0001564590-21-021144 | 10-Q | XBRL Viewer

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2021	Apr. 23, 2021
Cover [Abstract]
Entity Registrant Name	Alkermes plc.
Entity Central Index Key	0001520262
Document Type	10-Q
Document Period End Date	Mar. 31, 2021
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		160,451,949
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Trading Symbol	ALKS
Entity File Number	001-35299
Entity Incorporation, State or Country Code	L2
Entity Tax Identification Number	98-1007018
Entity Address, Address Line One	Connaught House
Entity Address, Address Line Two	1 Burlington Road
Entity Address, City or Town	Dublin 4
Entity Address, Country	IE
Entity Address, Postal Zip Code	D04 C5Y6
City Area Code	353
Local Phone Number	1-772-8000
Document Quarterly Report	true
Document Transition Report	false
Title of 12(b) Security	Ordinary shares, $0.01 par value
Security Exchange Name	NASDAQ

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
CURRENT ASSETS:
Cash and cash equivalents	$ 205,028	$ 272,961
Investments—short-term	335,967	362,066
Receivables, net	243,514	275,143
Contract assets	9,279	14,401
Inventory	134,178	125,738
Prepaid expenses and other current assets	78,043	60,662
Total current assets	1,006,009	1,110,971
PROPERTY, PLANT AND EQUIPMENT, NET	346,327	350,003
RIGHT-OF-USE ASSETS	127,430	131,718
INTANGIBLE ASSETS, NET	101,785	111,191
GOODWILL	92,873	92,873
DEFERRED TAX ASSETS	81,124	86,228
INVESTMENTS—LONG-TERM	86,448	24,780
CONTINGENT CONSIDERATION	19,412	24,651
OTHER ASSETS	16,813	17,315
TOTAL ASSETS	1,878,221	1,949,730
CURRENT LIABILITIES:
Accounts payable and accrued expenses	339,088	412,171
Operating lease liabilities—short-term	15,833	15,732
Contract liabilities—short-term	7,921	7,512
Current portion of long-term debt	3,000	2,843
Total current liabilities	365,842	438,258
LONG-TERM DEBT	294,702	272,118
OPERATING LEASE LIABILITIES—LONG-TERM	115,504	119,464
CONTRACT LIABILITIES—LONG-TERM	14,745	16,397
OTHER LONG-TERM LIABILITIES	36,273	36,511
Total liabilities	827,066	882,748
COMMITMENTS AND CONTINGENT LIABILITIES (Note 14)
SHAREHOLDERS’ EQUITY:
Preferred shares, par value, $0.01 per share; 50,000,000 shares authorized; zero issued and outstanding at March 31, 2021 and December 31, 2020, respectively
Ordinary shares, par value, $0.01 per share; 450,000,000 shares authorized; 163,835,905 and 162,269,220 shares issued; 160,198,009 and 159,161,141 shares outstanding at March 31, 2021 and December 31, 2020, respectively	1,638	1,620
Treasury shares, at cost (3,637,896 and 3,108,079 shares at March 31, 2021 and December 31, 2020, respectively)	(136,500)	(126,087)
Additional paid-in capital	2,703,234	2,685,647
Accumulated other comprehensive loss	(1,950)	(1,349)
Accumulated deficit	(1,515,267)	(1,492,849)
Total shareholders’ equity	1,051,155	1,066,982
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 1,878,221	$ 1,949,730

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (unaudited) - $ / shares	Mar. 31, 2021	Dec. 31, 2020
Statement Of Financial Position [Abstract]
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
Ordinary shares, par value (in dollars per share)	$ 0.01	$ 0.01
Ordinary shares, shares authorized	450,000,000	450,000,000
Ordinary shares, shares issued	163,835,905	162,269,220
Ordinary shares, shares outstanding	160,198,009	159,161,141
Treasury shares	3,637,896	3,108,079

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
REVENUES:
Total revenues	$ 251,430	$ 246,220
EXPENSES:
Cost of goods manufactured and sold (exclusive of amortization of acquired intangible assets shown below)	41,020	47,211
Research and development	92,268	93,279
Selling, general and administrative	125,168	133,372
Amortization of acquired intangible assets	9,406	9,728
Total expenses	267,862	283,590
OPERATING LOSS	(16,432)	(37,370)
OTHER (EXPENSE) INCOME, NET:
Interest income	864	2,760
Interest expense	(3,970)	(2,857)
Change in the fair value of contingent consideration	1,278	6,800
Other expense, net	(393)	(658)
Total other (expense) income, net	(2,221)	6,045
LOSS BEFORE INCOME TAXES	(18,653)	(31,325)
INCOME TAX PROVISION	3,765	7,329
NET LOSS	$ (22,418)	$ (38,654)
LOSS PER ORDINARY SHARE:
Basic and diluted (in dollars loss per ordinary share)	$ (0.14)	$ (0.24)
WEIGHTED AVERAGE NUMBER OF ORDINARY SHARES OUTSTANDING:
Basic and diluted	159,634	158,095
COMPREHENSIVE LOSS:
Net loss	$ (22,418)	$ (38,654)
Holding (loss) gain, net of a tax (benefit) provision of $(174) and $87, respectively	(601)	317
COMPREHENSIVE LOSS	(23,019)	(38,337)
Product sales, net
REVENUES:
Total revenues	129,963	129,726
Manufacturing and royalty revenues
REVENUES:
Total revenues	119,847	116,251
Research and development revenue
REVENUES:
Total revenues	120	$ 243
License revenue
REVENUES:
Total revenues	$ 1,500

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Statement [Abstract]
Tax (benefit) provision	$ (174)	$ 87

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (22,418)	$ (38,654)
Adjustments to reconcile net loss to cash flows from operating activities:
Depreciation and amortization	19,643	20,608
Share-based compensation expense	15,451	19,813
Deferred income taxes	5,255	3,665
Change in the fair value of contingent consideration	(1,278)	(6,800)
Loss on debt extinguishment	171
Payment made for debt modification	(248)
Other non-cash charges	195	283
Changes in assets and liabilities:
Receivables	31,648	10,370
Contract assets	5,122	(5,813)
Inventory	(8,652)	(6,842)
Prepaid expenses and other assets	(16,807)	13,615
Right-of-use assets	4,177	3,926
Accounts payable and accrued expenses	(71,949)	(51,254)
Contract liabilities	(1,243)	(859)
Operating lease liabilities	(3,996)	(2,378)
Other long-term liabilities	(217)	48
Cash flows used in operating activities	(45,146)	(40,272)
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions of property, plant and equipment	(7,986)	(19,799)
Proceeds from the sale of equipment	176	3
Proceeds from contingent consideration	6,430
Purchases of investments	(122,545)	(27,212)
Sales and maturities of investments	86,193	64,500
Cash flows (used in) provided by investing activities	(37,732)	17,492
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from the issuance of ordinary shares under share-based compensation arrangements	2,053	3,070
Employee taxes paid related to net share settlement of equity awards	(10,413)	(7,283)
Proceeds from the issuance of long-term debt	23,567
Payment made for debt extinguishment	(262)
Principal payments of long-term debt		(711)
Cash flows provided by (used in) financing activities	14,945	(4,924)
NET DECREASE IN CASH AND CASH EQUIVALENTS	(67,933)	(27,704)
CASH AND CASH EQUIVALENTS—Beginning of period	272,961	203,771
CASH AND CASH EQUIVALENTS—End of period	205,028	176,067
Non-cash investing and financing activities:
Purchased capital expenditures included in accounts payable and accrued expenses	$ 995	$ 5,242

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (unaudited) - USD ($) $ in Thousands	Total	Ordinary Shares	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit	Treasury Stock
BALANCE at Dec. 31, 2019	$ 1,085,442	$ 1,602	$ 2,586,030	$ (1,816)	$ (1,381,988)	$ (118,386)
BALANCE (in shares) at Dec. 31, 2019		160,489,888				(2,710,886)
Issuance of ordinary shares under employee stock plans	3,071	$ 3	3,068
Issuance of ordinary shares under employee stock plans (in shares)		258,137
Receipt of Alkermes’ shares for the exercise of stock options or to satisfy minimum tax withholding obligations related to share-based awards	(7,283)	$ 10	(10)			$ (7,283)
Receipt of Alkermes' shares for the exercise of stock options or to satisfy minimum tax withholding obligations related to share-based awards (in shares)		1,020,510				(372,846)
Share-based compensation	20,125		20,125
Unrealized (loss) gain on marketable securities, net of tax provision	317			317
Net loss	(38,654)				(38,654)
BALANCE at Mar. 31, 2020	1,063,018	$ 1,615	2,609,213	(1,499)	(1,420,642)	$ (125,669)
BALANCE (in shares) at Mar. 31, 2020		161,768,535				(3,083,732)
BALANCE at Dec. 31, 2020	1,066,982	$ 1,620	2,685,647	(1,349)	(1,492,849)	$ (126,087)
BALANCE (in shares) at Dec. 31, 2020		162,269,220				(3,108,079)
Issuance of ordinary shares under employee stock plans	2,053	$ 4	2,049
Issuance of ordinary shares under employee stock plans (in shares)		134,163
Receipt of Alkermes’ shares for the exercise of stock options or to satisfy minimum tax withholding obligations related to share-based awards	(10,413)	$ 14	(14)			$ (10,413)
Receipt of Alkermes' shares for the exercise of stock options or to satisfy minimum tax withholding obligations related to share-based awards (in shares)		1,432,522				(529,817)
Share-based compensation	15,552		15,552
Unrealized (loss) gain on marketable securities, net of tax provision	(601)			(601)
Net loss	(22,418)				(22,418)
BALANCE at Mar. 31, 2021	$ 1,051,155	$ 1,638	$ 2,703,234	$ (1,950)	$ (1,515,267)	$ (136,500)
BALANCE (in shares) at Mar. 31, 2021		163,835,905				(3,637,896)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References + Details

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement Of Stockholders Equity [Abstract]
Tax (benefit) provision	$ (174)	$ 87

The Company

3 Months Ended

Mar. 31, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

The Company

1. THE COMPANY

Alkermes plc 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. Alkermes has a portfolio of proprietary commercial products focused on addiction and schizophrenia, and a pipeline of product candidates in development for schizophrenia, bipolar I disorder, neurodegenerative disorders and cancer. Headquartered in Dublin, Ireland, the Company has a research and development (“R&D”) center in Waltham, Massachusetts; an R&D and manufacturing facility in Athlone, Ireland; and a manufacturing facility in Wilmington, Ohio.

