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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2015	Apr. 24, 2015
Document and Entity Information
Entity Registrant Name	Alkermes plc.
Entity Central Index Key	0001520262
Document Type	10-Q
Document Period End Date	Mar. 31, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		148,630,697
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2015	Dec. 31, 2014
CURRENT ASSETS:
Cash and cash equivalents	$ 209,313	$ 224,064
Investments - short-term	538,151	407,102
Receivables, net	141,978	151,551
Inventory	49,139	51,357
Prepaid expenses and other current assets	50,768	29,289
Deferred tax assets-current	14,199	13,430
Total current assets (includes $23.1 million held for sale at March 31, 2015	1,003,548	876,793
Current assets held for sale	23,100
PROPERTY, PLANT AND EQUIPMENT, NET	268,760	265,740
INTANGIBLE ASSETS - NET	464,192	479,412
GOODWILL	94,212	94,212
INVESTMENTS - LONG-TERM	58,249	170,480
OTHER ASSETS	35,813	34,635
TOTAL ASSETS (includes $105.2 million held for sale at March 31, 2015)	1,924,774	1,921,272
CURRENT LIABILITIES:
Accounts payable and accrued expenses	105,181	121,258
Long-term debt-short-term	6,750	6,750
Deferred revenue-short-term	2,286	2,574
Total current liabilities (includes $3.1 million held for sale at March 31, 2015)	114,217	130,582
LONG-TERM DEBT	349,638	351,220
DEFERRED TAX LIABILITIES, NET-LONG-TERM	16,788	18,918
OTHER LONG-TERM LIABILITIES	12,135	11,914
DEFERRED REVENUE-LONG-TERM	11,577	11,801
Total liabilities (includes $6.6 million held for sale at March 31, 2015)	504,355	524,435
COMMITMENTS AND CONTINGENCIES (Note 16)
SHAREHOLDERS' EQUITY:
Preferred shares, par value, $0.01 per share; 50,000,000 shares authorized; zero issued and outstanding at March 31, 2015 and December 31, 2014, respectively
Ordinary shares, par value, $0.01 per share; 450,000,000 shares authorized; 149,550,933 and 148,545,150 shares issued; 148,479,822 and 147,538,519 shares outstanding at March 31, 2015 and December 31, 2014, respectively	1,492	1,482
Treasury shares, at cost (1,071,111 and 1,006,631 shares at March 31, 2015 and December 31, 2014, respectively)	(36,746)	(32,052)
Additional paid-in capital	2,001,312	1,942,878
Accumulated other comprehensive loss	(2,646)	(3,136)
Accumulated deficit	(542,993)	(512,335)
Total shareholders' equity	1,420,419	1,396,837
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 1,924,774	$ 1,921,272

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2015	Dec. 31, 2014
CONSOLIDATED BALANCE SHEETS
Current assets held for sale	$ 23.1
Assets held for sale	105.2
Current liabilities held for sale	3.1
Liabilities held for sale	$ 6.6
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	149,550,933	148,545,150
Common stock, shares outstanding	148,479,822	147,538,519
Treasury stock shares	1,071,111	1,006,631

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
REVENUES:
Manufacturing and royalty revenues	$ 128,744	$ 111,280
Product sales, net	31,137	17,079
Research and development revenue	1,333	1,853
Total revenues	161,214	130,212
EXPENSES:
Cost of goods manufactured and sold (exclusive of amortization of acquired intangible assets shown below)	39,974	38,839
Research and development	70,278	52,140
Selling, general and administrative	63,050	42,550
Amortization of acquired intangible assets	15,220	12,576
Total expenses	188,522	146,105
OPERATING LOSS	(27,308)	(15,893)
OTHER EXPENSE, NET:
Interest income	660	511
Interest expense	(3,288)	(3,356)
Other expense, net	(211)	(1,850)
Total other expense, net	(2,839)	(4,695)
LOSS BEFORE INCOME TAXES	(30,147)	(20,588)
PROVISION FOR INCOME TAXES	510	3,766
NET LOSS	$ (30,657)	$ (24,354)
LOSS PER COMMON SHARE
Basic and diluted (in dollars per share)	$ (0.21)	$ (0.17)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
Basic and diluted (in shares)	148,089,000	143,358,000
COMPREHENSIVE LOSS
Net loss	$ (30,657)	$ (24,354)
Unrealized gains (losses) on marketable securities, net of tax:
Holding gains (losses), net of tax of $209 and $1,453, respectively	489	(2,531)
Unrealized gains (losses) on marketable securities	489	(2,531)
COMPREHENSIVE LOSS	$ (30,168)	$ (26,885)

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
Holding gains, tax	$ 209	$ 1,453

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (30,657)	$ (24,354)
Adjustments to reconcile net loss to cash flows from operating activities:
Depreciation and amortization	22,487	22,553
Share-based compensation expense	17,329	13,420
Excess tax benefit from share-based compensation	(4,744)	(7,163)
Deferred income taxes	(4,301)	(4,916)
Other non-cash charges	(145)	3,702
Changes in assets and liabilities:
Receivables	9,572	11,000
Inventory, prepaid expenses and other assets	3,021	(13,678)
Accounts payable and accrued expenses	(10,303)	(3,084)
Deferred revenue	(328)	(965)
Other long-term liabilities	146	13
Cash flows provided by (used in) operating activities	2,077	(3,472)
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions of property, plant and equipment	(10,710)	(5,685)
Proceeds from the sale of equipment	41
Purchases of investments	(117,047)	(351,489)
Sales and maturities of investments	98,927	84,500
Cash flows used in investing activities	(28,789)	(272,674)
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	13,598	11,028
Excess tax benefit from share-based compensation	4,744	7,163
Employee taxes paid related to net share settlement of equity awards	(4,693)
Principal payments of long-term debt	(1,688)	(1,688)
Cash flows provided by financing activities	11,961	264,909
NET DECREASE IN CASH AND CASH EQUIVALENTS	(14,751)	(11,237)
CASH AND CASH EQUIVALENTS - Beginning of period	224,064	167,562
CASH AND CASH EQUIVALENTS - End of period	209,313	156,325
Non-cash investing and financing activities:
Purchased capital expenditures included in accounts payable and accrued expenses	$ 3,090	$ 787

