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v3.26.1

Revenue from Contracts with Customers (Tables) | 6 Months Ended
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Jun. 30, 2026
Schedule of Provisions for Sales and Allowances | A rollfor ward of the Company’s provisions for sales discounts and allowances is as follows:
|  | Six Months Ended June 30, 2026 |
(In thousands) |  | Contractual Adjustments(2) |  |  | Discounts(3) |  |  | Product Returns |  |  | Other |  |  | Total |
Beginning balance — December 31, 2025 |  | $ | 211,440 |  |  | $ | 41,327 |  |  | $ | 55,455 |  |  | $ | 7,813 |  |  | $ | 316,035 |
Avadel beginning balance as of February 12, 2026 (1) |  |  | 1,475 |  |  |  | 15,499 |  |  |  | 724 |  |  |  | 11,323 |  |  |  | 29,021 |
Current provisions relating to sales in current year |  |  | 310,678 |  |  |  | 268,479 |  |  |  | 13,688 |  |  |  | 72,764 |  |  |  | 665,609 |
Adjustments relating to prior years |  |  | (17,719 | ) |  |  | (5,320 | ) |  |  | (3,324 | ) |  |  | 210 |  |  |  | (26,153 | )
Payments relating to sales in current year |  |  | (151,519 | ) |  |  | (243,525 | ) |  |  | (137 | ) |  |  | (53,660 | ) |  |  | (448,841 | )
Payments relating to sales in prior years |  |  | (130,931 | ) |  |  | (17,281 | ) |  |  | (5,206 | ) |  |  | (14,828 | ) |  |  | (168,246 | )
Ending balance — June 30, 2026 |  | $ | 223,424 |  |  | $ | 59,179 |  |  | $ | 61,200 |  |  | $ | 23,622 |  |  | $ | 367,425 |
(1) Amounts consist of beginning balance as of the Closing Date. (2) “Contractual Adjustments” include “Medicaid Rebates” and “Medicare Part D” accruals. (3) “Discounts” in clude “Chargebacks” and “Product Discounts.”
Schedule of Revenue Related Reserves Included in Consolidated Balance Sheets | Total revenue-related reserves as of June 30, 2026 and December 31, 2025 included in the accompanying consolidated balance sheets are summarized as follows:
|  | June 30, |  |  | December 31, |
(In thousands) |  | 2026 |  |  | 2025 |
Reduction of accounts receivable |  | $ | 18,995 |  |  | $ | 21,049 |
Components of accrued sales discounts, allowances and reserves |  |  | 295,645 |  |  |  | 247,126 |
Components of other long-term liabilities |  |  | 52,785 |  |  |  | 47,860 |
Total revenue-related reserves |  | $ | 367,425 |  |  | $ | 316,035 |
Product sales, net |
Schedule of Disaggregation of Revenues | During the three and six months ended June 30, 2026 and 2025, the Company recorded product sales, net, as follows:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
(In thousands) |  | 2026 |  |  | 2025 |  |  | 2026 |  |  | 2025 |
VIVITROL |  | $ | 124,454 |  |  | $ | 121,660 |  |  | $ | 236,888 |  |  | $ | 222,656 |
ARISTADA and ARISTADA INITIO |  |  | 96,719 |  |  |  | 101,295 |  |  |  | 190,543 |  |  |  | 174,770 |
LYBALVI |  |  | 93,979 |  |  |  | 84,280 |  |  |  | 186,343 |  |  |  | 154,302 |
LUMRYZ |  |  | 96,572 |  |  |  | — |  |  |  | 136,064 |  |  |  | — |
Total product sales, net |  | $ | 411,724 |  |  | $ | 307,235 |  |  | $ | 749,838 |  |  | $ | 551,728 |
Manufacturing and royalty revenues |
Schedule of Disaggregation of Revenues | During the three and six months ended June 30, 2026 and 2025, the Company recorded manufacturing and royalty revenues from its collaboration arrangements as follows:
|  | Three Months Ended June 30, 2026 |  |  | Six Months Ended June 30, 2026 |
(In thousands) |  | Manufacturing Revenue |  |  | Royalty Revenue |  |  | Total |  |  | Manufacturing Revenue |  |  | Royalty Revenue |  |  | Total |
Long-acting INVEGA products(1) |  | $ | — |  |  | $ | 27,451 |  |  | $ | 27,451 |  |  | $ | — |  |  | $ | 45,446 |  |  | $ | 45,446 |
VUMERITY |  |  | — |  |  |  | 30,587 |  |  |  | 30,587 |  |  |  | — |  |  |  | 57,936 |  |  |  | 57,936 |
Other |  |  | 20,901 |  |  |  | 5,346 |  |  |  | 26,247 |  |  |  | 24,969 |  |  |  | 10,731 |  |  |  | 35,700 |
|  | $ | 20,901 |  |  | $ | 63,384 |  |  | $ | 84,285 |  |  | $ | 24,969 |  |  | $ | 114,113 |  |  | $ | 139,082 |
|  | Three Months Ended June 30, 2025 |  |  | Six Months Ended June 30, 2025 |
(In thousands) |  | Manufacturing Revenue |  |  | Royalty Revenue |  |  | Total |  |  | Manufacturing Revenue |  |  | Royalty Revenue |  |  | Total |
Long-acting INVEGA products(1) |  | $ | — |  |  | $ | 30,315 |  |  | $ | 30,315 |  |  | $ | — |  |  | $ | 48,060 |  |  | $ | 48,060 |
VUMERITY |  |  | 7,383 |  |  |  | 32,016 |  |  |  | 39,399 |  |  |  | 13,358 |  |  |  | 53,874 |  |  |  | 67,232 |
Other |  |  | 9,184 |  |  |  | 4,524 |  |  |  | 13,708 |  |  |  | 20,536 |  |  |  | 9,611 |  |  |  | 30,147 |
|  | $ | 16,567 |  |  | $ | 66,855 |  |  | $ | 83,422 |  |  | $ | 33,894 |  |  | $ | 111,545 |  |  | $ | 145,439 |
(1) “long-acting INVEGA products”: INVEGA SUSTENNA/XEPLION (paliperidone palmitate), INVEGA TRINZA/TREVICTA (paliperidone palmitate) and INVEGA HAFYERA/BYANNLI (paliperidone palmitate). The Company’s royalty on net sales of INVEGA SUSTENNA in the U.S. expired in August 2024.

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