0000950170-22-021003 | 10-Q | XBRL Viewer

Print Document View Excel Document

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2022	Oct. 28, 2022
Cover [Abstract]
Entity Registrant Name	Alkermes plc.
Entity Central Index Key	0001520262
Document Type	10-Q
Document Period End Date	Sep. 30, 2022
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		164,312,356
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
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	Sep. 30, 2022	Dec. 31, 2021
CURRENT ASSETS:
Cash and cash equivalents	$ 263,957	$ 337,544
Receivables, net	257,173	313,193
Investments—short-term	316,225	198,767
Inventory	166,296	150,335
Contract assets	10,105	13,363
Prepaid expenses and other current assets	40,041	48,967
Total current assets	1,053,797	1,062,169
PROPERTY, PLANT AND EQUIPMENT, NET	326,350	341,054
INVESTMENTS—LONG-TERM	166,928	229,430
RIGHT-OF-USE ASSETS	106,980	115,627
INTANGIBLE ASSETS, NET	46,845	74,043
GOODWILL	92,873	92,873
DEFERRED TAX ASSETS	137,149	81,833
OTHER ASSETS	10,977	27,455
TOTAL ASSETS	1,941,899	2,024,484
CURRENT LIABILITIES:
Accounts payable and accrued expenses	211,177	208,491
Accrued sales discounts, allowances and reserves	235,640	237,216
Operating lease liabilities—short-term	15,756	16,240
Contract liabilities—short-term	3,982	6,339
Current portion of long-term debt	3,000	3,000
Total current liabilities	469,555	471,286
LONG-TERM DEBT	290,904	292,804
OPERATING LEASE LIABILITIES—LONG-TERM	95,731	104,162
OTHER LONG-TERM LIABILITIES	42,855	43,648
Total liabilities	899,045	911,900
COMMITMENTS AND CONTINGENT LIABILITIES
SHAREHOLDERS’ EQUITY:
Preferred shares, par value, $0.01 per share; 50,000,000 shares authorized; zero issued and outstanding at September 30, 2022 and December 31, 2021, respectively
Ordinary shares, par value, $0.01 per share; 450,000,000 shares authorized; 168,864,804 and 165,790,549 shares issued; 164,303,229 and 161,937,327 shares outstanding at September 30, 2022 and December 31, 2021, respectively	1,689	1,658
Treasury shares, at cost (4,561,575 and 3,853,222 shares at September 30, 2022 and December 31, 2021, respectively)	(160,561)	(142,658)
Additional paid-in capital	2,885,594	2,798,325
Accumulated other comprehensive loss	(12,837)	(3,723)
Accumulated deficit	(1,671,031)	(1,541,018)
Total shareholders’ equity	1,042,854	1,112,584
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 1,941,899	$ 2,024,484

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (unaudited) - $ / shares	Sep. 30, 2022	Dec. 31, 2021
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	168,864,804	165,790,549
Ordinary shares, shares outstanding	164,303,229	161,937,327
Treasury shares	4,561,575	3,853,222

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
REVENUES:
Total revenues	$ 252,357	$ 294,141	$ 807,121	$ 849,288
EXPENSES:
Cost of goods manufactured and sold (exclusive of amortization of acquired intangible assets shown below)	50,625	49,561	164,144	143,705
Research and development	100,430	118,411	289,256	308,152
Selling, general and administrative	152,777	136,213	448,206	400,569
Amortization of acquired intangible assets	9,166	9,615	27,198	28,532
Total expenses	312,998	313,800	928,804	880,958
OPERATING LOSS	(60,641)	(19,659)	(121,683)	(31,670)
OTHER EXPENSE, NET:
Interest income	2,239	468	3,708	1,955
Interest expense	(3,552)	(2,437)	(8,271)	(8,814)
Change in the fair value of contingent consideration	(3,553)	(5,195)	(21,750)	(677)
Other (expense) income, net	(1,861)	288	2,380	(327)
Total other expense, net	(6,727)	(6,876)	(23,933)	(7,863)
LOSS BEFORE INCOME TAXES	(67,368)	(26,535)	(145,616)	(39,533)
INCOME TAX (BENEFIT) PROVISION	(3,394)	2,453	(15,603)	9,509
NET LOSS	$ (63,974)	$ (28,988)	$ (130,013)	$ (49,042)
LOSS PER ORDINARY SHARE:
Basic	$ (0.39)	$ (0.18)	$ (0.79)	$ (0.31)
Diluted	$ (0.39)	$ (0.18)	$ (0.79)	$ (0.31)
WEIGHTED AVERAGE NUMBER OF ORDINARY SHARES OUTSTANDING:
Basic	164,282	161,456	163,541	160,642
Diluted	164,282	161,456	163,541	160,642
COMPREHENSIVE LOSS:
Net loss	$ (63,974)	$ (28,988)	$ (130,013)	$ (49,042)
Holding loss, net of a tax benefit of $188, $72, $1,242 and $325, respectively	(2,349)	(249)	(9,114)	(1,122)
COMPREHENSIVE LOSS	(66,323)	(29,237)	(139,127)	(50,164)
Product sales, net
REVENUES:
Total revenues	199,380	157,737	561,435	448,508
Manufacturing and royalty revenues
REVENUES:
Total revenues	52,941	136,294	243,437	398,435
License revenue
REVENUES:
Total revenues			2,000	1,500
Research and development revenue
REVENUES:
Total revenues	$ 36	$ 110	$ 249	$ 845

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Statement [Abstract]
Tax benefit	$ 188	$ (326)	$ 1,382	$ 72	$ 79	$ 174	$ 1,242	$ 325