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2021

Accounting Policies [Abstract]

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, 2021 and 2020 are unaudited and have been prepared on a basis substantially consistent with the audited financial statements for the year ended December 31, 2020. 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 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 the Company, which are contained in the Annual Report. 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 any 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, in the “Notes to Consolidated Financial Statements” accompanying the 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 that management 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, judgments and methodologies, including those related to revenue from contracts with its customers and related allowances, 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, contingent consideration and litigation. 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. The Company’s chief decision maker, the Chief Executive Officer and Chairman of the Company’s board of directors, reviews the Company’s operating results on an aggregate basis and manages the Company’s operations as a single operating unit.

Risks and Uncertainties

In March 2020, COVID-19 was declared a global pandemic by the World Health Organization. To date, COVID-19 has surfaced in nearly all regions around the world and resulted in travel restrictions and business slowdowns and/or shutdowns in affected areas. Ireland, all U.S. states, and many local jurisdictions and countries around the world have, at times during the pandemic, issued “shelter-in-place” orders, quarantines, executive orders and similar government orders, restrictions, and recommendations for their residents to control the spread of COVID-19. Such orders, restrictions and/or recommendations, and/or the perception that additional orders, restrictions or recommendations could occur, have resulted in widespread closures of businesses, including healthcare systems that serve people living with opioid dependence, alcohol dependence and schizophrenia, work stoppages, slowdowns and/or delays, work-from-home policies and travel restrictions, among other effects.

The Company continues to closely monitor and respond to the ongoing impact of COVID-19 on its employees, communities and business operations. Due to numerous uncertainties surrounding the ongoing COVID-19 pandemic, the actual impact of the pandemic on the Company’s financial condition and operating results may differ from current projections. These uncertainties include, among others, the ultimate severity and duration of the pandemic; governmental, business or other actions that have been, are being or will be, taken in response to the pandemic, including restrictions on travel and mobility, business closures and operating restrictions, and imposition of social distancing measures; impacts of the pandemic on the Company’s employees, the vendors or distribution channels in the Company’s supply chain and on the Company’s ability to continue to manufacture its products; impacts of the pandemic on the conduct of the Company’s clinical trials, including with respect to enrollment rates, availability of investigators and clinical trial sites, and monitoring of data; impacts of the pandemic on healthcare systems that serve people living with opioid dependence, alcohol dependence and schizophrenia; impacts of the pandemic on the regulatory agencies with which the Company interacts in the development, review, approval and commercialization of its medicines; impacts of the pandemic on reimbursement for the Company’s products, including the Company’s Medicaid rebate liability, and for services related to the use of its products; and impacts of the pandemic on the Irish, U.S. and global economies more broadly.

The Company relies upon third parties for many aspects of its business, including the provision of goods and services related to the manufacture of its clinical products and its and its partners’ marketed products, the conduct of its clinical trials, and the sale of its proprietary marketed products and the marketed products of its licensees from which the Company receives manufacturing and royalty revenue. Any prolonged material disruption to the third parties on which the Company relies could negatively impact the Company’s ability to conduct business in the manner and on the timelines presently planned, which could have a material adverse impact on the Company’s business, results of operations and financial condition.

The marketed products from which the Company derives revenue, including manufacturing and royalty revenue, are primarily injectable medications administered by healthcare professionals. Given developments that have transpired to date, and may continue to transpire, in response to the pandemic, including business closures, social distancing requirements and other restrictive measures, commercial sales of these marketed products have been adversely impacted to varying degrees and the Company expects commercial sales of these marketed products to continue to be adversely impacted while the pandemic persists.

During the three months ended March 31, 2021, the Company continued to take actions to support uninterrupted access to its proprietary marketed products. However, the Company currently expects commercial sales of its marketed products, particularly VIVITROL, to continue to be impacted by the COVID-19 pandemic over the next few months. These items are discussed in greater detail in the “Results of Operations” section in “Part I, Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this Form 10-Q.

The Company continues to operate its manufacturing facilities and supply its medicines. While the Company continues to conduct R&D activities, including its ongoing clinical trials, the COVID-19 pandemic has impacted, and may continue to impact, the timelines of certain of its early-stage discovery efforts and clinical trials. The Company is working with its internal teams, its clinical investigators, R&D vendors and critical supply chain vendors to continually assess, and mitigate, any potential adverse impacts of COVID-19 on its manufacturing operations and R&D activities.

New Accounting Pronouncements

From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (the “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 March 2020, the FASB issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform, which provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. This ASU applies to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. This ASU became effective immediately and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. The Company is currently assessing the impact that this ASU may have on its consolidated financial statements.

Revenue from Contracts with Customers

3 Months Ended

Mar. 31, 2021

Revenue From Contract With Customer [Abstract]

Revenue from Contracts with Customers

3. REVENUE FROM CONTRACTS WITH CUSTOMERS

Under FASB Accounting Standards Codification 606, Revenue from Contracts with Customers (“Topic 606”), the Company recognizes revenues when its customer obtains control of promised goods or services, in an amount that reflects the consideration the Company expects to receive in exchange for those goods or services. The Company recognizes revenues following the five-step model prescribed under Topic 606: (i) identify contract(s) with a customer; (ii) identify the performance obligation(s) in the contract(s); (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligation(s) in the contract(s); and (v) recognize revenues when (or as) the Company satisfies the performance obligation(s).

Product Sales, Net

The Company’s product sales, net consist of sales of VIVITROL and ARISTADA (together with ARISTADA INITIO) in the U.S., primarily to wholesalers, specialty distributors and specialty pharmacies. Product sales, net are recognized when the customer obtains control of the product, which is when the product has been received by the customer.

During the three months ended March 31, 2021 and 2020, the Company recorded product sales, net, as follows:

	Three Months Ended March 31,
(In thousands)	2021		2020
VIVITROL	$	74,534	$	78,769
ARISTADA and ARISTADA INITIO		55,429		50,957
Total product sales, net	$	129,963	$	129,726

Manufacturing and Royalty Revenues

During the three months ended March 31, 2021 and 2020, the Company recorded manufacturing and royalty revenues as follows:

	Three Months Ended March 31, 2021
(In thousands)	Manufacturing Revenue		Royalty Revenue		Total
INVEGA SUSTENNA/XEPLION & INVEGA TRINZA/TREVICTA	$	—	$	61,570	$	61,570
RISPERDAL CONSTA		10,683		3,479		14,162
AMPYRA/FAMPYRA		8,078		6,594		14,672
VUMERITY		2,448		10,992		13,440
Other		3,876		12,127		16,003
	$	25,085	$	94,762	$	119,847

	Three Months Ended March 31, 2020
(In thousands)	Manufacturing Revenue		Royalty Revenue		Total
INVEGA SUSTENNA/XEPLION & INVEGA TRINZA/TREVICTA	$	—	$	54,927	$	54,927
RISPERDAL CONSTA		23,583		3,733		27,316
AMPYRA/FAMPYRA		7,822		7,147		14,969
VUMERITY		1,327		365		1,692
Other		7,479		9,868		17,347
	$	40,211	$	76,040	$	116,251

Contract assets include unbilled amounts under certain of the Company’s contracts with customers where revenue is recognized over time. Total contract assets as of March 31, 2021 included $9.3 million of assets that were classified as “Current assets” in the accompanying condensed consolidated balance sheets, as they related to manufacturing processes that are completed in ten days to eight weeks, and $5.0 million that was classified as “Other assets” in the accompanying condensed consolidated balance sheets, as it consisted of consideration from the Company’s collaboration with Biogen related to VUMERITY, which the Company expects to receive within the next two years.

Total contract assets at March 31, 2021 were as follows:

(In thousands)	Contract Assets
Contract assets at December 31, 2020	$	19,401
Additions		8,785
Transferred to receivables, net		(13,907	)
Contract assets at March 31, 2021	$	14,279

Contract Liabilities

Contract liabilities consist of contractual obligations related to deferred revenue.

