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- **Acquisition of Avadel**: Adds LUMRYZ to diversify portfolio, with 2025 revenue of $265–$275 million.
- **Revenue Growth**: Q3 proprietary products up 16% to $317.4 million; full-year guidance raised to $1.43–$1.49 billion.
- **Pipeline Momentum**: Alixorexton NT1 Phase II data positive; NT2 data due in November with potential Phase III start in Q1 2026.
- **Product Performance**: VIVITROL, ARISTADA, and LYBALVI all exceed prior guidance, with LYBALVI TRx growth 25% YoY.
- **Financial Strength**: Q3 GAAP net income $82.8 million; EBITDA $96.9 million, with strong cash position ($1.14 billion).

**【CEO Opening Remarks】**
- Announced the proposed acquisition of Avadel Pharmaceuticals, adding LUMRYZ (FDA-approved oxybate) to diversify the portfolio and enter the sleep medicine market. Expected 2025 revenue contribution: $265–$275 million.
- Highlighted progress in the orexin receptor agonist pipeline, including alixorexton Phase II data in narcolepsy type 1 (NT1) and upcoming NT2 data in November.
- Raised full-year 2025 guidance: Total revenues $1.43–$1.49 billion, GAAP net income $230–$250 million, EBITDA $270–$290 million.

**【CFO Financial Commentary】**
- Q3 2025 total revenues: $394.2 million (16% YoY growth in proprietary products to $317.4 million).
- Gross-to-net favorability: $8 million (VIVITROL) and $5 million (ARISTADA) due to Medicaid utilization.
- R&D expenses: $81.7 million (investing in alixorexton Phase II and new orexin candidates ALKS 4510/7290).
- Q4 2025 proprietary product net sales guidance: $300–$320 million.

**【Commercial Update】**
- **VIVITROL**: Q3 net sales $121.1 million, full-year guidance raised to $460–$470 million. Driven by alcohol dependence market growth.
- **ARISTADA**: Q3 net sales $98.1 million, full-year guidance $360–$370 million. New-to-brand prescriptions and prescriber breadth increasing.
- **LYBALVI**: Q3 net sales $98.2 million (32% YoY growth), full-year guidance $340–$350 million. TRx growth 25% YoY, gross-to-net 28%.

**【Q&A Highlights】**
- **LYBALVI**: Strong TRx growth (25% YoY) due to expanded sales force. Q4 gross-to-net expected to rise slightly, but full-year guidance maintained.
- **Alixorexton NT2**: Phase II data expected in November; potential Phase III launch Q1 2026. Focus on dose response and safety in NT2 vs. NT1.
- **Policy Impact**: Medicaid utilization dynamics drove Q3 favorability, but no additional benefits expected in Q4.
- **Pipeline Expansion**: ALKS 4510/7290 Phase I studies progressing; no-salt oxybate (valiloxybate) in early development.

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