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (130,013)	$ (49,042)
Adjustments to reconcile net loss to cash flows from operating activities:
Depreciation and amortization	58,185	57,510
Share-based compensation expense	67,771	68,603
Deferred income taxes	(54,073)	2,015
Change in the fair value of contingent consideration	21,750	677
Loss on debt extinguishment		171
Other non-cash charges	3,746	1,803
Changes in assets and liabilities:
Receivables	56,045	(13,991)
Contract assets	3,258	10,892
Inventory	(15,646)	(13,375)
Prepaid expenses and other assets	1,872	(1,507)
Right-of-use assets	12,470	12,891
Accounts payable and accrued expenses	4,810	15,546
Contract liabilities	(9,191)	(4,642)
Operating lease liabilities	(13,411)	(12,504)
Other long-term liabilities	12,424	(4,353)
Cash flows provided by operating activities	19,997	70,694
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions of property, plant and equipment	(28,227)	(19,359)
Proceeds from the sale of equipment		277
Proceeds from contingent consideration	1,273	7,908
Return of Fountain Healthcare Partners II, L.P. investment	485
Payment made for licensed Intellectual Property ("IP")		(1,000)
Purchases of investments	(256,806)	(294,370)
Sales and maturities of investments	190,994	241,082
Cash flows used in investing activities	(92,281)	(65,462)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from the issuance of ordinary shares under share-based compensation arrangements	18,850	24,810
Employee taxes paid related to net share settlement of equity awards	(17,903)	(13,633)
Proceeds from the issuance of long-term debt		23,567
Payment made for debt extinguishment		(993)
Principal payments of long-term debt	(2,250)	(1,500)
Cash flows (used in) provided by financing activities	(1,303)	32,251
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	(73,587)	37,483
CASH AND CASH EQUIVALENTS—Beginning of period	337,544	272,961
CASH AND CASH EQUIVALENTS—End of period	263,957	310,444
Non-cash investing and financing activities:
Purchased capital expenditures included in accounts payable and accrued expenses	$ 2,690	$ 2,698

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, 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	$ 18	2,035
Issuance of ordinary shares under employee stock plans (in shares)		1,566,685
Receipt of Alkermes' shares for the exercise of stock options or to satisfy minimum tax withholding obligations related to share-based awards	(10,413)					$ (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)						(529,817)
Share-based compensation	15,552		15,552
Unrealized loss on marketable securities, net of tax (benefit) provision	(601)			(601)
Net Income (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)
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)
Unrealized loss on marketable securities, net of tax (benefit) provision	(1,122)
Net Income (Loss)	(49,042)
BALANCE at Sep. 30, 2021	1,096,168	$ 1,654	2,778,596	(2,471)	(1,541,891)	$ (139,720)
BALANCE (in shares) at Sep. 30, 2021		165,439,188				(3,752,965)
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)
Issuance of ordinary shares under employee stock plans	18,445	$ 12	18,433
Issuance of ordinary shares under employee stock plans (in shares)		1,129,869
Receipt of Alkermes' shares for the exercise of stock options or to satisfy minimum tax withholding obligations related to share-based awards	(707)					$ (707)
Receipt of Alkermes' shares for the exercise of stock options or to satisfy minimum tax withholding obligations related to share-based awards (in shares)						(31,752)
Share-based compensation	26,917		26,917
Unrealized loss on marketable securities, net of tax (benefit) provision	(272)			(272)
Net Income (Loss)	2,364				2,364
BALANCE at Jun. 30, 2021	1,097,902	$ 1,650	2,748,584	(2,222)	(1,512,903)	$ (137,207)
BALANCE (in shares) at Jun. 30, 2021		164,965,774				(3,669,648)
Issuance of ordinary shares under employee stock plans	4,312	$ 4	4,308
Issuance of ordinary shares under employee stock plans (in shares)		473,414
Receipt of Alkermes' shares for the exercise of stock options or to satisfy minimum tax withholding obligations related to share-based awards	(2,513)					$ (2,513)
Receipt of Alkermes' shares for the exercise of stock options or to satisfy minimum tax withholding obligations related to share-based awards (in shares)						(83,317)
Share-based compensation	25,704		25,704
Unrealized loss on marketable securities, net of tax (benefit) provision	(249)			(249)
Net Income (Loss)	(28,988)				(28,988)
BALANCE at Sep. 30, 2021	1,096,168	$ 1,654	2,778,596	(2,471)	(1,541,891)	$ (139,720)
BALANCE (in shares) at Sep. 30, 2021		165,439,188				(3,752,965)
BALANCE at Dec. 31, 2021	1,112,584	$ 1,658	2,798,325	(3,723)	(1,541,018)	$ (142,658)
BALANCE (in shares) at Dec. 31, 2021		165,790,549				(3,853,222)
Issuance of ordinary shares under employee stock plans	1,795	$ 19	1,776
Issuance of ordinary shares under employee stock plans (in shares)		1,953,293
Receipt of Alkermes' shares for the exercise of stock options or to satisfy minimum tax withholding obligations related to share-based awards	(17,069)					$ (17,069)
Receipt of Alkermes' shares for the exercise of stock options or to satisfy minimum tax withholding obligations related to share-based awards (in shares)						(678,209)
Share-based compensation	18,494		18,494
Unrealized loss on marketable securities, net of tax (benefit) provision	(4,511)			(4,511)
Net Income (Loss)	(35,903)				(35,903)
BALANCE at Mar. 31, 2022	1,075,390	$ 1,677	2,818,595	(8,234)	(1,576,921)	$ (159,727)
BALANCE (in shares) at Mar. 31, 2022		167,743,842				(4,531,431)
BALANCE at Dec. 31, 2021	1,112,584	$ 1,658	2,798,325	(3,723)	(1,541,018)	$ (142,658)
BALANCE (in shares) at Dec. 31, 2021		165,790,549				(3,853,222)
Unrealized loss on marketable securities, net of tax (benefit) provision	(9,114)
Net Income (Loss)	(130,013)
BALANCE at Sep. 30, 2022	1,042,854	$ 1,689	2,885,594	(12,837)	(1,671,031)	$ (160,561)
BALANCE (in shares) at Sep. 30, 2022		168,864,804				4,561,575
BALANCE at Mar. 31, 2022	1,075,390	$ 1,677	2,818,595	(8,234)	(1,576,921)	$ (159,727)
BALANCE (in shares) at Mar. 31, 2022		167,743,842				(4,531,431)
Issuance of ordinary shares under employee stock plans	16,197	$ 11	16,186
Issuance of ordinary shares under employee stock plans (in shares)		1,038,859
Receipt of Alkermes' shares for the exercise of stock options or to satisfy minimum tax withholding obligations related to share-based awards	(514)					$ (514)
Receipt of Alkermes' shares for the exercise of stock options or to satisfy minimum tax withholding obligations related to share-based awards (in shares)						(18,566)
Share-based compensation	23,641		23,641
Unrealized loss on marketable securities, net of tax (benefit) provision	(2,254)			(2,254)
Net Income (Loss)	(30,136)				(30,136)
BALANCE at Jun. 30, 2022	1,082,324	$ 1,688	2,858,422	(10,488)	(1,607,057)	$ (160,241)
BALANCE (in shares) at Jun. 30, 2022		168,782,701				(4,549,997)
Issuance of ordinary shares under employee stock plans	858	$ 1	857
Issuance of ordinary shares under employee stock plans (in shares)		82,103
Receipt of Alkermes' shares for the exercise of stock options or to satisfy minimum tax withholding obligations related to share-based awards	(320)					$ (320)
Receipt of Alkermes' shares for the exercise of stock options or to satisfy minimum tax withholding obligations related to share-based awards (in shares)						(11,578)
Share-based compensation	26,315		26,315
Unrealized loss on marketable securities, net of tax (benefit) provision	(2,349)			(2,349)
Net Income (Loss)	(63,974)				(63,974)
BALANCE at Sep. 30, 2022	$ 1,042,854	$ 1,689	$ 2,885,594	$ (12,837)	$ (1,671,031)	$ (160,561)
BALANCE (in shares) at Sep. 30, 2022		168,864,804				4,561,575

