— Third Quarter Revenues of $378.1 Million —
— Net Sales of Proprietary Products Increased
Approximately 18% Year-Over-Year —
— GAAP Net Income from Continuing Operations
of $92.8 Million and Diluted GAAP
Earnings per Share from Continuing Operations of $0.56 —
— Company Reiterates 2024 Financial
Expectations —
DUBLIN, Oct. 24,
2024 /PRNewswire/ -- Alkermes plc (Nasdaq: ALKS)
today reported financial results for the third quarter of 2024.
"Our third quarter financial results reflect strong
year-over-year growth of our portfolio of proprietary commercial
products and position us well to meet our strategic, operational
and financial priorities for the year. Looking ahead, we believe
growing our proprietary commercial products and advancing our
pipeline, particularly ALKS 2680, our novel, investigational,
orexin 2 receptor agonist, and additional orexin development
candidates, will serve as the key drivers of shareholder value. We
plan to manage the business to deliver significant profitability
and cash flow while investing in these strategic initiatives," said
Richard Pops, Chief Executive Officer of Alkermes. "2025 has the
potential to be a transformational year for Alkermes as we expect
to complete the ongoing phase 2 studies in narcolepsy type 1 and
narcolepsy type 2, and prepare for potential registrational studies
for ALKS 2680. With the potential to transform the treatment of
hypersomnolence disorders, and with broad potential applicability
across other symptomatic domains, orexin 2 receptor agonists
represent one of the most exciting new therapeutic categories in
development and we believe a significant opportunity for Alkermes
and our shareholders."
Key Financial Highlights
|
Revenues
|
|
|
|
|
|
|
|
|
(In
millions)
|
Three Months
Ended
September 30,
|
|
Nine Months
Ended
September 30,
|
|
2024
|
2023
|
|
2024
|
2023
|
|
Total
Revenues
|
$
|
378.1
|
$
|
380.9
|
|
$
|
1,127.6
|
$
|
1,285.9*
|
|
Total Proprietary Net
Sales
|
$
|
273.0
|
$
|
231.8
|
|
$
|
775.8
|
$
|
678.0
|
|
VIVITROL®
|
$
|
113.7
|
$
|
99.3
|
|
$
|
323.2
|
$
|
298.0
|
|
ARISTADA®i
|
$
|
84.7
|
$
|
81.8
|
|
$
|
249.6
|
$
|
244.3
|
|
LYBALVI®
|
$
|
74.7
|
$
|
50.7
|
|
$
|
203.1
|
$
|
135.7
|
|
Profitability
|
|
|
|
|
|
|
|
|
(In
millions)
|
Three Months
Ended
September 30,
|
|
Nine Months
Ended
September 30,
|
|
2024
|
2023
|
|
2024
|
2023*
|
|
GAAP Net Income From
Continuing Operations
|
$
|
92.8
|
$
|
91.6
|
|
$
|
226.4
|
$
|
358.6
|
|
GAAP Net Loss From
Discontinued Operations
|
$
|
(0.4)
|
$
|
(43.8)
|
|
$
|
(5.8)
|
$
|
(115.6)
|
|
GAAP Net
Income
|
$
|
92.4
|
$
|
47.8
|
|
$
|
220.6
|
$
|
243.0
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Net Income
From Continuing Operations
|
$
|
121.4
|
$
|
150.4
|
|
$
|
321.0
|
$
|
314.7
|
|
Non-GAAP Net Loss
From Discontinued Operations
|
$
|
(0.4)
|
$
|
(40.8)
|
|
$
|
(5.8)
|
$
|
(108.5)
|
|
Non-GAAP Net
Income
|
$
|
121.0
|
$
|
109.5
|
|
$
|
315.2
|
$
|
206.2
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA From Continuing
Operations
|
$
|
112.3
|
$
|
107.2
|
|
$
|
282.4
|
$
|
413.5
|
|
EBITDA From
Discontinued Operations
|
$
|
(0.5)
|
$
|
(44.6)
|
|
$
|
(6.9)
|
$
|
(121.9)
|
|
EBITDA
|
$
|
111.8
|
$
|
62.7
|
|
$
|
275.5
|
$
|
291.5
|
*As a result of the successful resolution of the arbitration
with Janssen Pharmaceutica N.V., the nine months ended
September 30, 2023 included
approximately $195.4 million of back
royalties (and related interest) related to U.S. net sales of
long-acting INVEGA® products that would ordinarily have
been recognized in prior periods.
