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Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2014	Feb. 12, 2015	Jun. 30, 2014
Document and Entity Information
Entity Registrant Name	Alkermes plc.
Entity Central Index Key	0001520262
Document Type	10-K
Document Period End Date	Dec. 31, 2014
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 7,277,633,295
Entity Common Stock, Shares Outstanding		148,072,506
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	FY

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
CURRENT ASSETS:
Cash and cash equivalents	$ 224,064	$ 167,562
Investments - short-term	407,102	194,669
Receivables, net	151,551	134,154
Inventory	51,357	46,218
Prepaid expenses and other current assets	29,289	14,758
Deferred tax assets-current	13,430	12,777
Total current assets	876,793	570,138
PROPERTY, PLANT AND EQUIPMENT, NET	265,740	274,490
INTANGIBLE ASSETS - NET	479,412	537,565
GOODWILL	94,212	92,740
INVESTMENTS - LONG-TERM	170,480	87,764
OTHER ASSETS	34,635	14,891
TOTAL ASSETS	1,921,272	1,577,588
CURRENT LIABILITIES:
Accounts payable and accrued expenses	121,258	91,173
Long-term debt - current	6,750	6,750
Deferred revenue - current	2,574	2,974
Total current liabilities	130,582	100,897
LONG-TERM DEBT	351,220	357,543
DEFERRED TAX LIABILITIES, NET - LONG-TERM	18,918	29,169
DEFERRED REVENUE - LONG-TERM	11,801	12,213
OTHER LONG-TERM LIABILITIES	11,914	12,580
Total liabilities	524,435	512,402
COMMITMENTS AND CONTINGENCIES (Note 18)
SHAREHOLDERS' EQUITY:
Preferred stock, par value, $0.01 per share; 50,000,000 shares authorized; zero issued and outstanding at December 31, 2014 and 2013, respectively
Ordinary shares, par value, $0.01 per share; 450,000,000 shares authorized; 148,545,150 and 138,482,571 shares issued; 147,538,519 and 137,792,586 shares outstanding at December 31, 2014 and 2013, respectively	1,482	1,382
Treasury stock, at cost (1,006,631 and 689,945 shares at December 31, 2014 and 2013, respectively)	(32,052)	(17,833)
Additional paid-in capital	1,942,878	1,553,337
Accumulated other comprehensive (loss) income	(3,136)	10,574
Accumulated deficit	(512,335)	(482,274)
Total shareholders' equity	1,396,837	1,065,186
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 1,921,272	$ 1,577,588

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2014	Dec. 31, 2013
CONSOLIDATED BALANCE SHEETS
Preferred stock shares, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock shares, authorized	50,000,000	50,000,000
Preferred stock shares, issued	0	0
Preferred stock shares, outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	450,000,000	450,000,000
Common stock, shares issued	148,545,150	138,482,571
Common stock, shares outstanding	147,538,519	137,792,586
Treasury stock shares	(1,006,631)	689,945

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME - USD ($) shares in Thousands, $ in Thousands	9 Months Ended	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2014	Mar. 31, 2013
REVENUES:
Manufacturing and royalty revenues	$ 371,039	$ 516,876	$ 510,900
Product sales, net	57,215	94,160	58,107
Research and development revenue	4,657	7,753	6,541
Total revenues	432,911	618,789	575,548
EXPENSES:
Cost of goods manufactured and sold (exclusive of amortization of acquired intangible assets shown below)	134,306	175,832	170,466
Research and development	128,125	272,043	140,013
Selling, general and administrative	116,558	199,905	125,758
Amortization of acquired intangible assets	38,428	58,153	41,852
Restructuring			12,300
Impairment of long-lived assets			3,346
Total expenses	417,417	705,933	493,735
OPERATING (LOSS) INCOME	15,494	(87,144)	81,813
OTHER EXPENSE, NET:
Interest income	711	1,972	841
Interest expense	(10,379)	(13,430)	(48,994)
Gain on sale of property, plant and equipment		41,933
Gain on sale of investment in Civitas Therapeutics, Inc.		29,564
Gain on sale of investment in Acceleron Pharma Inc.		15,296
Other income (expense), net	(429)	(2,220)	1,781
Total other income (expense), net	(10,097)	73,115	(46,372)
(LOSS) INCOME BEFORE INCOME TAXES	5,397	(14,029)	35,441
PROVISION (BENEFIT) FOR INCOME TAXES	(12,252)	16,032	10,458
NET (LOSS) INCOME	$ 17,649	$ (30,061)	$ 24,983
(LOSS) EARNINGS PER COMMON SHARE
Basic (in dollars per share)	$ 0.13	$ (0.21)	$ 0.19
Diluted (in dollars per share)	$ 0.12	$ (0.21)	$ 0.18
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
Basic (in shares)	135,960	145,274	131,713
Diluted (in shares)	144,961	145,274	137,100
COMPREHENSIVE (LOSS) INCOME:
Net (loss) income	$ 17,649	$ (30,061)	$ 24,983
Holding gains, net of tax of $7,739, $8,217 and none, respectively	13,092	1,586	703
Less: Reclassification adjustment for gains included in net (loss) income		(15,296)	(1,030)
Unrealized (losses) gains on marketable securities	13,092	(13,710)	(327)
Unrealized gains on derivative contracts:
Unrealized losses on derivative contracts, net of tax of none, none and $(194), respectively			(72)
Less: Reclassification adjustment for losses included in net (loss) income			594
Unrealized gains on derivative contracts			522
COMPREHENSIVE (LOSS) INCOME	$ 30,741	$ (43,771)	$ 25,178

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2014	Mar. 31, 2013
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME
Holding gains, tax	$ 8,217	$ 7,739	$ 0
Unrealized losses on derivative contracts, tax	$ 0	$ 0	$ (194)

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Ordinary Shares	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit	Treasury Stock	Total
BALANCE at Mar. 31, 2012	$ 1,300	$ 1,380,742	$ (2,713)	$ (524,906)	$ (571)	$ 853,852
BALANCE (in shares) at Mar. 31, 2012	130,212,530				(35,078)
Increase (Decrease) in Shareholders' Equity
Issuance of ordinary shares under employee stock plans	$ 38	34,322				34,360
Issuance of common stock under employee stock plans (in shares)	3,852,577
Receipt of Alkermes' stock for the purchase of stock options or to satisfy minimum tax withholding obligations related to stock based awards					$ (4,809)	(4,809)
Receipt of Alkermes' stock for the purchase of stock options or to satisfy minimum tax withholding obligations related to stock based awards (in shares)					(278,419)
Share-based compensation expense		34,926				34,926
Excess tax benefit from share-based compensation		8,867				8,867
Conversion of non-voting common stock to common stock			703			703
Unrealized loss on cash flow hedge			(72)			(72)
Reclassification of unrealized gains to realized gains			(1,030)			(1,030)
Reclassification of unrealized losses to realized losses			594			594
Net income (loss)				24,983		24,983
BALANCE at Mar. 31, 2013	$ 1,338	1,458,857	(2,518)	(499,923)	$ (5,380)	952,374
BALANCE (in shares) at Mar. 31, 2013	134,065,107				(313,497)
Increase (Decrease) in Shareholders' Equity
Issuance of ordinary shares under employee stock plans	$ 44	49,033				49,077
Issuance of common stock under employee stock plans (in shares)	4,417,464
Receipt of Alkermes' stock for the purchase of stock options or to satisfy minimum tax withholding obligations related to stock based awards		788			$ (12,453)	(11,665)
Receipt of Alkermes' stock for the purchase of stock options or to satisfy minimum tax withholding obligations related to stock based awards (in shares)					(376,448)
Share-based compensation expense		33,265				33,265
Excess tax benefit from share-based compensation		11,394				11,394
Unrealized gains on marketable securities, net of tax of $7,739, $8,217 and none for twelve months ended December 2014, nine months ended December 2013 and and twelve months ended March, 2013, respectively			13,092			13,092
Net income (loss)				17,649		17,649
BALANCE at Dec. 31, 2013	$ 1,382	1,553,337	10,574	(482,274)	$ (17,833)	1,065,186
BALANCE (in shares) at Dec. 31, 2013	138,482,571				(689,945)
Increase (Decrease) in Shareholders' Equity
Issuance of ordinary shares under employee stock plans	$ 41	47,536				47,577
Issuance of common stock under employee stock plans (in shares)	4,145,419
Issuance of ordinary shares, net	$ 59	248,347				248,406
Issuance of ordinary shares, net (in shares)	5,917,160
Receipt of Alkermes' stock for the purchase of stock options or to satisfy minimum tax withholding obligations related to stock based awards		1,379			$ (14,219)	(12,840)
Receipt of Alkermes' stock for the purchase of stock options or to satisfy minimum tax withholding obligations related to stock based awards (in shares)					(316,686)
Share-based compensation expense		59,912				59,912
Excess tax benefit from share-based compensation		32,367				32,367
Unrealized gains on marketable securities, net of tax of $7,739, $8,217 and none for twelve months ended December 2014, nine months ended December 2013 and and twelve months ended March, 2013, respectively			(13,710)			(13,710)
Reclassification of unrealized gains to realized gains						(15,296)
Net income (loss)				(30,061)		(30,061)
BALANCE at Dec. 31, 2014	$ 1,482	$ 1,942,878	$ (3,136)	$ (512,335)	$ (32,052)	$ 1,396,837
BALANCE (in shares) at Dec. 31, 2014	148,545,150				(1,006,631)

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2014	Mar. 31, 2013
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
Unrealized gains on marketable securities, tax	$ 8,217	$ 7,739	$ 0

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2014	Mar. 31, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income	$ 17,649	$ (30,061)	$ 24,983
Adjustments to reconcile net (loss) income to cash flows from operating activities:
Depreciation and amortization	70,765	98,087	73,751
Share-based compensation expense	33,409	59,579	34,716
(Gain) loss on sale of property, plant and equipment	129	(40,099)	373
Excess tax benefit from share-based compensation	(11,394)	(32,367)	(8,867)
Gain on sale of investment in Civitas Therapeutics, Inc.		29,564
Deferred income taxes	(15,393)	(19,192)	(2,113)
Gain on sale of investment of Acceleron Pharma Inc.		(15,296)
Impairment of long-lived assets			3,346
Loss on debt refinancing transaction			19,670
Prepayment penalty in connection with debt refinancing			(6,533)
Principal payments on long-term debt attributable to original issue discount			2,657
Other non-cash charges	(5,860)	9,192	5,325
Changes in assets and liabilities:
Receivables	(9,534)	(17,397)	(28,239)
Inventory, prepaid expenses and other assets	(6,345)	(31,237)	(6,577)
Accounts payable and accrued expenses	16,126	56,896	19,406
Deferred revenue	4,051	(996)	(3,351)
Other long-term liabilities	(1,382)	3,594	3,318
Cash flows provided by operating activities	92,221	11,139	126,551
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions of property, plant and equipment	(19,054)	(33,651)	(22,217)
Proceeds from the sale of equipment	52	44,365	193
Investment in Civitas Therapeutics, Inc.	(1,191)	27,190
Promissory note issued to Civitas Therapeutics, Inc.			(1,116)
Purchases of investments	(135,643)	(642,455)	(303,945)
Sales and maturities of investments	90,470	341,154	258,937
Cash flows used in investing activities	(65,366)	(263,397)	(68,148)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from the issuance of ordinary shares, net		248,406
Proceeds from the issuance of ordinary shares under share-based compensation arrangements	49,077	47,577	34,360
Excess tax benefit from share-based compensation	11,394	32,367	8,867
Proceeds from the issuance of long-term debt			366,483
Employee taxes paid related to net share settlement of equity awards	(11,665)	(12,840)	(4,809)
Principal payments of long-term debt	(5,060)	(6,750)	(449,944)
Cash flows provided by (used in) financing activities	43,746	308,760	(45,043)
NET INCREASE IN CASH AND CASH EQUIVALENTS	70,601	56,502	13,360
CASH AND CASH EQUIVALENTS - Beginning of period	96,961	167,562	83,601
CASH AND CASH EQUIVALENTS - End of period	167,562	224,064	96,961
SUPPLEMENTAL CASH FLOW DISCLOSURE:
Cash paid for interest	9,596	12,489	7,656
Cash paid for taxes	704	2,799	5,921
Non-cash investing and financing activities:
Purchased capital expenditures included in accounts payable and accrued expenses	1,969	$ 3,483	$ 2,450
Investment in Civitas Therapeutics, Inc.	$ 1,160

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	12 Months Ended
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	Dec. 31, 2014
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION Alkermes plc (the "Company") is a fully integrated, global biopharmaceutical company that applies its scientific expertise and proprietary technologies to research, develop and commercialize, both with partners and on its own, pharmaceutical products that are designed to address unmet medical needs of patients in major therapeutic areas. The Company has a diversified portfolio of more than 20 commercial drug products and a clinical pipeline of product candidates that address central nervous system ("CNS") disorders such as addiction, schizophrenia and depression. Headquartered in Dublin, Ireland, the Company has a research and development ("R&D") center in Waltham, Massachusetts; R&D and manufacturing facilities in Athlone, Ireland; and manufacturing facilities in Gainesville, Georgia and Wilmington, Ohio. Change in Fiscal Year On May 21, 2013, the Company's Audit and Risk Committee, with such authority delegated to it by the Company's Board of Directors, approved a change to its fiscal year-end from March 31 to December 31. This Annual Report reflects the Company's financial results for the twelve month period from January 1, 2014 through December 31, 2014. The period ended December 31, 2013 reflects the Company's financial results for the nine month period from April 1, 2013 through December 31, 2013 (the "Transition Period"). The period ended March 31, 2013 reflects the Company's financial results for the twelve month period from April 1, 2012 to March 31, 2013.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2014

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation

The consolidated financial statements include the accounts of Alkermes plc and its wholly-owned subsidiaries: Alkermes Ireland Holdings Limited; Daravita Limited; Daravita Pharma Ireland Limited; Alkermes Science Four Limited; Alkermes Science Five Limited; Alkermes Pharma Ireland Limited; Alkermes U.S. Holdings, Inc.; Alkermes, Inc.; Eagle Holdings USA, Inc.; Alkermes Controlled Therapeutics, Inc.; Alkermes Europe, Ltd.; Alkermes Gainesville LLC; Alkermes Science Six Limited; Alkermes Finance Ireland Limited; Alkermes Finance S.à r.l.; Alkermes Finance Ireland (No. 2) Limited; and Alkermes Finance Ireland (No. 3) Limited. Intercompany accounts and transactions have been eliminated.

Use of Estimates

The preparation of the Company's consolidated financial statements in accordance with accounting principles generally accepted in the United States ("U.S.") ("GAAP") requires management to make estimates, judgments and assumptions that may affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. On an on-going basis, the Company evaluates its estimates and judgments and methodologies, including those related to revenue recognition and related allowances, its collaborative relationships, clinical trial expenses, the valuation of inventory, impairment and amortization of intangibles and long-lived assets, share-based compensation, income taxes including the valuation allowance for deferred tax assets, valuation of investments, litigation and restructuring charges. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results may differ from these estimates under different assumptions or conditions.

Cash and Cash Equivalents

The Company values its cash and cash equivalents at cost plus accrued interest, which the Company believes approximates their market value. The Company considers only those investments which are highly liquid, readily convertible into cash and so near their maturity, generally three months from the date of purchase, that they present insignificant risk of change in value because of interest rate changes to be cash equivalents.

Investments

The Company has investments in various types of securities, including U.S. government and agency obligations, debt securities issued by foreign agencies and backed by foreign governments and corporate debt securities. The Company generally holds its interest-bearing investments with major financial institutions and in accordance with documented investment policies. The Company limits the amount of credit exposure to any one financial institution or corporate issuer. At December 31, 2014, substantially all these investments are classified as available-for-sale and are recorded at fair value.

Holding gains and losses on available-for-sale investments are considered "unrealized" and are reported within "Accumulated other comprehensive (loss) income," a component of shareholders' equity. The Company uses the specific identification method for reclassifying unrealized gains and losses into earnings when investments are sold. The Company conducts periodic reviews to identify and evaluate each investment that has an unrealized loss, in accordance with the meaning of other-than-temporary impairment and its application to certain investments, as required by GAAP. An unrealized loss exists when the current fair value of an individual security is less than its amortized cost basis. Unrealized losses on available-for-sale securities that are determined to be temporary, and not related to credit loss, are recorded in "Accumulated other comprehensive (loss) income."

For available-for-sale debt securities with unrealized losses, the Company performs an analysis to assess whether it intends to sell or whether it would more likely than not be required to sell the security before the expected recovery of the amortized cost basis. If the Company intends to sell a security, or may be required to do so, the security's decline in fair value is deemed to be other-than-temporary and the full amount of the unrealized loss is recorded within earnings as an impairment loss. Regardless of the Company's intent to sell a security, the Company performs additional analysis on all securities with unrealized losses to evaluate losses associated with the creditworthiness of the security. Credit losses are identified where the Company does not expect to receive cash flows sufficient to recover the amortized cost basis of a security.

Certain of the Company's money market funds and held-to-maturity investments are restricted investments held as collateral under letters of credit related to certain of the Company's service provider agreements and lease agreements, respectively, and are included in "Investments—long-term", in the accompanying consolidated balance sheets.

Fair Value of Financial Instruments

The Company's financial assets and liabilities are recorded at fair value and are classified as Level 1, 2 or 3 within the fair value hierarchy, as described in the accounting standards for fair value measurement. The Company's financial assets and liabilities consist of cash equivalents and investments and are classified within the fair value hierarchy as follows:

Level 1—these valuations are based on a market approach using quoted prices in active markets for identical assets. Valuations of these products do not require a significant degree of judgment. Assets utilizing Level 1 inputs at December 31, 2014 include U.S. treasury securities. At December 31, 2013, the Company had investments in money market funds, U.S. treasury securities and the common stock of a publicly-traded company that utilized Level 1 inputs;

Level 2—these valuations are based on a market approach using quoted prices obtained from brokers or dealers for similar securities or for securities for which the Company has limited visibility into their trading volumes. Valuations of these financial instruments do not require a significant degree of judgment. Assets and liabilities utilizing Level 2 inputs include U.S. government agency debt securities, debt securities issued by foreign agencies and backed by foreign governments and investments in corporate debt securities that are trading in the credit markets. At December 31, 2013, the Company had an interest rate swap contract that utilized Level 2 inputs; and

Level 3—these valuations are based on an income approach using certain inputs that are unobservable and are significant to the overall fair value measurement. Valuations of these products require a significant degree of judgment. During the nine months ended December 31, 2013, the Company's Level 3 investment consisted of warrants to purchase the common stock of a publicly-traded company.

Inventory

Inventory is stated at the lower of cost or market value. Cost is determined using the first-in, first-out method. Included in inventory are raw materials used in production of pre-clinical and clinical products, which have alternative future use and are charged to R&D expense when consumed. The cost elements included within inventory include three primary categories for commercial products: cost of raw materials; direct labor; and overhead. Overhead is based on the normal capacity of the Company's production facilities and does not include costs from abnormally low production or idle capacity, which are expensed directly to the consolidated statement of operations.

Property, Plant and Equipment

Property, plant and equipment are recorded at cost, subject to review for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. Expenditures for repairs and maintenance are charged to expense as incurred and major renewals and improvements are capitalized. Depreciation is calculated using the straight-line method over the following estimated useful lives of the assets:

Asset group		Term
Buildings and improvements		15 - 40 years
Furniture, fixtures and equipment		3 - 10 years
Leasehold improvements		Shorter of useful life or lease term

Goodwill and Intangible Assets

Goodwill represents the excess cost of the Company's investment in the net assets of acquired companies over the fair value of the underlying identifiable net assets at the date of acquisition. The Company's goodwill consists solely of goodwill created as a result of the Company's acquisition of Elan Drug Technologies ("EDT") from Elan Corporation, plc in September 2011 and has been assigned to one reporting unit. A reporting unit is an operating segment or sub-segment to which goodwill is assigned when initially recorded.

Goodwill is not amortized but is reviewed for impairment on an annual basis, as of October 31, and whenever events or changes in circumstances indicate that the carrying value of the goodwill might not be recoverable. The Company has the option to first assess qualitative factors to determine whether it is necessary to perform the two-step impairment test. If the Company elects this option and believes, as a result of the qualitative assessment, that it is more-likely-than-not that the fair value of its reporting unit is less than its carrying amount, the quantitative two-step impairment test is required; otherwise, no further testing is required. Alternatively, the Company may elect to not first assess qualitative factors and immediately perform the quantitative two-step impairment test. In the first step, the Company compares the fair value of its reporting unit to its carrying value. If the carrying value of the net assets assigned to the reporting unit exceeds the fair value of its reporting unit, then the second step of the impairment test is performed in order to determine the implied fair value of the Company's reporting unit's goodwill. If the carrying value of the Company's reporting unit's goodwill exceeds its implied fair value, then the Company would record an impairment loss equal to the difference.

The Company performed its annual goodwill impairment test as of October 31, 2014. The Company elected to assess qualitative factors to determine whether it was necessary to perform the two-step impairment test. Based on the weight of all available evidence, the Company determined that the fair value of the reporting unit more-likely-than-not exceeded its carrying value.

The Company's finite-lived intangible assets consist of core developed technology and collaboration agreements acquired as part of the acquisition of EDT, were recorded at fair value at the time of their acquisition and are stated within the Company's consolidated balance sheets net of accumulated amortization and impairments. The finite-lived intangible assets are amortized over their estimated useful lives using the economic use method, which reflects the pattern that the economic benefits of the intangible assets are consumed as revenue is generated from the underlying patent or contract. The useful lives of the Company's intangible assets are primarily based on the legal or contractual life of the underlying patent or contract, which does not include additional years for the potential extension or renewal of the contract or patent.

Impairment of Long-Lived Assets

The Company reviews long-lived assets to be held and used for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. Conditions that would necessitate an impairment assessment include a significant decline in the observable market value of an asset, a significant change in the extent or manner in which an asset is used, or a significant adverse change that would indicate that the carrying amount of an asset or group of assets is not recoverable. Determination of recoverability is based on an estimate of undiscounted future cash flows resulting from the use of the asset and its eventual disposition. In the event that such cash flows are not expected to be sufficient to recover the carrying amount of the assets, the assets are written-down to their estimated fair values. Long-lived assets to be disposed of are carried at fair value less costs to sell them.