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-URI https://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22595-107794

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-URI https://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126732423&loc=SL123482106-238011

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 50
-Paragraph 6
-URI https://asc.fasb.org/extlink&oid=124431353&loc=SL124452729-227067

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-URI https://asc.fasb.org/extlink&oid=126954810&loc=d3e3602-108585

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22499-107794

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22663-107794

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 17: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22583-107794

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126958026&loc=SL5780133-109256

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 8
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22658-107794

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126968391&loc=SL7669619-108580

Reference 25: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI https://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126968391&loc=SL7669625-108580

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

+ 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

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-Section 55
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=84165509&loc=d3e56426-112766

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 4.E)
-URI https://asc.fasb.org/extlink&oid=122038336&loc=d3e74512-122707

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(31))
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(30))
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

+ Details

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement Of Stockholders Equity [Abstract]
Tax (benefit) provision	$ (188)	$ 326	$ (1,382)	$ (72)	$ (79)	$ (174)	$ (1,242)	$ (325)

The Company

9 Months Ended

Sep. 30, 2022

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 the fields of neuroscience and oncology. Alkermes has a portfolio of proprietary commercial products focused on alcohol dependence, opioid dependence, schizophrenia and bipolar I disorder and a pipeline of product candidates in development for 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	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2022
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 and nine months ended September 30, 2022 and 2021 are unaudited and have been prepared on a basis substantially consistent with the audited financial statements for the year ended December 31, 2021. 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 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 Company’s 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 accompanying 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 Company’s Annual Report. Intercompany accounts and transactions have been eliminated. Reclassification The Company reclassified certain prior year amounts on the condensed consolidated balance sheet to conform to the current year presentation. These reclassifications had no impact on the previously reported total assets, liabilities or shareholders’ equity. Use of Estimates The preparation of the Company’s condensed consolidated financial statements in accordance with GAAP requires that Company 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, but not limited to, 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 conditions or using different assumptions. Segment Information The Company operates as one business segment, which is the business of developing, manufacturing and commercializing medicines designed to address unmet medical needs of patients in major therapeutic areas. The Company’s chief decision maker, its Chief Executive Officer and chairman of its 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 impacted nearly all regions of the world and resulted in travel and other 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 and implemented quarantines, vaccine and masking mandates, restrictive executive orders and other similar government orders, restrictions, and recommendations for their residents to help control the spread of COVID-19, and may continue to do so while the pandemic persists. Such orders, mandates, restrictions and/or recommendations, and/or the perception that additional orders, mandates, restrictions or recommendations could occur, have, at times during the pandemic, resulted in widespread interruptions and closures of businesses, including healthcare systems that serve people living with addiction and serious mental illness, work and supply chain stoppages, slowdowns and/or delays, remote work policies and travel restrictions, among other effects. The COVID-19 pandemic has caused, and the Company expects may continue to cause, varying degrees of disruption to its employees and its business operations. While the Company has continued to operate its manufacturing facilities and supply its medicines throughout the pandemic, it has at times during the pandemic, experienced labor or supply chain delays or disruptions at its manufacturing facilities, and may continue to experience such delays or disruptions while the pandemic persists. In addition, while the Company has continued to conduct R&D activities, including its ongoing clinical trials, the COVID-19 pandemic has at times impacted the timelines of certain of its early-stage discovery efforts and clinical trials, and may continue to impact such timelines while the pandemic persists. The Company works with its internal teams, its clinical investigators, R&D vendors and critical supply chain vendors to continually assess, and mitigate, the potential impact of COVID-19 on its manufacturing operations and R&D activities. A number of the marketed products from which the Company derives revenue, including manufacturing and royalty revenue, are 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, travel restrictions, quarantine, testing and/or vaccine mandates and other protocols, labor shortages, and other restrictive measures, commercial sales of these marketed products have been adversely impacted to varying degrees during the pandemic and may continue to be adversely impacted while the pandemic persists. In addition, 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. 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 its current projections. These uncertainties include, among other things, the ultimate severity and duration of the pandemic and the manner in which it continues to evolve, including the emergence, prevalence and severity of new or existing COVID-19 variants, and future developments in response thereto, which are highly uncertain and cannot be predicted as of the date of this Form 10-Q. 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 accounting pronouncements that are not yet effective will not have a material impact on its financial position or results of operations upon adoption.