Total contract liabilities at March 31, 2021 were as follows:

(In thousands)	Contract Liabilities
Contract liabilities at December 31, 2020	$	23,909
Additions		—
Amounts recognized into revenue		(1,243	)
Contract liabilities at March 31, 2021	$	22,666

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Investments

3 Months Ended

Mar. 31, 2021

Investments Debt And Equity Securities [Abstract]

Investments

4. INVESTMENTS

Investments consisted of the following (in thousands):

			Gross Unrealized
					Losses
	Amortized				Less than			Greater than		Allowance for			Estimated
March 31, 2021	Cost		Gains		One Year			One Year		Credit Losses			Fair Value
Short-term investments:
Available-for-sale securities:
Corporate debt securities	$	154,429	$	730	$	(29	)	$	—	$	—		$	155,130
International government agency debt securities		97,419		289		(19	)		—		—			97,689
U.S. government and agency debt securities		81,079		223		—			—		—			81,302
		332,927		1,242		(48	)		—		—			334,121
Held-to-maturity securities:
Fixed term deposit account		1,667		179		—			—		—			1,846
Total short-term investments		334,594		1,421		(48	)		—		—			335,967
Long-term investments:
Available-for-sale securities:
Corporate debt securities		34,670		—		(47	)		—		—			34,623
International government agency debt securities		30,165		—		(40	)		—		—			30,125
U.S. government and agency debt securities		19,891		—		(11	)		—		—			19,880
		84,726		—		(98	)		—		—			84,628
Held-to-maturity securities:
Certificates of deposit		1,820		—		—			—		—			1,820
Total long-term investments		86,546		—		(98	)		—		—			86,448
Total investments	$	421,140	$	1,421	$	(146	)	$	—	$	—		$	422,415

December 31, 2020
Short-term investments:
Available-for-sale securities:
Corporate debt securities	$	176,937	$	1,105	$	(7	)	$	—	$	(977	)	$	177,058
U.S. government and agency debt securities		103,011		336		(2	)		—		—			103,345
International government agency debt securities		79,346		469		(6	)		—		—			79,809
		359,294		1,910		(15	)		—		(977	)		360,212
Held-to-maturity securities:
Fixed term deposit account		1,667		187		—			—		—			1,854
Total short-term investments		360,961		2,097		(15	)		—		(977	)		362,066
Long-term investments:
Available-for-sale securities:
Corporate debt securities		7,908		—		(10	)		—		—			7,898
International government agency debt securities		15,077		—		(15	)		—		—			15,062
		22,985		—		(25	)		—		—			22,960
Held-to-maturity securities:
Certificates of deposit		1,820		—		—			—		—			1,820
Total long-term investments		24,805		—		(25	)		—		—			24,780
Total investments	$	385,766	$	2,097	$	(40	)	$	—	$	(977	)	$	386,846

At March 31, 2021, the Company reviewed its investment portfolio to assess whether the unrealized losses on its available-for-sale investments were other-than-temporary. Investments with unrealized losses consisted primarily of corporate debt securities and debt securities issued by non-U.S. agencies and backed by non-U.S. governments. In making the determination whether the decline in fair value of these securities was other-than-temporary, the Company

evaluated whether it intended to sell the security and whether it was more likely than not that the Company would be required to sell the security before recovering its amortized cost basis.

If the Company intends to sell a security, or it is more likely than not that the Company would be required to sell a security prior to recovering its amortized cost basis, an other-than-temporary impairment is deemed to have occurred. The amount of an other-than-temporary impairment related to a credit loss, or investments that the Company intends to sell before recovery, is recognized in earnings. The amount of an other-than-temporary impairment on available-for-sale investments related to other factors is recorded as a component of accumulated other comprehensive income. During the three months ended March 31, 2021 and 2020, no other-than-temporary impairment charges were recognized.

In May 2014, the Company entered into an agreement whereby it committed to provide up to €7.4 million to Fountain Healthcare Partners II, L.P., an Irish partnership (“Fountain”), which was created to carry on the business of investing exclusively in companies and businesses engaged in the healthcare, pharmaceutical and life sciences sectors. The Company’s commitment to Fountain represents approximately 7% of Fountain’s total funding. As of March 31, 2021, the Company had invested €7.0 million in Fountain. The Company is accounting for its investment in Fountain under the equity method.

The Company’s net investment in Fountain was $5.6 million and $6.2 million at March 31, 2021 and December 31, 2020, respectively, and was included within “Other assets” in the accompanying condensed consolidated balance sheets.

The proceeds from sales and maturities of marketable securities, which were identified using the specific identification method and were primarily reinvested, were as follows:

	Three Months Ended March 31,
(In thousands)	2021		2020
Proceeds from the sales and maturities of marketable securities	$	86,193	$	64,500
Realized gains	$	—	$	9
Realized losses	$	—	$	—

The Company’s available-for-sale and held-to-maturity securities at March 31, 2021 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	$	238,884	$	239,281	$	3,488	$	3,667
After 1 year through 5 years		178,768		179,467		—		—
Total	$	417,652	$	418,748	$	3,488	$	3,667

Fair Value

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value

5. FAIR VALUE

The following table presents information about the Company’s assets and liabilities at March 31, 2021 and December 31, 2020 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)	2021		Level 1		Level 2		Level 3
Assets:
Cash equivalents	$	31,844	$	31,844	$	—	$	—
U.S. government and agency debt securities		101,182		66,595		34,587		—
Corporate debt securities		189,753		—		188,776		977
International government agency debt securities		127,814		—		127,814		—
Contingent consideration		27,282		—		—		27,282
Total	$	477,875	$	98,439	$	351,177	$	28,259

	December 31,
	2020		Level 1		Level 2		Level 3
Assets:
Cash equivalents	$	41,849	$	41,849	$	—	$	—
U.S. government and agency debt securities		103,345		73,451		29,894		—
Corporate debt securities		184,956		—		183,979		977
International government agency debt securities		94,871		—		94,871		—
Contingent consideration		32,451		—		—		32,451
Total	$	457,472	$	115,300	$	308,744	$	33,428

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, 2021. The following table is a rollforward of the fair value of the Company’s assets whose fair values were determined using Level 3 inputs at March 31, 2021:

(In thousands)	Fair Value
Balance, January 1, 2021	$	33,428
Change in the fair value of contingent consideration		1,278
Milestone payments received by the Company related to contingent consideration		(6,429	)
Royalty payments due to the Company related to contingent consideration		(18	)
Balance, March 31, 2021	$	28,259

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.

In April 2015, the Company sold its Gainesville, GA manufacturing facility, the manufacturing and royalty revenue associated with certain products manufactured at the facility, and the rights to IV/IM and parenteral forms of Meloxicam to Recro Pharma, Inc. (“Recro”) and Recro Gainesville LLC (such transaction, the “Gainesville Transaction”). The Gainesville Transaction included in the purchase price contingent consideration tied to low double digit royalties on net sales of the IV/IM and parenteral forms of Meloxicam and any other product with the same active ingredient as Meloxicam IV/IM that is discovered or identified using certain of the Company’s IP to which Recro was provided a right of use, through license or transfer, pursuant to the Gainesville Transaction (such products, the “Meloxicam Products”), and milestone payments upon the achievement of certain regulatory and sales milestones related to the Meloxicam Products.

In November 2019, Recro spun out its acute care segment to Baudax Bio, Inc. (“Baudax”), a publicly-traded pharmaceutical company. As part of this transaction, Recro’s obligations to pay the Company certain contingent consideration from the Gainesville Transaction were assigned and/or transferred to Baudax.

In Baudax’s Annual Report on Form 10-K for the period ended December 31, 2020, Baudax included disclosures regarding its ability to continue as a going concern. At March 31, 2021, the Company determined the fair value of the contingent consideration as follows:

•

The Company is due to receive $1.4 million in June 2021 related to the FDA approval in February 2020 of the New Drug Application (“NDA”) for ANJESO, the first Meloxicam Product, and an additional $38.6 million to be paid in six equal, annual installments on each anniversary of such approval beginning in February 2022;

•

The Company is entitled to receive future royalties on net sales of Meloxicam Products; and

•

The Company is entitled to receive payments of up to $80.0 million upon achieving certain sales milestones on future sales of the Meloxicam Products. The fair value of the sales milestones was determined through the use of a real options approach, where net sales are simulated in a risk-neutral world. To employ this methodology, the Company used a risk-adjusted expected growth rate based on its assessments of expected growth in net sales of the approved Meloxicam Product, adjusted by an appropriate factor capturing their respective correlation with the market.

In order to address the substantial doubt about Baudax’s ability to continue as a going concern, the Company split its fair value analysis into two scenarios and applied an equal weighting to each. In the first scenario, the amounts above were all discounted using a rate of 13% at March 31, 2021 and December 31, 2020, which the Company believes captures a market participant’s view of the risk associated with the expected payments assuming Baudax is able to continue as a going concern. In the second scenario, the Company used the undiscounted values derived from the amounts summarized above and applied a recovery rate of 18% at March 31, 2021 and December 31, 2020, based on an analysis performed by Moody’s Investor Service regarding recoveries in a pandemic-driven default cycle.

At March 31, 2021 and December 31, 2020, the Company determined that the fair value of the contingent consideration related to the Gainesville Transaction was $27.3 million and $32.5 million, respectively. At March 31, 2021 and December 31, 2020, $7.9 million and $7.8 million, respectively, of the fair value of the contingent consideration was included within “Prepaid expenses and other current assets” in the accompanying condensed consolidated balance sheets, and $19.4 million and $24.7 million, respectively, of the fair value of the contingent consideration was included within “Contingent consideration” in the accompanying condensed consolidated balance sheets. The Company recorded an increase of $1.3 million and $6.8 million during the three months ended March 31, 2021 and 2020, respectively, within “Change in the fair value of contingent consideration” in the accompanying condensed consolidated statements of operations and comprehensive loss.

The carrying amounts reflected in the accompanying condensed consolidated balance sheets for cash and cash equivalents, accounts receivable, contract assets, other current assets, accounts payable and accrued expenses approximate fair value due to their short-term nature.

The estimated fair value of the Company’s long-term debt under its amended and restated credit agreement which was based on quoted market price indications (Level 2 in the fair value hierarchy) and which may not be representative of actual values that could have been, or will be, realized in the future, was $298.5 million and $275.1 million at March 31, 2021 and December 31, 2020, respectively. See Note 11, Long-Term Debt in these “Notes to Condensed Consolidated Financial Statements” in this Form 10-Q for additional information.

- 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, 2021

Inventory Disclosure [Abstract]

Inventory

6. INVENTORY

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

	March 31,		December 31,
(In thousands)	2021		2020
Raw materials	$	47,788	$	44,944
Work in process		56,081		53,243
Finished goods⁽¹⁾		30,309		27,551
Total inventory	$	134,178	$	125,738

(1)

At March 31, 2021 and December 31, 2020, the Company had $25.4 million and $26.5 million, respectively, of finished goods inventory located at its third-party warehouse and shipping service provider.

As of March 31, 2021 and December 31, 2020, the carrying value of inventory included $14.0 million and $13.8 million, respectively, associated with LYBALVI, which was capitalized in advance of regulatory approval.