Asset Retirement Obligations

The Company recognized an asset retirement obligation for an obligation to remove leasehold improvements and other related activities at the conclusion of the Company's lease for its manufacturing facility located in Chelsea, Massachusetts, which it presently subleases. The carrying amount of the asset retirement obligation at December 31, 2014 and 2013 was $2.4 million and $2.2 million, respectively, and is included within "Other long-term liabilities" in the accompanying consolidated balance sheets.

The following table shows changes in the carrying amount of the Company's asset retirement obligation at December 31, 2014 and 2013:

(In thousands)	Carrying Amount
Balance, April 1, 2013	$	2,049
Accretion expense		151

Balance, December 31, 2013	$	2,200
Accretion expense		220

Balance, December 31, 2014	$	2,420

Revenue Recognition

Collaborative Arrangements

The Company has entered into a number of collaboration agreements with pharmaceutical companies including Ortho-McNeil-Janssen Pharmaceuticals, Inc. and Janssen Pharmaceutica International, a division of Cilag International AG ("Janssen") for RISPERDAL® CONSTA® and INVEGA® SUSTENNA®/XEPLION®, Acorda Therapeutics, Inc. ("Acorda") for AMPYRA®/FAMPYRA® and AstraZeneca for BYDUREON®. Substantially all of the products developed under the Company's collaborative arrangements are currently being marketed as approved products. The Company receives payments for manufacturing services and/or royalties on product sales.

Manufacturing revenues—The Company recognizes manufacturing revenues from the sale of products it manufactures for resale by its collaborative partners. Manufacturing revenues are recognized when persuasive evidence of an arrangement exists, delivery has occurred and title to the product and associated risk of loss has passed to the customer, the sales price is fixed or determinable and collectability is reasonably assured. The sales price for certain of the Company's manufacturing revenues is based on the end-market sales price earned by its collaborative partners. As the end-market sale occurs after the Company has shipped its product and the risk of loss has passed to its collaborative partner, the Company estimates the sales price for its product based on information supplied to it by the Company's collaborative partners, its historical transaction experience and other third-party data. Differences between the actual manufacturing revenues and estimated manufacturing revenues are reconciled and adjusted for in the period in which they become known, which is generally the following quarter. The difference between actual and estimated manufacturing revenues has not been material.

Royalty revenues—The Company recognizes royalty revenues related to the sale of products by its collaborative partners that incorporates the Company's technologies. Royalties, with the exception of those from AMPYRA, are earned under the terms of a license agreement in the period the products are sold by the Company's collaborative partner and collectability is reasonably assured. Royalties on AMPYRA are earned in the period the product is shipped to Acorda. Certain of the Company's royalty revenues are recognized by the Company based on information supplied to the Company by its collaborative partners and require estimates to be made. Differences between the actual royalty revenues and estimated royalty revenues are reconciled and adjusted for in the period in which they become known, which is generally the following quarter. The difference between actual and estimated royalty revenues has not been material.

Research and development revenue—R&D revenue consists of funding that compensates the Company for formulation, pre-clinical and clinical testing under R&D arrangements with its collaborative partners. The Company generally bills its collaborative partners under R&D arrangements using a full-time equivalent ("FTE") or hourly rate, plus direct external costs, if any.

Certain of the Company's collaboration agreements entitle it to additional payments upon the achievement of performance-based milestones. If the achievement of a milestone is considered probable at the inception of the collaboration, the related milestone payment is included with other collaboration consideration, such as upfront payments and research funding, in the Company's revenue model. Milestones that involve substantial effort on the Company's part and the achievement of which are not considered probable at the inception of the collaboration are considered "substantive milestones," and are recognized in their entirety in the period in which the milestone is achieved. Consideration received from the achievement of milestones that are not considered to be "substantive milestones" are recognized under the proportional performance method whereby revenue is limited to the lesser of the cumulative amount of payments received or the cumulative amount of revenue earned.

Product Sales, Net

The Company's product sales consist of sales of VIVITROL® in the U.S. to wholesalers, specialty distributors and specialty pharmacies. Product sales are recognized from the sale of VIVITROL when persuasive evidence of an arrangement exists, title to the product and associated risk of loss has passed to the customer, which is considered to occur when the product has been received by the customer, the sales price is fixed or determinable and collectability is reasonably assured.

The Company records its product sales net of the following significant categories of sales discounts and allowances as a reduction of product sales at the time VIVITROL is shipped:

•	Medicaid Rebates—the Company records accruals for rebates to states under the Medicaid Drug Rebate Program as a reduction of sales when the product is shipped into the distribution channel. The Company rebates individual states for all eligible units purchased under the Medicaid program based on a rebate per unit calculation, which is based on its Average Manufacturer Price. The Company estimates expected unit sales and rebates per unit under the Medicaid program and adjusts its rebate estimates based on actual unit sales and rebates per unit;
•	Chargebacks—wholesaler and specialty pharmacy chargebacks are discounts that occur when contracted customers purchase directly from an intermediary wholesale purchaser. Contracted customers, which consist primarily of federal government agencies purchasing under the federal supply schedule, generally purchase the product at its contracted price, plus a mark-up from the wholesaler. The wholesaler, in-turn, charges back to the Company the difference between the price initially paid by the wholesaler and the contracted price paid to the wholesaler by the customer. The allowance for chargebacks is based on actual and expected utilization of these programs. Chargebacks could exceed historical experience and the Company's estimates of future participation in these programs. To date, actual chargebacks have not differed materially from the Company's estimates;
•	Product Discounts—cash consideration, including sales incentives, given by us under distribution service agreements with a number of wholesaler, distributor and specialty pharmacy customers that provide them with the opportunity to earn discounts in exchange for the performance of certain services. To date, actual product discounts have not differed materially from the Company's estimates;
•	Co-pay Assistance—the Company has a program whereby a patient can receive up to $500 per month toward their co-payment, co-insurance or deductible, provided the patient meets certain eligibility criteria. Reserves are recorded upon the sale of VIVITROL. To date, actual co-pay assistance has not differed materially from the Company's estimates; and
•	Product Returns—in August 2012, the Company changed the way in which revenue is recognized on VIVITROL product sales. Prior to August 1, 2012, the Company did not have sufficient history to reasonably estimate returns related to VIVITROL shipments and, therefore, the Company deferred the recognition of revenue on shipments of VIVITROL until the product left the distribution channel. In August 2012, it was determined there was sufficient history to reliably estimate returns, and revenue on the sales of VIVITROL is now recognized upon delivery to wholesalers, distributors and pharmacies, which is the point in time the customer assumes the risks and rewards of ownership. This change in the method of revenue recognition resulted in a one-time $1.7 million increase to "Product sales, net" in the accompanying consolidated statements of operations and comprehensive (loss) income, which was recognized during the year ended March 31, 2013.

Based on this revised revenue recognition policy, a reserve is now estimated for future product returns on VIVITROL gross product sales. This estimate is based on historical return rates as well as specifically identified anticipated returns due to known business conditions and product expiry dates. Return amounts are recorded as a deduction to arrive at VIVITROL product sales, net. Once VIVITROL is returned, it is destroyed. At December 31, 2014, the product return reserve was estimated to be approximately 2% of product sales and amounted to $5.5 million.

Other

The Company recognizes revenues from the license and the sale of intellectual property, deemed to have standalone value, when persuasive evidence of an arrangement exists, delivery has occurred, the sales price is fixed or determinable and collectibility is reasonably assured. The Company considers delivery to have occurred when the buyer has use of, and is able to benefit from, the intellectual property and the Company has no remaining obligations under the arrangement.

Risk-Management Instruments

The Company's derivative activities are initiated within the guidelines of documented corporate risk management policies and do not create additional risk because gains and losses on derivative contracts offset losses and gains on the liabilities being hedged. At December 31, 2013, the Company's risk management instruments consisted of an interest rate swap agreement which expired during the year ended December 31, 2014. The objective of the interest rate swap agreement was to limit the impact of fluctuations in interest rates in earnings related to the Company's long-term debt. Refer to Note 11, Derivative Instruments, for additional information related to the Company's risk management instruments.

Foreign Currency

The Company's functional and reporting currency is the U.S. dollar. Transactions in foreign currencies are recorded at the exchange rate prevailing on the date of the transaction. The resulting monetary assets and liabilities are translated into U.S. dollars at exchange rates prevailing on the subsequent balance sheet date. Gains and losses as a result of translation adjustments are recorded within "Other income (expense), net" in the accompanying consolidated statements of operations and comprehensive (loss) income. During the year ended December 31, 2014, the nine months ended December 31, 2013 and the year ended March 31, 2013, the Company recorded a gain on foreign currency translation of $0.6 million, $0.2 million and $0.1 million, respectively.

Concentrations

Financial instruments that potentially subject the Company to concentrations of credit risk are accounts receivable and marketable securities. Billings to large pharmaceutical and biotechnology companies account for the majority of the Company's accounts receivable, and collateral is generally not required from these customers. To mitigate credit risk, the Company monitors the financial performance and credit worthiness of its customers. The following represents revenue and receivables from the Company's customers exceeding 10% of the total in each category as of December 31, 2014, 2013 and March 31, 2013 and for the year ended December 31, 2014, the nine months ended December 31, 2013 and the year ended March 31, 2013:

	Year Ended December 31, 2014						Nine Months Ended December 31, 2013						Year Ended March 31, 2013
Customer	Receivables			Revenue			Receivables			Revenue			Receivables			Revenue
Janssen		44	%		41	%		46	%		44	%		32	%		35	%
Acorda		17	%		13	%		12	%		12	%		15	%		11	%

The Company generally holds its interest-bearing investments with major financial institutions, and in accordance with documented investment policies, the Company limits the amount of credit exposure to any one financial institution or corporate issuer. The Company's investment objectives are, first, to assure liquidity and conservation of capital and, second, to obtain investment income.

Geographic Information

Company revenues by geographic location, as determined by the location of the customer, and the location of its assets, are as follows:

(In thousands)	Year Ended December 31, 2014		Nine Months Ended December 31, 2013		Year Ended March 31, 2013
Revenue by region:
U.S.	$	398,189	$	269,005	$	380,565
Ireland		7,691		5,722		14,455
Rest of world		212,909		158,184		180,528
Assets by region:
Current assets:
U.S.	$	385,715	$	382,571	$	248,441
Ireland		490,577		187,023		159,544
Rest of world		501		544		603
Long-term assets:
U.S.:
Intangible assets	$	—	$	—	$	—
Goodwill		3,677		3,677		3,677
Other		228,693		225,559		229,691
Ireland:
Intangible assets	$	479,412	$	537,565	$	575,993
Goodwill		90,535		89,063		89,063
Other		242,162		151,586		163,279

Research and Development Expenses

For each of its R&D programs, the Company incurs both external and internal expenses. External R&D expenses include costs related to clinical and non-clinical activities performed by contract research organizations, consulting fees, laboratory services, purchases of drug product materials and third-party manufacturing development costs. Internal R&D expenses include employee-related expenses, occupancy costs, depreciation and general overhead. The Company tracks external R&D expenses for each of its development programs, however, internal R&D expenses are not tracked by individual program as they benefit multiple programs or its technologies in general.

Selling, General and Administrative Expenses

Selling, general and administrative expenses are primarily comprised of compensation and benefits associated with sales and marketing, finance, human resources, legal, information technology and other administrative personnel, outside marketing, advertising and legal expenses and other general and administrative costs.

Advertising costs are expensed as incurred. During the year ended December 31, 2014, the nine months ended December 31, 2013 and the year ended March 31, 2013, advertising costs totaled $8.6 million, $5.3 million and $6.0 million, respectively.

Share-Based Compensation

The Company's share-based compensation programs grant awards which include stock options and restricted stock units ("RSUs"), which vest with the passage of time and, to a limited extent, vest based on the achievement of certain performance or market criteria. The Company issues new shares upon stock option exercise or the vesting of RSUs. Certain of the Company's employees are retirement eligible under the terms of the Company's stock option plans (the "Plans"), and stock option awards to these employees generally vest in full upon retirement. Since there are no effective future service requirements for these employees, the fair value of these awards is expensed in full on the grant date or upon meeting the retirement eligibility criteria, whichever is later.

Stock Options

Stock option grants to employees generally expire ten years from the grant date and generally vest one-fourth per year over four years from the anniversary of the date of grant, provided the employee remains continuously employed with the Company, except as otherwise provided in the plan. Stock option grants to directors are for ten-year terms and generally vest over a one-year period provided the director continues to serve on the Company's board of directors through the vesting date, except as otherwise provided in the plan. The estimated fair value of options is recognized over the requisite service period, which is generally the vesting period. Share-based compensation expense is based on awards ultimately expected to vest. Forfeitures are estimated based on historical experience at the time of grant and revised in subsequent periods if actual forfeitures differ from those estimates.

The fair value of stock option grants is based on estimates as of the date of grant using a Black-Scholes option valuation model. The Company uses historical data as the basis for estimating option terms and forfeitures. Separate groups of employees that have similar historical stock option exercise and forfeiture behavior are considered separately for valuation purposes. The ranges of expected terms disclosed below reflect different expected behavior among certain groups of employees. Expected stock volatility factors are based on a weighted average of implied volatilities from traded options on the Company's ordinary shares and historical share price volatility of the Company's ordinary shares, which is determined based on a review of the weighted average of historical daily price changes of the Company's ordinary shares. The risk-free interest rate for periods commensurate with the expected term of the share option is based on the U.S. treasury yield curve in effect at the time of grants. The dividend yield on the Company's ordinary shares is estimated to be zero as the Company has not paid and does not expect to pay dividends. The exercise price of options granted is equal to the closing price of the Company's ordinary shares traded on the NASDAQ Global Select Stock Market on the date of grant.

The fair value of each stock option grant was estimated on the grant date with the following weighted-average assumptions:

	Year Ended December 31, 2014	Nine Months Ended December 31, 2013	Year Ended March 31, 2013
Expected option term	5 - 7 years	5 - 7 years	5 - 7 years
Expected stock volatility	39% - 46%	45% - 48%	47% - 49%
Risk-free interest rate	1.46% - 2.24%	0.75% - 2.15%	0.61% - 1.18%
Expected annual dividend yield	—	—	—

Time-Vested Restricted Stock Units

Time-vested RSUs awarded to employees generally vest one-fourth per year over four years from the anniversary of the date of grant, provided the employee remains continuously employed with the Company. Shares of the Company's ordinary shares are delivered to the employee upon vesting, subject to payment of applicable withholding taxes. The fair value of time-vested RSUs is equal to the closing price of the Company's ordinary shares traded on the NASDAQ Global Select Stock Market on the date of grant. Compensation expense, including the effect of forfeitures, is recognized over the applicable service period.

Performance-Based Restricted Stock Units

The Company has RSUs that vest upon the achievement of certain performance criteria. The estimated fair value of these RSUs is based on the market value of the Company's stock on the date of grant. Compensation expense for RSUs that vest upon the achievement of performance criteria is recognized from the moment the Company determines the performance criteria will be met to the date the Company deems the event is likely to occur. Cumulative adjustments are recorded quarterly to reflect subsequent changes in the estimate outcome of performance-related conditions until the date results are determined.

Income Taxes

The Company recognizes income taxes under the asset and liability method. Deferred income taxes are recognized for differences between the financial reporting and tax bases of assets and liabilities at enacted statutory tax rates in effect for the years in which the differences are expected to reverse. The effect on deferred taxes of a change in tax rates is recognized in income in the period that includes the enactment date. In evaluating the Company's ability to recover its deferred tax assets, the Company considers all available positive and negative evidence including its past operating results, the existence of cumulative income in the most recent fiscal years, changes in the business in which the Company operates and its forecast of future taxable income. In determining future taxable income, the Company is responsible for assumptions utilized including the amount of Irish, U.S. and other foreign pre-tax operating income, the reversal of temporary differences and the implementation of feasible and prudent tax planning strategies. These assumptions require significant judgment about the forecasts of future taxable income and are consistent with the plans and estimates that the Company is using to manage the underlying businesses.

The Company accounts for uncertain tax positions using a more-likely-than-not threshold for recognizing and resolving uncertain tax positions. The evaluation of uncertain tax positions is based on factors including, but not limited to, changes in tax law, the measurement of tax positions taken or expected to be taken in tax returns, the effective settlement of matters subject to audit, new audit activity and changes in facts or circumstances related to a tax position. The Company evaluates this tax position on a quarterly basis. The Company also accrues for potential interest and penalties related to unrecognized tax benefits in income tax expense.

Comprehensive (Loss) Income

Comprehensive (loss) income consists of net (loss) income and other comprehensive (loss) income. Other comprehensive (loss) income includes changes in equity that are excluded from net (loss) income, such as unrealized holding gains and losses on available-for-sale marketable securities and unrealized gains and losses on cash flow hedges.

(Loss) Earnings Per Share

Basic (loss) earnings per share is calculated based upon net (loss) income available to holders of ordinary shares divided by the weighted average number of ordinary shares outstanding. For the calculation of diluted earnings per share, the Company uses the weighted average number of ordinary shares outstanding, as adjusted for the effect of potential dilutive securities, including stock options and RSUs.

Segment Information

The Company operates as one business segment, which is the business of developing, manufacturing and commercializing medicines designed to yield better therapeutic outcomes and improve the lives of patients with serious diseases. The Company's chief decision maker, the Chairman and Chief Executive Officer, reviews the Company's operating results on an aggregate basis and manages the Company's operations as a single operating unit.

Employee Benefit Plans

401(K) Plan

The Company maintains a 401(k) retirement savings plan (the "401(k) Plan"), which covers substantially all of its U.S.-based employees. Eligible employees may contribute up to 100% of their eligible compensation, subject to certain Internal Revenue Service ("IRS") limitations. The Company matches 100% of employee contributions up to the first 5% of employee pay, up to IRS limits. Employee and Company contributions are fully vested when made. During the year ended December 31, 2014, the nine months ended December 31, 2013 and the year ended March 31, 2013, the Company contributed $4.7 million, $3.1 million and $4.1 million, respectively, to match employee deferrals under the 401(k) Plan.

Defined Contribution Plan

The Company maintains a defined contribution plan for its Ireland-based employees (the "defined contribution plan"). The defined contribution plan provides for eligible employees to contribute up to the maximum of 40%, depending upon their age, of their total taxable earnings subject to an earnings cap of €115,000. The Company provides a match of up to 18% of taxable earnings depending upon an individual's contribution level. During the year ended December 31, 2014, the nine months ended December 31, 2013 and the year ended March 31, 2013, the Company contributed $3.7 million, $2.9 million and $3.7 million, respectively, in contributions to the defined contribution plan.

Reclassifications

At December 31, 2014, the Company elected to display "Deferred tax assets—current" separately rather than include it as a component of "Prepaid expenses and other current assets." Accordingly, the balance of $12.8 million that was previously classified within "Prepaid expenses and other current assets" at December 31, 2013 has been reclassified to "Deferred tax assets—current" in the accompanying consolidated balance sheets.

New Accounting Pronouncements

From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board ("FASB") or other standard-setting bodies that are adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on its financial position or results of operations upon adoption.

In July 2013, the FASB adopted clarifying guidance on the presentation of unrecognized tax benefits when various qualifying tax credits exist. The amendment requires that unrecognized tax benefits be presented on the consolidated balance sheet as a reduction to deferred tax assets created by net operating losses ("NOLs") or other tax credits from prior periods that occur in the same taxing jurisdiction. To the extent that the unrecognized tax benefit exceeds these NOLs or other tax credits, it shall be presented as a liability. This update, required to be adopted for all annual periods and interim reporting periods beginning after December 15, 2013, was adopted by the Company on January 1, 2014. The adoption of this standard did not have a material impact on the presentation of the Company's financial position.

In April 2014, the FASB adopted guidance that amends the requirements for reporting discontinued operations. Under the amendment, only those disposals of components of an entity that represent a strategic shift that has (or will have) a major effect on an entity's operations and financial results will be reported as discontinued operations in the financial statements. Currently, many disposals, some of which may be routine in nature and not a change in an entity's strategy, are reported in discontinued operations. The guidance also requires expanded disclosures for discontinued operations. This guidance became effective for the Company on January 1, 2015 and is not expected to have a material impact on the Company's results of operations, cash flows or financial condition.

In June 2014, the FASB issued guidance that clarifies the accounting for share-based payments when the terms of an award provide that a performance target could be achieved after the requisite service period. Existing GAAP does not contain explicit guidance on how to account for these share-based payments. The new guidance requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. Entities have the option of prospectively applying the guidance to awards granted or modified after the effective date or retrospectively applying the guidance to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements. The guidance becomes effective for the Company in its year ending December 31, 2016, and early adoption is permitted. The Company is currently assessing the impact that this standard will have on its consolidated financial statements.

In May 2014, the FASB issued guidance that outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The guidance is based on the principle that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to fulfill a contract. Entities have the option of using either a full retrospective or a modified retrospective approach for the adoption of the new standard. The guidance becomes effective for the Company in its year ending December 31, 2017, and early adoption is not permitted. The Company is currently assessing the impact that this standard will have on its consolidated financial statements.