Revenue from Contracts with Customers

9 Months Ended

Sep. 30, 2022

Revenue From Contract With Customer [Abstract]

Revenue from Contracts with Customers

3. REVENUE FROM CONTRACTS WITH CUSTOMERS

Product Sales, Net

The Company’s product sales, net consist of sales in the U.S. of VIVITROL, ARISTADA and ARISTADA INITIO and, following its commercial launch in October 2021, LYBALVI, primarily to wholesalers, specialty distributors and pharmacies. During the three and nine months ended September 30, 2022 and 2021, the Company recorded product sales, net, as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)	2022		2021		2022		2021
VIVITROL	$	96,534	$	88,864	$	277,493	$	251,815
ARISTADA and ARISTADA INITIO		75,719		68,873		222,826		196,693
LYBALVI		27,127		—		61,116		—
Total product sales, net	$	199,380	$	157,737	$	561,435	$	448,508

Manufacturing and Royalty Revenues

During the three and nine months ended September 30, 2022 and 2021, the Company recorded manufacturing and royalty revenues as follows:


	Three Months Ended September 30, 2022								Nine Months Ended September 30, 2022
(In thousands)	Manufacturing Revenue		Royalty Revenue			Total			Manufacturing Revenue		Royalty Revenue		Total
Long-acting INVEGA products(1)	$	—	$	26,737		$	26,737		$	—	$	90,439	$	90,439
VUMERITY		5,584		20,666			26,250			22,629		60,386		83,015
RISPERDAL CONSTA		8,380		1,848			10,228			32,529		5,516		38,045
Other		3,265		(13,539	)		(10,274	)		26,472		5,466		31,938
	$	17,229	$	35,712		$	52,941		$	81,630	$	161,807	$	243,437


	Three Months Ended September 30, 2021						Nine Months Ended September 30, 2021
(In thousands)	Manufacturing Revenue		Royalty Revenue		Total		Manufacturing Revenue		Royalty Revenue		Total
Long-acting INVEGA products(1)	$	—	$	79,323	$	79,323	$	—	$	221,965	$	221,965
VUMERITY		8,499		18,250		26,749		17,671		42,866		60,537
RISPERDAL CONSTA		8,725		2,245		10,970		31,411		8,172		39,583
Other		6,762		12,490		19,252		29,282		47,068		76,350
	$	23,986	$	112,308	$	136,294	$	78,364	$	320,071	$	398,435

(1)

“Long-acting INVEGA products”: INVEGA SUSTENNA/XEPLION (paliperidone palmitate), INVEGA TRINZA/TREVICTA (paliperidone palmitate) and INVEGA HAFYERA/BYANNLI (paliperidone palmitate)

On October 13, 2022, an arbitration panel found that the Company must return to Acorda approximately $16.5 million (inclusive of prejudgment interest and administrative fees) previously paid by Acorda under a license agreement between the Company and Acorda. This amount represents royalty revenue paid by Acorda since July 2020 related to AMPYRA. The Company expects it may be required to repay to Acorda an additional $1.8 million in royalty revenue previously paid by Acorda. The Company paid the $16.5 million arbitration award amount in October 2022 and expects to pay the $1.8 million in the fourth quarter of 2022. In addition, during the three months ended June 30, 2022, the Company had recorded $3.2 million of royalty revenue related to AMPYRA as the Company believed that it had met the necessary revenue recognition criteria under Accounting Standards Codification (”ASC”) 606, Revenue from Contracts with Customers (”ASC 606”). However, as a result of the arbitration ruling, the Company reversed the $3.2 million as

the panel found that the Company was no longer entitled to be paid those royalties. During the three and nine months ended September 30, 2022, the Company recorded both the $18.3 million in repayments and the $3.2 million reversal as reversals of royalty revenue within “Manufacturing and royalty revenue” in the accompanying condensed consolidated statements of operations and comprehensive loss. As a result of the panel’s ruling, the Company no longer has a contractual obligation to manufacture and supply AMPYRA or a contractual right to receive future manufacturing or royalty revenue for AMPYRA.

In November 2021, the Company received notice of partial termination of an exclusive license agreement with Janssen Pharmaceutica N.V., a subsidiary of Johnson & Johnson Corporation (“Janssen Pharmaceutica”). Under this license agreement the Company provided Janssen Pharmaceutica with rights to, and know-how, training and technical assistance in respect of, the Company’s small particle pharmaceutical compound technology, known as NanoCrystal Technology, to develop dosage forms of paliperidone palmitate, including INVEGA SUSTENNA/XEPLION, INVEGA TRINZA/TREVICTA and INVEGA HAFYERA/BYANNLI. When the partial termination became effective in February 2022, Janssen Pharmaceutica ceased paying royalties related to sales of INVEGA SUSTENNA, INVEGA TRINZA and INVEGA HAFYERA in the U.S. and the Company stopped recognizing royalty revenue related to net sales of these products in the U.S. In April 2022, the Company commenced binding arbitration proceedings related to, among other things, Janssen Pharmaceutica’s partial termination of the license agreement and Janssen Pharmaceutica’s royalty and other obligations under the agreement. Refer to Note 15, Commitments and Contingencies within the “Notes to Condensed Consolidated Financial Statements” in this Form 10-Q for additional information regarding the arbitration proceedings with Janssen Pharmaceutica.

Contract Assets

Contract assets include unbilled amounts resulting from sales under certain of the Company’s manufacturing contracts where revenue is recognized over time and $5.0 million of expected consideration from the Company’s collaboration with Biogen related to VUMERITY. The amounts included in the contract assets table below are classified as “Current assets” in the accompanying condensed consolidated balance sheets, as they relate to manufacturing processes that are completed in ten days to eight weeks and, in the case of the $5.0 million of consideration, an amount that is expected to be received in November 2022.

