Alkermes CEO Richard Pops to Retire After 35-Year Leadership, Blair Jackson Named Successor
Key Insights
Richard Pops will retire as Alkermes CEO on July 31, 2026, after 35 years of leadership that transformed the company from a 20-employee startup into a $1.5 billion revenue biopharmaceutical leader.
Blair Jackson, current Executive Vice President and Chief Operating Officer, will succeed Pops as CEO on August 1, 2026, while Pops continues as Chairman of the Board.
Under Pops' leadership, Alkermes evolved from a drug delivery specialist to a neuroscience-focused company with commercial products for mental health and addiction, plus a promising pipeline in sleep medicine including breakthrough-designated alixorexton (search).
Alkermes announced that Richard Pops, one of the biopharmaceutical industry's longest-serving chief executives, will retire from his role as CEO on July 31, 2026, after 35 years of transformative leadership. The company's Board of Directors has appointed Blair Jackson, current Executive Vice President and Chief Operating Officer, as the next CEO effective August 1, 2026.
Transformational Leadership Legacy
Pops joined Alkermes in 1991 as CEO, just four years after the company's founding, when it employed only 20 people and focused on drug delivery technologies for crossing the blood-brain barrier. Under his leadership, Alkermes has evolved into a leading commercial-stage biopharmaceutical company with more than 2,000 employees and approximately $1.5 billion in annual revenues.
"It has been a great honor to serve as CEO of Alkermes alongside so many dedicated colleagues over the years," Pops stated. "From the beginning, the evolution of this company has been guided by science and driven by purpose—a commitment to follow the data, act with integrity, make a meaningful difference for patients, and create value for our shareholders."
The company has achieved a three-year streak of positive earnings starting in 2023, with $242 million in profit on $1.5 billion in 2025 revenue, marking a significant turnaround from previous challenges including a depression drug rejection by the FDA in 2019.
Strategic Focus on Neuroscience and Sleep Medicine
Alkermes has developed a portfolio of commercial products for treating alcohol dependence (search), opioid dependence (search), schizophrenia (search), bipolar I disorder (search), and narcolepsy (search). The company's pipeline includes multiple development candidates focused on orexin (search) agonism, described as "one of the most exciting new therapeutic categories in neuroscience."
Most notably, the company's alixorexton (search) has received Breakthrough Therapy designation from the FDA for treatment of narcolepsy (search) type 1. The drug will begin late-stage testing this quarter as Alkermes positions itself as a major player in sleep medicine.
Strategic Acquisition Enhances Sleep Portfolio
The recent acquisition of Avadel Pharmaceuticals has added an FDA-approved product, Lumryz, to Alkermes' commercial portfolio in the sleep medicine market. This acquisition provides the company with a commercial organization experienced in narcolepsy (search), enhancing its ability to unlock the full potential of its late-stage development pipeline focused on central disorders of hypersomnolence.
However, the Avadel acquisition is expected to add new costs to Alkermes' balance sheet in 2026, with the company forecasting between $115 million and $135 million in losses this year on revenues of $1.7 billion to $1.8 billion.
Leadership Transition and Future Direction
Jackson brings over 25 years of diverse scientific, operational, and business strategy experience in the biopharmaceutical industry. Since joining Alkermes in 1999, he has served in various roles and has been instrumental in guiding the company through its recent transformation, including the divestment of its oncology business and the Avadel acquisition.
"I am honored to carry forward Alkermes' legacy of working to address unmet needs of patients living with complex conditions in the neuroscience space," Jackson said. "With a strong commercial business, an exciting pipeline, a deeply committed team, and a clear path for growth, I'm energized by the opportunities ahead."
Andy Wilson, Lead Independent Director of the Alkermes Board, praised Pops' leadership: "Throughout Richard's tenure, his leadership has been defined by strategic clarity, bold decision-making, an unwavering belief in the company's potential and a profound commitment to some of the country's most under-served patient populations."
RBC Capital Markets analyst Leonid Timashev noted that "the leadership change could be welcome by investors as the company moves more deeply into the sleep space," though Alkermes shares fell as much as 8% in morning trading following the announcement.