Revenue Highlights
LYBALVI
- Revenues for the quarter were $74.7
million.
- Revenues and total prescriptions for the quarter grew 47% and
37%, respectively, compared to the third quarter of 2023.
ARISTADAi
- Revenues for the quarter were $84.7
million.
VIVITROL
- Revenues for the quarter were $113.7
million.
- Revenues for the quarter grew 14% compared to the third quarter
of 2023, driven by the alcohol dependence indication.
Manufacturing & Royalty Revenues
- Royalty revenues from INVEGA
SUSTENNA®/XEPLION®, INVEGA
TRINZA®/TREVICTA® and INVEGA
HAFYERA®/BYANNLI® for the quarter were
$58.4 million.
- VUMERITY® manufacturing and royalty revenues for the
quarter were $32.6 million.
Key Operating Expenses
Please see Note 1 below for details regarding discontinued
operations.
|
(In
millions)
|
Three Months
Ended
September 30,
|
Nine Months
Ended
September 30,
|
|
2024
|
2023
|
2024
|
2023
|
|
R&D Expense –
Continuing Operations
|
$
|
59.9
|
$
|
64.9
|
$
|
187.2
|
$
|
196.9
|
|
R&D Expense –
Discontinued Operations
|
$
|
0.5
|
$
|
32.3
|
$
|
6.9
|
$
|
94.7
|
|
|
|
|
|
|
|
SG&A Expense –
Continuing Operations
|
$
|
150.4
|
$
|
156.4
|
$
|
498.2
|
$
|
520.0
|
|
SG&A Expense –
Discontinued Operations
|
$
|
-
|
$
|
13.1
|
$
|
-
|
$
|
29.2
|
Balance Sheet
At Sept. 30,
2024, the company recorded cash, cash equivalents and total
investments of $927.8 million,
compared to $962.5 million at
June 30, 2024. The company's total
debt outstanding as of Sept. 30, 2024
was $288.8 million.
Share Repurchase Program
During the third quarter of
2024, the company repurchased approximately 4.4 million of the
company's ordinary shares under the share repurchase program
authorized in February 2024, at a
total purchase price of $115.6
million. As of Sept. 30, 2024,
the company had $200 million
(exclusive of any fees, commissions or other related expenses)
remaining under the program.
Financial Expectations for 2024
Alkermes reiterates
its financial expectations for 2024, as set forth in its press
release dated Feb. 15, 2024.
Recent Events
- In October 2024, the company
hosted an investor event to review its portfolio of orexin 2
receptor agonists and development strategy. The company presented
data from its ALKS 2680 phase 1b
study in patients with narcolepsy type 1 (NT1), narcolepsy type 2
(NT2) and idiopathic hypersomnia (IH), and discussed the study
design for its ongoing phase 2 studies in NT1 and NT2. The company
also announced its plans to initiate a phase 2 study in patients
with IH in 2025.
- In September 2024, the company
presented positive clinical data from its phase 1b study of ALKS 2680 in patients with NT2
and IH at the European Sleep Research Society's 27th Congress,
Sleep Europe 2024.
- In August 2024, the company
announced the initiation of its Vibrance-2 phase 2 study
of ALKS 2680 in patients with NT2.
- In August 2024, the company
published its latest Corporate Responsibility Report, which details
how the company integrates environmental, social and governance
considerations into its business. A copy of the report is available
on the Responsibility section of Alkermes' website.
Notes and Explanations
1. The company determined that upon the separation of its
oncology business, completed on Nov. 15,
2023, the oncology business met the criteria for
discontinued operations in accordance with Financial Accounting
Standards Board Accounting Standards Codification 205,
Discontinued Operations. Accordingly, the accompanying
selected financial information has been updated to present the
results of the oncology business as discontinued operations for the
three and nine months ended Sept. 30,
2023.
Conference Call
Alkermes will host a conference call
and webcast presentation with accompanying slides at 8:00 a.m. ET (1:00 p.m.
