates our entry into the commercial sleep medicine market and provides a highly functional commercial platform for the potential launch of elixirexin, which brings me to the second element of our business, Alexorexin, our most advanced orexin candidate. We plan to enter phase three in narcolepsy this quarter, following the completion of a rigorous phase two program and with recently granted FDA breakthrough therapy designation. We had our end of phase two meeting with FDA last week, which solidified our registration plan and reaffirmed for us the benefit of consistent interactions with the reviewing division. We believe Alexorexin has blockbuster potential and could advance the standard of care in central disorders of hypersomnolence. We're ready for phase three. We're excited to get going. And third is the opportunity that extends beyond elixirexin and central disorders of hypersomnolence. Orexin-2 receptor agonist candidates represent an entirely new potential vertical of growth and expansion in multiple disease areas beyond sleep medicine. We identified this early on and were leaders in advancing the frontiers of this pharmacology. Following a review of the financials and the commercial performance and outlook, I'll provide an update on where we are today and our plans to advance these development programs in 2026. So with that, I'll turn it over to Joshua to review our financial performance and expectations. Thank you, Richard.