Property, Plant and Equipment

3 Months Ended

Mar. 31, 2021

Property Plant And Equipment [Abstract]

Property, Plant and Equipment

7. PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment consisted of the following:

	March 31,			December 31,
(In thousands)	2021			2020
Land	$	6,560		$	6,560
Building and improvements		178,235			178,194
Furniture, fixtures and equipment		369,162			366,051
Leasehold improvements		52,508			52,508
Construction in progress		105,743			102,833
Subtotal		712,208			706,146
Less: accumulated depreciation		(365,881	)		(356,143	)
Total property, plant and equipment, net	$	346,327		$	350,003

Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2021

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

8. GOODWILL AND INTANGIBLE ASSETS

Goodwill and intangible assets consisted of the following:

		March 31, 2021
(In thousands)	Weighted Amortizable Life (Years)	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Goodwill		$	92,873	$	—		$	92,873
Finite-lived intangible assets:
Collaboration agreements	12	$	465,590	$	(384,948	)	$	80,642
NanoCrystal technology	13		74,600		(56,168	)		18,432
OCR⁽¹⁾ technologies	12		42,560		(39,849	)		2,711
Total		$	582,750	$	(480,965	)	$	101,785

(1)

OCR refers to the Company’s oral controlled release technologies.

Based on the Company’s most recent analysis, amortization of intangible assets included within its condensed consolidated balance sheet at March 31, 2021 is expected to be approximately $40.0 million, $35.0 million, $35.0 million and $1.0 million in the years ending December 31, 2021 through 2024, 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.

Leases

3 Months Ended

Mar. 31, 2021

Leases [Abstract]

Leases

9. LEASES

Future lease payments under non-cancelable leases as of March 31, 2021 and December 31, 2020 consisted of the following:

	March 31,			December 31,
(In thousands)	2021			2020
2021	$	12,865		$	16,882
2022		17,001			17,001
2023		17,266			17,266
2024		17,536			17,536
2025		17,810			17,810
Thereafter		109,002			109,311
Total lease payments	$	191,480		$	195,806
Less: imputed interest		(60,143	)		(60,610	)
Total operating lease liabilities	$	131,337		$	135,196

At March 31, 2021, the weighted average incremental borrowing rate and the weighted average remaining lease term for all operating leases held by the Company were 5.25% and 12.4 years, respectively. During the three months

ended March 31, 2021 and 2020, cash paid for amounts included for the measurement of lease liabilities was $3.7 million and $2.4 million, respectively, and the Company recorded operating lease expense of $4.2 million and $3.9 million, respectively.

Accounts Payable and Accrued Expenses

3 Months Ended

Mar. 31, 2021

Payables And Accruals [Abstract]

Accounts Payable and Accrued Expenses

10. ACCOUNTS PAYABLE AND ACCRUED EXPENSES

Accounts payable and accrued expenses consisted of the following:

	March 31,		December 31,
(In thousands)	2021		2020
Accounts payable	$	36,097	$	46,034
Accrued compensation		49,357		71,178
Accrued sales discounts, allowances and reserves		191,113		218,877
Accrued other		62,521		76,082
Total accounts payable and accrued expenses	$	339,088	$	412,171

Long-term Debt

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Long-term Debt

11. LONG-TERM DEBT

Long-term debt consisted of the following:

	March 31,			December 31,
(In thousands)	2021			2020
2026 Term Loans, due March 12, 2026	$	297,702		$	—
2023 Term Loans, due March 26, 2023		—			274,961
Less: current portion		(3,000	)		(2,843	)
Long-term debt	$	294,702		$	272,118

In March 2021, the Company amended and refinanced its existing term loans, previously referred to as the 2023 Term Loans (as so amended and refinanced the “2026 Term Loans”), in order to, among other things, provide for a new class of replacement term loans equal to $300.0 million; extend the due date from March 26, 2023 to March 12, 2026; amend the interest payable from LIBOR plus 2.25% with no LIBOR floor to LIBOR plus 2.50% with a LIBOR floor of 0.50%; and increase covenant flexibility (such refinancing, the “Term Loan Refinancing”).

Under the 2026 Term Loans, the Company is subject to mandatory prepayments of principal if certain excess cash flow thresholds, as defined in the 2026 Term Loans, are met. To date, the Company has not been required to make any such mandatory prepayments. The 2026 Term Loans have an incremental facility capacity in an amount of $175.0 million, plus additional amounts as long as the Company meets certain conditions, including a specified leverage ratio. The 2026 Term Loans include 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 2026 Term Loans also contain customary affirmative covenants and events of default. The Company was in compliance with its debt covenants at March 31, 2021.

The Term Loan Refinancing involved multiple lenders who were considered members of a loan syndicate. In determining whether the Term Loan Refinancing should be accounted for as a debt extinguishment or a debt modification, the Company considered whether creditors remained the same or changed and whether the changes in debt terms were substantial. A change in the debt terms was considered to be substantial if the present value of the remaining cash flows under the new terms of the 2026 Term Loans were at least 10% different from the present value of the remaining cash flows under the 2023 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. With the exception of three lenders with respective holdings ranging from 2%-7% of the total outstanding principal amount of the 2023 Term Loans at the date of the Term Loan Refinancing whose holding amounts were accounted for as a debt extinguishment, the Term Loan Refinancing was otherwise accounted for as a debt modification.

The Term Loan Refinancing resulted in a $2.1 million charge in the three months ended March 31, 2021, which was included in “Interest expense” in the accompanying condensed consolidated statement of operations and comprehensive loss.

Share-based Compensation

3 Months Ended

Mar. 31, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Share-based Compensation

12. SHARE-BASED COMPENSATION

The following table presents share-based compensation expense included in the Company’s condensed consolidated statements of operations and comprehensive loss:

	Three Months Ended
	March 31,
(In thousands)	2021		2020
Cost of goods manufactured and sold	$	2,178	$	1,965
Research and development		4,063		6,160
Selling, general and administrative		9,210		11,688
Total share-based compensation expense	$	15,451	$	19,813

At March 31, 2021 and December 31, 2020, $2.7 million and $2.6 million, respectively, of share-based compensation expense was capitalized and recorded as “Inventory” in the accompanying condensed consolidated balance sheets.

Loss Per Share

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

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 three months ended March 31, 2021 and 2020, as the Company was in a net loss position, the diluted loss per ordinary share calculation did not assume conversion or exercise of stock options and restricted stock unit awards, as they would have had an anti-dilutive effect on loss per ordinary share.

The following potential ordinary share equivalents have not been included in the loss per ordinary share calculations because the effect would have been anti-dilutive:

	Three Months Ended
	March 31,
(In thousands)	2021		2020
Stock options		15,451		14,829
Restricted stock unit awards		2,877		4,416
Total		18,328		19,245

Commitments and Contingent Liabilities

3 Months Ended

Mar. 31, 2021

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingent Liabilities

14. COMMITMENTS AND CONTINGENT LIABILITIES

Litigation

From time to time, the Company may be subject to legal proceedings and claims in the ordinary course of business. On a quarterly basis, the Company reviews the status of each significant matter and assesses its potential financial exposure. If the potential loss from any claim, asserted or unasserted, or legal proceeding is considered probable and the amount can be reasonably estimated, the Company would accrue a liability for the estimated loss. Because of uncertainties related to claims and litigation, accruals are based on the Company’s best estimates, utilizing all available information. On a periodic basis, as additional information becomes available, or based on specific events such as the outcome of litigation or settlement of claims, the Company may reassess the potential liability related to these matters and may revise these estimates, which could result in material adverse adjustments to the Company’s operating results. At March 31, 2021, there were no potential material losses from claims, asserted or unasserted, or legal proceedings that the Company determined were probable of occurring.

INVEGA SUSTENNA ANDA Litigation

Janssen Pharmaceuticals NV and Janssen Pharmaceuticals, Inc. initiated patent infringement lawsuits in the U.S. District Court for the District of New Jersey (the “NJ District Court”) in January 2018 against Teva Pharmaceuticals USA, Inc. (“Teva”) and Teva Pharmaceuticals Industries, Ltd. (“Teva PI”), in August 2019 against Mylan Laboratories Limited (“Mylan Labs”), Mylan Pharmaceuticals Inc. (“Mylan”), and Mylan Institutional LLC and in December 2019 against Pharmascience, Inc. (“Pharmascience”), Mallinckrodt plc, and SpecGX LLC, following the respective filings by each of Teva, Mylan Labs, and Pharmascience of an Abbreviated New Drug Application (“ANDA”) seeking approval from the FDA to market a generic version of INVEGA SUSTENNA before the expiration of U.S. Patent No. 9,439,906.

In October 2020, a trial was held in the lawsuit between the Janssen entities and the Teva entities and closing arguments for such trial were heard in March 2021. Requested judicial remedies in each of the lawsuits include recovery of litigation costs and injunctive relief. The Company is not a party to any of these proceedings.

INVEGA TRINZA ANDA Litigation

In September 2020, Janssen Pharmaceuticals NV, Janssen Pharmaceuticals, Inc., and Janssen Research & Development, LLC, initiated a patent infringement lawsuit in the NJ District Court against Mylan Labs, Mylan, and Mylan Institutional LLC following the filing by Mylan Labs of an ANDA seeking approval from the FDA to market a generic version of INVEGA TRINZA before the expiration of U.S. Patent No. 10,143,693. Requested judicial remedies include recovery of litigation costs and injunctive relief. The Company is not a party to this proceeding.