Total contract assets at September 30, 2022 were as follows:


(In thousands)	Contract Assets
Contract assets at December 31, 2021	$	13,363
Additions		30,215
Transferred to receivables, net		(33,473	)
Contract assets at September 30, 2022	$	10,105

Contract Liabilities

Contract liabilities consist of contractual obligations related to deferred revenue. At September 30, 2022 and December 31, 2021, $4.0 million and $6.3 million of the contract liabilities, respectively, were classified as “Contract liabilities–short-term” in the accompanying condensed consolidated balance sheets and $4.6 million and $11.5 million of the contract liabilities, respectively, were classified as “Other long-term liabilities” in the accompanying condensed consolidated balance sheets.

Total contract liabilities at September 30, 2022 were as follows:


(In thousands)	Contract Liabilities
Contract liabilities at December 31, 2021	$	17,830
Additions		2,595
Amounts recognized into revenue		(5,402	)
Amounts recognized into other (expense) income, net		(6,384	)
Contract liabilities at September 30, 2022	$	8,639

- 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 https://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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

Investments

9 Months Ended

Sep. 30, 2022

Investments Debt And Equity Securities [Abstract]

Investments

4. INVESTMENTS

Investments consisted of the following (in thousands):


			Gross Unrealized
					Losses
	Amortized				Less than			Greater than			Estimated
September 30, 2022	Cost		Gains		One Year			One Year			Fair Value
Short-term investments:
Available-for-sale securities:
Corporate debt securities	$	135,140	$	—	$	(1,860	)	$	(712	)	$	132,568
U.S. government and agency debt securities		135,444		4		(823	)		(569	)		134,056
Non-U.S. government debt securities		50,148		—		(311	)		(236	)		49,601
Total short-term investments		320,732		4		(2,994	)		(1,517	)		316,225
Long-term investments:
Available-for-sale securities:
Corporate debt securities		87,038		—		(2,757	)		(606	)		83,675
U.S. government and agency debt securities		73,109		—		(1,768	)		(1,374	)		69,967
Non-U.S. government debt securities		12,021		—		—			(555	)		11,466
		172,168		—		(4,525	)		(2,535	)		165,108
Held-to-maturity securities:
Certificates of deposit		1,820		—		—			—			1,820
Total long-term investments		173,988		—		(4,525	)		(2,535	)		166,928
Total investments	$	494,720	$	4	$	(7,519	)	$	(4,052	)	$	483,153

December 31, 2021
Short-term investments:
Available-for-sale securities:
Corporate debt securities	$	85,201	$	177	$	(39	)	$	—		$	85,339
U.S. government and agency debt securities		45,349		35		(24	)		—			45,360
Non-U.S. government debt securities		68,046		75		(53	)		—			68,068
Total short-term investments		198,596		287		(116	)		—			198,767
Long-term investments:
Available-for-sale securities:
Corporate debt securities		111,793		—		(654	)		—			111,139
U.S. government and agency debt securities		81,296		—		(517	)		—			80,779
Non-U.S. government debt securities		35,902		—		(210	)		—			35,692
		228,991		—		(1,381	)		—			227,610
Held-to-maturity securities:
Certificates of deposit		1,820		—		—			—			1,820
Total long-term investments		230,811		—		(1,381	)		—			229,430
Total investments	$	429,407	$	287	$	(1,497	)	$	—		$	428,197

At September 30, 2022, the Company reviewed its investment portfolio to assess whether the unrealized losses on its available-for-sale investments were temporary. Investments with unrealized losses consisted primarily of corporate debt securities and debt securities issued and backed by U.S. agencies and the U.S. government. At September 30, 2022, the aggregate estimated fair value of investments in an unrealized loss position was $477.0 million. The Company has the intent and ability to hold these investments until recovery, which may be at maturity. In making the determination whether the decline in fair value of these securities was 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.

In January 2022, the Company purchased a convertible promissory note in the principal amount of $0.5 million from Synchronicity Pharma, Inc. (“Synchronicity”), a related party. The convertible promissory note was classified as an available-for-sale corporate debt instrument. During the three months ended September 30, 2022, the Company determined there was an other-than-temporary loss related to this investment in Synchronicity and the $0.5 million was

recorded within “Other (expense) income, net” in the accompanying condensed consolidated statements of operations and comprehensive loss.

In May 2014, the Company entered into an agreement to invest in a partnership, Fountain Healthcare Partners II, L.P. of Ireland (“Fountain”), which was created to carry on the business of investing exclusively in companies and businesses engaged in the healthcare, pharmaceutical and life sciences sectors. As of September 30, 2022, the Company’s total contribution in Fountain was equal to €8.0 million, and its commitment represented approximately 7% of the partnership’s total funding. The Company is accounting for its investment in Fountain under the equity method.

During the three months ended March 31, 2022, one of the companies within the Fountain portfolio was acquired by a third party. The Company’s proportional share of the proceeds from this transaction was $1.1 million, of which $1.0 million was received during the three months ended March 31, 2022 and the remaining $0.1 million is being held in escrow until May 2023. The transaction was accounted for under the cumulative earnings approach whereby the return on investment of $0.6 million was recorded as a gain within “Other (expense) income, net” in the accompanying condensed consolidated statements of operations and comprehensive loss and the return of investment of $0.5 million was recorded as a reduction in the Company’s net investment in Fountain. The Company’s net investment in Fountain was $6.7 million and $6.1 million at September 30, 2022 and December 31, 2021, respectively, and was included within “Other assets” in the accompanying condensed consolidated balance sheets.

During the three and nine months ended September 30, 2022, the Company recorded increases of $0.5 million and $1.6 million, respectively, in its investment in Fountain, which represented the Company’s proportional share of Fountain’s net gains.