INVESTMENTS

12 Months Ended

Dec. 31, 2014

INVESTMENTS

INVESTMENTS

3. INVESTMENTS

Investments consist of the following:

			Gross Unrealized
					Losses
	Amortized Cost		Gains		Less than One Year			Greater than One Year			Estimated Fair Value
	(In thousands)
December 31, 2014
Short-term investments:
Available-for-sale securities:
U.S. government and agency debt securities	$	226,387	$	88	$	(15	)	$	—		$	226,460
Corporate debt securities		140,900		26		(66	)		—			140,860
International government agency debt securities		39,774		13		(5	)		—			39,782

Total short-term investments		407,061		127		(86	)		—			407,102

Long-term investments:
Available-for-sale securities:
U.S. government and agency debt securities		100,429		—		(196	)		(40	)		100,193
Corporate debt securities		61,187		—		(84	)		—			61,103
International government agency debt securities		7,568		—		(2	)		(1	)		7,565

		169,184		—		(282	)		(41	)		168,861

Held-to-maturity securities:
Certificates of deposit		1,619		—		—			—			1,619

Total long-term investments		170,803		—		(282	)		(41	)		170,480

Total investments	$	577,864	$	127	$	(368	)	$	(41	)	$	577,582


December 31, 2013
Short-term investments:
Available-for-sale securities:
U.S. government and agency debt securities	$	130,669	$	80	$	(1	)	$	—		$	130,748
Corporate debt securities		38,614		64		(30	)		—			38,648
International government agency debt securities		24,097		8		(33	)		—			24,072

		193,380		152		(64	)		—			193,468

Money market funds		1,201		—		—			—			1,201

Total short-term investments		194,581		152		(64	)		—			194,669

Long-term investments:
Available-for-sale securities:
Equity securities		8,732		21,253		—			—			29,985
U.S. government and agency debt securities		28,503		—		(61	)		(3	)		28,439
Corporate debt securities		20,266		—		(30	)		(75	)		20,161
International government agency debt securities		7,691		—		(5	)		—			7,686

		65,192		21,253		(96	)		(78	)		86,271

Held-to-maturity securities:
Certificates of deposit		1,493		—		—			—			1,493

Total long-term investments		66,685		21,253		(96	)		(78	)		87,764

Total investments	$	261,266	$	21,405	$	(160	)	$	(78	)	$	282,433

The proceeds from the sales and maturities of marketable securities, which were primarily reinvested and resulted in realized gains and losses, were as follows:

(In thousands)	Year Ended December 31, 2014			Nine Months Ended December 31, 2013		Year Ended March 31, 2013
Proceeds from the sales and maturities of marketable securities	$	341,154		$	90,470	$	258,937
Realized gains	$	15,364		$	16	$	39
Realized losses	$	(31	)	$	—	$	(5	)

During the year ended December 31, 2014, the Company sold its investment in Acceleron Pharma Inc. ("Acceleron"), which consisted of common stock and warrants to purchase the common stock of Acceleron. The Company received net proceeds of $24.0 million and realized a gain of $15.3 million from the sale of this investment. The Company reclassified the gain from accumulated other comprehensive (loss) income to gain on sale of investment in Acceleron in its consolidated statements of operations and comprehensive (loss) income.

The Company's available-for-sale and held-to-maturity securities at December 31, 2014 had contractual maturities in the following periods:

	Available-for-sale				Held-to-maturity
(In thousands)	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Within 1 year	$	323,500	$	323,475	$	1,619	$	1,619
After 1 year through 5 years		252,745		252,488		—		—

Total	$	576,245	$	575,963	$	1,619	$	1,619

At December 31, 2014, the Company believed that the unrealized losses on its available-for-sale investments were temporary. The investments with unrealized losses consisted primarily of corporate debt securities and U.S. Government and agency debt securities. In making the determination that the decline in fair value of these securities was temporary, the Company considered various factors, including but not limited to: the length of time each security was in an unrealized loss position; the extent to which fair value was less than cost; financial condition and near-term prospects of the issuers; the Company's intent not to sell these securities, and the assessment that it is more-likely-than-not that the Company would not be required to sell these securities before the recovery of their amortized cost basis.

The Company's investment in Civitas Therapeutics, Inc. ("Civitas") was zero and $2.0 million at December 31, 2014 and December 31, 2013, respectively, which was recorded within "Other Assets" in the accompanying consolidated balance sheets. In October 2014, Civitas was acquired by Acorda for $525.0 million. As a result of this transaction, the Company received $27.2 million and has the right to receive up to an additional $2.4 million, subject to release of all amounts held in escrow, for its approximate 6% equity interest in Civitas. Prior to its acquisition by Acorda, the Company's investment in Civitas consisted of various issues of preferred stock, certain of which were accounted for under the cost method or equity method, depending upon if the preferred stock was considered to be "in-substance" common stock and the Company's belief that it may have been able to exercise significant influence over the operating and financial policies of Civitas. During the year ended December 31, 2014, the nine months ended December 31, 2013 and the year ended March 31, 2013, the Company recorded a reduction in its investment in Civitas of $6.8 million, $1.2 million and $1.2 million, respectively, which represented the Company's proportionate share of Civitas' net losses for these periods.

In May 2014, the Company entered into an agreement whereby it is committed to provide up to €7.4 million to a partnership, Fountain Healthcare Partners II, L.P. of Ireland ("Fountain"), which was created to carry on the business of investing exclusively in companies and businesses engaged in healthcare, pharmaceutical and life sciences sectors. The Company's commitment represents approximately 10% of the partnership's total funding, and the Company is accounting for its investment in Fountain under the equity method. At December 31, 2014, the Company had made payments of, and its investment is equal to, $1.2 million (€0.9 million), which is included within "Other assets" in the accompanying consolidated balance sheets. During the year ended December 31, 2014, the Company recorded a reduction in its investment in Fountain of $0.1 million, which represented the Company's proportionate share of Fountain's net loss for this period.

FAIR VALUE

12 Months Ended

Dec. 31, 2014

FAIR VALUE

FAIR VALUE MEASUREMENTS

4. FAIR VALUE

The following table presents information about the Company's assets and liabilities that are measured at fair value on a recurring basis and indicates the fair value hierarchy and the valuation techniques the Company utilized to determine such fair value:

(In thousands)	December 31, 2014		Level 1		Level 2		Level 3
Assets:
U.S. government and agency debt securities	$	326,653	$	189,030	$	137,623	$	—
Corporate debt securities		201,963		—		201,963		—
International government agency debt securities		47,347		—		47,347		—

Total	$	575,963	$	189,030	$	386,933	$	—

	December 31, 2013			Level 1		Level 2			Level 3
Assets:
Cash equivalents	$	1,201		$	1,201	$	—		$	—
U.S. government and agency debt securities		159,187			63,213		95,974			—
Corporate debt securities		58,809			—		58,809			—
International government agency debt securities		31,758			—		31,758			—
Equity securities		29,985			28,459		—			1,526

Total	$	280,940		$	92,873	$	186,541		$	1,526


Liabilities:
Interest rate swap contract	$	(275	)	$	—	$	(275	)	$	—

Total	$	(275	)	$	—	$	(275	)	$	—

The Company transfers its financial assets and liabilities, measured at fair value on a recurring basis, between the fair value hierarchies at the end of each reporting period.

There were no transfers of any securities from Level 1 to Level 2 or from Level 2 to Level 1 during the year ended December 31, 2014. The following table is a rollforward of the fair value of the Company's investments whose fair value was determined using Level 3 inputs at December 31, 2014:

(In thousands)	Fair Value
Balance, January 1, 2014	$	1,526
Total unrealized losses included in other comprehensive (loss) income		(383	)
Sale of equity securities		(1,143	)

Balance, December 31, 2014	$	—

During the year ended December 31, 2014, the Company sold its Level 3 investment, which consisted of warrants to purchase the common stock of Acceleron.

The Company's investments in U.S. government and agency debt securities, international government agency debt securities and corporate debt securities classified as Level 2 within the fair value hierarchy were initially valued at the transaction price and subsequently valued, at the end of each reporting period, utilizing market-observable data. The market-observable data included reportable trades, benchmark yields, credit spreads, broker/dealer quotes, bids, offers, current spot rates and other industry and economic events. The Company validated the prices developed using the market-observable data by obtaining market values from other pricing sources, analyzing pricing data in certain instances and confirming that the relevant markets are active.

The carrying amounts reflected in the consolidated balance sheets for cash and cash equivalents, accounts receivable, other current assets, accounts payable and accrued expenses approximate fair value due to their short-term nature. The fair value of the remaining financial instruments not currently recognized at fair value on the Company's consolidated balance sheets consisted of the $300.0 million, seven-year term loan bearing interest at LIBOR plus 2.75% with a LIBOR floor of 0.75% ("Term Loan B-1") and the $75.0 million, four-year term loan bearing interest at LIBOR plus 2.75%, with no LIBOR floor ("Term Loan B-2" and together with Term Loan B-1, the "Term Loan Facility"). The estimated fair value of these term loans, which was based on quoted market price indications (Level 2 in the fair value hierarchy) and may not be representative of actual values that could have been or will be realized in the future, was as follows at December 31, 2014:

(In thousands)	Carrying Value		Estimated Fair Value
Term Loan B-1	$	291,476	$	289,218
Term Loan B-2	$	66,494	$	65,897

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

INVENTORY

12 Months Ended

Dec. 31, 2014

INVENTORY

INVENTORY

5. INVENTORY

Inventory consists of the following:

(In thousands)	December 31, 2014		December 31, 2013
Raw materials	$	21,101	$	18,410
Work in process		14,824		15,581
Finished goods(1)		15,432		12,227

Total inventory	$	51,357	$	46,218

(1)	At December 31, 2014 and December 31, 2013, the Company had $4.4 million and $1.1 million, respectively, of finished goods inventory located at its third-party warehouse and shipping service provider.

PROPERTY, PLANT AND EQUIPMENT

12 Months Ended

Dec. 31, 2014

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT

6. PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment consist of the following:

(In thousands)	December 31, 2014			December 31, 2013
Land	$	8,163		$	8,440
Building and improvements		149,158			148,044
Furniture, fixture and equipment		225,834			220,984
Leasehold improvements		12,971			23,980
Construction in progress		39,774			26,688

Subtotal		435,900			428,136
Less: accumulated depreciation		(170,160	)		(153,646	)

Total property, plant and equipment, net	$	265,740		$	274,490

In April 2014, the Company sold certain of its land, buildings and equipment at its Athlone, Ireland facility that had a carrying value of $2.2 million, in exchange for $17.5 million. $3.0 million of the sale proceeds will remain in escrow pending the completion of certain additional services the Company is obligated to perform, and will be recognized as "Gain on sale of property, plant and equipment" as the services are provided. In October 2014, the Company sold certain commercial-scale pulmonary manufacturing equipment located at its Chelsea, Massachusetts manufacturing facility, which had a carrying value of $0.4 million in exchange for $30.0 million. The gain of $29.6 million resulting from this transaction is included in "Gain on sale of property, plant and equipment" in the accompanying statements of operations and comprehensive (loss) income.

Depreciation expense was $39.9 million, $32.3 million and $31.9 million for the year ended December 31, 2014, the nine months ended December 31, 2013 and the year ended March 31, 2013, respectively. Also, during the year ended December 31, 2014, the nine months ended December 31, 2013 and the year ended March 31, 2013, the Company wrote off furniture, fixtures and equipment that had a carrying value of $1.4 million, less than $0.1 million and less than $0.1 million, respectively, at the time of disposition.

Amounts included as construction in progress in the consolidated balance sheets primarily include capital expenditures at the Company's manufacturing facility in Ohio. The Company continues to evaluate its manufacturing capacity based on expectations of demand for its products and will continue to record such amounts within construction in progress until such time as the underlying assets are placed into service. The Company continues to periodically evaluate whether facts and circumstances indicate that the carrying value of its long-lived assets to be held and used may not be recoverable.

GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2014

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS

7. GOODWILL AND INTANGIBLE ASSETS

Goodwill and intangible assets consist of the following:

			Year Ended December 31, 2014							Nine Months Ended December 31, 2013
(In thousands)	Weighted Amortizable Life		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Goodwill			$	94,212	$	—		$	94,212	$	92,740	$	—		$	92,740


Finite-lived intangible assets:
Collaboration agreements		12	$	499,700	$	(127,393	)	$	372,307	$	499,700	$	(80,655	)	$	419,045
NanoCrystal technology		13		74,600		(13,243	)		61,357		74,600		(8,506	)		66,094
OCR technologies		12		66,300		(20,552	)		45,748		66,300		(13,874	)		52,426

Total				640,600		(161,188	)		479,412		640,600		(103,035	)		537,565

The Company's finite-lived intangible assets consist of collaborative agreements and the NanoCrystal and OCR technologies acquired as part of the EDT acquisition. The Company recorded $58.2 million, $38.4 million and $41.9 million of amortization expense related to its finite-lived intangible assets during the year ended December 31, 2014, the nine months ended December 31, 2013 and the year ended March 31, 2013, respectively. Based on the Company's most recent analysis, amortization of intangible assets included within its consolidated balance sheets at December 31, 2014 is expected to be approximately $65.0 million, $70.0 million, $70.0 million, $70.0 million and $60.0 million in the years ending December 31, 2015 through 2019, respectively. Although the Company believes such available information and assumptions are reasonable, given the inherent risks and uncertainties underlying its expectations regarding such future revenues, there is the potential for the Company's actual results to vary significantly from such expectations. If revenues are projected to change, the related amortization of the intangible assets will change in proportion to the change in revenues.

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References + Details

ACCOUNTS PAYABLE AND ACCRUED EXPENSES

12 Months Ended

Dec. 31, 2014

ACCOUNTS PAYABLE AND ACCRUED EXPENSES

ACCOUNTS PAYABLE AND ACCRUED EXPENSES

8. ACCOUNTS PAYABLE AND ACCRUED EXPENSES

Accounts payable and accrued expenses consist of the following:

(In thousands)	December 31, 2014		December 31, 2013
Accounts payable	$	32,335	$	19,493
Accrued compensation		36,854		28,101
Accrued restructuring		2,004		7,296
Accrued other		50,065		36,283

Total accounts payable and accrued expenses	$	121,258	$	91,173

RESTRUCTURING

12 Months Ended

Dec. 31, 2014

RESTRUCTURING

RESTRUCTURING

9. RESTRUCTURING

On April 4, 2013, the Company approved a restructuring plan at its Athlone, Ireland manufacturing facility consistent with the evolution of the Company's product portfolio and designed to improve operational performance for the future. The restructuring plan calls for the Company to terminate manufacturing services for certain older products that are expected to no longer be economically practicable to produce due to decreasing demand from its customers resulting from generic competition. The Company expects to continue to generate revenues from the manufacturing of these products into the year ending December 31, 2015.

As a result of the termination of these services, it was contemplated that the Company would also implement a corresponding reduction in headcount of up to 130 employees. In connection with this restructuring plan, during the year ended March 31, 2013, the Company recorded a restructuring charge of $12.3 million, which consisted of severance and outplacement services. The Company has paid in cash $11.1 million and recorded an adjustment of $0.1 million due to changes in foreign currency since inception of this restructuring plan. Restructuring activity during the year ended December 31, 2014 was as follows:

(In thousands)	Severance and Outplacement Services
Balance, January 1, 2014	$	10,578
Payments		(8,772	)
Adjustments		(478	)

Balance, December 31, 2014	$	1,328

At December 31, 2014 and 2013, $1.3 million and $6.8 million, respectively, of this restructuring accrual were included within "Accounts payable and accrued expenses," and none and $3.8 million, respectively, were included within "Other long-term liabilities" in the accompanying consolidated balance sheets.

LONG-TERM DEBT

12 Months Ended

Dec. 31, 2014

LONG-TERM DEBT

LONG-TERM DEBT

10. LONG-TERM DEBT

Long-term debt consists of the following:

(In thousands)	December 31, 2014			December 31, 2013
Term Loan B-1, due September 25, 2019	$	291,476		$	294,091
Term Loan B-2, due September 25, 2016		66,494			70,202

Total		357,970			364,293
Less: current portion		(6,750	)		(6,750	)

Long-term debt	$	351,220		$	357,543

Term Loans

Term Loan B-1 was issued with a principal balance of $300.0 million, interest payable of LIBOR plus 2.75% with a LIBOR floor of 0.75%, and an original issue discount of $3.0 million. Term Loan B-1 amortizes in equal quarterly amounts of 0.25% of the original principal amount of the loan, with the balance payable at maturity, which is September 25, 2019. Term Loan B-2 was issued with a principal balance of $75.0 million, interest payable of LIBOR plus 2.75% with no LIBOR floor, and an original issue discount of $0.4 million. Term Loan B-2 amortizes in equal quarterly amounts of 1.25% of the original principal amount of the loan, with the balance payable at maturity, which is September 25, 2016. The Term Loan Facility is guaranteed by certain subsidiaries of the Company (the "Guarantors") and is secured by a first priority lien on substantially all of the assets and properties of the Company and the Guarantors (subject to certain exceptions and limitations).

Scheduled maturities with respect to the Term Loan Facility are as follows (in thousands):

Year Ended:
2015	$	6,750
2016		65,813
2017		3,000
2018		3,000
2019		281,250

Total	$	359,813

Required quarterly principal payments of $0.8 million on Term Loan B-1 and $0.9 million on Term Loan B-2 began on December 31, 2012. Beginning on January 1, 2014, the Company became subject to mandatory prepayments of principal if certain excess cash flow thresholds, as defined in the Term Loan Facility, were met. During the year ended December 31, 2014, the Company was not subject to mandatory prepayments of principal. The Company may make prepayments of principal without premium or penalty.

The Term Loan Facility has an incremental facility capacity in an amount of $140.0 million, plus additional amounts as long as the Company meets certain conditions, including a specified leverage ratio. The Term Loan Facility includes a number of restrictive covenants that, among other things and subject to certain exceptions and baskets, impose operating and financial restrictions on the Company and certain of its subsidiaries. The Term Loan Facility also contains customary affirmative covenants and events of default. The Company was in compliance with its debt covenants at December 31, 2014.

Refinancing and Repricing Transactions

The Company entered into the Term Loan Facility pursuant to an amendment and restatement, and partial repayment, of its existing long-term debt (such debt, the "2011 Term Loans"). This amendment and restatement represented a restructuring of the 2011 Term Loans (the "Refinancing") and involved multiple lenders who were considered members of a loan syndicate. In determining whether the Refinancing was to be accounted for as a debt extinguishment or modification, the Company considered whether creditors remained the same or changed and whether the change in debt terms was substantial. The terms of the Term Loan Facility were considered substantially different from the 2011 Term Loans if the present value of the cash flows under the Term Loan Facility was at least 10% different from the present value of the remaining cash flows under the 2011 Term Loans (commonly referred to as the "10% Test"). The Company performed a separate 10% Test for each individual creditor participating in the loan syndication. The loans of creditors who did not participate in the Term Loan Facility were accounted for as a debt extinguishment.

In February 2013, the Company further amended the Term Loan Facility (the "Repricing"). The Repricing was a restructuring of the Term Loan Facility and involved multiple lenders who were considered members of a loan syndicate. The Company performed a similar analysis to the analysis described above to determine if the Repricing was to be accounted for as a debt extinguishment or modification. In addition, since the Repricing occurred within twelve months of the Refinancing, for any lenders who participated in the Refinancing, the Company performed the 10% test using the present value of the remaining cash flows under the Term Loan Facility.

As the 2011 Term Loans and the Term Loan Facility have a prepayment option exercisable at any time, the Company assumed the prepayment option was exercised immediately on the date of the Refinancing for purposes of applying the 10% Test. When there was a change in principal balance for individual creditors in the Refinancing and/or the Repricing, in applying the 10% Test, the Company used the cash flows related to the lowest common principal balance (commonly referred to as the "Net Method"). Under the Net Method, any principal in excess of a creditor's rollover money was treated as a new, separate debt issuance, and any decrease in principal was treated as a partial extinguishment of debt.

New costs paid to creditors and third parties in connection with the Refinancing and/or Repricing were allocated to the Term Loan Facility and then further allocated to each creditor. Once these costs were allocated to the individual creditors, an analysis of each creditor was performed and a determination made as to whether the refinancing was accounted for as a debt extinguishment or modification under the 10% Test. For debt considered to be extinguished, the unamortized deferred financing costs and unamortized original issue discount associated with the extinguished debt were expensed. For debt considered to be modified, the unamortized deferred financing costs and unamortized original issue discount associated with the modified debt continue to be amortized, new financing costs were expensed and new third-party fees were capitalized. For new creditors in the Refinancing and/or Repricing, new financing costs and original issue discount fees were capitalized and will be amortized over the estimated repayment period of the new debt.

The Refinancing and Repricing resulted in a $12.1 million and $7.5 million charge, respectively, in the year ended March 31, 2013, which was included in "Interest expense" in the accompanying consolidated statement of operations and comprehensive (loss) income and was comprised of the following:

(In thousands)	September 2012 Refinancing		February 2013 Repricing		Total
Extinguished debt:
Unamortized deferred financing costs	$	4,600	$	1,566	$	6,166
Unamortized original issue discount		2,657		1,437		4,094
Modified debt:
Debt financing costs		1,967		805		2,772
Original issue discount		105		—		105
Prepayment penalty		2,800		3,733		6,533

Total	$	12,129	$	7,541	$	19,670

At December 31, 2014, the Company's balance of unamortized deferred financing costs and unamortized original issue discount costs were $2.2 million and $1.8 million, respectively. These costs are being amortized to interest expense over the estimated repayment period of the Term Loan Facility using the effective interest method. During the year ended December 31, 2014, the nine months ended December 31, 2013 and the year ended March 31, 2013, the Company had amortization expense of $1.0 million, $0.8 million and $5.8 million, respectively, related to deferred financing costs and original issue discount.

DERIVATIVE INSTRUMENTS

12 Months Ended

Dec. 31, 2014

DERIVATIVE INSTRUMENTS

DERIVATIVE INSTRUMENTS

11. DERIVATIVE INSTRUMENTS

In September 2011, the Company entered into an interest rate swap agreement with Morgan Stanley Capital Services LLC ("MSCS") to mitigate the impact of fluctuations in the three-month LIBOR rate at which the Company's long-term debt bears interest. The interest rate swap agreement became effective in December 2012, expired in September 2014 and had a notional value of $65.0 million. This contract was initially designated as a cash flow hedge, however, in connection with the Refinancing, the cash flow hedge was deemed to no longer be effective for accounting purposes. The Company recorded an immaterial loss, a gain of $0.3 million and a loss of $0.6 million within "Other income (expense), net" due to the fluctuations in fair value of this contract during the year ended December 31, 2014, the nine months ended December 31, 2013 and the year ended March 31, 2013, respectively.

In December 2011, the Company entered into an interest rate cap agreement at a cost of $0.1 million to mitigate the impact of fluctuations in the three-month LIBOR rate at which the Company's long-term debt bears interest. The interest rate cap agreement expired in December 2013, had a notional value of $160.0 million and was not designated as a hedging instrument. The Company recorded an immaterial amount of loss as "Other income (expense), net" in the accompanying consolidated statements of operations and comprehensive (loss) income due to the decline in value of this contract during the nine months ended December 31, 2013 and the year ended March 31, 2013.

The following table summarizes the fair value and presentation in the consolidated balance sheets for the Company's hedging instruments (in thousands):

		Fair Value
(In thousands)	Balance Sheet Location	December 31, 2014		December 31, 2013
Interest rate swap:
Liability derivative not designated as a cash flow hedge	Other long-term liabilities	$	—	$	(275	)

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

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+ Details

(LOSS) EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2014

EARNINGS (LOSS) PER SHARE

EARNINGS (LOSS) PER SHARE

12. (LOSS) EARNINGS PER SHARE

Basic (loss) earnings per ordinary share is calculated based upon net (loss) income available to holders of ordinary shares divided by the weighted average number of shares outstanding. For the calculation of diluted (loss) earnings per ordinary share, the Company uses the weighted average number of ordinary shares outstanding, as adjusted for the effect of potential outstanding shares, including stock options and restricted stock units.