RISPERDAL CONSTA European Opposition Proceedings

In December 2016, Nanjing Luye Pharmaceutical Co., Ltd., Pharmathen SA, Teva PI and Dehns Ltd (a law firm representing an unidentified opponent) filed notices of opposition with the European Patent Office (the “EPO”) in respect of EP 2 269 577 B (the “EP ’577 Patent”), which is a patent directed to certain risperidone microsphere compositions, including RISPERDAL CONSTA. Following a hearing on the matter in January 2019, the EPO issued a written decision revoking the EP ’577 Patent in April 2019. The Company filed a notice of appeal of the decision to the EPO’s Technical Boards of Appeal in June 2019. Pharmathen SA submitted a reply in November 2019 and Nanjing Luye Pharmaceutical Co., Ltd. and Teva PI submitted replies in December 2019. The Company will continue to vigorously defend the EP ’577 Patent.

VIVITROL ANDA Litigation

In September 2020, Alkermes, Inc. and Alkermes Pharma Ireland Limited filed a patent infringement lawsuit in the NJ District Court against Teva and Teva PI following the filing by Teva of an ANDA seeking approval from the FDA to engage in the commercial manufacture, use or sale of a generic version of VIVITROL (naltrexone for extended-release injectable suspension) before the expiration of the Company’s U.S. Patent No. 7,919,499. Teva filed its Answer in November 2020, which included counterclaims against the Company. The Company filed its Reply to Teva’s counterclaims in December 2020. The Company intends to vigorously defend its intellectual property. The filing of the lawsuit triggered a stay of FDA approval of the ANDA for up to 30 months in accordance with the U.S. Drug Price Competition and Patent Term Restoration Act of 1984 (the “Hatch-Waxman Act”).

VUMERITY ANDA Litigation

On March 17, 2021, Biogen Inc., Biogen Swiss Manufacturing GmbH and Alkermes Pharma Ireland Limited filed a patent infringement lawsuit in the U.S. District Court for the District of Delaware against Teva Pharmaceuticals Development Inc. (“Teva PD”) following the filing by Teva PD of an ANDA seeking approval from the FDA to engage in the commercial manufacture, use or sale of a generic version of VUMERITY (diroximel fumarate) before the expiration of the Company’s U.S. Patent Nos. 8,669,281, 9,090,558 and 10,080,733. The filing of the lawsuit triggered a stay of FDA approval of the ANDA for up to 30 months in accordance with the Hatch-Waxman Act.

Government Matters

The Company has received a subpoena and civil investigative demands from U.S. state and federal governmental authorities for documents related to VIVITROL. The Company is cooperating with the investigations.

Securities Litigation

In December 2018 and January 2019, purported stockholders of the Company filed putative class actions against the Company and certain of its officers in the U.S. District Court for the Eastern District of New York (the “EDNY District Court”) captioned Karimian v. Alkermes plc, et al., No. 1:18-cv-07410 and McDermott v. Alkermes plc, et al., No. 1:19-cv-00624, respectively. In March 2019, the EDNY District Court consolidated the two cases and appointed a lead plaintiff. The plaintiff filed an amended complaint in July 2019 naming one additional officer of the Company and one former officer of the Company as defendants. The amended complaint was filed on behalf of a putative class of purchasers of Alkermes securities during the period of July 31, 2014 through November 1, 2018 and alleges violations of

Sections 10(b) and 20(a) of the Exchange Act based on allegedly false or misleading statements and omissions regarding the Company’s clinical methodologies and regulatory submission for ALKS 5461 and the FDA’s review and consideration of that submission. The lawsuit seeks, among other things, unspecified money damages, prejudgment and postjudgment interest, reasonable attorneys’ fees, expert fees and other costs. On February 26, 2021, the EDNY District Court entered a final judgment and order dismissing the action in its entirety (the “Final Judgment and Order”). On March 26, 2021, the plaintiff filed a notice of appeal, appealing the Final Judgment and Order to the United States Court of Appeals for the Second Circuit.

Product Liability and Other Legal Proceedings

The Company is also involved in product liability cases and other legal proceedings incidental to its normal business activities, including product liability cases alleging that the FDA-approved VIVITROL labeling was inadequate and caused the users of the product to suffer from opioid overdose and death. The Company intends to vigorously defend itself in these matters. While the outcome of any of these proceedings cannot be accurately predicted, the Company does not believe the ultimate resolution of any of these existing matters would have a material adverse effect on the Company’s business or financial condition.

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements of the Company for the three months ended March 31, 2021 and 2020 are unaudited and have been prepared on a basis substantially consistent with the audited financial statements for the year ended December 31, 2020. 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 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 the Company, which are contained in the Annual Report. 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 any 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, in the “Notes to Consolidated Financial Statements” accompanying the 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 that management 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, judgments and methodologies, including those related to revenue from contracts with its customers and related allowances, 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, contingent consideration and litigation. 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. The Company’s chief decision maker, the Chief Executive Officer and Chairman of the Company’s board of directors, reviews the Company’s operating results on an aggregate basis and manages the Company’s operations as a single operating unit.
Risks and Uncertainties	Risks and Uncertainties In March 2020, COVID-19 was declared a global pandemic by the World Health Organization. To date, COVID-19 has surfaced in nearly all regions around the world and resulted in travel restrictions and business slowdowns and/or shutdowns in affected areas. Ireland, all U.S. states, and many local jurisdictions and countries around the world have, at times during the pandemic, issued “shelter-in-place” orders, quarantines, executive orders and similar government orders, restrictions, and recommendations for their residents to control the spread of COVID-19. Such orders, restrictions and/or recommendations, and/or the perception that additional orders, restrictions or recommendations could occur, have resulted in widespread closures of businesses, including healthcare systems that serve people living with opioid dependence, alcohol dependence and schizophrenia, work stoppages, slowdowns and/or delays, work-from-home policies and travel restrictions, among other effects. The Company continues to closely monitor and respond to the ongoing impact of COVID-19 on its employees, communities and business operations. Due to numerous uncertainties surrounding the ongoing COVID-19 pandemic, the actual impact of the pandemic on the Company’s financial condition and operating results may differ from current projections. These uncertainties include, among others, the ultimate severity and duration of the pandemic; governmental, business or other actions that have been, are being or will be, taken in response to the pandemic, including restrictions on travel and mobility, business closures and operating restrictions, and imposition of social distancing measures; impacts of the pandemic on the Company’s employees, the vendors or distribution channels in the Company’s supply chain and on the Company’s ability to continue to manufacture its products; impacts of the pandemic on the conduct of the Company’s clinical trials, including with respect to enrollment rates, availability of investigators and clinical trial sites, and monitoring of data; impacts of the pandemic on healthcare systems that serve people living with opioid dependence, alcohol dependence and schizophrenia; impacts of the pandemic on the regulatory agencies with which the Company interacts in the development, review, approval and commercialization of its medicines; impacts of the pandemic on reimbursement for the Company’s products, including the Company’s Medicaid rebate liability, and for services related to the use of its products; and impacts of the pandemic on the Irish, U.S. and global economies more broadly. The Company relies upon third parties for many aspects of its business, including the provision of goods and services related to the manufacture of its clinical products and its and its partners’ marketed products, the conduct of its clinical trials, and the sale of its proprietary marketed products and the marketed products of its licensees from which the Company receives manufacturing and royalty revenue. Any prolonged material disruption to the third parties on which the Company relies could negatively impact the Company’s ability to conduct business in the manner and on the timelines presently planned, which could have a material adverse impact on the Company’s business, results of operations and financial condition. The marketed products from which the Company derives revenue, including manufacturing and royalty revenue, are primarily injectable medications administered by healthcare professionals. Given developments that have transpired to date, and may continue to transpire, in response to the pandemic, including business closures, social distancing requirements and other restrictive measures, commercial sales of these marketed products have been adversely impacted to varying degrees and the Company expects commercial sales of these marketed products to continue to be adversely impacted while the pandemic persists. During the three months ended March 31, 2021, the Company continued to take actions to support uninterrupted access to its proprietary marketed products. However, the Company currently expects commercial sales of its marketed products, particularly VIVITROL, to continue to be impacted by the COVID-19 pandemic over the next few months. These items are discussed in greater detail in the “Results of Operations” section in “Part I, Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this Form 10-Q. The Company continues to operate its manufacturing facilities and supply its medicines. While the Company continues to conduct R&D activities, including its ongoing clinical trials, the COVID-19 pandemic has impacted, and may continue to impact, the timelines of certain of its early-stage discovery efforts and clinical trials. The Company is working with its internal teams, its clinical investigators, R&D vendors and critical supply chain vendors to continually assess, and mitigate, any potential adverse impacts of COVID-19 on its manufacturing operations and R&D activities.
New Accounting Pronouncements	New Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (the “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 March 2020, the FASB issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform, which provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. This ASU applies to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. This ASU became effective immediately and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. The Company is currently assessing the impact that this ASU may have on its consolidated financial statements.

- Definition

Disclosure of accounting policy for segment reporting.