THE COMPANY	3 Months Ended
THE COMPANY	Mar. 31, 2015
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION
THE COMPANY	1. THE COMPANY Alkermes 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 our own, pharmaceutical products that are designed to address unmet medical needs of patients in major therapeutic areas. We have a diversified portfolio of commercial drug products and a clinical pipeline of product candidates that address central nervous system (“CNS”) disorders such as schizophrenia, depression, addiction and multiple sclerosis. Headquartered in Dublin, Ireland, Alkermes has a research and development (“R&D”) center in Waltham, Massachusetts; a research and manufacturing facility in Athlone, Ireland; and a manufacturing facility in Wilmington, Ohio.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Mar. 31, 2015
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying condensed consolidated financial statements of the Company for the three months ended March 31, 2015 and 2014 are unaudited and have been prepared on a basis substantially consistent with the audited financial statements for the year ended December 31, 2014. The year-end condensed consolidated balance sheet data, which is presented for comparative purposes, was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America (“U.S.”) (commonly referred to as “GAAP”). In the opinion of management, the condensed consolidated financial statements include all adjustments, which are of a normal recurring nature, that are necessary to state fairly the results of operations for the reported periods. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto of Alkermes, which are contained in the Company’s Annual Report, which has been filed with the SEC. The results of the Company’s operations for any interim period are not necessarily indicative of the results of the Company’s operations for any other interim period or for a full fiscal year. Principles of Consolidation The condensed consolidated financial statements include the accounts of Alkermes plc and its wholly owned subsidiaries as disclosed in Note 2, Summary of Significant Accounting Policies within the “Notes to Consolidated Financial Statements” accompanying its Annual Report. Intercompany accounts and transactions have been eliminated. Use of Estimates The preparation of the Company’s condensed consolidated financial statements in accordance with 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 ongoing 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 and derivative instruments, 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. 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. 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 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 Company adopted this guidance on January 1, 2015. 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 January 2015, the FASB issued guidance that simplifies income statement presentation by eliminating the concept of extraordinary items. The guidance becomes effective for the Company in its year ending December 31, 2016 and is not expected to have an impact on the Company’s consolidated financial statements. In April 2015, the FASB issued guidance simplifying the presentation of debt issuance costs. To simplify presentation of debt issue costs, the amendments require that debt issue costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. 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.

DIVESTITURE

3 Months Ended

Mar. 31, 2015

DIVESTITURE

DIVESTITURE

3. DIVESTITURE

On March 7, 2015, the Company entered into a definitive agreement to sell the Gainesville, GA facility, the related manufacturing and royalty revenue associated with products manufactured at the facility, and the rights to IV/IM and parenteral forms of Meloxicam to Recro Pharma, Inc. (“Recro”) and Recro Pharma LLC (together with Recro, the “Purchasers”). The sale was completed on April 10, 2015 at which time, under the terms of the agreement, the Purchasers made an initial cash payment of $50.0 million, and issued warrants to purchase an aggregate of 350,000 shares of Recro common stock at a per share exercise price of $19.46, which was two times the closing price of Recro’s common stock on the day prior to closing. The Company is also eligible to receive low double digit royalties on net sales of IV/IM and parenteral forms of Meloxicam and up to $120.0 million in milestone payments upon the achievement of certain regulatory and sales milestones related to IV/IM and parenteral forms of Meloxicam.

The Company determined that the assets and liabilities sold as part of sale of the Gainesville Transaction qualified as held for sale at February 28, 2015. During the three months ended March 31, 2015, the Gainesville Transaction generated income before income taxes of $5.2 million. The Company estimated the consideration received on the sale of the Gainesville Transaction to be $111.0 million at April 10, 2015. The following is a summary of the assets and liabilities considered held for sale in the accompanying condensed consolidated balance sheet:


	March 31, 2015
	(In thousands)
Assets:
Receivables, net	$	11,579
Inventory		10,763
Prepaid expenses and other current assets		726
Total current assets		23,068
Property, plant and equipment, net		38,275
Intangible assets, net		42,541
Goodwill		1,347
Total assets	$	105,231

Liabilities:
Accounts payable and accrued expenses	$	2,561
Deferred revenue—short-term		520
Total current liabilities		3,081
Deferred revenue—long-term		3,490
Total liabilities	$	6,571

The Company determined that the sale of assets in connection with the Gainesville Transaction did not constitute a strategic shift, and that it did not and will not have a major effect on its operations and financial results. Accordingly, the operations from the Gainesville Transaction are not reported in discontinued operations.