(In thousands)	Year Ended December 31, 2014			Nine Months Ended December 31, 2013		Year Ended March 31, 2013
Numerator:
Net (loss) income	$	(30,061	)	$	17,649	$	24,983


Denominator:
Weighted average number of ordinary shares outstanding		145,274			135,960		131,713
Effect of dilutive securities:
Stock options		—			7,653		4,025
Restricted stock units		—			1,348		1,362

Dilutive ordinary share equivalents		—			9,001		5,387

Shares used in calculating diluted earnings (loss) per share		145,274			144,961		137,100

The following potential ordinary equivalent shares have not been included in the net (loss) income per ordinary share calculations because the effect would have been anti-dilutive:

(In thousands)	Year Ended December 31, 2014		Nine Months Ended December 31, 2013		Year Ended March 31, 2013
Stock options		9,260		1,404		4,497
Restricted stock units		1,834		—		—

Total		11,094		1,404		4,497

SHAREHOLDERS' EQUITY	12 Months Ended
SHAREHOLDERS' EQUITY	Dec. 31, 2014
SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY	13. SHAREHOLDERS' EQUITY Share Repurchase Program On September 16, 2011, the board of directors authorized the continuation of the Alkermes, Inc. share repurchase program to repurchase up to $215.0 million of the Company's ordinary shares at the discretion of management from time to time in the open market or through privately negotiated transactions. At December 31, 2014, approximately $101.0 million was available to repurchase ordinary shares pursuant to the repurchase program. All shares repurchased are recorded as treasury stock. The repurchase program has no set expiration date and may be suspended or discontinued at any time. During the year ended December 31, 2014 and the nine months ended December 31, 2013, the Company did not acquire any ordinary shares under the repurchase program.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(d),(e))
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Paragraph 4
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
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-Paragraph 2
-Subparagraph (SAB TOPIC 4.E)
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
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-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
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-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Section 50
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-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
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-Paragraph d
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Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
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Reference 16: http://www.xbrl.org/2003/role/presentationRef
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Reference 17: http://www.xbrl.org/2003/role/presentationRef
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Reference 18: http://www.xbrl.org/2003/role/presentationRef
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Reference 19: http://www.xbrl.org/2003/role/presentationRef
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+ Details

SHARE-BASED COMPENSATION

12 Months Ended

Dec. 31, 2014

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION

14. SHARE-BASED COMPENSATION

Share-based Compensation Expense

The following table presents share-based compensation expense included in the Company's consolidated statements of operations and comprehensive (loss) income:

(In thousands)	Year Ended December 31, 2014		Nine Months Ended December 31, 2013		Year Ended March 31, 2013
Cost of goods manufactured and sold	$	6,940	$	3,308	$	4,375
Research and development		14,422		7,799		9,078
Selling, general and administrative		38,217		22,302		21,263

Total share-based compensation expense	$	59,579	$	33,409	$	34,716

At December 31, 2014 and 2013 and March 31, 2013, $0.8 million, $0.4 million and $0.6 million, respectively, of share-based compensation expense was capitalized and recorded as "Inventory" in the accompanying consolidated balance sheets.

Share-based Compensation Plans

The Company has two compensation plans pursuant to which awards are currently being made: (i) the 2011 Stock Option and Incentive Plan (the "2011 Plan"); and (ii) the 2008 Stock Option and Incentive Plan (the "2008 Plan"). The Company has three share-based compensation plans pursuant to which outstanding awards have been made, but from which no further awards can or will be made: (i) the Stock Option Plan for Non-Employee Directors (the "1996 Plan"); (ii) the 1999 Stock Option Plan (the "1999 Plan"); and (iii) the 2006 Stock Option Plan for Non-Employee Directors (the "2006 Plan"). The 2011 Plan and the 2008 Plan provide for the issuance of non-qualified and incentive stock options, restricted stock, restricted stock units, cash-based awards and performance shares to employees, officers and directors of, and consultants to, the Company in such amounts and with such terms and conditions as may be determined by the compensation committee of the Company's board of directors, subject to provisions of the 2011 Plan and the 2008 Plan.

At December 31, 2014, there were 10.0 million shares of ordinary shares authorized for issuance under the Company's stock plans. The 2011 Plan provides that awards other than stock options will be counted against the total number of shares available under the plan in a 1.8-to-1 ratio and the 2008 Plan provides that awards other than stock options will be counted against the total number of shares available under the plan in a 2-to-1 ratio.

Stock Options

A summary of stock option activity is presented in the following table:

	Number of Shares			Weighted Average Exercise Price
Outstanding, January 1, 2014		14,688,160		$	17.18
Granted		2,036,300		$	46.83
Exercised		(3,375,084	)	$	14.51
Forfeited		(176,750	)	$	26.59

Outstanding, December 31, 2014		13,172,626		$	22.32


Exercisable, December 31, 2014		8,391,987		$	16.36

The weighted average grant date fair value of stock options granted during the year ended December 31, 2014, the nine months ended December 31, 2013 and the year ended March 31, 2013 was $21.44, $16.27 and $8.11, respectively. The aggregate intrinsic value of stock options exercised during the year ended December 31, 2014, the nine months ended December 31, 2013 and the year ended March 31, 2013 was $114.5 million, $65.6 million and $28.1 million, respectively.

At December 31, 2014, there were 4.6 million stock options expected to vest with a weighted average exercise price of $32.50 per share, a weighted average contractual remaining life of 8.3 years and an aggregate intrinsic value of $121.0 million. At December 31, 2014, the aggregate intrinsic value of stock options exercisable was $354.1 million with a weighted average remaining contractual term of 5.2 years. The number of stock options expected to vest is determined by applying the pre-vesting forfeiture rate to the total outstanding options. The intrinsic value of a stock option is the amount by which the market value of the underlying stock exceeds the exercise price of the stock option.

At December 31, 2014, there was $38.3 million of unrecognized compensation cost related to unvested stock options, which is expected to be recognized over a weighted average period of approximately 2.0 years. Cash received from option exercises under the Company's award plans during the year ended December 31, 2014, the nine months ended December 31, 2013 and the year ended March 31, 2013 was $47.6 million, $49.1 million and $34.4 million, respectively.

Time-Vested Restricted Stock Units

A summary of time-vested RSU activity is presented in the following table:

	Number of Shares			Weighted Average Grant Date Fair Value
Unvested, January 1, 2014		1,987,887		$	22.83
Granted		676,475		$	47.16
Vested		(770,335	)	$	19.95
Forfeited		(133,113	)	$	29.22

Unvested, December 31, 2014		1,760,914		$	32.96

The weighted average grant date fair value of time-vested RSUs granted during the year ended December 31, 2014, the nine months ended December 31, 2013 and the year ended March 31, 2013 was $47.16, $33.72 and $16.55, respectively. The total fair value of time-vested RSUs that vested during the year ended December 31, 2014, the nine months ended December 31, 2013 and the year ended March 31, 2013, was $15.4 million, $12.5 million and $9.9 million, respectively.

At December 31, 2014, there was $27.6 million of total unrecognized compensation cost related to unvested time-vested RSUs, which will be recognized over a weighted average remaining contractual term of 1.9 years.

Performance-Vesting Restricted Stock Units

In March 2014, the board of directors awarded RSUs to all employees of the Company as of the date of the award, fifty percent of which vest upon the occurrence of the earlier of: (i) FDA approval for aripiprazole lauroxil; or (ii) the achievement of the pre-specified primary endpoint in two phase 3 clinical studies of ALKS 5461; provided that, if such vesting event occurs during the first year after grant, the vesting of the initial 50% of the performance-based restricted stock unit award will not occur until the one-year anniversary of the grant date. In order to build an added retentive component to the grant, the remaining fifty percent of the award will vest on the one-year anniversary of the vesting date of the initial portion. The award will expire if neither of the performance conditions has been met on or before December 31, 2016.

A summary of performance-vesting RSU activity is presented in the following table:

	Number of Shares			Weighted Average Grant Date Fair Value
Unvested, January 1, 2014		—		$	—
Granted		701,600		$	47.17
Vested		—		$	—
Forfeited		(44,875	)	$	47.16

Unvested, December 31, 2014		656,725		$	47.17

The grant date fair value of the performance-vesting RSUs was equal to the market value of the Company's stock on the date of grant. At December 31, 2014, the Company does not consider it probable that the performance criteria will be met and has not recognized any share-based compensation expense related to these performance-vesting RSUs. At December 31, 2014, there was $31.0 million of unrecognized compensation cost related to these performance-vesting RSUs, which would be recognized in accordance with the terms of the award when the Company deems it probable that the performance criteria will be met.

COLLABORATIVE ARRANGEMENTS

12 Months Ended

Dec. 31, 2014

COLLABORATIVE ARRANGEMENTS

COLLABORATIVE ARRANGEMENTS

15. COLLABORATIVE ARRANGEMENTS

The Company's business strategy includes forming collaborations to develop and commercialize its products, and to access technological, financial, marketing, manufacturing and other resources. The following table is the aggregate for all of the Company's collaborative arrangements:

	Year Ended December 31, 2014		Nine Months Ended December 31, 2013		Year Ended March 31, 2013
	(in thousands)
MANUFACTURING AND ROYALTY REVENUE:
Significant collaborative arrangements	$	365,904	$	261,192	$	278,702
All other collaborative arrangements		150,972		109,847		182,198

Total manufacturing and royalty revenue(1)	$	516,876	$	371,039	$	460,900


RESEARCH AND DEVELOPMENT REVENUE:
Significant collaborative arrangements	$	501	$	921	$	1,611
All other collaborative arrangements		7,252		3,736		4,930

Total research and development revenue	$	7,753	$	4,657	$	6,541


COST OF GOODS MANUFACTURED AND SOLD:
Significant collaborative arrangements	$	34,148	$	33,454	$	36,694
All other collaborative arrangements		127,028		92,534		117,877

Total cost of goods manufactured and sold(1)	$	161,176	$	125,988	$	154,571

(1)	Includes only manufacturing and royalty revenue and cost of goods manufactured and sold under collaborative arrangements.

The Company's significant collaborative arrangements are described below:

Janssen

RISPERDAL CONSTA

Under a product development agreement, the Company collaborated with Janssen on the development of RISPERDAL CONSTA. Under the development agreement, Janssen provided funding to the Company for the development of RISPERDAL CONSTA and Janssen is responsible for securing all necessary regulatory approvals for the product.

Under license agreements, the Company granted Janssen and an affiliate of Janssen exclusive worldwide licenses to use and sell RISPERDAL CONSTA. Under its license agreements with Janssen, the Company receives royalty payments equal to 2.5% of Janssen's net sales of RISPERDAL CONSTA in each country where the license is in effect based on the quarter when the product is sold by Janssen. This royalty may be reduced in any country based on lack of patent coverage and significant competition from generic versions of the product. Janssen can terminate the license agreements upon 30 days' prior written notice to the Company. Either party may terminate the license agreements by written notice following a breach which continues for 90 days after the delivery of written notice thereof or the other party's insolvency. The licenses granted to Janssen expire on a country-by-country basis upon the later of: (i) the expiration of the last patent claiming the product in such country; or (ii) 15 years after the date of the first commercial sale of the product in such country, provided that in no event will the license granted to Janssen expire later than the twentieth anniversary of the first commercial sale of the product in such country, with the exception of certain countries where the fifteen-year limitation shall pertain regardless. After expiration, Janssen retains a non-exclusive, royalty-free license to manufacture, use and sell RISPERDAL CONSTA. The Company exclusively manufactures RISPERDAL CONSTA for commercial sale. Under its manufacturing and supply agreement with Janssen, the Company records manufacturing revenues when product is shipped to Janssen, based on 7.5% of Janssen's net unit sales price for RISPERDAL CONSTA for the calendar year.

The manufacturing and supply agreement terminates on expiration of the license agreements. In addition, either party may terminate the manufacturing and supply agreement upon a material breach by the other party, which is not resolved within 60 days after receipt of a written notice specifying the material breach or upon written notice in the event of the other party's insolvency or bankruptcy. Janssen may terminate the agreement upon six months' written notice to the Company. In the event that Janssen terminates the manufacturing and supply agreement without terminating the license agreements, the royalty rate payable to the Company on Janssen's net sales of RISPERDAL CONSTA would increase from 2.5% to 5.0%.

Under its agreements with Janssen, the Company recognized manufacturing revenues related to RISPERDAL CONSTA of $91.0 million, $82.5 million and $98.6 million during the year ended December 31, 2014, the nine months ended December 31, 2013 and the year ended March 31, 2013, respectively. Under its agreements with Janssen, the Company recognized royalty revenues related to RISPERDAL CONSTA of $29.6 million, $24.7 million and $35.0 million during the year ended December 31, 2014, the nine months ended December 31, 2013 and the year ended March 31, 2013, respectively.

INVEGA SUSTENNA/XEPLION

Under its license agreement with Janssen Pharmaceutica N.V., the Company granted Janssen a worldwide exclusive license under its NanoCrystal technology to develop, commercialize and manufacture INVEGA SUSTENNA/XEPLION and related products.

Under its license agreement, the Company received milestone payments upon the achievement of certain development goals from Janssen; there are no further milestones to be earned under this agreement. The Company receives tiered royalty payments between 5% and 9% of INVEGA SUSTENNA net sales in each country where the license is in effect, with the exact royalty percentage determined based on worldwide net sales. The tiered royalty payments consist of a patent royalty and a know-how royalty, both of which are determined on a county-by-country basis. The patent royalty, which equals 1.5% of net sales, is payable until the expiration of the last of the patents claiming the product in such country. The know-how royalty is a tiered royalty of 3.5%, 5.5% and 7.5% on aggregate worldwide net sales of below $250 million, between $250 million and $500 million, and greater than $500 million, respectively. The know-how royalty is payable for the later of 15 years from first commercial sale of a product in each individual country or March 31, 2019, subject in each case to the expiry of the license agreement. These royalty payments may be reduced in any country based on patent litigation or on competing products achieving certain minimum sales thresholds. The license agreement expires upon the later of: (i) March 31, 2019; or (ii) the expiration of the last of the patents subject to the agreement. After expiration, Janssen retains a non-exclusive, royalty-free license to develop, manufacture and commercialize the products.

Janssen may terminate the license agreement in whole or in part upon three months' notice to the Company. The Company and Janssen have the right to terminate the agreement upon a material breach of the other party, which is not cured within a certain time period, or upon the other party's bankruptcy or insolvency.

Under its agreements with Janssen, the Company recognized royalty revenues from the sale of INVEGA SUSTENNA/XEPLION of $127.8 million, $82.9 million and $63.5 million during the year ended December 31, 2014, the nine months ended December 31, 2013 and the year ended March 31, 2013, respectively.

Acorda

Under an amended and restated license agreement, the Company granted Acorda an exclusive worldwide license to use and sell and, solely in accordance with its supply agreement, to make or have made AMPYRA/FAMPYRA. Under its license agreement with Acorda, the Company receives certain commercial and development milestone payments, license revenues and a royalty of approximately 10% based on net sales of AMPYRA/FAMPYRA by Acorda or its sub-licensee, Biogen Idec. This royalty payment may be reduced in any country based on lack of patent coverage, competing products achieving certain minimum sales thresholds and whether Alkermes manufactures the product.

In June 2009, the Company entered into an amendment of the amended and restated license agreement and the supply agreement with Acorda and, pursuant to such amendment, consented to the sublicense by Acorda to Biogen Idec of Acorda's rights to use and sell FAMPYRA in certain territories outside of the U.S. (to the extent that such rights were to be sublicensed to Biogen Idec) pursuant to its separate collaboration and license agreement with Acorda. Under this amendment, the Company agreed to modify certain terms and conditions of the amended and restated license agreement and the supply agreement with Acorda to reflect the sublicense by Acorda to Biogen Idec.

Acorda has the right to terminate the amended and restated license agreement upon 90 days' written notice. The Company has the right to terminate the amended and restated license agreement for countries in which Acorda fails to launch a product within a specified time after obtaining the necessary regulatory approval or fails to file regulatory approvals within a commercially reasonable time after completion of and receipt of positive data from all preclinical and clinical studies required for filing a marketing authorization application. Either party has the right to terminate the amended and restated license agreement by written notice following a breach of the other party, which is not cured within a certain time-period, or upon the other party's entry into bankruptcy or dissolution proceedings. If the Company terminates Acorda's license in any country, the Company is entitled to a license from Acorda of its patent rights and know-how relating to the product as well as the related data, information and regulatory files, and to market the product in the applicable country, subject to an initial payment equal to Acorda's cost of developing such data, information and regulatory files and to ongoing royalty payments to Acorda. Subject to the termination of the amended and restated license agreement, licenses granted under the amended and restated license agreement terminate on a country-by-country basis on the later of: (i) September 2018; or (ii) the expiration of the last to expire of our patents or the existence of a threshold level of competition in the marketplace.

Under its commercial manufacturing supply agreement with Acorda, the Company manufactures and supplies AMPYRA/FAMPYRA for Acorda (and its sub-licensees). Under the terms of the agreement, Acorda may obtain up to 25% of its total annual requirements of product from a second-source manufacturer. The Company receives royalties equal to 8% of net selling price for all product manufactured by it and a compensating payment for product manufactured and supplied by a third party. The Company may terminate the commercial manufacturing supply agreement upon 12 months' prior written notice to Acorda and either party may terminate the commercial manufacturing supply agreement following a material and uncured breach of the commercial manufacturing supply or license agreement or the entry into bankruptcy or dissolution proceedings by the other party. In addition, subject to early termination of the commercial manufacturing supply agreement noted above, the commercial manufacturing supply agreement terminates upon the expiry or termination of the license agreement.

The Company is entitled to receive the following milestone payments under its amended and restated license agreement with Acorda for each of the third and fourth new indications of the product developed thereunder upon the:

•	initiation of a phase 3 clinical trial: $1.0 million;
•	acceptance of an NDA by the FDA: $1.0 million;
•	approval of the NDA by the FDA: $1.5 million; and
•	the first commercial sale: $1.5 million.

In January 2011, the Company entered into a development and supplemental agreement to its amended and restated license agreement and commercial manufacturing supply agreement with Acorda. Under the terms of this agreement, the Company granted Acorda the right, either with the Company or with a third party, in each case in accordance with certain terms and conditions, to develop new formulations of dalfampridine or other aminopyridines. Under the terms of the agreement, Acorda has the right to select either a formulation developed by the Company or by a third party for commercialization.

The Company is entitled to development fees it incurs in developing formulations under the development and supplemental agreement and, if Acorda selects and commercializes any such formulation, to milestone payments (for new indications if not previously paid), license revenues and royalties in accordance with its amended and restated license agreement for the product, and either manufacturing fees as a percentage of net selling price for product manufactured by the Company or compensating fees for product manufactured by third parties.

If, under the development and supplemental agreement, Acorda selects a formulation not developed by the Company, then the Company will be entitled to various compensation payments and has the first option to manufacture such third-party formulation. The development and supplemental agreement expires upon the expiry or termination of the amended and restated license agreement and may be earlier terminated by either party following an uncured breach of the agreement by the other party.

Acorda's financial obligations under this development and supplemental agreement continue for a minimum of ten years from the first commercial sale of such new formulation, and may extend for a longer period of time, depending on the intellectual property rights protecting the formulation, regulatory exclusivity and/or the absence of significant market competition. These financial obligations survive termination.

During the year ended December 31, 2014, the nine months ended December 31, 2013 and the year ended March 31, 2013, the Company recognized $81.3 million, $51.6 million and $65.0 million, respectively, of revenues from its arrangements with Acorda.

AstraZeneca

In May 2000, the Company entered into a development and license agreement with Amylin for the development of exendin products falling within the scope of its patents, including the once-weekly formulation of exenatide marketed as BYDUREON. In August 2012, Bristol-Myers Squibb Company ("Bristol-Myers") acquired Amylin. From August 2012 through January 2014, Bristol-Myers and AstraZeneca jointly developed and commercialized Amylin's exendin products, including BYDUREON, through their diabetes collaboration. In April 2013, Bristol-Myers completed its assumption of all global commercialization responsibility related to the marketing of BYDUREON from Amylin's former collaborative partner, Eli Lilly & Company. In February 2014, AstraZeneca acquired sole ownership of the intellectual property and global rights related to BYDUREON and Amylin's other exendin products, including Amylin's rights and obligations under the Company's development and license agreement.

Pursuant to the development and license agreement, AstraZeneca has an exclusive, worldwide license to the Company's polymer-based microsphere technology for the development and commercialization of injectable extended-release formulations of exendins and other related compounds. The Company receives funding for research and development and will also receive royalty payments based on future product sales. Upon the achievement of certain development and commercialization goals, the Company received milestone payments consisting of cash and warrants for Amylin common stock and there are no further milestones to be earned under the agreement. In October 2005 and in July 2006, the Company amended the development and license agreement. Under the amended agreement: (i) the Company is responsible for formulation and is principally responsible for non-clinical development of any products that may be developed pursuant to the agreement and for manufacturing these products for use in early-phase clinical trials; and (ii) the Company transferred certain of its technology related to the manufacture of BYDUREON to Amylin and agreed to the manufacture of BYDUREON by Amylin.

Under the Company's amended agreement, AstraZeneca is responsible for conducting clinical trials, securing regulatory approvals, and commercializing exenatide products including BYDUREON on a worldwide basis.

Until December 31, 2021, the Company will receive royalties equal to 8% of net sales from the first 40 million units of BYDUREON sold in any particular calendar year and 5.5% of net sales from units sold beyond the first 40 million units for that calendar year. Thereafter, during the term of the development and license agreement, the Company will receive royalties equal to 5.5% of net sales of products sold. The Company was entitled to, and received milestone payments related to the first commercial sale of BYDUREON in the EU the first commercial sale of BYDUREON in the U.S.

The development and license agreement expires on the later of: (i) 10 years from the first commercial sale of the last of the products covered by the development and license agreement; or (ii) the expiration or invalidation of all of the Company's patents covering such product. Upon expiration, all licenses become non-exclusive and royalty-free. AstraZeneca may terminate the development and license agreement for any reason upon 180 days' written notice to the Company. In addition, either party may terminate the development and license agreement upon a material default or breach by the other party that is not cured within 60 days after receipt of written notice specifying the default or breach. Alkermes may terminate the development and license agreement upon AstraZeneca's insolvency or bankruptcy.