+ References + Details

Revenue from Contracts with Customers (Tables)

3 Months Ended

Mar. 31, 2021

Schedule of Contract Assets and Contract Liabilities

Total contract assets at March 31, 2021 were as follows:

(In thousands)	Contract Assets
Contract assets at December 31, 2020	$	19,401
Additions		8,785
Transferred to receivables, net		(13,907	)
Contract assets at March 31, 2021	$	14,279

Total contract liabilities at March 31, 2021 were as follows:

(In thousands)	Contract Liabilities
Contract liabilities at December 31, 2020	$	23,909
Additions		—
Amounts recognized into revenue		(1,243	)
Contract liabilities at March 31, 2021	$	22,666

Product sales, net

Schedule of Disaggregation of Revenues

During the three months ended March 31, 2021 and 2020, the Company recorded product sales, net, as follows:

	Three Months Ended March 31,
(In thousands)	2021		2020
VIVITROL	$	74,534	$	78,769
ARISTADA and ARISTADA INITIO		55,429		50,957
Total product sales, net	$	129,963	$	129,726

Manufacturing and royalty revenues

Schedule of Disaggregation of Revenues

During the three months ended March 31, 2021 and 2020, the Company recorded manufacturing and royalty revenues as follows:

	Three Months Ended March 31, 2021
(In thousands)	Manufacturing Revenue		Royalty Revenue		Total
INVEGA SUSTENNA/XEPLION & INVEGA TRINZA/TREVICTA	$	—	$	61,570	$	61,570
RISPERDAL CONSTA		10,683		3,479		14,162
AMPYRA/FAMPYRA		8,078		6,594		14,672
VUMERITY		2,448		10,992		13,440
Other		3,876		12,127		16,003
	$	25,085	$	94,762	$	119,847

	Three Months Ended March 31, 2020
(In thousands)	Manufacturing Revenue		Royalty Revenue		Total
INVEGA SUSTENNA/XEPLION & INVEGA TRINZA/TREVICTA	$	—	$	54,927	$	54,927
RISPERDAL CONSTA		23,583		3,733		27,316
AMPYRA/FAMPYRA		7,822		7,147		14,969
VUMERITY		1,327		365		1,692
Other		7,479		9,868		17,347
	$	40,211	$	76,040	$	116,251

Investments (Tables)

3 Months Ended

Mar. 31, 2021

Investments Debt And Equity Securities [Abstract]

Schedule of Investments

Investments consisted of the following (in thousands):

			Gross Unrealized
					Losses
	Amortized				Less than			Greater than		Allowance for			Estimated
March 31, 2021	Cost		Gains		One Year			One Year		Credit Losses			Fair Value
Short-term investments:
Available-for-sale securities:
Corporate debt securities	$	154,429	$	730	$	(29	)	$	—	$	—		$	155,130
International government agency debt securities		97,419		289		(19	)		—		—			97,689
U.S. government and agency debt securities		81,079		223		—			—		—			81,302
		332,927		1,242		(48	)		—		—			334,121
Held-to-maturity securities:
Fixed term deposit account		1,667		179		—			—		—			1,846
Total short-term investments		334,594		1,421		(48	)		—		—			335,967
Long-term investments:
Available-for-sale securities:
Corporate debt securities		34,670		—		(47	)		—		—			34,623
International government agency debt securities		30,165		—		(40	)		—		—			30,125
U.S. government and agency debt securities		19,891		—		(11	)		—		—			19,880
		84,726		—		(98	)		—		—			84,628
Held-to-maturity securities:
Certificates of deposit		1,820		—		—			—		—			1,820
Total long-term investments		86,546		—		(98	)		—		—			86,448
Total investments	$	421,140	$	1,421	$	(146	)	$	—	$	—		$	422,415

December 31, 2020
Short-term investments:
Available-for-sale securities:
Corporate debt securities	$	176,937	$	1,105	$	(7	)	$	—	$	(977	)	$	177,058
U.S. government and agency debt securities		103,011		336		(2	)		—		—			103,345
International government agency debt securities		79,346		469		(6	)		—		—			79,809
		359,294		1,910		(15	)		—		(977	)		360,212
Held-to-maturity securities:
Fixed term deposit account		1,667		187		—			—		—			1,854
Total short-term investments		360,961		2,097		(15	)		—		(977	)		362,066
Long-term investments:
Available-for-sale securities:
Corporate debt securities		7,908		—		(10	)		—		—			7,898
International government agency debt securities		15,077		—		(15	)		—		—			15,062
		22,985		—		(25	)		—		—			22,960
Held-to-maturity securities:
Certificates of deposit		1,820		—		—			—		—			1,820
Total long-term investments		24,805		—		(25	)		—		—			24,780
Total investments	$	385,766	$	2,097	$	(40	)	$	—	$	(977	)	$	386,846

Schedule of Proceeds from Sales and Maturities of Marketable Securities Plus Resulting Realized Gains and Losses

The proceeds from sales and maturities of marketable securities, which were identified using the specific identification method and were primarily reinvested, were as follows:

	Three Months Ended March 31,
(In thousands)	2021		2020
Proceeds from the sales and maturities of marketable securities	$	86,193	$	64,500
Realized gains	$	—	$	9
Realized losses	$	—	$	—

Schedule of Contractual Maturities of Available-for-Sale and Held-to-Maturity Securities

The Company’s available-for-sale and held-to-maturity securities at March 31, 2021 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	$	238,884	$	239,281	$	3,488	$	3,667
After 1 year through 5 years		178,768		179,467		—		—
Total	$	417,652	$	418,748	$	3,488	$	3,667

Fair Value (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Summary of the Company's Assets and Liabilities Measured at Fair Value on a Recurring Basis

	March 31,
(In thousands)	2021		Level 1		Level 2		Level 3
Assets:
Cash equivalents	$	31,844	$	31,844	$	—	$	—
U.S. government and agency debt securities		101,182		66,595		34,587		—
Corporate debt securities		189,753		—		188,776		977
International government agency debt securities		127,814		—		127,814		—
Contingent consideration		27,282		—		—		27,282
Total	$	477,875	$	98,439	$	351,177	$	28,259

	December 31,
	2020		Level 1		Level 2		Level 3
Assets:
Cash equivalents	$	41,849	$	41,849	$	—	$	—
U.S. government and agency debt securities		103,345		73,451		29,894		—
Corporate debt securities		184,956		—		183,979		977
International government agency debt securities		94,871		—		94,871		—
Contingent consideration		32,451		—		—		32,451
Total	$	457,472	$	115,300	$	308,744	$	33,428

Rollforward of the Fair Value of the Assets Determined using Level 3 Inputs

The following table is a rollforward of the fair value of the Company’s assets whose fair values were determined using Level 3 inputs at March 31, 2021:

(In thousands)	Fair Value
Balance, January 1, 2021	$	33,428
Change in the fair value of contingent consideration		1,278
Milestone payments received by the Company related to contingent consideration		(6,429	)
Royalty payments due to the Company related to contingent consideration		(18	)
Balance, March 31, 2021	$	28,259

Inventory (Tables)

3 Months Ended

Mar. 31, 2021

Inventory Disclosure [Abstract]

Schedule of Inventories

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

	March 31,		December 31,
(In thousands)	2021		2020
Raw materials	$	47,788	$	44,944
Work in process		56,081		53,243
Finished goods⁽¹⁾		30,309		27,551
Total inventory	$	134,178	$	125,738

(1)

At March 31, 2021 and December 31, 2020, the Company had $25.4 million and $26.5 million, respectively, of finished goods inventory located at its third-party warehouse and shipping service provider.

Property, Plant and Equipment (Tables)

3 Months Ended

Mar. 31, 2021

Property Plant And Equipment [Abstract]

Schedule of Property, Plant and Equipment

Property, plant and equipment consisted of the following:

	March 31,			December 31,
(In thousands)	2021			2020
Land	$	6,560		$	6,560
Building and improvements		178,235			178,194
Furniture, fixtures and equipment		369,162			366,051
Leasehold improvements		52,508			52,508
Construction in progress		105,743			102,833
Subtotal		712,208			706,146
Less: accumulated depreciation		(365,881	)		(356,143	)
Total property, plant and equipment, net	$	346,327		$	350,003

Goodwill and Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2021

Goodwill And Intangible Assets Disclosure [Abstract]

Schedule of Goodwill and Intangible Assets

Goodwill and intangible assets consisted of the following:

		March 31, 2021
(In thousands)	Weighted Amortizable Life (Years)	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Goodwill		$	92,873	$	—		$	92,873
Finite-lived intangible assets:
Collaboration agreements	12	$	465,590	$	(384,948	)	$	80,642
NanoCrystal technology	13		74,600		(56,168	)		18,432
OCR⁽¹⁾ technologies	12		42,560		(39,849	)		2,711
Total		$	582,750	$	(480,965	)	$	101,785

(1)

OCR refers to the Company’s oral controlled release technologies.

Leases (Tables)

3 Months Ended

Mar. 31, 2021

Leases [Abstract]

Summary of Future Lease Payments Under Non-Cancelable Leases

Future lease payments under non-cancelable leases as of March 31, 2021 and December 31, 2020 consisted of the following:

	March 31,			December 31,
(In thousands)	2021			2020
2021	$	12,865		$	16,882
2022		17,001			17,001
2023		17,266			17,266
2024		17,536			17,536
2025		17,810			17,810
Thereafter		109,002			109,311
Total lease payments	$	191,480		$	195,806
Less: imputed interest		(60,143	)		(60,610	)
Total operating lease liabilities	$	131,337		$	135,196

Accounts Payable and Accrued Expenses (Tables)

3 Months Ended

Mar. 31, 2021

Payables And Accruals [Abstract]

Schedule of Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses consisted of the following:

	March 31,		December 31,
(In thousands)	2021		2020
Accounts payable	$	36,097	$	46,034
Accrued compensation		49,357		71,178
Accrued sales discounts, allowances and reserves		191,113		218,877
Accrued other		62,521		76,082
Total accounts payable and accrued expenses	$	339,088	$	412,171

Long-term Debt (Tables)

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Schedule of Long-term Debt

Long-term debt consisted of the following:

	March 31,			December 31,
(In thousands)	2021			2020
2026 Term Loans, due March 12, 2026	$	297,702		$	—
2023 Term Loans, due March 26, 2023		—			274,961
Less: current portion		(3,000	)		(2,843	)
Long-term debt	$	294,702		$	272,118

Share-based Compensation (Tables)

3 Months Ended

Mar. 31, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Schedule of Share-based Compensation Expense

The following table presents share-based compensation expense included in the Company’s condensed consolidated statements of operations and comprehensive loss:

	Three Months Ended
	March 31,
(In thousands)	2021		2020
Cost of goods manufactured and sold	$	2,178	$	1,965
Research and development		4,063		6,160
Selling, general and administrative		9,210		11,688
Total share-based compensation expense	$	15,451	$	19,813

Loss Per Share (Tables)

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Schedule of Anti-Dilutive Potential Common Share Equivalent Excluded from Calculation of Loss Per Share