Realized gains and losses on the sales and maturities of investments, which were identified using the specific identification method, were as follows:


	Nine Months Ended September 30,
(In thousands)	2022		2021
Proceeds from the sales and maturities of investments	$	190,994	$	239,228
Realized gains	$	—	$	34
Realized losses	$	529	$	977

The Company’s available-for-sale and held-to-maturity securities at September 30, 2022 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	$	318,866	$	314,355	$	1,820	$	1,820
After 1 year through 5 years		174,034		166,978		—		—
Total	$	492,900	$	481,333	$	1,820	$	1,820

Fair Value

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value

5. FAIR VALUE

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


	September 30,
(In thousands)	2022		Level 1		Level 2		Level 3
Assets:
Cash equivalents	$	19,927	$	19,927	$	—	$	—
U.S. government and agency debt securities		204,023		164,218		39,805		—
Corporate debt securities		216,243		—		216,243		—
Non-U.S. government debt securities		61,067		—		61,067		—
Total	$	501,260	$	184,145	$	317,115	$	—


	December 31,
	2021		Level 1		Level 2		Level 3
Assets:
U.S. government and agency debt securities	$	126,139	$	96,597	$	29,542	$	—
Corporate debt securities		196,478		—		196,478		—
Non-U.S. government debt securities		103,760		—		103,760		—
Contingent consideration		23,048		—		—		23,048
Total	$	449,425	$	96,597	$	329,780	$	23,048

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 levels during the nine months ended September 30, 2022. The following table is a rollforward of the fair value of the Company’s investments with fair values that were determined using Level 3 inputs at September 30, 2022:


(In thousands)	Fair Value
Balance, January 1, 2022	$	23,048
Purchase of corporate debt security		500
Change in the fair value of contingent consideration		(21,750	)
Milestone and royalty payments received by the Company related to contingent consideration		(1,273	)
Impairment of corporate debt security		(500	)
Royalty payments due to the Company related to contingent consideration		(25	)
Balance, September 30, 2022	$	—

The Company’s investments in U.S. government and agency debt securities, non-U.S. 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 related manufacturing and royalty revenue associated with certain products manufactured at the facility, and the rights to intravenous/intramuscular (“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 certain contingent consideration from the Gainesville Transaction, including royalties on net sales of Meloxicam Products and development and commercial milestones, were assigned and/or transferred to Baudax.

In Baudax’s Quarterly Report on Form 10-Q for the period ended June 30, 2022, Baudax continued to include disclosures regarding its ability to continue as a going concern, which first appeared in its Annual Report on Form 10-K for the period ended December 31, 2021. In March 2022, Baudax reduced its workforce by approximately 80%, which was designed to reduce its operational expenses and conserve its cash resources. As a result of these events and the fact that, as of March 31, 2022, Baudax had only paid $0.5 million of the $6.4 million milestone payment that was due to the Company in March 2022, the Company recorded a reduction in the fair value of the contingent consideration of $19.1 million during the three months ended March 31, 2022. In light of Baudax’s continued disclosures regarding its ability to continue as a going concern and the fact that, as of September 30, 2022, Baudax had only paid $1.2 million of the $6.4

million that was due to the Company in March 2022, the Company determined that it was unlikely to collect any further proceeds under this arrangement. During the three months ended September 30, 2022, the Company recorded a $3.6 million charge to reduce the fair value of the contingent consideration to zero within “Change in the fair value of contingent consideration” in the accompanying condensed consolidated statements of operations and comprehensive loss. In addition, during the three months ended September 30, 2022, the Company determined that certain construction in progress related to the manufacturing of the approved Meloxicam Product had no future value. See Note 7, Property, Plant and Equipment, within the “Notes to Condensed Consolidated Financial Statements” in this Form 10-Q for details related to such construction in progress.

At December 31, 2021, the Company determined that the fair value of the contingent consideration was $23.0 million, $6.4 million of which was included within “Prepaid expenses and other current assets” in the accompanying condensed consolidated balance sheets, and $16.6 million of which was included within “Other assets” in the accompanying condensed consolidated balance sheets. For discussion on the calculation of the fair value of the contingent consideration at December 31, 2021, refer to Note 5, Fair Value within the “Notes to Consolidated Financial Statements” in the Company’s Annual Report.

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 (such debt, the “2026 Term Loans”), 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 $279.6 million and $285.8 million at September 30, 2022 and December 31, 2021, respectively.

- 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

9 Months Ended

Sep. 30, 2022

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:


	September 30,		December 31,
(In thousands)	2022		2021
Raw materials	$	57,889	$	56,125
Work in process		79,816		59,105
Finished goods(1)		28,591		35,105
Total inventory	$	166,296	$	150,335

(1)

At September 30, 2022 and December 31, 2021, the Company had $22.9 million and $25.1 million, respectively, of finished goods inventory located at its third-party warehouse and shipping service provider.

Property, Plant and Equipment

9 Months Ended

Sep. 30, 2022

Property Plant And Equipment [Abstract]

Property, Plant and Equipment

7. PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment consisted of the following:


	September 30,			December 31,
(In thousands)	2022			2021
Land	$	6,560		$	6,560
Building and improvements		194,785			192,920
Furniture, fixtures and equipment		413,721			398,099
Leasehold improvements		52,526			52,526
Construction in progress		84,152			86,512
Subtotal		751,744			736,617
Less: accumulated depreciation		(425,394	)		(395,563	)
Total property, plant and equipment, net	$	326,350		$	341,054

In September 2022, the Company determined that $8.7 million of its construction in progress that related to the manufacturing of the approved Meloxicam Product had no future value. In addition, the Company had previously received $6.4 million from Baudax related to such equipment which it had recorded as contract liabilities within “Other long-term liabilities” in the accompanying condensed consolidated balance sheets. These amounts were recognized through “other (expense) income, net” in the accompanying condensed consolidated statements of operations and comprehensive loss.

Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2022

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

8. GOODWILL AND INTANGIBLE ASSETS

Goodwill and intangible assets consisted of the following:


		September 30, 2022
(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	$	(428,609	)	$	36,981
Capitalized IP	11-13		118,160		(108,296	)		9,864
Total		$	583,750	$	(536,905	)	$	46,845

Based on the Company’s most recent analysis, amortization of intangible assets included in the accompanying condensed consolidated balance sheet at September 30, 2022 is expected to be approximately $35.0 million, $35.0 million and $1.0 million in the years ending December 31, 2022 through 2024, respectively. Although the Company believes that such analysis, and the available information and assumptions underlying such analysis, 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.