During the year ended December 31, 2014, the nine months ended December 31, 2013 and the year ended March 31, 2013, the Company recognized $36.6 million, $20.0 million and $23.8 million, respectively, of revenues from its arrangements with respect to BYDUREON.

INCOME TAXES

12 Months Ended

Dec. 31, 2014

INCOME TAXES

INCOME TAXES

16. INCOME TAXES

The Company's provision (benefit) for income taxes is comprised of the following:

(In thousands)	Year Ended December 31, 2014			Nine Months Ended December 31, 2013			Year Ended March 31, 2013
Current income tax provision (benefit):
U.S. federal	$	35,147		$	9,224		$	8,152
U.S. state		880			2,119			2,588
Rest of world		915			89			1,758
Deferred income tax (benefit) provision:
Ireland		(17,691	)		(3,426	)		(1,961	)
U.S. federal		(2,654	)		(18,317	)		—
U.S. state		(565	)		(1,941	)		(79	)

Total tax (benefit) provision	$	16,032		$	(12,252	)	$	10,458

The current income tax provision for the year ended December 31, 2014, the nine months ended December 31, 2013 and year ended March 31, 2013, was primarily due to U.S. federal and state taxes on income earned by the Company in the U.S. A $32.4 million, $11.4 million and an $8.9 million benefit were recorded to additional paid-in capital in the year ended December 31, 2014, nine months ended December 31, 2013 and year ended March 31, 2013, respectively, primarily due to the utilization of current year tax benefits and NOL carryforwards derived from the exercise of employee stock options and vesting of restricted stock units.

The deferred income tax benefit for the year ended December 31, 2014, was primarily due to the creation of a deferred tax asset in Ireland for current year operating losses. The deferred income tax benefit in the nine months ended December 31, 2013 was primarily due to the reversal of a valuation allowance on certain of the Company's U.S. federal and state deferred tax assets. The deferred income tax benefit for the year ended March 31, 2013 was primarily due to the unwinding of deferred tax liabilities for intangible assets for which the book basis exceeds the tax basis. These intangible assets are being amortized over the life of the intangible assets.

No provision for income tax has been provided on undistributed earnings of the Company's foreign subsidiaries because such earnings may be repatriated to Ireland without incurring any tax liability. Cumulative unremitted earnings of overseas subsidiaries totaled approximately $80.4 million at December 31, 2014.

The distribution of the Company's (loss) income before the provision for income taxes by geographical area consisted of the following:

(In thousands)	Year Ended December 31, 2014			Nine Months Ended December 31, 2013			Year Ended March 31, 2013
Ireland	$	(159,538	)	$	(63,975	)	$	(14,722	)
U.S.		118,754			49,338			23,503
Rest of world		26,755			20,034			26,660

(Loss) income before provision for income taxes	$	(14,029	)	$	5,397		$	35,441

The components of the Company's net deferred tax assets (liabilities) were as follows:

(In thousands)	December 31, 2014			December 31, 2013
Deferred tax assets:
Irish NOL carryforwards	$	83,278		$	68,459
Share-based compensation		30,655			24,353
Bonus accrual		6,835			4,585
Tax credit carryforwards		1,655			6,247
Tax benefit from the exercise of stock options		—			9,122
Property, plant and equipment		—			1,912
Other		9,116			10,538
Less: valuation allowance		(71,796	)		(69,659	)

Total deferred tax assets		59,743			55,557

Deferred tax liabilities:
Intangible assets		(31,169	)		(38,238	)
Property, plant and equipment		(21,919	)		(21,571	)
Unrealized gains on investments		—			(7,719	)
Other		(3,849	)		(4,421	)

Total deferred tax liabilities		(56,937	)		(71,949	)

Net deferred tax assets (liabilities)	$	2,806		$	(16,392	)

The following table presents the breakdown between current and non-current deferred tax assets (liabilities):

(In thousands)	December 31, 2014			December 31, 2013
Current deferred tax assets	$	13,430		$	12,777
Non-current deferred tax assets		8,294			—
Non-current deferred tax liabilities		(18,918	)		(29,169	)

Net deferred tax assets (liabilities)	$	2,806		$	(16,392	)

In addition to deferred tax assets and liabilities, the Company recorded deferred charges related to intercompany transfers of intellectual property, which will be amortized as income tax expense over the economic life of the intangible assets. Deferred charges are included in the following accounts:

(In thousands)	December 31, 2014		December 31, 2013
Prepaid expenses and other current assets	$	1,296	$	166
Other assets—long-term		8,836		1,431

Total deferred charges	$	10,132	$	1,597

At December 31, 2014, the Company maintained a valuation allowance of $1.7 million against certain U.S. state deferred tax assets and $70.1 million against certain Irish deferred tax assets as the Company has determined that it is more-likely-than-not that these net deferred tax assets will not be realized. If the Company demonstrates consistent profitability in the future, the evaluation of the recoverability of these deferred tax assets could change and the remaining valuation allowances could be released in part or in whole. During the last quarter of the nine months ended December 31, 2013, the Company recognized a benefit of $26.5 million relating to a reversal of a valuation allowance against substantially all of its U.S. federal and state deferred tax assets. The decision to release this valuation allowance was made as the Company determined it was more-likely-than-not that these deferred tax assets would be realized. This decision was based on an assessment of the relative impact of all positive and negative evidence that existed at December 31, 2013, including an evaluation of cumulative income in recent years, a significant positive factor that overcame substantive prior negative evidence. In addition, the Company considered forecasts of future sources of taxable income and significant risks and uncertainties in the business.

The tax benefit from the exercise of stock options at December 31, 2013 included in the table above represents benefits accumulated prior to the adoption of Accounting Standards Codification ("ASC") Topic 718 ("ASC 718") that have not been realized. During the year ended December 31, 2014 the Company released the $9.1 million valuation allowance held against these assets and recorded a $9.1 million benefit to additional paid-in capital. Subsequent to the adoption of ASC 718 on April 1, 2006, an additional $52.3 million of tax benefits from stock option exercises and the vesting of restricted stock units, in the form of NOL carryforwards and tax credit carryforwards, have not been recognized in the financial statements and will be accounted for as a credit to additional paid-in capital rather than a reduction of income tax expense once they are realized.

As of December 31, 2014, the Company had $574.4 million of Irish NOL carryforwards, $23.9 million of U.S. federal NOL carryforwards, $8.3 million of state NOL carryforwards, $33.8 million of federal R&D credits, $8.6 million of alternative minimum tax ("AMT") credits and $4.3 million of state tax credits which will either expire on various dates through 2034 or can be carried forward indefinitely. These loss carryforwards and credits are available to reduce certain future Irish and foreign taxable income and tax, respectively, if any. These loss carryforwards and credits are subject to review and possible adjustment by the appropriate taxing authorities. These loss carryforwards and credits, which may be utilized in any future period, may be subject to limitations based upon changes in the ownership of the company's stock. The Company has performed a review of ownership changes in accordance with the U.S. Internal Revenue Code and the Company has determined that it is more-likely-than-not that, as a result of the Business Combination, the Company experienced a change of ownership. As a consequence, the Company's U.S. federal NOL carryforwards and tax credit carryforwards are subject to an annual limitation of $127.0 million.

A reconciliation of the Company's statutory tax rate to its effective tax rate is as follows:

	Year Ended December 31, 2014			Nine Months Ended December 31, 2013			Year Ended March 31, 2013
Statutory tax rate		12.5	%		12.5	%		12.5	%
U.S. state income taxes, net of U.S. federal benefit		(5.2	)%		40.8	%		4.7	%
Foreign rate differential(1)		(203.9	)%		209.0	%		43.4	%
R&D credit		99.9	%		(29.6	)%		(20.5	)%
Change in valuation allowance		(79.5	)%		(321.4	)%		(7.5	)%
Intercompany amounts(2)		53.2	%		(30.0	)%		(9.3	)%
Irish rate differential(3)		34.0	%		(81.4	)%		(2.9	)%
Uncertain tax positions(4)		(10.3	)%		(58.7	)%		2.6	%
Share-based compensation		(12.8	)%		13.6	%		3.3	%
Other permanent items(5)		(1.8	)%		5.1	%		(1.5	)%
Non-refundable withholding tax		(0.3	)%		0.4	%		4.7	%
State tax law change		—	%		12.7	%		—	%

Effective tax rate		(114.2	)%		(227.0	)%		29.5	%

(1)	Represents income or losses of non-Irish subsidiaries subject to tax at a rate other than the Irish statutory rate.
(2)	Intercompany amounts include cross-territory eliminations, the pre-tax effect of which has been eliminated in arriving at the Company's consolidated (loss) income before taxes.
(3)	Represents income or losses of Irish companies subject to tax at a rate other than the Irish statutory rate.
(4)	Relates to uncertain tax positions adopted by the Company. In June 2013, the Company filed a change in accounting method with the Internal Revenue Service relating to accrued compensation. The method change was automatic and removed the uncertainty around the timing of the deduction for accrued compensation. The effective date of the method change was April 1, 2012. As a result, the Company released the uncertain tax position and accounted for the application of the method change in the fiscal year ended March 31, 2013.
(5)	Other permanent items include, but are not limited to, non-deductible meals and entertainment expenses, non-deductible lobbying expenses and non-deductible compensation of senior officers of the Company.

The U.S. federal research and development credit has not yet been enacted for 2015 and, unless retroactively reinstated, will cause an increase to the Company's 2015 effective tax rate.

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

(In thousands)	Unrecognized Tax Benefits
Balance, April 1, 2012	$	6,606
Additions based on tax positions related to prior periods		1,065
Decreases due to settlements with tax authorities		(413	)

Balance, March 31, 2013		7,258
Additions based on tax positions related to prior periods		881
Additions based on tax positions related to the current period		244
Decreases due to lapse of statute of limitations and settlement of prior period uncertain tax positions		(7,258	)

Balance, December 31, 2013	$	1,125
Additions based on tax positions related to prior periods		363
Additions based on tax positions related to the current period		1,077
Decreases due to lapse of statute of limitations and settlement of prior period uncertain tax positions		—

Balance, December 31, 2014	$	2,565

The unrecognized tax benefits at December 31, 2014, if recognized, would affect the Company's effective tax rate. The Company does not anticipate that the amount of existing unrecognized tax benefits will significantly increase or decrease within the next 12 months. The Company has elected to include interest and penalties related to uncertain tax positions as a component of its provision for taxes. For the year ended December 31, 2014, the nine months ended December 31, 2013 and the year ended March 31, 2013, the Company's accrued interest and penalties related to uncertain tax positions were not material.

The Company's major taxing jurisdictions include Ireland and the U.S. (federal and state). These jurisdictions have varying statutes of limitations. In the U.S., the 2012 through 2014 fiscal years remain subject to examination by the respective tax authorities. In Ireland, fiscal years 2010 to 2014 remain subject to examination by the Irish tax authorities. Additionally, because of the Company's Irish and U.S. loss carryforwards and credit carryforwards, certain tax returns from fiscal years 1999 onward may also be examined. These years generally remain open for three to four years after the loss carryforwards and credit carryforwards have been utilized. During the three months ended June 30, 2013, the IRS completed its review of fiscal years 2007, 2008 and 2010 for Alkermes, Inc., the results of which have been reflected in the financial statements. Fiscal year 2012 for Alkermes, Inc. is currently under examination by the Commonwealth of Massachusetts and fiscal years 2011 through 2013 are currently under examination by the New York State Department of Taxation.

TRANSITION PERIOD COMPARATIVE DATA

12 Months Ended

Dec. 31, 2014

TRANSITION PERIOD COMPARATIVE DATA

TRANSITION PERIOD COMPARATIVE DATA

17. TRANSITION PERIOD COMPARATIVE DATA

The unaudited information for the year ended December 31, 2013 (which reflects the Company's combined results for the quarter ended March 31, 2013 and the nine-month transition period from April 1, 2013 through December 31, 2013) and the nine months ended December 31, 2012 is presented below for comparative purposes:

	Year Ended December 31,						Nine Months Ended December 31,
(In thousands, except per share amounts)	2014			2013 (unaudited)			2013			2012 (unaudited)
Statement of Operations Data:
Revenues	$	618,789		$	596,333		$	432,911		$	412,126
Operating expenses		705,933			561,855			417,417			349,297

Operating income		(87,144	)		34,478			15,494			62,829
Other expense (net)		73,115			(21,215	)		(10,097	)		(35,254	)

(Loss) income before income taxes		(14,029	)		13,263			5,397			27,575
Income tax provision (benefit)		16,032			(7,385	)		(12,252	)		5,591

Net (loss) income	$	(30,061	)	$	20,648		$	17,649		$	21,984


Earnings per ordinary share—basic	$	(0.21	)	$	0.15		$	0.13		$	0.17


Earnings per ordinary share—diluted	$	(0.21	)	$	0.14		$	0.12		$	0.16


Weighted average ordinary shares outstanding—basic		145,274			135,297			135,960			131,202


Weighted average ordinary shares outstanding—diluted		145,274			144,012			144,961			136,216


Statement of Cash Flows Data:
Cash flows provided by operations	$	11,139		$	147,525		$	92,221		$	71,247
Cash flows (used in) provided by investing activities		(263,397	)		(177,194	)		(65,366	)		43,680
Cash flows provided by (used in) financing activities		308,760			61,339			43,746			(62,636	)

Increase in cash and cash equivalents	$	56,502		$	31,670		$	70,601		$	52,291

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2014

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

18. COMMITMENTS AND CONTINGENCIES

Lease Commitments

The Company leases certain of its offices, research laboratories and manufacturing facilities under operating leases that expire through the year 2022. Certain of the leases contain provisions for extensions of up to ten years. These lease commitments are primarily related to the Company's corporate headquarters in Ireland and its corporate offices, R&D and manufacturing facilities in Massachusetts. As of December 31, 2014, the total future annual minimum lease payments under the Company's non-cancelable operating leases are as follows:

(In thousands)	Payment Amount
Year Ended:
2015	$	5,837
2016		5,139
2017		5,301
2018		5,385
2019		5,420
Thereafter		4,222

		31,304
Less: estimated sublease income		(722	)

Total future minimum lease payments	$	30,582

Rent expense related to operating leases charged to operations was $5.9 million, $3.7 million and $5.0 million for the year ended December 31, 2014, the nine months ended December 31, 2013 and year ended March 31, 2013, respectively. These amounts were net of sublease income of $0.7 million, $0.7 million and $2.6 million, respectively. In addition to its lease commitments, the Company had open purchase orders totaling $272.2 million at December 31, 2014.

Litigation

From time to time, the Company may be subject to legal proceedings and claims in the ordinary course of business. For example, there are currently Paragraph IV litigations in the U.S. and other proceedings in Europe involving the Company's patents in respect of TRICOR, MEGACE ES, AMPYRA and ZOHYDRO ER. The Company is not aware of any such proceedings or claims that it believes will have, individually or in the aggregate, a material adverse effect on the Company's business, financial condition, cash flows and results of operations.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2014

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation

Use of Estimates

Cash and Cash Equivalents

Investments

Fair Value of Financial Instruments

Inventory

Property, Plant and Equipment

Asset group		Term
Buildings and improvements		15 - 40 years
Furniture, fixtures and equipment		3 - 10 years
Leasehold improvements		Shorter of useful life or lease term

Goodwill and Intangible Assets

Impairment of Long-Lived Assets

Asset Retirement Obligations

The following table shows changes in the carrying amount of the Company's asset retirement obligation at December 31, 2014 and 2013:

(In thousands)	Carrying Amount
Balance, April 1, 2013	$	2,049
Accretion expense		151

Balance, December 31, 2013	$	2,200
Accretion expense		220

Balance, December 31, 2014	$	2,420

Revenue Recognition

Collaborative Arrangements

Product Sales, Net

The Company records its product sales net of the following significant categories of sales discounts and allowances as a reduction of product sales at the time VIVITROL is shipped:

•	Medicaid Rebates—the Company records accruals for rebates to states under the Medicaid Drug Rebate Program as a reduction of sales when the product is shipped into the distribution channel. The Company rebates individual states for all eligible units purchased under the Medicaid program based on a rebate per unit calculation, which is based on its Average Manufacturer Price. The Company estimates expected unit sales and rebates per unit under the Medicaid program and adjusts its rebate estimates based on actual unit sales and rebates per unit;
•	Chargebacks—wholesaler and specialty pharmacy chargebacks are discounts that occur when contracted customers purchase directly from an intermediary wholesale purchaser. Contracted customers, which consist primarily of federal government agencies purchasing under the federal supply schedule, generally purchase the product at its contracted price, plus a mark-up from the wholesaler. The wholesaler, in-turn, charges back to the Company the difference between the price initially paid by the wholesaler and the contracted price paid to the wholesaler by the customer. The allowance for chargebacks is based on actual and expected utilization of these programs. Chargebacks could exceed historical experience and the Company's estimates of future participation in these programs. To date, actual chargebacks have not differed materially from the Company's estimates;
•	Product Discounts—cash consideration, including sales incentives, given by us under distribution service agreements with a number of wholesaler, distributor and specialty pharmacy customers that provide them with the opportunity to earn discounts in exchange for the performance of certain services. To date, actual product discounts have not differed materially from the Company's estimates;
•	Co-pay Assistance—the Company has a program whereby a patient can receive up to $500 per month toward their co-payment, co-insurance or deductible, provided the patient meets certain eligibility criteria. Reserves are recorded upon the sale of VIVITROL. To date, actual co-pay assistance has not differed materially from the Company's estimates; and
•	Product Returns—in August 2012, the Company changed the way in which revenue is recognized on VIVITROL product sales. Prior to August 1, 2012, the Company did not have sufficient history to reasonably estimate returns related to VIVITROL shipments and, therefore, the Company deferred the recognition of revenue on shipments of VIVITROL until the product left the distribution channel. In August 2012, it was determined there was sufficient history to reliably estimate returns, and revenue on the sales of VIVITROL is now recognized upon delivery to wholesalers, distributors and pharmacies, which is the point in time the customer assumes the risks and rewards of ownership. This change in the method of revenue recognition resulted in a one-time $1.7 million increase to "Product sales, net" in the accompanying consolidated statements of operations and comprehensive (loss) income, which was recognized during the year ended March 31, 2013.

Other

Risk-Management Instruments

Foreign Currency

Concentrations

	Year Ended December 31, 2014						Nine Months Ended December 31, 2013						Year Ended March 31, 2013
Customer	Receivables			Revenue			Receivables			Revenue			Receivables			Revenue
Janssen		44	%		41	%		46	%		44	%		32	%		35	%
Acorda		17	%		13	%		12	%		12	%		15	%		11	%

Geographic Information

Company revenues by geographic location, as determined by the location of the customer, and the location of its assets, are as follows:

(In thousands)	Year Ended December 31, 2014		Nine Months Ended December 31, 2013		Year Ended March 31, 2013
Revenue by region:
U.S.	$	398,189	$	269,005	$	380,565
Ireland		7,691		5,722		14,455
Rest of world		212,909		158,184		180,528
Assets by region:
Current assets:
U.S.	$	385,715	$	382,571	$	248,441
Ireland		490,577		187,023		159,544
Rest of world		501		544		603
Long-term assets:
U.S.:
Intangible assets	$	—	$	—	$	—
Goodwill		3,677		3,677		3,677
Other		228,693		225,559		229,691
Ireland:
Intangible assets	$	479,412	$	537,565	$	575,993
Goodwill		90,535		89,063		89,063
Other		242,162		151,586		163,279

Research and Development Expenses

Selling, General and Administrative Expenses

Share-Based Compensation

Stock Options

The fair value of each stock option grant was estimated on the grant date with the following weighted-average assumptions:

	Year Ended December 31, 2014	Nine Months Ended December 31, 2013	Year Ended March 31, 2013
Expected option term	5 - 7 years	5 - 7 years	5 - 7 years
Expected stock volatility	39% - 46%	45% - 48%	47% - 49%
Risk-free interest rate	1.46% - 2.24%	0.75% - 2.15%	0.61% - 1.18%
Expected annual dividend yield	—	—	—

Time-Vested Restricted Stock Units

Performance-Based Restricted Stock Units

Income Taxes

Comprehensive (Loss) Income

(Loss) Earnings Per Share

Segment Information

Employee Benefit Plans

401(K) Plan

Defined Contribution Plan

Reclassifications

New Accounting Pronouncements

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2014

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Schedule of estimated useful life of property, plant and equipment

Asset group		Term
Buildings and improvements		15 - 40 years
Furniture, fixtures and equipment		3 - 10 years
Leasehold improvements		Shorter of useful life or lease term

Schedule of changes in the carrying amount of the company's asset retirement obligation

(In thousands)	Carrying Amount
Balance, April 1, 2013	$	2,049
Accretion expense		151

Balance, December 31, 2013	$	2,200
Accretion expense		220

Balance, December 31, 2014	$	2,420

Schedule of revenue and receivables from customers exceeding 10% of total in each category

	Year Ended December 31, 2014						Nine Months Ended December 31, 2013						Year Ended March 31, 2013
Customer	Receivables			Revenue			Receivables			Revenue			Receivables			Revenue
Janssen		44	%		41	%		46	%		44	%		32	%		35	%
Acorda		17	%		13	%		12	%		12	%		15	%		11	%

Schedule of revenues by geographic location, as determined by the location of the customer, and the location of its long-term assets

(In thousands)	Year Ended December 31, 2014		Nine Months Ended December 31, 2013		Year Ended March 31, 2013
Revenue by region:
U.S.	$	398,189	$	269,005	$	380,565
Ireland		7,691		5,722		14,455
Rest of world		212,909		158,184		180,528
Assets by region:
Current assets:
U.S.	$	385,715	$	382,571	$	248,441
Ireland		490,577		187,023		159,544
Rest of world		501		544		603
Long-term assets:
U.S.:
Intangible assets	$	—	$	—	$	—
Goodwill		3,677		3,677		3,677
Other		228,693		225,559		229,691
Ireland:
Intangible assets	$	479,412	$	537,565	$	575,993
Goodwill		90,535		89,063		89,063
Other		242,162		151,586		163,279

Schedule of fair value of each stock option grant estimated on the grant date using weighted-average assumptions

	Year Ended December 31, 2014	Nine Months Ended December 31, 2013	Year Ended March 31, 2013
Expected option term	5 - 7 years	5 - 7 years	5 - 7 years
Expected stock volatility	39% - 46%	45% - 48%	47% - 49%
Risk-free interest rate	1.46% - 2.24%	0.75% - 2.15%	0.61% - 1.18%
Expected annual dividend yield	—	—	—

INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2014

INVESTMENTS

Schedule of investments

			Gross Unrealized
					Losses
	Amortized Cost		Gains		Less than One Year			Greater than One Year			Estimated Fair Value
	(In thousands)
December 31, 2014
Short-term investments:
Available-for-sale securities:
U.S. government and agency debt securities	$	226,387	$	88	$	(15	)	$	—		$	226,460
Corporate debt securities		140,900		26		(66	)		—			140,860
International government agency debt securities		39,774		13		(5	)		—			39,782

Total short-term investments		407,061		127		(86	)		—			407,102

Long-term investments:
Available-for-sale securities:
U.S. government and agency debt securities		100,429		—		(196	)		(40	)		100,193
Corporate debt securities		61,187		—		(84	)		—			61,103
International government agency debt securities		7,568		—		(2	)		(1	)		7,565

		169,184		—		(282	)		(41	)		168,861

Held-to-maturity securities:
Certificates of deposit		1,619		—		—			—			1,619

Total long-term investments		170,803		—		(282	)		(41	)		170,480

Total investments	$	577,864	$	127	$	(368	)	$	(41	)	$	577,582


December 31, 2013
Short-term investments:
Available-for-sale securities:
U.S. government and agency debt securities	$	130,669	$	80	$	(1	)	$	—		$	130,748
Corporate debt securities		38,614		64		(30	)		—			38,648
International government agency debt securities		24,097		8		(33	)		—			24,072

		193,380		152		(64	)		—			193,468

Money market funds		1,201		—		—			—			1,201

Total short-term investments		194,581		152		(64	)		—			194,669

Long-term investments:
Available-for-sale securities:
Equity securities		8,732		21,253		—			—			29,985
U.S. government and agency debt securities		28,503		—		(61	)		(3	)		28,439
Corporate debt securities		20,266		—		(30	)		(75	)		20,161
International government agency debt securities		7,691		—		(5	)		—			7,686

		65,192		21,253		(96	)		(78	)		86,271

Held-to-maturity securities:
Certificates of deposit		1,493		—		—			—			1,493

Total long-term investments		66,685		21,253		(96	)		(78	)		87,764

Total investments	$	261,266	$	21,405	$	(160	)	$	(78	)	$	282,433

Proceeds from the sales and maturities of marketable securities, plus the resulting realized gains and losses

(In thousands)	Year Ended December 31, 2014			Nine Months Ended December 31, 2013		Year Ended March 31, 2013
Proceeds from the sales and maturities of marketable securities	$	341,154		$	90,470	$	258,937
Realized gains	$	15,364		$	16	$	39
Realized losses	$	(31	)	$	—	$	(5	)

The cost and fair value of available-for-sale and held-to-maturity securities by contractual maturity

	Available-for-sale				Held-to-maturity
(In thousands)	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Within 1 year	$	323,500	$	323,475	$	1,619	$	1,619
After 1 year through 5 years		252,745		252,488		—		—

Total	$	576,245	$	575,963	$	1,619	$	1,619

FAIR VALUE (Tables)

12 Months Ended

Dec. 31, 2014

FAIR VALUE

Summary of the Company's assets and liabilities measured at fair value on a recurring basis

(In thousands)	December 31, 2014		Level 1		Level 2		Level 3
Assets:
U.S. government and agency debt securities	$	326,653	$	189,030	$	137,623	$	—
Corporate debt securities		201,963		—		201,963		—
International government agency debt securities		47,347		—		47,347		—

Total	$	575,963	$	189,030	$	386,933	$	—

	December 31, 2013			Level 1		Level 2			Level 3
Assets:
Cash equivalents	$	1,201		$	1,201	$	—		$	—
U.S. government and agency debt securities		159,187			63,213		95,974			—
Corporate debt securities		58,809			—		58,809			—
International government agency debt securities		31,758			—		31,758			—
Equity securities		29,985			28,459		—			1,526

Total	$	280,940		$	92,873	$	186,541		$	1,526


Liabilities:
Interest rate swap contract	$	(275	)	$	—	$	(275	)	$	—

Total	$	(275	)	$	—	$	(275	)	$	—

Schedule of rollforward of the fair value of the Company's investments whose fair value was determined using Level 3 inputs

(In thousands)	Fair Value
Balance, January 1, 2014	$	1,526
Total unrealized losses included in other comprehensive (loss) income		(383	)
Sale of equity securities		(1,143	)

Balance, December 31, 2014	$	—

Estimated fair value of term loans

(In thousands)	Carrying Value		Estimated Fair Value
Term Loan B-1	$	291,476	$	289,218
Term Loan B-2	$	66,494	$	65,897

INVENTORY (Tables)

12 Months Ended

Dec. 31, 2014

INVENTORY

Schedule of inventories

(In thousands)	December 31, 2014		December 31, 2013
Raw materials	$	21,101	$	18,410
Work in process		14,824		15,581
Finished goods(1)		15,432		12,227

Total inventory	$	51,357	$	46,218

(1)	At December 31, 2014 and December 31, 2013, the Company had $4.4 million and $1.1 million, respectively, of finished goods inventory located at its third-party warehouse and shipping service provider.

PROPERTY, PLANT AND EQUIPMENT (Tables)

12 Months Ended

Dec. 31, 2014

PROPERTY, PLANT AND EQUIPMENT

Schedule of property, plant and equipment

(In thousands)	December 31, 2014			December 31, 2013
Land	$	8,163		$	8,440
Building and improvements		149,158			148,044
Furniture, fixture and equipment		225,834			220,984
Leasehold improvements		12,971			23,980
Construction in progress		39,774			26,688

Subtotal		435,900			428,136
Less: accumulated depreciation		(170,160	)		(153,646	)

Total property, plant and equipment, net	$	265,740		$	274,490

GOODWILL AND INTANGIBLE ASSETS (Tables)

12 Months Ended

Dec. 31, 2014

GOODWILL AND INTANGIBLE ASSETS

Schedule of goodwill and intangible assets

			Year Ended December 31, 2014							Nine Months Ended December 31, 2013
(In thousands)	Weighted Amortizable Life		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Goodwill			$	94,212	$	—		$	94,212	$	92,740	$	—		$	92,740


Finite-lived intangible assets:
Collaboration agreements		12	$	499,700	$	(127,393	)	$	372,307	$	499,700	$	(80,655	)	$	419,045
NanoCrystal technology		13		74,600		(13,243	)		61,357		74,600		(8,506	)		66,094
OCR technologies		12		66,300		(20,552	)		45,748		66,300		(13,874	)		52,426

Total				640,600		(161,188	)		479,412		640,600		(103,035	)		537,565

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)

12 Months Ended

Dec. 31, 2014

ACCOUNTS PAYABLE AND ACCRUED EXPENSES

Schedule of accounts payable and accrued expenses

(In thousands)	December 31, 2014		December 31, 2013
Accounts payable	$	32,335	$	19,493
Accrued compensation		36,854		28,101
Accrued restructuring		2,004		7,296
Accrued other		50,065		36,283

Total accounts payable and accrued expenses	$	121,258	$	91,173

RESTRUCTURING (Tables)

12 Months Ended

Dec. 31, 2014

RESTRUCTURING

Schedule of restructuring charges recorded

(In thousands)	Severance and Outplacement Services
Balance, January 1, 2014	$	10,578
Payments		(8,772	)
Adjustments		(478	)

Balance, December 31, 2014	$	1,328

LONG-TERM DEBT (Tables)

12 Months Ended

Dec. 31, 2014

LONG-TERM DEBT

Schedule of long-term debt

(In thousands)	December 31, 2014			December 31, 2013
Term Loan B-1, due September 25, 2019	$	291,476		$	294,091
Term Loan B-2, due September 25, 2016		66,494			70,202

Total		357,970			364,293
Less: current portion		(6,750	)		(6,750	)

Long-term debt	$	351,220		$	357,543

Scheduled maturities with respect to the Term Loan Facility

Scheduled maturities with respect to the Term Loan Facility are as follows (in thousands):

Year Ended:
2015	$	6,750
2016		65,813
2017		3,000
2018		3,000
2019		281,250

Total	$	359,813

Schedule of debt refinancing interest expense recognized in condensed consolidated statement of operations and comprehensive income (loss)

(In thousands)	September 2012 Refinancing		February 2013 Repricing		Total
Extinguished debt:
Unamortized deferred financing costs	$	4,600	$	1,566	$	6,166
Unamortized original issue discount		2,657		1,437		4,094
Modified debt:
Debt financing costs		1,967		805		2,772
Original issue discount		105		—		105
Prepayment penalty		2,800		3,733		6,533

Total	$	12,129	$	7,541	$	19,670

DERIVATIVE INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2014

DERIVATIVE INSTRUMENTS

Summary of fair value and presentation in the condensed consolidated balance sheets for derivatives designated and not designated as hedging instruments

The following table summarizes the fair value and presentation in the consolidated balance sheets for the Company's hedging instruments (in thousands):

		Fair Value
(In thousands)	Balance Sheet Location	December 31, 2014		December 31, 2013
Interest rate swap:
Liability derivative not designated as a cash flow hedge	Other long-term liabilities	$	—	$	(275	)

EARNINGS (LOSS) PER SHARE (Tables)

12 Months Ended

Dec. 31, 2014

EARNINGS (LOSS) PER SHARE

Schedule of weighted average number of ordinary shares outstanding, as adjusted for the effect of potential outstanding shares, including stock options and restricted stock units

(In thousands)	Year Ended December 31, 2014			Nine Months Ended December 31, 2013		Year Ended March 31, 2013
Numerator:
Net (loss) income	$	(30,061	)	$	17,649	$	24,983


Denominator:
Weighted average number of ordinary shares outstanding		145,274			135,960		131,713
Effect of dilutive securities:
Stock options		—			7,653		4,025
Restricted stock units		—			1,348		1,362

Dilutive ordinary share equivalents		—			9,001		5,387

Shares used in calculating diluted earnings (loss) per share		145,274			144,961		137,100

Schedule of anti-dilutive potential common equivalent shares excluded from calculation of net (loss) income per share

(In thousands)	Year Ended December 31, 2014		Nine Months Ended December 31, 2013		Year Ended March 31, 2013
Stock options		9,260		1,404		4,497
Restricted stock units		1,834		—		—

Total		11,094		1,404		4,497

SHARE-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2014

Schedule of share-based compensation expense

(In thousands)	Year Ended December 31, 2014		Nine Months Ended December 31, 2013		Year Ended March 31, 2013
Cost of goods manufactured and sold	$	6,940	$	3,308	$	4,375
Research and development		14,422		7,799		9,078
Selling, general and administrative		38,217		22,302		21,263

Total share-based compensation expense	$	59,579	$	33,409	$	34,716

Summary of stock option activity

	Number of Shares			Weighted Average Exercise Price
Outstanding, January 1, 2014		14,688,160		$	17.18
Granted		2,036,300		$	46.83
Exercised		(3,375,084	)	$	14.51
Forfeited		(176,750	)	$	26.59

Outstanding, December 31, 2014		13,172,626		$	22.32


Exercisable, December 31, 2014		8,391,987		$	16.36

Time-vested RSUs

Summary of RSU activity

	Number of Shares			Weighted Average Grant Date Fair Value
Unvested, January 1, 2014		1,987,887		$	22.83
Granted		676,475		$	47.16
Vested		(770,335	)	$	19.95
Forfeited		(133,113	)	$	29.22

Unvested, December 31, 2014		1,760,914		$	32.96

Performance-based RSUs

Summary of RSU activity

	Number of Shares			Weighted Average Grant Date Fair Value
Unvested, January 1, 2014		—		$	—
Granted		701,600		$	47.17
Vested		—		$	—
Forfeited		(44,875	)	$	47.16

Unvested, December 31, 2014		656,725		$	47.17

COLLABORATIVE ARRANGEMENTS (Tables)

12 Months Ended

Dec. 31, 2014

COLLABORATIVE ARRANGEMENTS

Collaborative aggregate arrangements

	Year Ended December 31, 2014		Nine Months Ended December 31, 2013		Year Ended March 31, 2013
	(in thousands)
MANUFACTURING AND ROYALTY REVENUE:
Significant collaborative arrangements	$	365,904	$	261,192	$	278,702
All other collaborative arrangements		150,972		109,847		182,198

Total manufacturing and royalty revenue(1)	$	516,876	$	371,039	$	460,900


RESEARCH AND DEVELOPMENT REVENUE:
Significant collaborative arrangements	$	501	$	921	$	1,611
All other collaborative arrangements		7,252		3,736		4,930

Total research and development revenue	$	7,753	$	4,657	$	6,541


COST OF GOODS MANUFACTURED AND SOLD:
Significant collaborative arrangements	$	34,148	$	33,454	$	36,694
All other collaborative arrangements		127,028		92,534		117,877

Total cost of goods manufactured and sold(1)	$	161,176	$	125,988	$	154,571

(1)	Includes only manufacturing and royalty revenue and cost of goods manufactured and sold under collaborative arrangements.

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2014

INCOME TAXES

Schedule of components of company's provision (benefit) for income taxes

(In thousands)	Year Ended December 31, 2014			Nine Months Ended December 31, 2013			Year Ended March 31, 2013
Current income tax provision (benefit):
U.S. federal	$	35,147		$	9,224		$	8,152
U.S. state		880			2,119			2,588
Rest of world		915			89			1,758
Deferred income tax (benefit) provision:
Ireland		(17,691	)		(3,426	)		(1,961	)
U.S. federal		(2,654	)		(18,317	)		—
U.S. state		(565	)		(1,941	)		(79	)

Total tax (benefit) provision	$	16,032		$	(12,252	)	$	10,458

Schedule of (loss) income before provision for income taxes by geographical area

(In thousands)	Year Ended December 31, 2014			Nine Months Ended December 31, 2013			Year Ended March 31, 2013
Ireland	$	(159,538	)	$	(63,975	)	$	(14,722	)
U.S.		118,754			49,338			23,503
Rest of world		26,755			20,034			26,660

(Loss) income before provision for income taxes	$	(14,029	)	$	5,397		$	35,441

Schedule of components of the company's net deferred tax assets (liabilities)

(In thousands)	December 31, 2014			December 31, 2013
Deferred tax assets:
Irish NOL carryforwards	$	83,278		$	68,459
Share-based compensation		30,655			24,353
Bonus accrual		6,835			4,585
Tax credit carryforwards		1,655			6,247
Tax benefit from the exercise of stock options		—			9,122
Property, plant and equipment		—			1,912
Other		9,116			10,538
Less: valuation allowance		(71,796	)		(69,659	)

Total deferred tax assets		59,743			55,557

Deferred tax liabilities:
Intangible assets		(31,169	)		(38,238	)
Property, plant and equipment		(21,919	)		(21,571	)
Unrealized gains on investments		—			(7,719	)
Other		(3,849	)		(4,421	)

Total deferred tax liabilities		(56,937	)		(71,949	)

Net deferred tax assets (liabilities)	$	2,806		$	(16,392	)

Schedule of current and non-current deferred tax assets (liabilities)

(In thousands)	December 31, 2014			December 31, 2013
Current deferred tax assets	$	13,430		$	12,777
Non-current deferred tax assets		8,294			—
Non-current deferred tax liabilities		(18,918	)		(29,169	)

Net deferred tax assets (liabilities)	$	2,806		$	(16,392	)

Schedule of deferred tax assets and liabilities related to intercompany transfers of intellectual property

(In thousands)	December 31, 2014		December 31, 2013
Prepaid expenses and other current assets	$	1,296	$	166
Other assets—long-term		8,836		1,431

Total deferred charges	$	10,132	$	1,597

Schedule of reconciliation of the company's federal statutory tax rate to its effective tax rate

	Year Ended December 31, 2014			Nine Months Ended December 31, 2013			Year Ended March 31, 2013
Statutory tax rate		12.5	%		12.5	%		12.5	%
U.S. state income taxes, net of U.S. federal benefit		(5.2	)%		40.8	%		4.7	%
Foreign rate differential(1)		(203.9	)%		209.0	%		43.4	%
R&D credit		99.9	%		(29.6	)%		(20.5	)%
Change in valuation allowance		(79.5	)%		(321.4	)%		(7.5	)%
Intercompany amounts(2)		53.2	%		(30.0	)%		(9.3	)%
Irish rate differential(3)		34.0	%		(81.4	)%		(2.9	)%
Uncertain tax positions(4)		(10.3	)%		(58.7	)%		2.6	%
Share-based compensation		(12.8	)%		13.6	%		3.3	%
Other permanent items(5)		(1.8	)%		5.1	%		(1.5	)%
Non-refundable withholding tax		(0.3	)%		0.4	%		4.7	%
State tax law change		—	%		12.7	%		—	%

Effective tax rate		(114.2	)%		(227.0	)%		29.5	%

(1)	Represents income or losses of non-Irish subsidiaries subject to tax at a rate other than the Irish statutory rate.
(2)	Intercompany amounts include cross-territory eliminations, the pre-tax effect of which has been eliminated in arriving at the Company's consolidated (loss) income before taxes.
(3)	Represents income or losses of Irish companies subject to tax at a rate other than the Irish statutory rate.
(4)	Relates to uncertain tax positions adopted by the Company. In June 2013, the Company filed a change in accounting method with the Internal Revenue Service relating to accrued compensation. The method change was automatic and removed the uncertainty around the timing of the deduction for accrued compensation. The effective date of the method change was April 1, 2012. As a result, the Company released the uncertain tax position and accounted for the application of the method change in the fiscal year ended March 31, 2013.
(5)	Other permanent items include, but are not limited to, non-deductible meals and entertainment expenses, non-deductible lobbying expenses and non-deductible compensation of senior officers of the Company.

Schedule of reconciliation of the beginning and ending amount of unrecognized tax benefits

(In thousands)	Unrecognized Tax Benefits
Balance, April 1, 2012	$	6,606
Additions based on tax positions related to prior periods		1,065
Decreases due to settlements with tax authorities		(413	)

Balance, March 31, 2013		7,258
Additions based on tax positions related to prior periods		881
Additions based on tax positions related to the current period		244
Decreases due to lapse of statute of limitations and settlement of prior period uncertain tax positions		(7,258	)

Balance, December 31, 2013	$	1,125
Additions based on tax positions related to prior periods		363
Additions based on tax positions related to the current period		1,077
Decreases due to lapse of statute of limitations and settlement of prior period uncertain tax positions		—

Balance, December 31, 2014	$	2,565

TRANSITION PERIOD COMPARATIVE DATA (Tables)

12 Months Ended

Dec. 31, 2014

TRANSITION PERIOD COMPARATIVE DATA

Schedule of transition period comparative data

	Year Ended December 31,						Nine Months Ended December 31,
(In thousands, except per share amounts)	2014			2013 (unaudited)			2013			2012 (unaudited)
Statement of Operations Data:
Revenues	$	618,789		$	596,333		$	432,911		$	412,126
Operating expenses		705,933			561,855			417,417			349,297

Operating income		(87,144	)		34,478			15,494			62,829
Other expense (net)		73,115			(21,215	)		(10,097	)		(35,254	)

(Loss) income before income taxes		(14,029	)		13,263			5,397			27,575
Income tax provision (benefit)		16,032			(7,385	)		(12,252	)		5,591

Net (loss) income	$	(30,061	)	$	20,648		$	17,649		$	21,984


Earnings per ordinary share—basic	$	(0.21	)	$	0.15		$	0.13		$	0.17


Earnings per ordinary share—diluted	$	(0.21	)	$	0.14		$	0.12		$	0.16


Weighted average ordinary shares outstanding—basic		145,274			135,297			135,960			131,202


Weighted average ordinary shares outstanding—diluted		145,274			144,012			144,961			136,216


Statement of Cash Flows Data:
Cash flows provided by operations	$	11,139		$	147,525		$	92,221		$	71,247
Cash flows (used in) provided by investing activities		(263,397	)		(177,194	)		(65,366	)		43,680
Cash flows provided by (used in) financing activities		308,760			61,339			43,746			(62,636	)

Increase in cash and cash equivalents	$	56,502		$	31,670		$	70,601		$	52,291

COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Dec. 31, 2014

COMMITMENTS AND CONTINGENCIES

Schedule of future minimum rental commitments under non-cancelable operating leases

(In thousands)	Payment Amount
Year Ended:
2015	$	5,837
2016		5,139
2017		5,301
2018		5,385
2019		5,420
Thereafter		4,222

		31,304
Less: estimated sublease income		(722	)

Total future minimum lease payments	$	30,582

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION (Details)	12 Months Ended
	Dec. 31, 2014 product
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION
Minimum number of commercial drug products in Company's diversified portfolio	20

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2014	Mar. 31, 2013
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Advertising Expense	$ 5,300	$ 8,600	$ 6,000
Asset Retirement Obligations
Asset retirement obligation	2,200	2,400
Changes in the carrying amount of the company's asset retirement obligation
Balance at the beginning of the period	2,049	2,200
Accretion expense	(151)	(220)
Balance at the end of the period	$ 2,200	$ 2,420	$ 2,049
Buildings and improvements \| Minimum
Property, plant and equipment
Estimated useful life		15 years
Buildings and improvements \| Maximum
Property, plant and equipment
Estimated useful life		40 years
Furniture, fixtures and equipment \| Minimum
Property, plant and equipment
Estimated useful life		3 years
Furniture, fixtures and equipment \| Maximum
Property, plant and equipment
Estimated useful life		10 years

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2) - USD ($)	9 Months Ended	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2014	Mar. 31, 2013
Revenue Recognition
Maximum monthly co-pay assistance		$ 500
Increase in product sales, net			$ 1,700,000
Product return reserve as percentage of product sales		2.00%
Product return reserve		$ 5,500,000
Foreign Currency
Gain on foreign currency translation	$ 200,000	$ 600,000	$ 100,000

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 3)	9 Months Ended	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 3)	Dec. 31, 2013	Dec. 31, 2014	Mar. 31, 2013
Receivables \| Janssen
Concentrations
Concentration risk percentage	46.00%	44.00%	32.00%
Receivables \| Acorda
Concentrations
Concentration risk percentage	12.00%	17.00%	15.00%
Revenue \| Janssen
Concentrations
Concentration risk percentage	44.00%	41.00%	35.00%
Revenue \| Acorda
Concentrations
Concentration risk percentage	12.00%	13.00%	11.00%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 4) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2014	Mar. 31, 2013
Geographic Information
Current assets:	$ 570,138	$ 876,793
CURRENT ASSETS:
Deferred Tax Assets, Gross, Current	12,777	13,430
Long-term assets:
Intangible assets	537,565	479,412
Goodwill	92,740	94,212
Other	14,891	34,635
United States
Geographic Information
Revenue by region:	269,005	398,189	$ 380,565
Current assets:	382,571	385,715	248,441
Long-term assets:
Goodwill	3,677	3,677	3,677
Other	225,559	228,693	229,691
Ireland
Geographic Information
Revenue by region:	5,722	7,691	14,455
Current assets:	187,023	490,577	159,544
Long-term assets:
Intangible assets	537,565	479,412	575,993
Goodwill	89,063	90,535	89,063
Other	151,586	242,162	163,279
Rest of world
Geographic Information
Revenue by region:	158,184	212,909	180,528
Current assets:	$ 544	$ 501	$ 603