BST) on Thursday, Oct. 24,
2024, to discuss these financial results and provide an
update on the company. The webcast may be accessed on the Investors
section of Alkermes' website at www.alkermes.com. The conference
call may be accessed by dialing +1 877 407 2988 for U.S. callers
and +1 201 389 0923 for international callers. In addition, a
replay of the conference call may be accessed by visiting Alkermes'
website.
About Alkermes plc
Alkermes plc is a global
biopharmaceutical company that seeks to develop innovative
medicines in the field of neuroscience. The company has a portfolio
of proprietary commercial products for the treatment of alcohol
dependence, opioid dependence, schizophrenia and bipolar I
disorder, and a pipeline of clinical and preclinical candidates in
development for neurological disorders, including narcolepsy and
idiopathic hypersomnia. Headquartered in Ireland, Alkermes also has a corporate office
and research and development center in Massachusetts and a manufacturing facility in
Ohio. For more information, please
visit Alkermes' website at www.alkermes.com.
Non-GAAP Financial Measures
This press release
includes information about certain financial measures that are not
prepared in accordance with generally accepted accounting
principles in the U.S. (GAAP), including non-GAAP net income and
EBITDA. These non-GAAP measures are not based on any standardized
methodology prescribed by GAAP and are not necessarily comparable
to similar measures presented by other companies.
Non-GAAP net income adjusts for certain one-time and non-cash
charges by excluding from GAAP results: share-based compensation
expense; amortization; depreciation; non-cash net interest expense;
change in the fair value of contingent consideration; certain other
one-time or non-cash items; and the income tax effect of these
reconciling items. EBITDA represents earnings before interest, tax,
depreciation and amortization; earnings include share-based
compensation expense.
The company's management and board of directors utilize these
non-GAAP financial measures to evaluate the company's performance.
The company provides these non-GAAP financial measures of the
company's performance to investors because management believes that
these non-GAAP financial measures, when viewed with the company's
results under GAAP and the accompanying reconciliations, are useful
in identifying underlying trends in ongoing operations. However,
non-GAAP net income and EBITDA are not measures of financial
performance under GAAP and, accordingly, should not be considered
as alternatives to GAAP measures as indicators of operating
performance. Further, non-GAAP net income and EBITDA should not be
considered measures of the company's liquidity.
A reconciliation of GAAP to non-GAAP financial measures has been
provided in the tables included in this press release.
Note Regarding Forward-Looking
Statements
Certain statements set forth in this press
release constitute "forward-looking statements" within the meaning
of the Private Securities Litigation Reform Act of 1995, as
amended, including, but not limited to, statements concerning: the
company's expectations concerning its future financial and
operating performance, business plans or prospects, including
drivers of shareholder value and profitability; and the company's
expectations regarding development plans, activities and timelines
for, and the potential therapeutic and commercial value of, ALKS
2680 and the company's other orexin portfolio candidates. The
company cautions that forward-looking statements are inherently
uncertain. The forward-looking statements are neither promises nor
guarantees and they are necessarily subject to a high degree of
uncertainty and risk. Actual performance and results may differ
materially from those expressed or implied in the forward-looking
statements due to various risks and uncertainties. These risks and
uncertainties include, among others: whether the company is able to
achieve its financial expectations, including those related to
profitability; the unfavorable outcome of arbitration or
litigation, including so-called "Paragraph IV" litigation and other
patent litigation which may lead to competition from generic drug
manufacturers, or other disputes related to the company's products
or products using the company's proprietary technologies; clinical
development activities may not be completed on time or at all; the
results of the company's development activities may not be
positive, or predictive of final results from such activities,
results of future development activities or real-world results; the
U.S. Food and Drug Administration (FDA) or regulatory
authorities outside the U.S. may make adverse decisions regarding
the company's products; the company and its licensees may not be
able to continue to successfully commercialize their products or
support revenue growth from such products; there may be a reduction
in payment rate or reimbursement for the company's products or an
increase in the company's financial obligations to government
payers; the company's products may prove difficult to manufacture,
be precluded from commercialization by the proprietary rights of
third parties, or have unintended side effects, adverse reactions
or incidents of misuse; and those risks and uncertainties described
under the heading "Risk Factors" in the company's Annual Report on
Form 10-K for the year ended Dec. 31,
2023 and in subsequent filings made by the company with the
U.S. Securities and Exchange Commission (SEC), which are available
on the SEC's website at www.sec.gov. Existing and prospective
investors are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date hereof.
