Richard Pops, CEO of 27 Years, Retires, Ushering in the Era of New CEO Blair Jackson

Richard Pops, who has led Alkermes' growth for 35 years since 1991, will retire on July 31, 2026, and Blair Jackson, the current COO, will officially take over as the new CEO on August 1. This change in leadership is more than just a generational shift; it represents a strategic turning point for Alkermes to take the lead in the OX2R agonist market over the next 12 months. Blair Jackson, the new CEO, has been a key figure in coordinating Alkermes' production, commercialization, and other major operations since 1999, and has been instrumental in exploring the potential for successful development. His promotion reflects the board's strong commitment to further maximize his expertise in commercializing neurological products and to achieve early market penetration of the pipeline, which is now in late-stage clinical development.

Acceleration of Phase 3 Clinical Trial for ALKS 2680 (alixorexton), a Once-Daily Formulation

Alkermes has secured positive Phase 2 results in the VIBRANCE-1 trial for patients with Type 1 narcolepsy (NT1) and is accelerating the Phase 3 clinical trial of ALKS 2680 (alixorexton), its narcolepsy pipeline. Orexin, a neurotransmitter in the brain that regulates wakefulness and sleep cycles, is directly stimulated by this drug, which is expected to be a fundamental treatment alternative, unlike existing symptomatic treatments. In particular, ALKS 2680 is being developed as a once-daily oral formulation, which differentiates it from competitors and is expected to significantly improve patient compliance and serve as an absolute advantage in capturing market share. In the first year under the new CEO, the successful enrollment of the first patient in the Phase 3 trial and the availability of interim data will be key to re-evaluating Alkermes' medium- to long-term corporate value.

Formation of a Three-Way Orexin Market with Eli Lilly and Takeda

The narcolepsy treatment market is being reshaped into a three-way competition between Takeda's TAK-861 (oveporexton) and Centessa's ORX750 (cleminorexton), which was recently acquired by Eli Lilly for $6.3 billion. Takeda's TAK-861 is the frontrunner, having completed its Phase 3 trial and is preparing for regulatory approval, but it has the limitation of requiring twice-daily administration. In response, Eli Lilly's acquisition of Centessa in March 2026 has brought ORX750, which is in Phase 2, into the race, and is expected to leverage the marketing power of a major multinational pharmaceutical company. Alkermes aims to secure a niche market and achieve an independent market share by leveraging the convenience of once-daily administration and its accumulated expertise in commercializing neurological drugs in the face of these major players.

Implications and Re-evaluation Prospects for Capturing the $4 Billion Narcolepsy Market

The global narcolepsy treatment market is estimated at approximately $4 billion in 2026, and analysts predict that it will grow to over $8 billion within the next 10 years. If ALKS 2680 proves its safety and efficacy and receives final approval, Alkermes will be completely transformed from a company specializing in psychiatric and addiction treatments to a leading innovator in neurological diseases. Furthermore, this CEO change and the progress in clinical development will demonstrate the value of orexin agonist technology, which could lead to additional financial opportunities, such as large-scale technology licensing or partnerships with global Big Pharma. Under the leadership of the new CEO, Blair Jackson, all eyes are on whether Alkermes will achieve the milestones it has set in a timely manner.