The following potential ordinary share equivalents have not been included in the loss per ordinary share calculations because the effect would have been anti-dilutive:

	Three Months Ended
	March 31,
(In thousands)	2021		2020
Stock options		15,451		14,829
Restricted stock unit awards		2,877		4,416
Total		18,328		19,245

Summary of Significant Accounting Policies - Additional Information (Details)	3 Months Ended
	Mar. 31, 2021 segment
Accounting Policies [Abstract]
Number of business segments	1

Revenue from Contracts with Customers - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Disaggregation Of Revenue [Line Items]
Total revenues	$ 251,430	$ 246,220
VIVITROL
Disaggregation Of Revenue [Line Items]
Total revenues	74,534	78,769
ARISTADA and ARISTADA INITIO
Disaggregation Of Revenue [Line Items]
Total revenues	55,429	50,957
Product sales, net
Disaggregation Of Revenue [Line Items]
Total revenues	$ 129,963	$ 129,726

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Revenue from Contracts with Customers - Schedule of Manufacturing and Royalty Revenues (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Disaggregation Of Revenue [Line Items]
Total revenues	$ 251,430	$ 246,220
Manufacturing Revenue
Disaggregation Of Revenue [Line Items]
Total revenues	25,085	40,211
Manufacturing Revenue \| RISPERDAL CONSTA
Disaggregation Of Revenue [Line Items]
Total revenues	10,683	23,583
Manufacturing Revenue \| AMPYRA/FAMPYRA
Disaggregation Of Revenue [Line Items]
Total revenues	8,078	7,822
Manufacturing Revenue \| VUMERITY
Disaggregation Of Revenue [Line Items]
Total revenues	2,448	1,327
Manufacturing Revenue \| Other
Disaggregation Of Revenue [Line Items]
Total revenues	3,876	7,479
Royalty
Disaggregation Of Revenue [Line Items]
Total revenues	94,762	76,040
Royalty \| INVEGA SUSTENNA/XEPLION & INVEGA TRINZA/TREVICTA
Disaggregation Of Revenue [Line Items]
Total revenues	61,570	54,927
Royalty \| RISPERDAL CONSTA
Disaggregation Of Revenue [Line Items]
Total revenues	3,479	3,733
Royalty \| AMPYRA/FAMPYRA
Disaggregation Of Revenue [Line Items]
Total revenues	6,594	7,147
Royalty \| VUMERITY
Disaggregation Of Revenue [Line Items]
Total revenues	10,992	365
Royalty \| Other
Disaggregation Of Revenue [Line Items]
Total revenues	12,127	9,868
Manufacturing and royalty revenues
Disaggregation Of Revenue [Line Items]
Total revenues	119,847	116,251
Manufacturing and royalty revenues \| INVEGA SUSTENNA/XEPLION & INVEGA TRINZA/TREVICTA
Disaggregation Of Revenue [Line Items]
Total revenues	61,570	54,927
Manufacturing and royalty revenues \| RISPERDAL CONSTA
Disaggregation Of Revenue [Line Items]
Total revenues	14,162	27,316
Manufacturing and royalty revenues \| AMPYRA/FAMPYRA
Disaggregation Of Revenue [Line Items]
Total revenues	14,672	14,969
Manufacturing and royalty revenues \| VUMERITY
Disaggregation Of Revenue [Line Items]
Total revenues	13,440	1,692
Manufacturing and royalty revenues \| Other
Disaggregation Of Revenue [Line Items]
Total revenues	$ 16,003	$ 17,347

Revenue from Contracts with Customers - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Disaggregation Of Revenue [Line Items]
Contract asset, current	$ 9,279	$ 14,401
VUMERITY \| Biogen \| Other Assets
Disaggregation Of Revenue [Line Items]
Contract asset, non-current	$ 5,000
Minimum
Disaggregation Of Revenue [Line Items]
Manufacturing Process period	10 days
Maximum
Disaggregation Of Revenue [Line Items]
Manufacturing Process period	56 days
Consideration expects to receive	2 years

Revenue from Contracts with Customers - Schedule of Contract Assets and Contract Liabilities (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($)
Contract Asset [Abstract]
Contract assets at beginning of period	$ 19,401
Additions	8,785
Transferred to receivables, net	(13,907)
Contract assets at end of period	14,279
Contract Liabilities [Abstract]
Contract liabilities at beginning of the period	23,909
Amounts recognized into revenue	(1,243)
Contract liabilities at end of the period	$ 22,666

Investments - Schedule of Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Available-for-sale securities:
Amortized Cost	$ 417,652
Estimated Fair Value	418,748
Held-to-maturity securities:
Estimated Fair Value	3,667
Long-term Investments
Amortized Cost	86,546	$ 24,805
Gross Unrealized Losses, Less than One Year	(98)	(25)
Total long-term investments	86,448	24,780
Total investments
Amortized Cost	421,140	385,766
Gross Unrealized Gains	1,421	2,097
Gross Unrealized Losses, Less than One Year	(146)	(40)
Allowance for Credit Losses		(977)
Estimated Fair Value	422,415	386,846
Short-term Investments
Amortized Cost	334,594	360,961
Gross Unrealized Gains	1,421	2,097
Gross Unrealized Losses, Less than One Year	(48)	(15)
Allowance for Credit Losses		(977)
Total short-term investments	335,967	362,066
Short-term investments
Available-for-sale securities:
Amortized Cost	332,927	359,294
Gross Unrealized Gains	1,242	1,910
Gross Unrealized Losses, Less than One Year	(48)	(15)
Allowance for Credit Losses		(977)
Estimated Fair Value	334,121	360,212
Short-term investments \| Corporate debt securities
Available-for-sale securities:
Amortized Cost	154,429	176,937
Gross Unrealized Gains	730	1,105
Gross Unrealized Losses, Less than One Year	(29)	(7)
Allowance for Credit Losses		(977)
Estimated Fair Value	155,130	177,058
Short-term investments \| U.S. government and agency debt securities
Available-for-sale securities:
Amortized Cost	81,079	103,011
Gross Unrealized Gains	223	336
Gross Unrealized Losses, Less than One Year		(2)
Estimated Fair Value	81,302	103,345
Short-term investments \| International government agency debt securities
Available-for-sale securities:
Amortized Cost	97,419	79,346
Gross Unrealized Gains	289	469
Gross Unrealized Losses, Less than One Year	(19)	(6)
Estimated Fair Value	97,689	79,809
Short-term investments \| Fixed Term Deposit Account
Held-to-maturity securities:
Amortized Cost	1,667
Gross Unrealized Gains	179
Estimated Fair Value	1,846
Long-term investments
Available-for-sale securities:
Amortized Cost	84,726	22,985
Gross Unrealized Losses, Less than One Year	(98)	(25)
Estimated Fair Value	84,628	22,960
Long-term investments \| Certificates of deposit
Held-to-maturity securities:
Amortized Cost	1,820	1,820
Estimated Fair Value	1,820	1,820
Long-term investments \| Corporate debt securities
Available-for-sale securities:
Amortized Cost	34,670	7,908
Gross Unrealized Losses, Less than One Year	(47)	(10)
Estimated Fair Value	34,623	7,898
Long-term investments \| U.S. government and agency debt securities
Available-for-sale securities:
Amortized Cost	19,891
Gross Unrealized Losses, Less than One Year	(11)
Estimated Fair Value	19,880
Long-term investments \| International government agency debt securities
Available-for-sale securities:
Amortized Cost	30,165	15,077
Gross Unrealized Losses, Less than One Year	(40)	(15)
Estimated Fair Value	$ 30,125	15,062
Long-term investments \| Fixed Term Deposit Account
Held-to-maturity securities:
Amortized Cost		1,667
Gross Unrealized Gains		187
Estimated Fair Value		$ 1,854

Investments - Additional Information (Details)	3 Months Ended
Investments - Additional Information (Details)	Mar. 31, 2021 USD ($)	Mar. 31, 2020 USD ($)	Mar. 31, 2021 EUR (€)	Dec. 31, 2020 USD ($)	May 31, 2014 EUR (€)
Investment Holdings [Line Items]
Other-than-temporary impairment charges \| $	$ 0	$ 0
Fountain Healthcare Partners II
Investment Holdings [Line Items]
Funding commitment as percentage of partnership's total funding	7.00%		7.00%
Equity method commitment \| €			€ 7,000,000.0
Fountain Healthcare Partners II \| Other Assets
Investment Holdings [Line Items]
Carrying value of equity investment \| $	$ 5,600,000			$ 6,200,000
Fountain Healthcare Partners II \| Maximum
Investment Holdings [Line Items]
Commitment on equity method investment \| €					€ 7,400,000

Investments - Schedule of Proceeds from Sales and Maturities of Marketable Securities Plus Resulting Realized Gains and Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Investments Debt And Equity Securities [Abstract]
Proceeds from the sales and maturities of marketable securities	$ 86,193	$ 64,500
Realized gains		$ 9

Investments - Schedule of Contractual Maturities of Available-for-Sale and Held-to-Maturity Securities (Details) $ in Thousands	Mar. 31, 2021 USD ($)
Available-for-sale, Amortized Cost
Within 1 year	$ 238,884
After 1 year through 5 years	178,768
Amortized Cost	417,652
Available-for-sale, Estimated Fair Value
Within 1 year	239,281
After 1 year through 5 years	179,467
Total	418,748
Held-to-maturity, Amortized Cost
Within 1 year	3,488
Total	3,488
Held-to-maturity, Estimated Fair Value
Within 1 year	3,667
Total	$ 3,667