Except as required by law, the company disclaims any intention or
responsibility for updating or revising any forward-looking
statements contained in this press release.
VIVITROL® is a registered trademark of Alkermes,
Inc.; ARISTADA®, ARISTADA INITIO® and
LYBALVI® are registered trademarks of Alkermes
Pharma Ireland Limited, used by Alkermes, Inc. under license;
BYANNLI®, INVEGA®, INVEGA
HAFYERA®, INVEGA SUSTENNA®, INVEGA
TRINZA®, TREVICTA® and
XEPLION® are registered trademarks of Johnson &
Johnson or its affiliated companies; and
VUMERITY® is a registered trademark of Biogen MA
Inc., used by Alkermes under license.
i The term "ARISTADA" as used in this press
release refers to ARISTADA and ARISTADA INITIO®, unless
the context indicates otherwise.
|
Alkermes plc and
Subsidiaries
|
|
Selected Financial
Information (Unaudited)
|
|
|
|
|
|
|
Condensed
Consolidated Statements of Operations - GAAP
|
|
Three Months
Ended
|
|
Three Months
Ended
|
|
(In thousands,
except per share data)
|
|
September 30,
2024
|
|
September 30,
2023
|
|
Revenues:
|
|
|
|
|
|
Product sales,
net
|
|
$
272,999
|
|
$
231,822
|
|
Manufacturing and
royalty revenues
|
|
105,144
|
|
149,113
|
|
Research and
development revenue
|
|
—
|
|
3
|
|
Total
Revenues
|
|
378,143
|
|
380,938
|
|
Expenses:
|
|
|
|
|
|
Cost of goods
manufactured and sold
|
|
63,099
|
|
61,498
|
|
Research and
development
|
|
59,892
|
|
64,878
|
|
Selling, general and
administrative
|
|
150,382
|
|
156,373
|
|
Amortization of
acquired intangible assets
|
|
14
|
|
8,995
|
|
Total
Expenses
|
|
273,387
|
|
291,744
|
|
Operating
Income
|
|
104,756
|
|
89,194
|
|
Other Income,
net:
|
|
|
|
|
|
Interest
income
|
|
10,916
|
|
9,370
|
|
Interest
expense
|
|
(6,000)
|
|
(6,006)
|
|
Other income,
net
|
|
558
|
|
149
|
|
Total Other Income,
net
|
|
5,474
|
|
3,513
|
|
Income Before Income
Taxes
|
|
110,230
|
|
92,707
|
|
Income Tax
Provision
|
|
17,435
|
|
1,153
|
|
Net Income From
Continuing Operations
|
|
92,795
|
|
91,554
|
|
Loss From
Discontinued Operations — Net of Tax
|
|
(414)
|
|
(43,796)
|
|
Net Income —
GAAP
|
|
$
92,381
|
|
$
47,758
|
|
|
|
|
|
|
GAAP Earnings (Loss)
Per Ordinary Share - Basic:
|
|
|
|
|
|
From continuing
operations
|
|
$
0.57
|
|
$
0.55
|
|
From discontinued
operations
|
|
$
(0.00)
|
|
$
(0.26)
|
|
From net
income
|
|
$
0.57
|
|
$
0.29
|
|
|
|
|
|
|
GAAP Earnings (Loss)
Per Ordinary Share - Diluted:
|
|
|
|
|
|
From continuing
operations
|
|
$
0.56
|
|
$
0.53
|
|
From discontinued
operations
|
|
$
(0.00)
|
|
$
(0.25)
|
|
From net
income
|
|
$
0.55
|
|
$
0.28
|
|
|
|
|
|
|
Weighted Average
Number of Ordinary Shares Outstanding:
|
|
|
|
|
|
Basic — GAAP and
Non-GAAP
|
|
163,368
|
|
166,607
|
|
Diluted — GAAP and
Non-GAAP
|
|
167,025
|
|
171,903
|
|
|
|
|
|
|
|
|
|
|
|
Condensed
Consolidated Statements of Operations - GAAP
(Continued)
|
|
Three Months
Ended
|
|
Three Months
Ended
|
|
(In thousands,
except per share data)
|
|
September 30,
2024
|
|
September 30,
2023