- Definition

The entire disclosure for the facts and circumstances leading to the completed or expected disposal, manner and timing of disposal, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the segment in which the disposal group was reported, and the classification (whether sold or classified as held for sale) and carrying value of the assets and liabilities comprising the disposal group. Includes all disposal groups, including those classified as components of the entity (discontinued operations).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1436-107760

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1474-107760

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1510-107760

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e957-107759

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1020-107759

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1012-107759

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 45
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=8077374&loc=d3e2443-110228

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6391110&loc=d3e2941-110230

+ Details

INVESTMENTS

3 Months Ended

Mar. 31, 2015

INVESTMENTS

INVESTMENTS

4. INVESTMENTS

Investments consisted of the following:


			Gross Unrealized
					Losses
	Amortized				Less than		Greater than		Estimated
	Cost		Gains		One Year		One Year		Fair Value
	(In thousands)
March 31, 2015
Short-term investments:
Available-for-sale securities:
U.S. government and agency debt securities	$	310,469	$	353	$	(10)	$	—	$	310,812
Corporate debt securities		182,014		137		(60)		—		182,091
International government agency debt securities		45,215		37		(4)		—		45,248
Total short-term investments		537,698		527		(74)		—		538,151
Long-term investments:
Available-for-sale securities:
Corporate debt securities		28,001		—		(26)		—		27,975
U.S. government and agency debt securities		26,090		—		(6)		(4)		26,080
International government agency debt securities		2,575		—		—		—		2,575
		56,666		—		(32)		(4)		56,630
Held-to-maturity securities:
Certificates of deposit		1,619		—		—		—		1,619
Total long-term investments		58,285		—		(32)		(4)		58,249
Total investments	$	595,983	$	527	$	(106)	$	(4)	$	596,400
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

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


	Three Months Ended
	March 31,
(In thousands)	2015		2014
Proceeds from the sales and maturities of marketable securities	$	98,927	$	84,500
Realized gains	$	11	$	—
Realized losses	$	—	$	(3)

The Company’s available-for-sale and held-to-maturity securities at March 31, 2015 had contractual maturities in the following periods:


	Available-for-sale				Held-to-maturity
	Amortized		Estimated		Amortized		Estimated
(In thousands)	Cost		Fair Value		Cost		Fair Value
Within 1 year	$	334,207	$	334,234	$	1,619	$	1,619
After 1 year through 5 years		260,157		260,547		—		—
Total	$	594,364	$	594,781	$	1,619	$	1,619

At March 31, 2015, the Company believed that the unrealized losses on its available-for-sale investments were temporary. The investments with unrealized losses consisted primarily of U.S. government and agency debt securities and corporate 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; and 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.

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 March 31, 2015, the Company had made payments of, and its investment is equal to, $1.1 million (€0.8 million), which is included within “Other assets” in the accompanying condensed consolidated balance sheets. During the three months ended March 31, 2015, the Company recorded a reduction in its investment in Fountain of less than $0.1 million, which represented the Company’s proportional share of Fountain’s net loss for this period.

FAIR VALUE MEASUREMENTS

3 Months Ended

Mar. 31, 2015

FAIR VALUE

FAIR VALUE MEASUREMENTS

5. FAIR VALUE MEASUREMENTS

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 of the valuation techniques the Company utilized to determine such fair value:


	March 31,
(In thousands)	2015		Level 1		Level 2		Level 3
Assets:
U.S. government and agency debt securities	$	336,892	$	191,186	$	145,706	$	—
Corporate debt securities		210,066		—		210,066		—
International government agency debt securities		47,823		—		47,823		—
Total	$	594,781	$	191,186	$	403,595	$	—


	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	$	—

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 between the fair value hierarchies during the three months ended March 31, 2015.

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 condensed 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 condensed 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 March 31, 2015:


	Carrying		Estimated
(In thousands)	Value		Fair Value
Term Loan B-1	$	290,821	$	292,225
Term Loan B-2	$	65,567	$	65,379

- 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

3 Months Ended

Mar. 31, 2015

INVENTORY

INVENTORY

6. INVENTORY

Inventory is stated at the lower of cost or market value. Cost is determined using the first-in, first-out method. Inventory consisted of the following:


	March 31,		December 31,
(In thousands)	2015		2014
Raw materials	$	19,337	$	21,101
Work in process		15,195		14,824
Finished goods		14,607		15,432
Total inventory	$	49,139	$	51,357

PROPERTY, PLANT AND EQUIPMENT

3 Months Ended

Mar. 31, 2015

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT

7. PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment consisted of the following:


	March 31,		December 31,
(In thousands)	2015		2014
Land	$	8,163	$	8,163
Building and improvements		149,479		149,158
Furniture, fixture and equipment		230,044		225,834
Leasehold improvements		12,971		12,971
Construction in progress		45,476		39,774
Subtotal		446,133		435,900
Less: accumulated depreciation		(177,373)		(170,160)
Total property, plant and equipment, net	$	268,760	$	265,740

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.