In October 2022, the Company determined that an impairment-triggering event occurred as a result of the arbitration with Acorda, referenced in Note 3, Revenue from Contracts with Customers, within the “Notes to Condensed Consolidated Financial Statements” in this Form 10-Q, and evaluated certain of its intangible assets for impairment under a held-and-used model. The Company concluded that the long-lived assets evaluated for impairment were recoverable based on an analysis of the undiscounted cash flows to be generated from the use of these assets.

Leases

9 Months Ended

Sep. 30, 2022

Leases [Abstract]

Leases

9. LEASES

Future lease payments under non-cancelable leases at September 30, 2022 and December 31, 2021 consisted of the following:


	September 30,			December 31,
(In thousands)	2022			2021
2022	$	4,489		$	17,991
2023		18,148			17,329
2024		18,418			17,535
2025		18,692			17,808
2026		14,661			13,777
Thereafter		95,304			95,229
Total operating lease payments	$	169,712		$	179,669
Less: imputed interest		(58,225	)		(59,267	)
Total operating lease liabilities	$	111,487		$	120,402

At September 30, 2022, the weighted average incremental borrowing rate and the weighted average remaining lease term for all operating leases held by the Company were 5.23% and 10.9 years, respectively. Cash paid for lease liabilities was $4.5 million and $13.4 million during the three and nine months ended September 30, 2022, respectively, compared to $4.4 million and $12.5 million during the three and nine months ended September 30, 2021, respectively. The Company recorded operating lease expense of $4.1 million and $12.5 million during the three and nine months ended September 30, 2022, respectively, as compared to $4.3 million and $12.9 million during the three and nine months ended September 30, 2021, respectively.

Accounts Payable and Accrued Expenses

9 Months Ended

Sep. 30, 2022

Payables And Accruals [Abstract]

Accounts Payable and Accrued Expenses

10. ACCOUNTS PAYABLE AND ACCRUED EXPENSES

Accounts payable and accrued expenses consisted of the following:


	September 30,		December 31,
(In thousands)	2022		2021
Accounts payable	$	33,199	$	55,721
Accrued compensation		60,920		77,256
Accrued other		117,058		75,514
Total accounts payable and accrued expenses	$	211,177	$	208,491

A summary of the Company’s current provision for sales discounts, allowances and reserves is as follows:


	September 30,		December 31,
(In thousands)	2022		2021
Medicaid rebates	$	189,838	$	195,413
Product discounts		16,425		14,951
Medicare Part D		17,664		14,348
Other		11,713		12,504
Total accrued sales discounts, allowances and reserves	$	235,640	$	237,216

Long-term Debt

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Long-term Debt

11. LONG-TERM DEBT

Long-term debt consisted of the following:


	September 30,			December 31,
(In thousands)	2022			2021
2026 Term Loans, due March 12, 2026	$	293,904		$	295,804
Less: current portion		(3,000	)		(3,000	)
Long-term debt	$	290,904		$	292,804

In March 2021, the Company amended and refinanced its existing term loans, resulting in the 2026 Term Loans (such refinancing, the “Term Loan Refinancing”). The 2026 Term Loans mature on March 12, 2026 and bear interest payable at LIBOR plus 2.50% with a LIBOR floor of 0.5%. The 2026 Term Loans have an incremental facility capacity in the amount of $175.0 million plus additional amounts, provided that the Company meets certain conditions, including a specified leverage ratio. The Company was in compliance with its debt covenants at September 30, 2022.

Included in “Interest expense” in the accompanying condensed consolidated statement of operations and comprehensive loss in the nine months ended September 30, 2021 was $2.1 million related to the Term Loan Refinancing. Refer to Note 11, Long-Term Debt within the “Notes to Consolidated Financial Statements” in the Company’s Annual Report for a discussion on accounting for the Term Loan Refinancing.

Share-based Compensation

9 Months Ended

Sep. 30, 2022

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 accompanying condensed consolidated statements of operations and comprehensive loss:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(In thousands)	2022		2021		2022		2021
Cost of goods manufactured and sold	$	2,623	$	2,666	$	7,406	$	7,527
Research and development		6,858		7,960		19,688		19,154
Selling, general and administrative		16,570		14,974		40,677		41,922
Total share-based compensation expense	$	26,051	$	25,600	$	67,771	$	68,603

At September 30, 2022 and December 31, 2021, $3.0 million and $2.3 million, respectively, of share-based compensation expense was capitalized and recorded as “Inventory” in the accompanying condensed consolidated balance sheets.

On July 7, 2022, the Company’s shareholders approved an amended version of the Alkermes plc 2018 Stock Option and Incentive Plan that served to, among other things, increase the number of ordinary shares authorized for issuance thereunder by 8,300,000.

Loss Per Share

9 Months Ended

Sep. 30, 2022

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 and nine months ended September 30, 2022 and 2021, as the Company was in a net loss position, the diluted loss per 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 share.

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(In thousands)	2022		2021		2022		2021
Stock options		13,031		11,827		12,784		15,344
Restricted stock unit awards		4,922		4,714		5,459		3,532
Total		17,953		16,541		18,243		18,876

Income Taxes

9 Months Ended

Sep. 30, 2022

Income Tax Disclosure [Abstract]

Income Taxes

14. INCOME TAXES

The Company recognizes income taxes under the asset and liability method. Deferred income taxes are recognized for differences between the financial reporting and tax bases of assets and liabilities at enacted statutory tax rates in effect for the years in which the differences are expected to reverse. The effect on deferred taxes of a change in tax rates is recognized in income in the period that includes the enactment date. In determining future taxable income, the Company is responsible for assumptions that it utilizes including the amount of Irish and non-Irish pre‑tax operating income, the reversal of temporary differences and the implementation of feasible and prudent tax planning strategies. These assumptions require significant judgment about the forecasts of future taxable income and are consistent with the plans and estimates that the Company uses to manage the underlying business.