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 5)	9 Months Ended	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 5)	Dec. 31, 2013	Dec. 31, 2014	Mar. 31, 2013
Stock options
Share-based compensation
Expiration period		10 years
Vesting rights per year (as a percent)		25.00%
Vesting period		4 years
Weighted-average assumptions
Expected stock volatility, minimum (as a percent)	45.00%	39.00%	47.00%
Expected stock volatility, maximum (as a percent)	48.00%	46.00%	49.00%
Risk-free interest rate, minimum (as a percent)	0.75%	1.46%	0.61%
Risk-free interest rate, maximum (as a percent)	2.15%	2.24%	1.18%
Stock options \| Minimum
Weighted-average assumptions
Expected option term	5 years	5 years	5 years
Stock options \| Maximum
Weighted-average assumptions
Expected option term	7 years	7 years	7 years
Stock options \| Directors
Share-based compensation
Expiration period		10 years
Vesting period		1 year
Time-vested RSUs
Share-based compensation
Vesting rights per year (as a percent)		25.00%
Vesting period		4 years

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 6) $ in Millions	9 Months Ended	12 Months Ended
	Dec. 31, 2013 USD ($)	Dec. 31, 2014 EUR (€) item	Dec. 31, 2014 USD ($) item	Mar. 31, 2013 USD ($)
Segment Information
Number of business segments \| item		1	1
401 (K) Plan \| United States
Employee benefit plans
Employee contribution limit as a percentage of their eligible compensation		100.00%	100.00%
Percentage of employer contribution matched of the first employee pay		100.00%	100.00%
Employer contribution	$ 3.1		$ 4.7	$ 4.1
Maximum employee contribution limit as a percentage of their total taxable earnings		5.00%	5.00%
Defined Contribution Plan
Employee benefit plans
Maximum percentage of employer contribution matched of employee's		18.00%	18.00%
Employer contribution	$ 2.9		$ 3.7	$ 3.7
Maximum employee contribution limit as a percentage of their total taxable earnings		40.00%	40.00%
Per employee contribution limit \| €		€ 115,000

INVESTMENTS (Details) - USD ($) $ in Thousands	12 Months Ended
INVESTMENTS (Details) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
Held-to-maturity securities:
Estimated Fair Value	$ 1,619
Total investments
Amortized Cost	577,864	$ 261,266
Gross Unrealized Gains	(127)	21,405
Gross Unrealized Losses, Less than One Year	(368)	(160)
Gross Unrealized Losses, Greater than One Year	(41)	(78)
Estimated Fair Value	577,582	282,433
Short-term investments
Available-for-sale securities:
Available-for-sale Securities, Amortized Cost Basis, Total	407,061	193,380
Gross Unrealized Gains	127	152
Gross Unrealized Losses, Less than One Year	(86)	(64)
Estimated Fair Value	407,102	193,468
Total investments
Amortized Cost		194,581
Gross Unrealized Gains		152
Gross Unrealized Losses, Less than One Year		(64)
Estimated Fair Value		194,669
Short-term investments \| Money market funds
Total investments
Amortized Cost		1,201
Estimated Fair Value		1,201
Short-term investments \| U.S. government and agency debt securities
Available-for-sale securities:
Available-for-sale Securities, Amortized Cost Basis, Total	226,387	130,669
Gross Unrealized Gains	88	80
Gross Unrealized Losses, Less than One Year	(15)	(1)
Estimated Fair Value	226,460	130,748
Short-term investments \| Corporate debt securities
Available-for-sale securities:
Available-for-sale Securities, Amortized Cost Basis, Total	140,900	38,614
Gross Unrealized Gains	26	64
Gross Unrealized Losses, Less than One Year	(66)	(30)
Estimated Fair Value	140,860	38,648
Short-term investments \| International government agency debt securities
Available-for-sale securities:
Available-for-sale Securities, Amortized Cost Basis, Total	39,774	24,097
Gross Unrealized Gains	13	8
Gross Unrealized Losses, Less than One Year	(5)	(33)
Estimated Fair Value	39,782	24,072
Long-term investments
Available-for-sale securities:
Available-for-sale Securities, Amortized Cost Basis, Total	169,184	65,192
Gross Unrealized Gains		21,253
Gross Unrealized Losses, Less than One Year	(282)	(96)
Gross Unrealized Losses, Greater than One Year	(41)	(78)
Estimated Fair Value	168,861	86,271
Held-to-maturity securities:
Amortized Cost	170,803	66,685
Gross Unrealized Gains		(21,253)
Gross Unrealized Losses, Less than One Year	(282)	(96)
Gross Unrealized Losses, Greater than One Year	(41)	(78)
Estimated Fair Value	170,480	87,764
Long-term investments \| Certificates of deposit
Held-to-maturity securities:
Amortized Cost	1,619	1,493
Estimated Fair Value	1,619	1,493
Long-term investments \| U.S. government and agency debt securities
Available-for-sale securities:
Available-for-sale Securities, Amortized Cost Basis, Total	100,429	28,503
Gross Unrealized Losses, Less than One Year	(196)	(61)
Gross Unrealized Losses, Greater than One Year	(40)	(3)
Estimated Fair Value	100,193	28,439
Long-term investments \| Corporate debt securities
Available-for-sale securities:
Available-for-sale Securities, Amortized Cost Basis, Total	61,187	20,266
Gross Unrealized Losses, Less than One Year	(84)	(30)
Gross Unrealized Losses, Greater than One Year		(75)
Estimated Fair Value	61,103	20,161
Long-term investments \| Equity securities
Available-for-sale securities:
Available-for-sale Securities, Amortized Cost Basis, Total		8,732
Gross Unrealized Gains		21,253
Estimated Fair Value		29,985
Long-term investments \| International government agency debt securities
Available-for-sale securities:
Available-for-sale Securities, Amortized Cost Basis, Total	7,568	7,691
Gross Unrealized Losses, Less than One Year	(2)	(5)
Gross Unrealized Losses, Greater than One Year	(1)
Estimated Fair Value	$ 7,565	$ 7,686

INVESTMENTS (Details 2) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
INVESTMENTS (Details 2) - USD ($) $ in Thousands	Dec. 31, 2013	Dec. 31, 2014	Mar. 31, 2013
INVESTMENTS
Proceeds from the sales and maturities of marketable securities	$ 90,470	$ 341,154	$ 258,937
Realized gains	$ 16	15,364	39
Realized losses		(31)	$ (5)
Realized gain on sale of investment in Acceleron Pharma Inc.		$ 15,296

INVESTMENTS (Details 3) $ in Thousands	Dec. 31, 2014 USD ($)
Available-for-sale, Amortized Cost
Within 1 year	$ 323,500
After 1 year through 5 years	252,745
Total	576,245
Available-for-sale, Estimated Fair Value
Within 1 year	323,475
After 1 year through 5 years	252,488
Total	575,963
Held-to-maturity, Amortized Cost
Within 1 year	1,619
Total	1,619
Held-to-maturity, Estimated Fair Value
Within 1 year	1,619
Estimated Fair Value	$ 1,619

INVESTMENTS (Details 4) $ in Thousands, € in Millions	1 Months Ended			9 Months Ended	12 Months Ended
INVESTMENTS (Details 4) $ in Thousands, € in Millions	Oct. 31, 2014 USD ($)	May 31, 2014 EUR (€)	May 31, 2014 USD ($)	Dec. 31, 2013 USD ($)	Dec. 31, 2014 USD ($)	Mar. 31, 2013 USD ($)
Equity method investment
Gain on sale of property, plant and equipment				$ (129)	$ 40,099	$ (373)
Civitas
Equity method investment
Carrying value of equity investment				2,000	0
Reduction in carrying value of investment of the entity, which represents the Company's share of investee's net losses				$ 1,200	$ 6,800	$ 1,200
Fountain Healthcare Partners II, LP of Ireland
Equity method investment
Carrying value of equity investment \| €		€ 7.4
Additional investments		€ 0.9	$ 1,200
Reduction in carrying value of investment of the entity, which represents the Company's share of investee's net losses			$ 100
Funding commitment as percentage of partnership's total funding		10.00%
Acorda Therapeutics, Inc
Equity method investment
Additional investments	$ 525,000
Amount of promissory note converted into Series B preferred stock	$ 27,200
Ownership percentage	6.00%
Acorda Therapeutics, Inc \| Maximum
Equity method investment
Increase in carrying value of equity method investment	$ 2,400

FAIR VALUE (Details) - USD ($) $ in Thousands	Dec. 31, 2014	Mar. 31, 2013
Level 1 \| Recurring basis
Fair value
Assets, Total	$ 189,030	$ 92,873
Level 2 \| Recurring basis
Fair value
Assets, Total	386,933	186,541
Liabilities, Total		(275)
Level 3 \| Recurring basis
Fair value
Assets, Total		1,526
Total \| Recurring basis
Fair value
Assets, Total	575,963	280,940
Liabilities, Total		(275)
Interest rate swap contract \| Level 2 \| Recurring basis
Fair value
Interest rate swap contract		(275)
Interest rate swap contract \| Total \| Recurring basis
Fair value
Interest rate swap contract		(275)
Cash equivalents \| Level 1 \| Recurring basis
Fair value
Available for sale securities		1,201
Cash equivalents \| Total \| Recurring basis
Fair value
Available for sale securities		1,201
U.S. government and agency debt securities \| Level 1 \| Recurring basis
Fair value
Available for sale securities	189,030	63,213
U.S. government and agency debt securities \| Level 2 \| Recurring basis
Fair value
Available for sale securities	137,623	95,974
U.S. government and agency debt securities \| Total \| Recurring basis
Fair value
Available for sale securities	326,653	159,187
Corporate debt securities \| Level 2 \| Recurring basis
Fair value
Available for sale securities	201,963	58,809
Corporate debt securities \| Total \| Recurring basis
Fair value
Available for sale securities	201,963	58,809
International government agency debt securities \| Level 2 \| Recurring basis
Fair value
Available for sale securities	47,347	31,758
International government agency debt securities \| Total \| Recurring basis
Fair value
Available for sale securities	$ 47,347	31,758
Equity securities \| Level 1
Fair value
Available for sale securities		28,459
Equity securities \| Level 3
Fair value
Available for sale securities		1,526
Equity securities \| Total
Fair value
Available for sale securities		$ 29,985

FAIR VALUE (Details 2) $ in Thousands	12 Months Ended
FAIR VALUE (Details 2) $ in Thousands	Dec. 31, 2014 USD ($) item
Roll forward of the fair value of the Company's investments whose fair value was determined using Level 3 inputs
Number of investments transferred from level 1 to level 2 \| item	0
Number of investments transferred from level 2 to level 1 \| item	0
Balance at the beginning of the period	$ 1,526
Total unrealized losses included in other comprehensive income (loss)	(383)
Sale of equity securities	$ (1,143)

FAIR VALUE (Detail 3) - USD ($) $ in Thousands	12 Months Ended
FAIR VALUE (Detail 3) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
Estimated fair value of the Term Loans
Carrying Value	$ 357,970	$ 364,293
Term Loan B-1
Estimated fair value of the Term Loans
Fair value of remaining financial instruments not recognized at fair value	$ 300,000
Term loans maturity period	7 years
Variable interest rate base	LIBOR
Carrying Value	$ 291,476	294,091
Estimated Fair Value	289,218
Term Loan B-2
Estimated fair value of the Term Loans
Fair value of remaining financial instruments not recognized at fair value	$ 75,000
Term loans maturity period	4 years
Variable interest rate base	LIBOR
Carrying Value	$ 66,494	$ 70,202
Estimated Fair Value	$ 65,897
LIBOR \| Term Loan B-1
Estimated fair value of the Term Loans
Interest rate added to base rate (as a percent)	2.75%
Interest rate, variable interest rate floor (as a percent)	0.75%
LIBOR \| Term Loan B-2
Estimated fair value of the Term Loans
Interest rate added to base rate (as a percent)	2.75%
Interest rate, variable interest rate floor (as a percent)	0.00%

INVENTORY (Details) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
INVENTORY
Raw materials	$ 21,101	$ 18,410
Work in process	14,824	15,581
Finished goods	15,432	12,227
Total inventory	51,357	46,218
Finished goods inventory located at third-party warehouse and shipping service provider	$ 4,400	$ 1,100

PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Thousands	1 Months Ended		9 Months Ended	12 Months Ended
	Oct. 31, 2014	Apr. 30, 2014	Dec. 31, 2013	Dec. 31, 2014	Mar. 31, 2013
Property, plant and equipment
Subtotal			$ 428,136	$ 435,900
Less: accumulated depreciation			(153,646)	(170,160)
Total property, plant and equipment, net			274,490	265,740
Depreciation expense			32,300	39,900	$ 31,900
Impairment of assets					3,346
Proceeds from sale of property, plant and equipment			52	44,365	193
Gain on sale of investment in Civitas Therapeutics, Inc.				29,564
Athlone, Ireland manufacturing facility
Property, plant and equipment
Carrying value at the time of disposition		$ 2,200
Proceeds from sale of property, plant and equipment		17,500
Proceeds from sale of property, plant and equipment which remain in escrow account		$ 3,000
Chelsea manufacturing facility
Property, plant and equipment
Carrying value at the time of disposition	$ 400
Proceeds from sale of property, plant and equipment	$ 30,000
Land
Property, plant and equipment
Subtotal			8,440	8,163
Buildings and improvements
Property, plant and equipment
Subtotal			148,044	149,158
Furniture, fixtures and equipment
Property, plant and equipment
Subtotal			220,984	225,834
Carrying value at the time of disposition				1,400
Furniture, fixtures and equipment \| Maximum
Property, plant and equipment
Carrying value at the time of disposition			100		$ 100
Leasehold improvements
Property, plant and equipment
Subtotal			23,980	12,971
Construction in progress
Property, plant and equipment
Subtotal			$ 26,688	$ 39,774

GOODWILL AND INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Intangible assets
Gross Carrying Amount		$ 92,740
Goodwill	$ 94,212	92,740
Finite-lived intangible assets:
Gross Carrying Amount	640,600	640,600
Accumulated Amortization	(161,188)	(103,035)
Net Carrying Amount	$ 479,412	537,565
Collaboration agreements
Finite-lived intangible assets:
Weighted Amortizable Life	12 years
Gross Carrying Amount	$ 499,700	499,700
Accumulated Amortization	(127,393)	(80,655)
Net Carrying Amount	$ 372,307	419,045
NanoCrystal technology
Finite-lived intangible assets:
Weighted Amortizable Life	13 years
Gross Carrying Amount	$ 74,600	74,600
Accumulated Amortization	(13,243)	(8,506)
Net Carrying Amount	$ 61,357	66,094
OCR technologies
Finite-lived intangible assets:
Weighted Amortizable Life	12 years
Gross Carrying Amount	$ 66,300	66,300
Accumulated Amortization	(20,552)	(13,874)
Net Carrying Amount	$ 45,748	$ 52,426

GOODWILL AND INTANGIBLE ASSETS (Details 2) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2014	Mar. 31, 2013
GOODWILL AND INTANGIBLE ASSETS
Amortization expense	$ 38,428	$ 58,153	$ 41,852
Expected amortization of intangible assets
2015		65,000
2016		70,000
2017		70,000
2018		70,000
2019		$ 60,000

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
ACCOUNTS PAYABLE AND ACCRUED EXPENSES
Accounts payable	$ 32,335	$ 19,493
Accrued compensation	36,854	28,101
Accrued restructuring	2,004	7,296
Accrued other	50,065	36,283
Total accounts payable and accrued expenses	$ 121,258	$ 91,173

RESTRUCTURING (Details) $ in Thousands	9 Months Ended	12 Months Ended
RESTRUCTURING (Details) $ in Thousands	Dec. 31, 2013 USD ($)	Dec. 31, 2014 USD ($) item	Mar. 31, 2013 USD ($)
Restructuring activity
Cash paid for restructuring costs	$ 11,100
Foreign currency adjustment	100
Restructuring activity
Balance at beginning of the period		$ 7,296
Payments			$ 12,300
Balance at end of the period	7,296	2,004
Restructuring accrual
Restructuring accrual	7,296	$ 7,296
Maximum
Restructuring accrual
Expected number of employees to be eliminated \| item		130
Accounts payable and accrued expenses.
Restructuring activity
Balance at beginning of the period	6,800	$ 6,800
Balance at end of the period	6,800	1,300	6,800
Restructuring accrual
Restructuring accrual	6,800	6,800	6,800
Other long-term liabilities
Restructuring activity
Balance at beginning of the period	12,300	3,800
Balance at end of the period	3,800		12,300
Restructuring accrual
Restructuring accrual	12,300	3,800	$ 12,300
Severance and outplacement services
Restructuring activity
Balance at beginning of the period		10,578
Payments		8,772
Adjustments		(478)
Balance at end of the period	10,578	1,328
Restructuring accrual
Restructuring accrual	$ 10,578	$ 10,578

LONG-TERM DEBT (Details) - USD ($) $ in Thousands		12 Months Ended
LONG-TERM DEBT (Details) - USD ($) $ in Thousands	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2013
Long-term debt
Total		$ 357,970	$ 364,293
Less: current portion		(6,750)	(6,750)
Long-term debt		351,220	357,543
Original issue discount		1,800
Term Loans
Long-term debt
Total		$ 359,813
Percentage of repricing premium on outstanding credit agreement balance, if prepayment is made in connection with an amendment to the agreement resulting in a refinancing transaction		10.00%
New Term Loan Facility
Long-term debt
Incremental capacity		$ 140,000
Percentage of present value of future cash flows remaining under Existing Senior Credit Facilities		10.00%
Term Loan B-1
Long-term debt
Total		$ 291,476	294,091
Debt Instrument, Face Amount		$ 300,000
Debt Instrument, Description of Variable Rate Basis		LIBOR
Original issue discount		$ 3,000
Term Loan quarterly amortization price as percentage of original principal amount		0.25%
Required quarterly principal payments	$ 800
Term Loan B-1 \| LIBOR
Long-term debt
Debt Instrument, Basis Spread on Variable Rate		2.75%
Debt Instrument, Variable Rate Basis Floor		0.75%
Term Loan B-2
Long-term debt
Total		$ 66,494	$ 70,202
Debt Instrument, Face Amount		$ 75,000
Debt Instrument, Description of Variable Rate Basis		LIBOR
Original issue discount		$ 400
Term Loan quarterly amortization price as percentage of original principal amount		1.25%
Required quarterly principal payments	$ 900
Term Loan B-2 \| LIBOR
Long-term debt
Debt Instrument, Basis Spread on Variable Rate		2.75%
Debt Instrument, Variable Rate Basis Floor		0.00%

LONG-TERM DEBT (Details 2) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
Scheduled maturities of Credit Agreement
Total	$ 357,970	$ 364,293
Term Loans
Scheduled maturities of Credit Agreement
2015	6,750
2016	65,813
2017	3,000
2018	3,000
2019	281,250
Total	$ 359,813

LONG-TERM DEBT (Details 3) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
LONG-TERM DEBT (Details 3) - USD ($) $ in Thousands	Dec. 31, 2013	Dec. 31, 2014	Mar. 31, 2013
Extinguished debt:
Unamortized deferred financing costs			$ 6,166
Unamortized original issue discount			4,094
Modified debt:
Debt financing costs			2,772
Original issue discount			105
Prepayment penalty			6,533
Total			19,670
Unamortized deferred financing costs at period end		$ 2,200
Amortization of offering costs and discount	$ 800	1,000	5,800
Unamortized original issue discount		$ 1,800
September 2012 Refinancing
Extinguished debt:
Unamortized deferred financing costs			4,600
Unamortized original issue discount			2,657
Modified debt:
Debt financing costs			1,967
Original issue discount			105
Prepayment penalty			2,800
February 2013 Repricing
Extinguished debt:
Unamortized deferred financing costs			1,566
Unamortized original issue discount			1,437
Modified debt:
Debt financing costs			805
Prepayment penalty			$ 3,733

DERIVATIVE INSTRUMENTS (Details) - USD ($) $ in Thousands	1 Months Ended	9 Months Ended	12 Months Ended
DERIVATIVE INSTRUMENTS (Details) - USD ($) $ in Thousands	Dec. 31, 2011	Dec. 31, 2013	Dec. 31, 2014	Mar. 31, 2013	Sep. 30, 2011
Derivative instruments
Reclassification of unrealized losses to realized losses				$ 594
Interest rate caps \| Not designated as hedging instrument
Derivative instruments
Variable interest rate base			three-month LIBOR
Notional value		$ 160,000			$ 65,000
Interest rate caps \| Not designated as hedging instrument \| Maximum
Derivative instruments
Cost of interest rate cap	$ 100
Interest rate swap contract \| Not designated as hedging instrument
Derivative instruments
Gain (loss) on derivative instrument due to decreased in value of the contract		300		$ (600)
Fair value of derivative instrument		$ 275
Interest rate swap contract \| Designated as cash flow hedge
Derivative instruments
Variable interest rate base			three month LIBOR

(LOSS) EARNINGS PER SHARE (Details) - USD ($) shares in Thousands, $ in Thousands	9 Months Ended		12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2013	Mar. 31, 2013
Numerator:
Net (loss) income	$ 17,649		$ (30,061)	$ 20,648	$ 24,983
Denominator:
Weighted average number of ordinary shares outstanding	135,960	131,202	145,274	135,297	131,713
Effect of dilutive securities:
Dilutive ordinary share equivalents (in shares)	9,001				5,387
Shares used in calculating diluted earnings (loss) per share	144,961	136,216	145,274	144,012	137,100
Stock options
Effect of dilutive securities:
Dilutive ordinary share equivalents (in shares)	7,653				4,025
Restricted stock units
Effect of dilutive securities:
Dilutive ordinary share equivalents (in shares)	1,348				1,362