GOODWILL AND INTANGIBLE ASSETS

3 Months Ended

Mar. 31, 2015

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS

8. GOODWILL AND INTANGIBLE ASSETS

Goodwill and intangible assets consisted of the following:


		Three Months Ended
		March 31, 2015
	Weighted	Gross
	Amortizable	Carrying		Accumulated		Net Carrying
(In thousands)	Life	Amount		Amortization		Amount
Goodwill		$	94,212	$	—	$	94,212
Finite-lived intangible assets:
Collaboration agreements	12	$	499,700	$	(139,776)	$	359,924
NanoCrystal technology	13		74,600		(14,483)		60,117
OCR technologies	12		66,300		(22,149)		44,151
Total		$	640,600	$	(176,408)	$	464,192

Based on the Company’s most recent analysis, amortization of intangible assets included within its condensed consolidated balance sheet at March 31, 2015 is expected to be approximately $60.0 million, $60.0 million, $60.0 million, $60.0 million and $55.0 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

3 Months Ended

Mar. 31, 2015

ACCOUNTS PAYABLE AND ACCRUED EXPENSES

ACCOUNTS PAYABLE AND ACCRUED EXPENSES

9. ACCOUNTS PAYABLE AND ACCRUED EXPENSES

Accounts payable and accrued expenses consisted of the following:


	March 31,		December 31,
(In thousands)	2015		2014
Accounts payable	$	25,293	$	32,335
Accrued compensation		18,346		36,854
Accrued product reserves		17,300		12,607
Accrued restructuring		1,443		2,004
Accrued other		42,799		37,458
Total accounts payable and accrued expenses	$	105,181	$	121,258

RESTRUCTURING

3 Months Ended

Mar. 31, 2015

RESTRUCTURING

RESTRUCTURING

10. 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 through the year ending December 31, 2015.

As a result of the termination of these services, the Company also implemented a corresponding reduction in headcount of up to 130 employees. In connection with this restructuring plan, during the twelve months 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 $11.3 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 three months ended March 31, 2015 was as follows:


	Severance and
(In thousands)	Outplacement Services
Balance, January 1, 2015	$	1,328
Payments		(255)
Adjustments		(137)
Balance, March 31, 2015	$	936

At March 31, 2015 and December 31, 2014, this restructuring accrual was included within “Accounts payable and accrued expenses,” in the accompanying condensed consolidated balance sheets.

LONG-TERM DEBT

3 Months Ended

Mar. 31, 2015

LONG-TERM DEBT

LONG-TERM DEBT

11. LONG-TERM DEBT

Long-term debt consisted of the following:


	March 31,		December 31,
(In thousands)	2015		2014
Term Loan B-1, due September 25, 2019	$	290,821	$	291,476
Term Loan B-2, due September 25, 2016		65,567		66,494
Total		356,388		357,970
Less: current portion		(6,750)		(6,750)
Long-term debt	$	349,638	$	351,220

SHARE-BASED COMPENSATION

3 Months Ended

Mar. 31, 2015

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION

12. SHARE-BASED COMPENSATION

Share-based compensation expense consisted of the following:


	Three Months Ended
	March 31,
(In thousands)	2015		2014
Cost of goods manufactured and sold	$	2,017	$	2,310
Research and development		4,457		3,403
Selling, general and administrative		10,855		7,707
Total share-based compensation expense	$	17,329	$	13,420

At March 31, 2015 and December 31, 2014, $0.6 million and $0.8 million, respectively, of share-based compensation cost was capitalized and recorded as “Inventory” in the accompanying condensed consolidated balance sheets.

LOSS PER SHARE

3 Months Ended

Mar. 31, 2015

LOSS PER SHARE

LOSS PER SHARE

13. LOSS PER SHARE

Basic loss per ordinary share is calculated based upon net loss available to holders of ordinary shares divided by the weighted average number of shares outstanding. For the calculation of diluted loss 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.


	Three Months Ended
	March 31,
(In thousands)	2015		2014
Numerator:
Net loss	$	(30,657)	$	(24,354)
Denominator:
Weighted average number of ordinary shares outstanding		148,089		143,358
Effect of dilutive securities:
Stock options		—		—
Restricted stock units		—		—
Dilutive ordinary share equivalents		—		—
Shares used in calculating diluted loss per share		148,089		143,358

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


	Three Months Ended
	March 31,
(In thousands)	2015		2014
Stock options		8,731		9,342
Restricted stock units		2,206		1,763
Total		10,937		11,105

INCOME TAXES	3 Months Ended
INCOME TAXES	Mar. 31, 2015
INCOME TAXES
INCOME TAXES	14. INCOME TAXES The Company recorded an income tax provision of $0.5 million and $3.8 million for the three months ended March 31, 2015 and 2014, respectively. The income tax provision in the three months ended March 31, 2015 and 2014 primarily relates to U.S. Federal and state taxes on income. The Company records a deferred tax asset or liability based on the difference between the financial statement and tax basis of its assets and liabilities, as measured by enacted jurisdictional tax rates assumed to be in effect when these differences reverse. At March 31, 2015, the Company maintained a valuation allowance against certain of its U.S. and foreign deferred tax assets. The Company evaluates, at each reporting period, the need for a valuation allowance on its deferred tax assets on a jurisdiction by jurisdiction basis.