|
|
An itemized
reconciliation between net income from continuing operations on a
GAAP basis and EBITDA is as follows:
|
|
|
|
|
|
Net Income from
Continuing Operations
|
|
$
92,795
|
|
$
91,554
|
|
Adjustments:
|
|
|
|
|
|
Depreciation
expense
|
|
6,958
|
|
8,886
|
|
Amortization
expense
|
|
14
|
|
8,995
|
|
Interest
income
|
|
(10,916)
|
|
(9,370)
|
|
Interest
expense
|
|
6,000
|
|
6,006
|
|
Income tax
provision
|
|
17,435
|
|
1,153
|
|
EBITDA from
Continuing Operations
|
|
112,286
|
|
107,224
|
|
EBITDA from
Discontinued Operations
|
|
(481)
|
|
(44,567)
|
|
EBITDA
|
|
$
111,805
|
|
$
62,657
|
|
|
|
|
|
|
An itemized
reconciliation between net income from continuing operations on a
GAAP basis and non-GAAP net income is as follows:
|
|
Net Income from
Continuing Operations
|
|
$
92,795
|
|
$
91,554
|
|
Adjustments:
|
|
|
|
|
|
Share-based
compensation expense
|
|
22,533
|
|
21,733
|
|
Depreciation
expense
|
|
6,958
|
|
8,886
|
|
Amortization
expense
|
|
14
|
|
8,995
|
|
Non-cash net interest
expense
|
|
114
|
|
115
|
|
Separation
expense
|
|
206
|
|
9,640
|
|
Income tax effect
related to reconciling items
|
|
(1,255)
|
|
3,511
|
|
Restructuring
expense
|
|
—
|
|
5,938
|
|
Non-GAAP Net Income
from Continuing Operations
|
|
121,365
|
|
150,372
|
|
Non-GAAP Net Loss
from Discontinued Operations
|
|
(414)
|
|
(40,835)
|
|
Non-GAAP Net
Income
|
|
$
120,951
|
|
$
109,537
|
|
|
|
|
|
|
Non-GAAP diluted
earnings per ordinary share from continuing operations
|
|
$
0.73
|
|
$
0.87
|
|
Non-GAAP diluted loss
per ordinary share from discontinued operations
|
|
$
(0.00)
|
|
$
(0.24)
|
|
Non-GAAP diluted
earnings per ordinary share from net income
|
|
$
0.72
|
|
$
0.64
|
|
|
|
|
|
|
|
|
|
|
|
Alkermes plc and
Subsidiaries
|
|
Selected Financial
Information (Unaudited)
|
|
|
|
|
|
|
Condensed
Consolidated Statements of Operations - GAAP
|
|
Nine Months
Ended
|
|
Nine Months
Ended
|
|
(In thousands,
except per share data)
|
|
September 30,
2024
|
|
September 30,
2023
|
|
Revenues:
|
|
|
|
|
|
Product sales,
net
|
|
$
775,808
|
|
$
678,026
|
|
Manufacturing and
royalty revenues
|
|
351,835
|
|
607,888
|
|
Research and
development revenue
|
|
3
|
|
16
|
|
Total
Revenues
|
|
1,127,646
|
|
1,285,930
|
|
Expenses:
|
|
|
|
|
|
Cost of goods
manufactured and sold
|
|
183,215
|
|
182,911
|
|
Research and
development
|
|
187,152
|
|
196,873
|
|
Selling, general and
administrative
|
|
498,244
|
|
519,962
|
|
Amortization of
acquired intangible assets
|
|
1,087
|
|
26,693
|
|
Total
Expenses
|
|
869,698
|
|
926,439
|
|
Operating
Income
|
|
257,948
|
|
359,491
|
|
Other Income,
net:
|
|
|
|
|
|
Interest
income
|
|
31,050
|
|
21,105
|
|
Interest
expense
|
|
(17,930)
|
|
(16,978)
|
|
Other income
(expense), net
|
|
2,793
|
|
(415)
|
|
Total Other Income,
net
|
|
15,913
|
|
3,712
|
|
Income Before Income
Taxes
|
|
273,861
|
|
363,203
|
|
Income Tax
Provision
|
|
47,460
|
|
4,598
|
|
Net Income From
Continuing Operations
|
|
226,401
|
|
358,605
|
|