Fair Value - Summary of the Company's Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Fair value
Debt securities	$ 418,748
Contingent consideration	27,300	$ 32,500
Recurring Basis
Fair value
Cash equivalents	31,844	41,849
Contingent consideration	27,282	32,451
Assets, Total	477,875	457,472
Recurring Basis \| Level 1
Fair value
Cash equivalents	31,844	41,849
Assets, Total	98,439	115,300
Recurring Basis \| Level 2
Fair value
Assets, Total	351,177	308,744
Recurring Basis \| Level 3
Fair value
Contingent consideration	27,282	32,451
Assets, Total	28,259	33,428
U.S. government and agency debt securities \| Recurring Basis
Fair value
Debt securities	101,182	103,345
U.S. government and agency debt securities \| Recurring Basis \| Level 1
Fair value
Debt securities	66,595	73,451
U.S. government and agency debt securities \| Recurring Basis \| Level 2
Fair value
Debt securities	34,587	29,894
Corporate debt securities \| Recurring Basis
Fair value
Debt securities	189,753	184,956
Corporate debt securities \| Recurring Basis \| Level 2
Fair value
Debt securities	188,776	183,979
Corporate debt securities \| Recurring Basis \| Level 3
Fair value
Debt securities	977	977
International government agency debt securities \| Recurring Basis
Fair value
Debt securities	127,814	94,871
International government agency debt securities \| Recurring Basis \| Level 2
Fair value
Debt securities	$ 127,814	$ 94,871

Fair Value - Additional Information (Details)	3 Months Ended
Fair Value - Additional Information (Details)	Mar. 31, 2021 USD ($) item Installment	Mar. 31, 2020 USD ($)	Dec. 31, 2020 USD ($) item
Fair Value
Transfers between Level 1 to Level 2	$ 0
Transfers between Level 2 to Level 1	0
Milestone payments received	$ 1,400,000
Number of equal annual installments milestone payment \| Installment	6
Additional milestone annual payment to be paid	$ 38,600,000
Percentage of discount recovery rate	18.00%		18.00%
Contingent consideration	$ 27,300,000		$ 32,500,000
Contingent consideration included within prepaid expenses and other current assets	7,900,000		7,800,000
Contingent consideration included within contingent consideration	19,412,000		24,651,000
Increase (decrease) in the fair value of contingent consideration	1,278,000	$ 6,800,000
2026 Term Loans
Fair Value
Amount to be realized in future	$ 298,500,000
2023 Term Loans
Fair Value
Amount to be realized in future			$ 275,100,000
Discount Rate
Fair Value
Discount rate (as a percent) \| item	13		13
Maximum
Fair Value
Milestone payment receivable	$ 80,000,000.0

Fair Value - Rollforward of the Fair Value of the Assets Determined using Level 3 Inputs (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($)
Roll forward of the fair value of the Company's investments whose fair value was determined using Level 3 inputs
Balance at the beginning of the period	$ 33,428
Milestone payments received by the Company related to contingent consideration	(6,429)
Royalty payments due to the Company related to contingent consideration	(18)
Balance at the end of the period	28,259
Change In The Fair Value Of Contingent Consideration
Roll forward of the fair value of the Company's investments whose fair value was determined using Level 3 inputs
Change in the fair value	$ 1,278

Inventory - Schedule of Inventories (Details) - USD ($)
$ in Thousands

Mar. 31, 2021

Dec. 31, 2020

Inventory Disclosure [Abstract]

Raw materials

$ 47,788

$ 44,944

Work in process

56,081

53,243

Finished goods

^[1]

30,309

27,551

Total inventory

$ 134,178

$ 125,738

[1]	At March 31, 2021 and December 31, 2020, the Company had $25.4 million and $26.5 million, respectively, of finished goods inventory located at its third-party warehouse and shipping service provider.

Inventory - Schedule of Inventories (Parenthetical) (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Finished goods inventory located at third-party warehouse and shipping service provider	$ 25.4	$ 26.5

Inventory - Additional Information (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Inventory capitalized in advance of potential regulatory approval	$ 14.0	$ 13.8

Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Property, plant and equipment
Property, plant and equipment, gross	$ 712,208	$ 706,146
Less: accumulated depreciation	(365,881)	(356,143)
Total property, plant and equipment, net	346,327	350,003
Land
Property, plant and equipment
Property, plant and equipment, gross	6,560	6,560
Building and Improvements
Property, plant and equipment
Property, plant and equipment, gross	178,235	178,194
Furniture, Fixtures and Equipment
Property, plant and equipment
Property, plant and equipment, gross	369,162	366,051
Leasehold Improvements
Property, plant and equipment
Property, plant and equipment, gross	52,508	52,508
Construction in Progress
Property, plant and equipment
Property, plant and equipment, gross	$ 105,743	$ 102,833

Goodwill and Intangible Assets - Schedule of Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Goodwill
Gross Carrying Amount	$ 92,873
Net Carrying Amount	92,873	$ 92,873
Finite-lived intangible assets:
Gross Carrying Amount	582,750
Accumulated Amortization	(480,965)
Net Carrying Amount	$ 101,785	$ 111,191
Collaboration agreements
Finite-lived intangible assets:
Weighted Amortizable Life	12 years
Gross Carrying Amount	$ 465,590
Accumulated Amortization	(384,948)
Net Carrying Amount	$ 80,642
NanoCrystal technology
Finite-lived intangible assets:
Weighted Amortizable Life	13 years
Gross Carrying Amount	$ 74,600
Accumulated Amortization	(56,168)
Net Carrying Amount	$ 18,432
OCR technologies
Finite-lived intangible assets:
Weighted Amortizable Life	12 years
Gross Carrying Amount	$ 42,560
Accumulated Amortization	(39,849)
Net Carrying Amount	$ 2,711

Goodwill and Intangible Assets - Additional Information (Details) $ in Millions	Mar. 31, 2021 USD ($)
Expected amortization of intangible assets
2021	$ 40.0
2022	35.0
2023	35.0
2024	$ 1.0

Leases - Summary of Future Lease Payments Under Non-Cancelable Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Remainder of fiscal year	$ 12,865
Year 1	17,001	$ 16,882
Year 2	17,266	17,001
Year 3	17,536	17,266
Year 4	17,810	17,536
Year 5		17,810
Thereafter		109,311
Thereafter	109,002
Total lease payments	191,480	195,806
Less: imputed interest	(60,143)	(60,610)
Total operating lease liabilities	$ 131,337	$ 135,196

Leases - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Leases [Abstract]
Weighted average incremental borrowing rate	5.25%
Weighted average remaining lease term	12 years 4 months 24 days
Payments for operating leases	$ 3.7	$ 2.4
Operating lease expense	$ 4.2	$ 3.9

Accounts Payable and Accrued Expenses - Schedule of Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Payables And Accruals [Abstract]
Accounts payable	$ 36,097	$ 46,034
Accrued compensation	49,357	71,178
Accrued sales discounts, allowances and reserves	191,113	218,877
Accrued other	62,521	76,082
Total accounts payable and accrued expenses	$ 339,088	$ 412,171

Long-term Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Long-term debt
Less: current portion	$ (3,000)	$ (2,843)
Long-term debt	294,702	272,118
2026 Term Loans, due March 12, 2026
Long-term debt
Term Loans	297,702
Less: current portion	(3,000)
Long-term debt	$ 294,702
2023 Term Loans, due March 26, 2023
Long-term debt
Term Loans		274,961
Less: current portion		(2,843)
Long-term debt		$ 272,118

Long-term Debt - Additional Information (Details) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2021 USD ($) Lender	Dec. 31, 2020
Long-term debt
Number of lender holding percentage of outstanding amount \| Lender	3
Interest Expense
Long-term debt
Refinancing charges	$ 2.1
Minimum
Long-term debt
Threshold percentage comparing present value of remaining cash flows	10.00%
Percentage of outstanding principal amount held by lender	2.00%
Maximum
Long-term debt
Percentage of outstanding principal amount held by lender	7.00%
2026 Term Loans
Long-term debt
Due date of loan	Mar. 12, 2026
Term Loans	$ 300.0
Variable interest rate base	LIBOR
Incremental capacity	$ 175.0
2026 Term Loans \| LIBOR
Long-term debt
Interest rate added to base rate (as a percent)	2.50%
Interest rate, variable interest rate floor (as a percent)	0.50%
2023 Term Loans
Long-term debt
Due date of loan		Mar. 26, 2023
Variable interest rate base		LIBOR
2023 Term Loans \| LIBOR
Long-term debt
Interest rate added to base rate (as a percent)		2.25%
Interest rate, variable interest rate floor (as a percent)		0.00%

Share-based Compensation - Schedule of Share-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share-based compensation Expense
Total share-based compensation expense	$ 15,451	$ 19,813
Cost of goods manufactured and sold
Share-based compensation Expense
Total share-based compensation expense	2,178	1,965
Research and development
Share-based compensation Expense
Total share-based compensation expense	4,063	6,160
Selling, general and administrative
Share-based compensation Expense
Total share-based compensation expense	$ 9,210	$ 11,688

Share-based Compensation - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Share based compensation cost capitalized	$ 2.7	$ 2.6

Loss Per Share - Schedule of Anti-Dilutive Potential Common Share Equivalent Excluded from Calculation of Loss Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Denominator:
Anti-dilutive potential common share equivalent excluded from calculation of net loss per ordinary share	18,328	19,245
Stock Options
Denominator:
Anti-dilutive potential common share equivalent excluded from calculation of net loss per ordinary share	15,451	14,829
Restricted Stock Unit Awards
Denominator:
Anti-dilutive potential common share equivalent excluded from calculation of net loss per ordinary share	2,877	4,416

Commitments and Contingent Liabilities - Additional Information (Details) - USD ($)		1 Months Ended	3 Months Ended
	Mar. 17, 2021	Sep. 30, 2020	Mar. 31, 2021
Commitments And Contingencies [Line Items]
Potential losses from claims, legal proceedings probable of occurring			$ 0
Maximum number of months before FDA can approve patent request		30 months
VUMERITY ANDA Litigation
Commitments And Contingencies [Line Items]
Maximum number of months before FDA can approve patent request	30 months