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Mar. 31, 2015
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	15. COMMITMENTS AND CONTINGENCIES From time to time, the Company may be subject to legal proceedings and claims in the ordinary course of business. For example, the Company is currently involved in various Paragraph IV lawsuits in the U.S. and other proceedings outside of the U.S. involving its patents in respect of TRICOR, MEGACE ES and AMPYRA. 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 its business, financial condition, cash flows and results of operations.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Mar. 31, 2015
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements of the Company for the three months ended March 31, 2015 and 2014 are unaudited and have been prepared on a basis substantially consistent with the audited financial statements for the year ended December 31, 2014. The year-end condensed consolidated balance sheet data, which is presented for comparative purposes, was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America (“U.S.”) (commonly referred to as “GAAP”). In the opinion of management, the condensed consolidated financial statements include all adjustments, which are of a normal recurring nature, that are necessary to state fairly the results of operations for the reported periods. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto of Alkermes, which are contained in the Company’s Annual Report, which has been filed with the SEC. The results of the Company’s operations for any interim period are not necessarily indicative of the results of the Company’s operations for any other interim period or for a full fiscal year.
Principles of Consolidation	Principles of Consolidation The condensed consolidated financial statements include the accounts of Alkermes plc and its wholly owned subsidiaries as disclosed in Note 2, Summary of Significant Accounting Policies within the “Notes to Consolidated Financial Statements” accompanying its Annual Report. Intercompany accounts and transactions have been eliminated.
Use of Estimates	Use of Estimates The preparation of the Company’s condensed consolidated financial statements in accordance with 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 ongoing 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 and derivative instruments, 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.
Segment Information	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.
New Accounting Pronouncements	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 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 Company adopted this guidance on January 1, 2015. 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 January 2015, the FASB issued guidance that simplifies income statement presentation by eliminating the concept of extraordinary items. The guidance becomes effective for the Company in its year ending December 31, 2016 and is not expected to have an impact on the Company’s consolidated financial statements. In April 2015, the FASB issued guidance simplifying the presentation of debt issuance costs. To simplify presentation of debt issue costs, the amendments require that debt issue costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. 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.

DIVESTITURE (Tables)

3 Months Ended

Mar. 31, 2015

DIVESTITURE

Summary of assets and liabilities held for sale in condensed consolidated balance sheet


	March 31, 2015
	(In thousands)
Assets:
Receivables, net	$	11,579
Inventory		10,763
Prepaid expenses and other current assets		726
Total current assets		23,068
Property, plant and equipment, net		38,275
Intangible assets, net		42,541
Goodwill		1,347
Total assets	$	105,231

Liabilities:
Accounts payable and accrued expenses	$	2,561
Deferred revenue—short-term		520
Total current liabilities		3,081
Deferred revenue—long-term		3,490
Total liabilities	$	6,571

- Definition

Tabular disclosure of disposal groups, which may include the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the classification and carrying value of the assets and liabilities comprising the disposal group, and the segment in which the disposal group was reported. Also may include the amount of adjustments to amounts previously reported in discontinued operations such as resolution of contingencies arising from the disposal transaction or the operations of the component prior to disposal.

+ References + Details

INVESTMENTS (Tables)

3 Months Ended

Mar. 31, 2015

INVESTMENTS

Schedule of investments


			Gross Unrealized
					Losses
	Amortized				Less than		Greater than		Estimated
	Cost		Gains		One Year		One Year		Fair Value
	(In thousands)
March 31, 2015
Short-term investments:
Available-for-sale securities:
U.S. government and agency debt securities	$	310,469	$	353	$	(10)	$	—	$	310,812
Corporate debt securities		182,014		137		(60)		—		182,091
International government agency debt securities		45,215		37		(4)		—		45,248
Total short-term investments		537,698		527		(74)		—		538,151
Long-term investments:
Available-for-sale securities:
Corporate debt securities		28,001		—		(26)		—		27,975
U.S. government and agency debt securities		26,090		—		(6)		(4)		26,080
International government agency debt securities		2,575		—		—		—		2,575
		56,666		—		(32)		(4)		56,630
Held-to-maturity securities:
Certificates of deposit		1,619		—		—		—		1,619
Total long-term investments		58,285		—		(32)		(4)		58,249
Total investments	$	595,983	$	527	$	(106)	$	(4)	$	596,400
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

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


	Three Months Ended
	March 31,
(In thousands)	2015		2014
Proceeds from the sales and maturities of marketable securities	$	98,927	$	84,500
Realized gains	$	11	$	—
Realized losses	$	—	$	(3)

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

The Company’s available-for-sale and held-to-maturity securities at March 31, 2015 had contractual maturities in the following periods:


	Available-for-sale				Held-to-maturity
	Amortized		Estimated		Amortized		Estimated
(In thousands)	Cost		Fair Value		Cost		Fair Value
Within 1 year	$	334,207	$	334,234	$	1,619	$	1,619
After 1 year through 5 years		260,157		260,547		—		—
Total	$	594,364	$	594,781	$	1,619	$	1,619

FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2015

FAIR VALUE

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


	March 31,
(In thousands)	2015		Level 1		Level 2		Level 3
Assets:
U.S. government and agency debt securities	$	336,892	$	191,186	$	145,706	$	—
Corporate debt securities		210,066		—		210,066		—
International government agency debt securities		47,823		—		47,823		—
Total	$	594,781	$	191,186	$	403,595	$	—


	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	$	—

Estimated fair value of term loans

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 March 31, 2015:


	Carrying		Estimated
(In thousands)	Value		Fair Value
Term Loan B-1	$	290,821	$	292,225
Term Loan B-2	$	65,567	$	65,379

INVENTORY (Tables)

3 Months Ended

Mar. 31, 2015

INVENTORY

Schedule of inventories


	March 31,		December 31,
(In thousands)	2015		2014
Raw materials	$	19,337	$	21,101
Work in process		15,195		14,824
Finished goods		14,607		15,432
Total inventory	$	49,139	$	51,357

PROPERTY, PLANT AND EQUIPMENT (Tables)