Loss From
Discontinued Operations — Net of Tax
|
|
(5,834)
|
|
(115,627)
|
|
Net Income —
GAAP
|
|
$
220,567
|
|
$
242,978
|
|
|
|
|
|
|
GAAP Earnings (Loss)
Per Ordinary Share - Basic:
|
|
|
|
|
|
From continuing
operations
|
|
$
1.36
|
|
$
2.16
|
|
From discontinued
operations
|
|
$
(0.04)
|
|
$
(0.70)
|
|
From net
income
|
|
$
1.32
|
|
$
1.47
|
|
|
|
|
|
|
GAAP Earnings (Loss)
Per Ordinary Share - Diluted:
|
|
|
|
|
|
From continuing
operations
|
|
$
1.33
|
|
$
2.10
|
|
From discontinued
operations
|
|
$
(0.03)
|
|
$
(0.68)
|
|
From net
income
|
|
$
1.30
|
|
$
1.42
|
|
|
|
|
|
|
Weighted Average
Number of Ordinary Shares Outstanding:
|
|
|
|
|
|
Basic — GAAP and
Non-GAAP
|
|
166,546
|
|
165,686
|
|
Diluted — GAAP and
Non-GAAP
|
|
170,196
|
|
170,747
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed
Consolidated Statements of Operations - GAAP
(Continued)
|
|
Nine Months
Ended
|
|
Nine Months
Ended
|
|
(In thousands,
except per share data)
|
|
September 30,
2024
|
|
September 30,
2023
|
|
An itemized
reconciliation between net income from continuing operations on a
GAAP basis and EBITDA is as follows:
|
|
|
|
|
|
Net Income from
Continuing Operations
|
|
$
226,401
|
|
$
358,605
|
|
Adjustments:
|
|
|
|
|
|
Depreciation
expense
|
|
20,599
|
|
27,696
|
|
Amortization
expense
|
|
1,087
|
|
26,693
|
|
Interest
income
|
|
(31,050)
|
|
(21,105)
|
|
Interest
expense
|
|
17,930
|
|
16,978
|
|
Income tax
provision
|
|
47,460
|
|
4,598
|
|
EBITDA from
Continuing Operations
|
|
282,427
|
|
413,465
|
|
EBITDA from
Discontinued Operations
|
|
(6,910)
|
|
(121,947)
|
|
EBITDA
|
|
$
275,517
|
|
$
291,518
|
|
|
|
|
|
|
An itemized
reconciliation between net income from continuing operations on a
GAAP basis and non-GAAP net income is as follows:
|
|
Net Income from
Continuing Operations
|
|
$
226,401
|
|
$
358,605
|
|
Adjustments:
|
|
|
|
|
|
Share-based
compensation expense
|
|
75,889
|
|
69,943
|
|
Depreciation
expense
|
|
20,599
|
|
27,696
|
|
Amortization
expense
|
|
1,087
|
|
26,693
|
|
Separation
expense
|
|
1,446
|
|
19,280
|
|
Income tax effect
related to reconciling items
|
|
(3,316)
|
|
3,332
|
|
Gain on sale of Athlone
manufacturing facility
|
|
(1,462)
|
|
—
|
|
Restructuring
expense
|
|
—
|
|
5,938
|
|
Final award in the
Janssen arbitration (2022 back royalties and interest)
|
|
—
|
|
(197,092)
|
|
Non-cash net interest
expense
|
|
342
|
|
346
|
|
Non-GAAP Net Income
from Continuing Operations
|
|
320,986
|
|
314,741
|
|
Non-GAAP Net Loss
from Discontinued Operations
|
|
(5,834)
|
|
(108,511)
|
|
Non-GAAP Net
Income
|
|
$
315,152
|
|
$
206,230
|
|
|
|
|
|
|
Non-GAAP diluted
earnings per ordinary share from continuing operations
|
|
$
1.89
|
|
$
1.84
|
|
Non-GAAP diluted loss
per ordinary share from discontinued operations
|
|
$
(0.03)
|
|
$
(0.64)
|
|
Non-GAAP diluted
earnings per ordinary share from net income
|
|
$
1.85
|
|
$
1.21
|
|
Alkermes plc and
Subsidiaries
|
|
Selected Financial
Information (Unaudited)
|
|
|
