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Revenue from Contracts with Customers (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Provisions for Sales and Allowances

A rollforward 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” include “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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Tabular disclosure of allowance for credit loss on right to consideration in exchange for good or service transferred to customer when right is conditioned on something other than passage of time.

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