3 Months Ended

Mar. 31, 2015

PROPERTY, PLANT AND EQUIPMENT

Schedule of property, plant and equipment


	March 31,		December 31,
(In thousands)	2015		2014
Land	$	8,163	$	8,163
Building and improvements		149,479		149,158
Furniture, fixture and equipment		230,044		225,834
Leasehold improvements		12,971		12,971
Construction in progress		45,476		39,774
Subtotal		446,133		435,900
Less: accumulated depreciation		(177,373)		(170,160)
Total property, plant and equipment, net	$	268,760	$	265,740

GOODWILL AND INTANGIBLE ASSETS (Tables)

3 Months Ended

Mar. 31, 2015

GOODWILL AND INTANGIBLE ASSETS

Schedule of goodwill and intangible assets


		Three Months Ended
		March 31, 2015
	Weighted	Gross
	Amortizable	Carrying		Accumulated		Net Carrying
(In thousands)	Life	Amount		Amortization		Amount
Goodwill		$	94,212	$	—	$	94,212
Finite-lived intangible assets:
Collaboration agreements	12	$	499,700	$	(139,776)	$	359,924
NanoCrystal technology	13		74,600		(14,483)		60,117
OCR technologies	12		66,300		(22,149)		44,151
Total		$	640,600	$	(176,408)	$	464,192

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)

3 Months Ended

Mar. 31, 2015

ACCOUNTS PAYABLE AND ACCRUED EXPENSES

Schedule of accounts payable and accrued expenses


	March 31,		December 31,
(In thousands)	2015		2014
Accounts payable	$	25,293	$	32,335
Accrued compensation		18,346		36,854
Accrued product reserves		17,300		12,607
Accrued restructuring		1,443		2,004
Accrued other		42,799		37,458
Total accounts payable and accrued expenses	$	105,181	$	121,258

RESTRUCTURING (Tables)

3 Months Ended

Mar. 31, 2015

RESTRUCTURING

Schedule of restructuring charges recorded


	Severance and
(In thousands)	Outplacement Services
Balance, January 1, 2015	$	1,328
Payments		(255)
Adjustments		(137)
Balance, March 31, 2015	$	936

LONG-TERM DEBT (Tables)

3 Months Ended

Mar. 31, 2015

LONG-TERM DEBT

Schedule of long-term debt


	March 31,		December 31,
(In thousands)	2015		2014
Term Loan B-1, due September 25, 2019	$	290,821	$	291,476
Term Loan B-2, due September 25, 2016		65,567		66,494
Total		356,388		357,970
Less: current portion		(6,750)		(6,750)
Long-term debt	$	349,638	$	351,220

SHARE-BASED COMPENSATION (Tables)

3 Months Ended

Mar. 31, 2015

SHARE-BASED COMPENSATION

Schedule of share-based compensation expense


	Three Months Ended
	March 31,
(In thousands)	2015		2014
Cost of goods manufactured and sold	$	2,017	$	2,310
Research and development		4,457		3,403
Selling, general and administrative		10,855		7,707
Total share-based compensation expense	$	17,329	$	13,420

LOSS PER SHARE (Tables)

3 Months Ended

Mar. 31, 2015

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


	Three Months Ended
	March 31,
(In thousands)	2015		2014
Numerator:
Net loss	$	(30,657)	$	(24,354)
Denominator:
Weighted average number of ordinary shares outstanding		148,089		143,358
Effect of dilutive securities:
Stock options		—		—
Restricted stock units		—		—
Dilutive ordinary share equivalents		—		—
Shares used in calculating diluted loss per share		148,089		143,358

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


	Three Months Ended
	March 31,
(In thousands)	2015		2014
Stock options		8,731		9,342
Restricted stock units		2,206		1,763
Total		10,937		11,105

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	Mar. 31, 2015 item
Segment Information
Number of business segments	1

DIVESTITURE (Detail) $ / shares in Units, $ in Thousands		3 Months Ended
DIVESTITURE (Detail) $ / shares in Units, $ in Thousands	Apr. 10, 2015 USD ($) multiplier $ / shares shares	Mar. 31, 2015 USD ($)	Mar. 31, 2014 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income before income taxes		$ (30,147)	$ (20,588)
Assets:
Total current assets		23,100
Total assets		105,200
Liabilities:
Total current liabilities		3,100
Total liabilities		6,600
Gainesville Facility
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income before income taxes		5,200
Assets:
Receivables, net		11,579
Inventory		10,763
Prepaid expenses and other current assets		726
Total current assets		23,068
Property, plant and equipment, net		38,275
Intangible assets, net		42,541
Goodwill		1,347
Total assets		105,231
Liabilities:
Accounts payable and accrued expenses		2,561
Deferred revenue-short-term		520
Total current liabilities		3,081
Deferred revenue-long-term		3,490
Total liabilities		$ 6,571
Gainesville Facility \| Subsequent event
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash payment received	$ 50,000
Warrants received \| shares	350,000
Exercise price of warrants received \| $ / shares	$ 19.46
Number of times closing price of common stock on prior day \| multiplier	2
Maximum milestone payment receivable	$ 120,000
Estimated amount of consideration	$ 111,000