|
|
|
|
Condensed
Consolidated Balance Sheets
|
|
September
30,
|
|
December
31,
|
|
(In
thousands)
|
|
2024
|
|
2023
|
|
Cash, cash equivalents
and total investments
|
|
$
927,784
|
|
$
813,378
|
|
Receivables
|
|
367,211
|
|
332,477
|
|
Inventory
|
|
191,087
|
|
186,406
|
|
Contract
assets
|
|
2,969
|
|
706
|
|
Prepaid expenses and
other current assets
|
|
94,047
|
|
98,166
|
|
Property, plant and
equipment, net
|
|
225,422
|
|
226,943
|
|
Intangible assets, net
and goodwill
|
|
83,931
|
|
85,018
|
|
Assets held for
sale
|
|
—
|
|
94,260
|
|
Deferred tax
assets
|
|
159,960
|
|
195,888
|
|
Other assets
|
|
102,880
|
|
102,981
|
|
Total
Assets
|
|
$
2,155,291
|
|
$
2,136,223
|
|
Long-term debt —
current portion
|
|
$
3,000
|
|
$
3,000
|
|
Other current
liabilities
|
|
450,705
|
|
512,678
|
|
Long-term
debt
|
|
285,823
|
|
287,730
|
|
Liabilities from
discontinued operations
|
|
—
|
|
4,542
|
|
Other long-term
liabilities
|
|
123,658
|
|
125,587
|
|
Total shareholders'
equity
|
|
1,292,105
|
|
1,202,686
|
|
Total Liabilities
and Shareholders' Equity
|
|
$
2,155,291
|
|
$
2,136,223
|
|
|
|
|
|
|
Ordinary shares
outstanding (in thousands)
|
|
161,776
|
|
166,980
|
|
|
|
|
|
|
This selected financial
information should be read in conjunction with the consolidated
financial statements and notes thereto included in
Alkermes plc's Quarterly Report on Form 10-Q for the quarter ended
September 30, 2024, which the company intends to file in October
2024.
|
|
Alkermes plc and
Subsidiaries
|
|
Amounts Included in
Discontinued Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In
thousands)
|
|
Three Months
Ended
March 31,
2024
|
|
Three Months
Ended
June 30,
2024
|
|
Three Months
Ended
September 30,
2024
|
|
Nine Months
Ended
September 30,
2024
|
|
Cost of goods
manufactured and sold
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
Research and
development
|
|
2,516
|
|
3,913
|
|
481
|
|
6,910
|
|
Selling, general and
administrative
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Income tax
benefit
|
|
(396)
|
|
(613)
|
|
(67)
|
|
(1,076)
|
|
Loss from
discontinued operations, net of tax
|
|
$
2,120
|
|
$
3,300
|
|
$
414
|
|
$
5,834
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In
thousands)
|
|
Three Months
Ended
March 31,
2023
|
|
Three Months
Ended
June 30,
2023
|
|
Three Months
Ended
September 30,
2023
|
|
Nine Months
Ended
September 30,
2023
|
|
Cost of goods
manufactured and sold
|
|
$
11
|
|
$
11
|
|
$
11
|
|
$
33
|
|
Research and
development
|
|
29,867
|
|
32,563
|
|
32,262
|
|
94,692
|
|
Selling, general and
administrative
|
|
6,644
|
|
9,502
|
|
13,073
|
|
29,219
|
|
Income tax
benefit
|
|
(6,727)
|
|
(40)
|
|
(1,550)
|
|
(8,317)
|
|
Loss from
discontinued operations, net of tax
|
|
$
29,795
|
|
$
42,036
|
|
$
43,796
|
|
$
115,627
|
|
Alkermes
Contacts:
|
|
For
Investors:
|
Sandy Coombs
|
+1 781 609
6377
|
|
For Media:
|
Katie Joyce
|
+1 781 249
8927
|
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