(LOSS) EARNINGS PER SHARE (Details 2) - shares shares in Thousands	9 Months Ended	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2014	Mar. 31, 2013
Denominator:
Anti-dilutive potential common equivalent shares excluded from calculation of net (loss) income per share	1,404	11,094	4,497
Stock options
Denominator:
Anti-dilutive potential common equivalent shares excluded from calculation of net (loss) income per share	1,404	9,260	4,497
Restricted stock units
Denominator:
Anti-dilutive potential common equivalent shares excluded from calculation of net (loss) income per share		1,834

SHAREHOLDERS' EQUITY (Details) - USD ($) $ in Millions	Dec. 31, 2014	Sep. 16, 2011
SHAREHOLDERS' EQUITY
Value of shares authorized under repurchase program		$ 215.0
Value of shares available for repurchase pursuant to repurchase program	$ 101.0

SHARE-BASED COMPENSATION (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
SHARE-BASED COMPENSATION (Details) - USD ($) $ in Thousands	Dec. 31, 2013	Dec. 31, 2014	Mar. 31, 2013
Share-based Compensation Expense
Total share-based compensation expense	$ 33,409	$ 59,579	$ 34,716
Share based compensation cost capitalized	400	800	600
Cost of goods manufactured and sold
Share-based Compensation Expense
Total share-based compensation expense	3,308	6,940	4,375
Research and development
Share-based Compensation Expense
Total share-based compensation expense	7,799	14,422	9,078
Selling, general and administrative
Share-based Compensation Expense
Total share-based compensation expense	$ 22,302	$ 38,217	$ 21,263

SHARE-BASED COMPENSATION (Details 2) shares in Millions	12 Months Ended
SHARE-BASED COMPENSATION (Details 2) shares in Millions	Dec. 31, 2014 item	Dec. 31, 2013 shares
Share-Based Compensation
Number of share-based compensation plans under which awards are currently made	2
Number of share-based compensation plans under which no further awards will be made	3
Shares of common stock authorized for issuance \| shares		10.0
2011 Plan
Share-Based Compensation
Ratio of awards other than stock options counted against the total number of shares available for issuance	1.8
2008 Plan
Share-Based Compensation
Ratio of awards other than stock options counted against the total number of shares available for issuance	2

SHARE-BASED COMPENSATION (Details 3) - Stock options - USD ($) $ / shares in Units, $ in Millions	9 Months Ended	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2014	Mar. 31, 2013
Number of Shares
Outstanding at the beginning of the period (in shares)		14,688,160
Granted (in shares)		2,036,300
Exercised (in shares)		(3,375,084)
Forfeited (in shares)		(176,750)
Outstanding at the end of the period (in shares)	14,688,160	13,172,626
Exercisable at the end of the period (in shares)		8,391,987
Weighted Average Exercise Price
Outstanding at the beginning of the period (in dollars per share)		$ 17.18
Granted (in dollars per share)		46.83
Exercised (in dollars per share)		14.51
Forfeited (in dollars per share)		26.59
Outstanding at the end of the period (in dollars per share)	$ 17.18	22.32
Exercisable at the end of the period (in dollars per share)		16.36
Additional disclosures
Weighted average grant-date fair value of stock options granted (in dollars per share)	$ 16.27	$ 21.44	$ 8.11
Aggregate intrinsic value of stock options exercised	$ 65.6	$ 114.5	$ 28.1
Stock options expected to vest
Stock options expected to vest (in shares)		4,600,000
Weighted average exercise price (in dollars per share)		$ 32.50
Weighted average contractual remaining life		8 years 3 months 18 days
Aggregate intrinsic value		$ 121.0
Additional disclosures
Aggregate intrinsic value of stock options exercisable		$ 354.1
Weighted average remaining contractual term of stock options exercisable		5 years 2 months 12 days
Unrecognized compensation cost		$ 38.3
Weighted average period for unrecognized compensation cost expected to be recognized		2 years
Cash received from option exercises	$ 49.1	$ 47.6	$ 34.4

SHARE-BASED COMPENSATION (Details 4) $ / shares in Units, $ in Millions	1 Months Ended	9 Months Ended	12 Months Ended
	Mar. 31, 2014 item	Dec. 31, 2013 USD ($) $ / shares shares	Dec. 31, 2014 USD ($) $ / shares shares	Mar. 31, 2013 USD ($) $ / shares
Time-vested RSUs
Number of Shares
Unvested at the beginning of the period (in shares) \| shares			1,987,887
Granted (in shares) \| shares			676,475
Vested (in shares) \| shares			(770,335)
Forfeited (in shares) \| shares			(133,113)
Unvested at the end of the period (in shares) \| shares		1,987,887	1,760,914
Weighted Average Grant Date Fair Value
Unvested at the beginning of the period (in dollars per share) \| $ / shares			$ 22.83
Granted (in dollars per share) \| $ / shares		$ 33.72	47.16	$ 16.55
Vested (in dollars per share) \| $ / shares			19.95
Forfeited (in dollars per share) \| $ / shares			29.22
Unvested at the end of the period (in dollars per share) \| $ / shares		$ 22.83	$ 32.96
Additional disclosures
Fair value of RSU's vested \| $		$ 12.5	$ 15.4	$ 9.9
Unrecognized compensation cost \| $			$ 27.6
Weighted average period for unrecognized compensation cost expected to be recognized			1 year 10 months 24 days
Performance-based RSUs
Number of Shares
Granted (in shares) \| shares			701,600
Forfeited (in shares) \| shares			(44,875)
Unvested at the end of the period (in shares) \| shares			656,725
Weighted Average Grant Date Fair Value
Granted (in dollars per share) \| $ / shares			$ 47.17
Forfeited (in dollars per share) \| $ / shares			47.16
Unvested at the end of the period (in dollars per share) \| $ / shares			$ 47.17
Additional disclosures
Unrecognized compensation cost \| $			$ 31.0
Initial vesting event (as a percent)	50.00%
Number of phase three clinical studies \| item	2
Number of years for initial vesting event	1 year
Remaining vesting event (as a percent)	50.00%

COLLABORATIVE ARRANGEMENTS (Detail) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2014	Mar. 31, 2013
Collaborative Arrangements and Non-collaborative Arrangement Transactions
Manufacturing and royalty revenues	$ 371,039	$ 516,876	$ 510,900
Research and development revenue	4,657	7,753	6,541
Cost of goods manufactured and sold (exclusive of amortization of acquired intangible assets shown below)	134,306	175,832	170,466
Significant collaborative arrangements
Collaborative Arrangements and Non-collaborative Arrangement Transactions
Manufacturing and royalty revenues	261,192,000	365,904,000	278,702,000
Research and development revenue	921,000	501,000	1,611,000
Cost of goods manufactured and sold (exclusive of amortization of acquired intangible assets shown below)	33,454,000	34,148,000	36,694,000
All other collaborative arrangements
Collaborative Arrangements and Non-collaborative Arrangement Transactions
Manufacturing and royalty revenues	109,847,000	150,972,000	182,198,000
Research and development revenue	3,736,000	7,252,000	4,930,000
Cost of goods manufactured and sold (exclusive of amortization of acquired intangible assets shown below)	92,534,000	127,028,000	117,877,000
Total manufacturing and royalty revenue collaborative arrangement
Collaborative Arrangements and Non-collaborative Arrangement Transactions
Manufacturing and royalty revenues	371,039,000	516,876,000	460,900,000
Total research and development revenue
Collaborative Arrangements and Non-collaborative Arrangement Transactions
Research and development revenue	4,657,000	7,753,000	6,541,000
Total cost of goods manufactured and sold [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions
Cost of goods manufactured and sold (exclusive of amortization of acquired intangible assets shown below)	$ 125,988,000	$ 161,176,000	$ 154,571,000

COLLABORATIVE ARRANGEMENTS (Details 2) $ in Thousands, item in Millions	9 Months Ended	12 Months Ended
	Dec. 31, 2013 USD ($)	Dec. 31, 2014 USD ($) item	Mar. 31, 2013 USD ($)	Feb. 29, 2012 USD ($)	Jul. 31, 2011 USD ($)
United States
Collaborative Arrangements and Non-collaborative Arrangement Transactions
Revenue recognized	$ 269,005	$ 398,189	$ 380,565
RISPERDAL CONSTA
Collaborative Arrangements and Non-collaborative Arrangement Transactions
Revenue recognized	24,700	29,600	35,000
BYDUREON \| EU
Collaborative Arrangements and Non-collaborative Arrangement Transactions
Milestone payment to be received upon the first commercial sale					$ 7,000
BYDUREON \| United States
Collaborative Arrangements and Non-collaborative Arrangement Transactions
Milestone payment to be received upon the first commercial sale				$ 7,000
Acorda
Collaborative Arrangements and Non-collaborative Arrangement Transactions
Revenue recognized	51,600	81,300	65,000
AstraZeneca
Collaborative Arrangements and Non-collaborative Arrangement Transactions
Revenue recognized	20,000	$ 36,600	23,800
License agreement \| Janssen \| RISPERDAL CONSTA
Collaborative Arrangements and Non-collaborative Arrangement Transactions
Royalty rate (as a percent)		2.50%
Notice period required to be given before termination of agreement		30 days
Period after the date of the first commercial sale of the product for license expiration		15 years
Period for resolving default or breach after the receipt of notice for termination of agreement		90 days
License agreement \| Janssen \| INVEGA SUSTENNA/XEPLION
Collaborative Arrangements and Non-collaborative Arrangement Transactions
Patent royalty rate (as a percent)		1.50%
Notice period required to be given before termination of agreement		3 months
Period after the date of the first commercial sale of the product for license expiration		15 years
Revenue recognized	82,900	$ 127,800	63,500
License agreement \| Janssen \| INVEGA SUSTENNA/XEPLION \| Net sales of below $250.0 million
Collaborative Arrangements and Non-collaborative Arrangement Transactions
Know-how royalty rate (as a percent)		3.50%
Aggregate worldwide net sales		$ 250,000
License agreement \| Janssen \| INVEGA SUSTENNA/XEPLION \| Net sales between $250.0 million and 500.0 million
Collaborative Arrangements and Non-collaborative Arrangement Transactions
Know-how royalty rate (as a percent)		5.50%
License agreement \| Janssen \| INVEGA SUSTENNA/XEPLION \| Net sales greater than $500.0 million
Collaborative Arrangements and Non-collaborative Arrangement Transactions
Know-how royalty rate (as a percent)		7.50%
Aggregate worldwide net sales		$ 500,000
License agreement \| Janssen \| INVEGA SUSTENNA/XEPLION \| Minimum
Collaborative Arrangements and Non-collaborative Arrangement Transactions
Royalty rate (as a percent)		5.00%
License agreement \| Janssen \| INVEGA SUSTENNA/XEPLION \| Minimum \| Net sales between $250.0 million and 500.0 million
Collaborative Arrangements and Non-collaborative Arrangement Transactions
Aggregate worldwide net sales		$ 250,000
License agreement \| Janssen \| INVEGA SUSTENNA/XEPLION \| Maximum
Collaborative Arrangements and Non-collaborative Arrangement Transactions
Royalty rate (as a percent)		9.00%
License agreement \| Janssen \| INVEGA SUSTENNA/XEPLION \| Maximum \| Net sales between $250.0 million and 500.0 million
Collaborative Arrangements and Non-collaborative Arrangement Transactions
Aggregate worldwide net sales		$ 500,000
License agreement \| Acorda
Collaborative Arrangements and Non-collaborative Arrangement Transactions
Period after the date of the first commercial sale of the product for license expiration		10 years
Milestone payment entitled to be received upon the initiation of phase 3 clinical trial		$ 1,000
Milestone payment entitled to be received upon the acceptance of NDA by the FDA		1,000
Milestone payment entitled to be received upon the approval of NDA by the FDA		1,500
Milestone payment entitled to be received upon the first commercial sale		$ 1,500
License agreement \| Acorda \| AMPYRA/ FAMPYRA
Collaborative Arrangements and Non-collaborative Arrangement Transactions
Royalty rate (as a percent)		10.00%
Notice period required to be given before termination of agreement		90 days
Manufacturing and supply agreement \| Janssen \| RISPERDAL CONSTA
Collaborative Arrangements and Non-collaborative Arrangement Transactions
Royalty rate (as a percent)		7.50%
Notice period required to be given before termination of agreement		6 months
Period after the date of the first commercial sale of the product for license expiration		60 days
Revenue recognized	$ 82,500	$ 91,000	$ 98,600
Manufacturing and supply agreement \| Janssen \| RISPERDAL CONSTA \| Minimum
Collaborative Arrangements and Non-collaborative Arrangement Transactions
Royalty rate upon termination of manufacturing and supply agreement (as a percent)		2.50%
Manufacturing and supply agreement \| Janssen \| RISPERDAL CONSTA \| Maximum
Collaborative Arrangements and Non-collaborative Arrangement Transactions
Royalty rate upon termination of manufacturing and supply agreement (as a percent)		5.00%
Manufacturing and supply agreement \| Acorda \| AMPYRA/ FAMPYRA
Collaborative Arrangements and Non-collaborative Arrangement Transactions
Royalty rate (as a percent)		8.00%
Notice period required to be given before termination of agreement		12 months
Manufacturing and supply agreement \| Acorda \| AMPYRA/ FAMPYRA \| Maximum
Collaborative Arrangements and Non-collaborative Arrangement Transactions
Percentage of total annual requirement of product that can be obtained from second source manufacturer		25.00%
Development and license agreement \| AstraZeneca \| BYDUREON
Collaborative Arrangements and Non-collaborative Arrangement Transactions
Notice period required to be given before termination of agreement		180 days
Period after the date of the first commercial sale of the product for license expiration		10 years
Period for resolving default or breach after the receipt of notice for termination of agreement		60 days
Royalty as a percentage of net sales from the first 40 million units		8.00%
Royalty as a percentage of net sales beyond the first 40 million units		5.50%
Threshold for number of units sold used to determine royalty rate \| item		40

INCOME TAXES (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2013	Mar. 31, 2013
INCOME TAXES
Income Tax Expense (Benefit), Total	$ (12,252)	$ 5,591	$ 16,032	$ (7,385)	$ 10,458
Deferred income tax (benefit) provision:
Deferred income tax (benefit) provision	(15,393)		(19,192)		(2,113)
Provision for income tax provided on undistributed earnings of foreign subsidiaries			0
Cumulative unremitted earnings of overseas subsidiaries			80,400
Income tax benefit due to utilization of NOL carryforwards	11,400		32,400		8,900
Ireland.
Deferred income tax (benefit) provision:
Deferred income tax (benefit) provision	(3,426)		(17,691)		(1,961)
U. S. Federal
Current income tax provision (benefit):
Current income tax provision (benefit)	9,224		35,147		8,152
Deferred income tax (benefit) provision:
Deferred income tax (benefit) provision	(18,317)		(2,654)
U. S. State
Current income tax provision (benefit):
Current income tax provision (benefit)	2,119		880		2,588
Deferred income tax (benefit) provision:
Deferred income tax (benefit) provision	(1,941)		(565)		(79)
Rest of world
Current income tax provision (benefit):
Current income tax provision (benefit)	$ 89		$ 915		$ 1,758

INCOME TAXES (Details 2) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
INCOME TAXES (Details 2) - USD ($) $ in Thousands	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2013	Mar. 31, 2013
Distribution of income (loss) before provision for income taxes
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest	$ 5,397	$ 27,575	$ (14,029)	$ 13,263	$ 35,441
Ireland
Distribution of income (loss) before provision for income taxes
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest	(63,975)		(159,538)		(14,722)
United States
Distribution of income (loss) before provision for income taxes
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest	49,338		118,754		23,503
Rest of world
Distribution of income (loss) before provision for income taxes
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest	$ 20,034		$ 26,755		$ 26,660

INCOME TAXES (Details 3) - USD ($) $ in Thousands	3 Months Ended
INCOME TAXES (Details 3) - USD ($) $ in Thousands	Dec. 31, 2013	Dec. 31, 2014
Income taxes
Less: valuation allowance	$ (69,659)	$ (71,796)
Deferred tax assets :
Share-based compensation	24,353	30,655
Bonus accrual	4,585	6,835
Tax credit carryforwards	6,247	1,655
Tax benefit from the exercise of stock options	9,122
Property, plant and equipment	1,912
Other	10,538	9,116
Less: valuation allowance	(69,659)	(71,796)
Total deferred tax assets	55,557	59,743
Deferred tax liabilities :
Intangible assets	(38,238)	(31,169)
Property, plant and equipment	(21,571)	(21,919)
Unrealized gains on investments	(7,719)
Other	(4,421)	(3,849)
Total deferred tax liabilities	(71,949)	(56,937)
Net deferred tax assets (liabilities)	(16,392)	2,806
Schedule of current and non-current deferred tax assets (liabilities)
Current deferred tax assets	12,777	13,430
Non-current deferred tax assets		8,294
Non-current deferred tax liabilities	(29,169)	(18,918)
Net deferred tax assets (liabilities)	(16,392)	2,806
Deferred charges related to intercompany transfers of intellectual property
Prepaid expenses and other current assets	166	1,296
Other assets-long term	1,431	8,836
Total deferred charges	1,597	10,132
Ireland.
Income taxes
Less: valuation allowance		(70,100)
Operating loss carryforwards		574,400
NOL carryforwards	68,459	83,278
Deferred tax assets :
Less: valuation allowance		(70,100)
U. S. Federal
Income taxes
Less: valuation allowance		(9,100)
Operating loss carryforwards		23,900
Amount of operating loss and tax credit carryforwards subject to annual limitation.		127,000
Deferred tax assets :
Less: valuation allowance		(9,100)
U. S. State
Income taxes
Operating loss carryforwards		8,300
Federal, State, and Local
Income taxes
Recognized benefit related to reversal of valuation allowance	$ 26,500
Less: valuation allowance		(1,700)
Deferred tax assets :
Less: valuation allowance		$ (1,700)

INCOME TAXES (Details 4) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
Income taxes
Additional tax benefits from stock option exercises that have not been recognized		$ 9,122
ASC 718
Income taxes
Additional tax benefits from stock option exercises and the vesting of restricted stock units that have not been recognized		$ 52,300
Federal research and development credits	$ 33,800
Alternative minimum tax	8,600
State tax credits	$ 4,300

INCOME TAXES (Details 5) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
INCOME TAXES (Details 5) - USD ($) $ in Thousands	Dec. 31, 2013	Dec. 31, 2014	Mar. 31, 2013
Reconciliation of the company's federal statutory tax rate to its effective rate
Statutory tax rate (as a percent)	12.50%	12.50%	12.50%
U.S. state income taxes, net of U.S. federal benefit (as a percent)	40.80%	(5.20%)	4.70%
Rate differential (as a percent)	209.00%	(203.90%)	43.40%
R&D credit (as a percent)	(29.60%)	99.90%	(20.50%)
Change in valuation allowance (as a percent)	(321.00%)	(79.50%)	(7.50%)
Intercompany amounts	(30.00%)	53.20%	(9.30%)
Irish rate differential	(81.00%)	34.00%	(2.90%)
Uncertain tax positions	(58.70%)	(10.30%)	2.60%
Share-based compensation (as a percent)	13.60%	(12.80%)	3.30%
Permanent items (as a percent)	5.10%	(1.80%)	(1.50%)
Non-refundable withholding tax (as a percent)	0.40%	(0.30%)	4.70%
State tax law change	12.70%
Effective tax rate (as a percent)	(227.00%)	(114.20%)	29.50%
Reconciliation of the beginning and ending amount of unrecognized tax benefits
Balance at the beginning of the period	$ 7,258	$ 1,125	$ 6,606
Additions based on tax positions related to prior periods	881	363	1,065
Decreases due to lapse of statute of limitations	(7,258)		(413)
Decreases due to settlements with tax authorities	(244)
Additions based on tax positions related to the current period		1,077
Balance at the end of the period	$ 1,125	$ 2,565	$ 7,258
Minimum
Reconciliation of the beginning and ending amount of unrecognized tax benefits
Period after loss carryforwards utilized that tax returns remain open to examination		3 years
Maximum
Reconciliation of the beginning and ending amount of unrecognized tax benefits
Period after loss carryforwards utilized that tax returns remain open to examination		4 years

TRANSITION PERIOD COMPARATIVE DATA (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	9 Months Ended		12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2013	Mar. 31, 2013
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME
Revenues	$ 432,911	$ 412,126	$ 618,789	$ 596,333	$ 575,548
Operating expenses	417,417	349,297	705,933	561,855	493,735
OPERATING (LOSS) INCOME	15,494	62,829	(87,144)	34,478	81,813
Other expense (net)	(10,097)	(35,254)	73,115	(21,215)	(46,372)
(LOSS) INCOME BEFORE INCOME TAXES	5,397	27,575	(14,029)	13,263	35,441
Income Tax Expense (Benefit)	(12,252)	$ 5,591	16,032	(7,385)	10,458
NET (LOSS) INCOME	$ 17,649		$ (30,061)	$ 20,648	$ 24,983
Earnings per ordinary share - basic	$ 0.13	$ 0.17	$ (0.21)	$ 0.15	$ 0.19
Earnings per ordinary share - diluted	$ 0.12	$ 0.16	$ (0.21)	$ 0.14	$ 0.18
Weighted average ordinary shares outstanding - basic	135,960	131,202	145,274	135,297	131,713
Weighted average ordinary shares outstanding - diluted	144,961	136,216	145,274	144,012	137,100
STATEMENTS OF CASH FLOWS DATA:
Cash flows provided by operations	$ 92,221	$ 71,247	$ 11,139	$ 147,525	$ 126,551
Cash flows (used in) provided by investing activities	(65,366)	43,680	(263,397)	(177,194)	(68,148)
Cash flows provided by (used in) financing activities	43,746	(62,636)	308,760	61,339	(45,043)
NET INCREASE IN CASH AND CASH EQUIVALENTS	$ 70,601	$ 52,291	$ 56,502	$ 31,670	$ 13,360

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2014	Mar. 31, 2013
Future minimum rental commitments under non-cancelable operating leases
2015		$ 5,837
2016		5,139
2017		5,301
2018		5,385
2019		5,420
Thereafter		4,222
Total future minimum lease payments before estimated sublease income		31,304
Less: estimated sublease income		(722)
Total future minimum lease payments		30,582
Rent expense related to operating leases
Rent expense	$ 3,700	5,900	$ 5,000
Sublease income	$ 700	700	$ 2,600
Purchase commitments
Open purchase order commitments		$ 272,200
Maximum
Lease Commitments
Provisions for extension of lease term		10 years