INVESTMENTS (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
INVESTMENTS (Details) - USD ($) $ in Thousands	Mar. 31, 2015	Dec. 31, 2014
Held-to-maturity securities:
Estimated Fair Value	$ 1,619
Total investments
Amortized Cost	595,983	$ 577,864
Gross Unrealized Gains	527	127
Gross Unrealized Losses, Less than One Year	(106)	(368)
Gross Unrealized Losses, Greater than One Year	(4)	(41)
Estimated Fair Value	596,400	577,582
Short-term investments
Available-for-sale securities:
Amortized Cost	537,698	407,061
Gross Unrealized Gains	527	127
Gross Unrealized Losses, Less than One Year	(74)	(86)
Estimated Fair Value	538,151	407,102
Short-term investments \| U.S. government and agency debt securities
Available-for-sale securities:
Amortized Cost	310,469	226,387
Gross Unrealized Gains	353	88
Gross Unrealized Losses, Less than One Year	(10)	(15)
Estimated Fair Value	310,812	226,460
Short-term investments \| Corporate debt securities
Available-for-sale securities:
Amortized Cost	182,014	140,900
Gross Unrealized Gains	137	26
Gross Unrealized Losses, Less than One Year	(60)	(66)
Estimated Fair Value	182,091	140,860
Short-term investments \| International government agency debt securities
Available-for-sale securities:
Amortized Cost	45,215	39,774
Gross Unrealized Gains	37	13
Gross Unrealized Losses, Less than One Year	(4)	(5)
Estimated Fair Value	45,248	39,782
Long-term investments
Available-for-sale securities:
Amortized Cost	56,666	169,184
Gross Unrealized Losses, Less than One Year	(32)	(282)
Gross Unrealized Losses, Greater than One Year	(4)	(41)
Estimated Fair Value	56,630	168,861
Held-to-maturity securities:
Amortized Cost	58,285	170,803
Gross Unrealized Losses, Less than One Year	(32)	(282)
Gross Unrealized Losses, Greater than One Year	(4)	(41)
Estimated Fair Value	58,249	170,480
Long-term investments \| Certificates of deposit
Held-to-maturity securities:
Amortized Cost	1,619	1,619
Estimated Fair Value	1,619	1,619
Long-term investments \| U.S. government and agency debt securities
Available-for-sale securities:
Amortized Cost	26,090	100,429
Gross Unrealized Losses, Less than One Year	(6)	(196)
Gross Unrealized Losses, Greater than One Year	(4)	(40)
Estimated Fair Value	26,080	100,193
Long-term investments \| Corporate debt securities
Available-for-sale securities:
Amortized Cost	28,001	61,187
Gross Unrealized Losses, Less than One Year	(26)	(84)
Estimated Fair Value	27,975	61,103
Long-term investments \| International government agency debt securities
Available-for-sale securities:
Amortized Cost	2,575	7,568
Gross Unrealized Losses, Less than One Year		(2)
Gross Unrealized Losses, Greater than One Year		(1)
Estimated Fair Value	$ 2,575	$ 7,565

INVESTMENTS (Details 2) - USD ($) $ in Thousands	3 Months Ended
INVESTMENTS (Details 2) - USD ($) $ in Thousands	Mar. 31, 2015	Mar. 31, 2014
INVESTMENTS
Proceeds from the sales and maturities of marketable securities	$ 98,927	$ 84,500
Realized gains	$ 11
Realized losses		$ (3)

INVESTMENTS (Details 3) $ in Thousands	Mar. 31, 2015 USD ($)
Available-for-sale, Amortized Cost
Within 1 year	$ 334,207
After 1 year through 5 years	260,157
Total	594,364
Available-for-sale, Estimated Fair Value
Within 1 year	334,234
After 1 year through 5 years	260,547
Total	594,781
Held-to-maturity, Amortized Cost
Within 1 year	1,619
Total	1,619
Held-to-maturity, Estimated Fair Value
Within 1 year	1,619
Total	$ 1,619

INVESTMENTS (Details 4) - Fountain Healthcare Partners II, LP of Ireland € in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2015 USD ($)	Mar. 31, 2015 EUR (€)	Mar. 31, 2015 USD ($)	May 31, 2014 EUR (€)
Equity method investment
Carrying value of equity investment		€ 0.8	$ 1.1
Amount committed \| €				€ 7.4
Funding commitment as percentage of partnership's total funding				10.00%
Maximum
Equity method investment
Reduction in carrying value of investment of the entity, which represents the Company's share of investee's net losses \| $	$ 0.1

FAIR VALUE MEASUREMENTS (Details ) - Recurring basis - USD ($) $ in Thousands	Mar. 31, 2015	Dec. 31, 2014
Level 1
Fair value
Assets, Total	$ 191,186	$ 189,030
Level 2
Fair value
Assets, Total	403,595	386,933
Total
Fair value
Assets, Total	594,781	575,963
U.S. government and agency debt securities \| Level 1
Fair value
Assets, Total	191,186	189,030
U.S. government and agency debt securities \| Level 2
Fair value
Assets, Total	145,706	137,623
U.S. government and agency debt securities \| Total
Fair value
Assets, Total	336,892	326,653
Corporate debt securities \| Level 2
Fair value
Assets, Total	210,066	201,963
Corporate debt securities \| Total
Fair value
Assets, Total	210,066	201,963
International government agency debt securities \| Level 2
Fair value
Assets, Total	47,823	47,347
International government agency debt securities \| Total
Fair value
Assets, Total	$ 47,823	$ 47,347

FAIR VALUE MEASUREMENTS (Details 2)	3 Months Ended
FAIR VALUE MEASUREMENTS (Details 2)	Mar. 31, 2015 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	0
Number of investments transferred from level 2 to level 1	0

FAIR VALUE MEASUREMENTS (Details 3) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Estimated fair value of the Term Loans
Carrying Value	$ 356,388	$ 357,970
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	$ 290,821	291,476
Estimated Fair Value	292,225
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	$ 65,567	$ 66,494
Estimated Fair Value	$ 65,379
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	Mar. 31, 2015	Dec. 31, 2014
INVENTORY
Raw materials	$ 19,337	$ 21,101
Work in process	15,195	14,824
Finished goods	14,607	15,432
Total inventory	$ 49,139	$ 51,357

PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Apr. 30, 2014	Mar. 31, 2015	Dec. 31, 2014
Property, plant and equipment
Subtotal		$ 446,133	$ 435,900
Less: accumulated depreciation		(177,373)	(170,160)
Total property, plant and equipment, net		268,760	265,740
Proceeds from sale of property, plant and equipment		41
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
Land
Property, plant and equipment
Subtotal		8,163	8,163
Buildings and improvements
Property, plant and equipment
Subtotal		149,479	149,158
Furniture, fixtures and equipment
Property, plant and equipment
Subtotal		230,044	225,834
Leasehold improvements
Property, plant and equipment
Subtotal		12,971	12,971
Construction in progress
Property, plant and equipment
Subtotal		$ 45,476	$ 39,774

GOODWILL AND INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Intangible assets
Gross Carrying Amount	$ 94,212
Goodwill	94,212	$ 94,212
Finite-lived intangible assets:
Gross Carrying Amount	640,600
Accumulated Amortization	(176,408)
Net Carrying Amount	$ 464,192
Collaboration agreements
Finite-lived intangible assets:
Weighted Amortizable Life	12 years
Gross Carrying Amount	$ 499,700
Accumulated Amortization	(139,776)
Net Carrying Amount	$ 359,924
NanoCrystal technology
Finite-lived intangible assets:
Weighted Amortizable Life	13 years
Gross Carrying Amount	$ 74,600
Accumulated Amortization	(14,483)
Net Carrying Amount	$ 60,117
OCR technologies
Finite-lived intangible assets:
Weighted Amortizable Life	12 years
Gross Carrying Amount	$ 66,300
Accumulated Amortization	(22,149)
Net Carrying Amount	$ 44,151

GOODWILL AND INTANGIBLE ASSETS (Details 2) $ in Millions	Mar. 31, 2015 USD ($)
Expected amortization of intangible assets
2015	$ 60.0
2016	60.0
2017	60.0
2018	60.0
2019	$ 55.0

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Mar. 31, 2015	Dec. 31, 2014
ACCOUNTS PAYABLE AND ACCRUED EXPENSES
Accounts payable	$ 25,293	$ 32,335
Accrued compensation	18,346	36,854
Accrued product reserves	17,300	12,607
Accrued restructuring	1,443	2,004
Accrued other	42,799	37,458
Total accounts payable and accrued expenses	$ 105,181	$ 121,258

RESTRUCTURING (Details) $ in Thousands	3 Months Ended		12 Months Ended
RESTRUCTURING (Details) $ in Thousands	Mar. 31, 2015 USD ($)	Mar. 31, 2013 item	Mar. 31, 2013 USD ($)
Restructuring activity
Restructuring charge			$ 12,300
Cash paid for restructuring costs	$ 11,300
Foreign currency adjustment	100
Restructuring activity
Balance at beginning of the period	2,004
Payments			$ (12,300)
Balance at end of the period	1,443
Athlone, Ireland manufacturing facility \| Maximum
Restructuring activity
Number of employees eliminated \| item		130
Severance and outplacement services
Restructuring activity
Restructuring charge	255
Restructuring activity
Balance at beginning of the period	1,328
Payments	(255)
Adjustments	(137)
Balance at end of the period	$ 936

LONG-TERM DEBT (Details) - USD ($) $ in Thousands	Mar. 31, 2015	Dec. 31, 2014
Long-term debt
Total	$ 356,388	$ 357,970
Less: current portion	(6,750)	(6,750)
Long-term debt	349,638	351,220
Term Loan B-1
Long-term debt
Total	290,821	291,476
Term Loan B-2
Long-term debt
Total	$ 65,567	$ 66,494

SHARE-BASED COMPENSATION (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
SHARE-BASED COMPENSATION (Details) - USD ($) $ in Thousands	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Share-based Compensation Expense
Total share-based compensation expense	$ 17,329	$ 13,420
Share based compensation cost capitalized	600		$ 800
Cost of goods manufactured and sold
Share-based Compensation Expense
Total share-based compensation expense	2,017	2,310
Research and development
Share-based Compensation Expense
Total share-based compensation expense	4,457	3,403
Selling, general and administrative
Share-based Compensation Expense
Total share-based compensation expense	$ 10,855	$ 7,707

LOSS PER SHARE (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Numerator:
Net loss	$ (30,657)	$ (24,354)
Denominator:
Weighted average number of ordinary shares outstanding	148,089	143,358
Shares used in calculating diluted loss per share	148,089	143,358

LOSS PER SHARE (Details 2) - shares shares in Thousands	3 Months Ended
LOSS PER SHARE (Details 2) - shares shares in Thousands	Mar. 31, 2015	Mar. 31, 2014
Denominator:
Anti-dilutive potential common equivalent shares excluded from calculation of net (loss) income per share	10,937	11,105
Stock options
Denominator:
Anti-dilutive potential common equivalent shares excluded from calculation of net (loss) income per share	8,731	9,342
Restricted stock units
Denominator:
Anti-dilutive potential common equivalent shares excluded from calculation of net (loss) income per share	2,206	1,763

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Mar. 31, 2015	Mar. 31, 2014
INCOME TAXES
Income Tax Expense (Benefit)	$ 510	$ 3,766