The Company recorded income tax benefits of $3.4 million and $15.6 million during the three and nine months ended September 30, 2022, respectively, which were primarily due to a change to Section 174 of the Tax Cuts and Jobs Act of 2017 (as amended, the “TCJA”), which became effective on January 1, 2022. Under the TCJA, the Company is required to capitalize, and subsequently amortize, R&D expenses over five years for research activities conducted in the U.S. and over fifteen years for research activities conducted outside of the U.S. The capitalization of R&D expenses during these periods resulted in an increase to the Company’s U.S. taxable income and foreign derived intangible income (“FDII”), resulting in a significant increase in the Company’s FDII deduction.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Commitments and Contingent Liabilities

9 Months Ended

Sep. 30, 2022

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingent Liabilities

15. 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 September 30, 2022, there were no potential material losses from claims, asserted or unasserted, or legal proceedings that the Company determined were probable of occurring.

Janssen Arbitration Proceedings

In April 2022, Alkermes Pharma Ireland Limited commenced binding arbitration proceedings to settle, among other things, whether, notwithstanding Janssen Pharmaceutica’s partial termination of two license agreements with the Company, Janssen Pharmaceutica has a continuing obligation to pay royalties on sales in the U.S. of INVEGA SUSTENNA, INVEGA TRINZA, INVEGA HAFYERA and CABENUVA. The arbitration is to be conducted pursuant to the Institute for Conflict Prevention and Resolution (CPR) Rules for Non-Administered Arbitration. The request for arbitration seeks, among other remedies, a declaration that Janssen Pharmaceutica is in breach of the license agreements and a resumption of royalty payments for sales of the relevant products in the U.S.

INVEGA SUSTENNA ANDA Litigation

Janssen Pharmaceutica 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”) (such lawsuit, the “Teva Lawsuit”), in August 2019 against Mylan Laboratories Limited (“Mylan Labs”) and other Mylan entities (the “Mylan Lawsuit”) and in December 2019 against Pharmascience, Inc. (“Pharmascience”), Mallinckrodt plc, and SpecGX LLC (the “Pharmascience Lawsuit”), and in the U.S. District Court for the District of Delaware in December 2021 against Tolmar Holding, Inc., Tolmar Pharmaceuticals, Inc., Tolmar Therapeutics, Inc., and Tolmar, Inc. (“Tolmar” and such lawsuit, the “Tolmar Lawsuit”), following the respective filings by each of Teva, Mylan Labs, Pharmascience and Tolmar of an Abbreviated New Drug Application (“ANDA”) seeking approval from the U.S. Food and Drug Administration (the “FDA”) to market a generic version of INVEGA SUSTENNA before the expiration of U.S. Patent No. 9,439,906. In October 2021, the NJ District Court entered a judgment in favor of the Janssen entities in the Teva Lawsuit. In December 2021, the NJ District Court entered a judgment in favor of the Janssen entities in the Mylan Lawsuit, based on the parties’ prior stipulation to be bound by the judgment in the Teva Lawsuit. The Teva entities and Mylan Labs each filed notices of appeal of their respective judgments with the U.S. Court of Appeals for the Federal Circuit, which were consolidated in January 2022 (the “Teva Appeal”). A trial was scheduled in the Tolmar Lawsuit for October 2023. The Pharmascience Lawsuit was administratively terminated in July 2022, pending the outcome of the Teva Appeal. The Company is not a party to any of these proceedings.

INVEGA TRINZA ANDA Litigation

In September 2020, Janssen Pharmaceutica, 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. A trial has been scheduled to begin in November 2022. The Company is not a party to this proceeding.

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. A trial is scheduled to begin on November 14, 2022. The Company intends to vigorously defend its IP. 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).

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.

Product Liability and Other Legal Proceedings

The Company is involved in litigation 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 proceedings would have a material adverse effect on the Company’s business or financial condition.

Subsequent Event

9 Months Ended

Sep. 30, 2022

Subsequent Events [Abstract]

Subsequent Event

16. SUBSEQUENT EVENT

On November 2, 2022, the Company announced its intent, as approved by its board of directors, to explore a separation of its commercial-stage neuroscience business and development-stage oncology business. The Company plans to explore a separation of the oncology business into an independent, publicly-traded company (referred to herein as “Oncology Co.”) as part of an ongoing review of strategic alternatives for the oncology business. Following the planned separation, the Company would retain its focus on driving growth of its proprietary commercial products: LYBALVI, ARISTADA/ARISTADA INITIO and VIVITROL, and advancing the development of pipeline programs focused on neurological disorders. The Company also expects to retain manufacturing and royalty revenues related to its licensed products and third-party products using its proprietary technologies under license. Oncology Co. would focus on the discovery and development of cancer therapies, including the continued development of nemvaleukin alfa and the portfolio of novel, preclinical engineered cytokines. The separation, if consummated, is expected to be completed in the second half of 2023 and is subject to customary closing conditions, including final approval by the Company’s board of directors and, if sought, receipt of a private letter ruling from the IRS and/or tax opinion from the Company’s tax advisors.

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements of the Company for the three and nine months ended September 30, 2022 and 2021 are unaudited and have been prepared on a basis substantially consistent with the audited financial statements for the year ended December 31, 2021. 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 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 Company’s 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 accompanying 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 Company’s Annual Report. Intercompany accounts and transactions have been eliminated.
Reclassification	Reclassification The Company reclassified certain prior year amounts on the condensed consolidated balance sheet to conform to the current year presentation. These reclassifications had no impact on the previously reported total assets, liabilities or shareholders’ equity.
Use of Estimates	Use of Estimates The preparation of the Company’s condensed consolidated financial statements in accordance with GAAP requires that Company 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, but not limited to, 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 conditions or using different assumptions.
Segment Information	Segment Information The Company operates as one business segment, which is the business of developing, manufacturing and commercializing medicines designed to address unmet medical needs of patients in major therapeutic areas. The Company’s chief decision maker, its Chief Executive Officer and chairman of its 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 impacted nearly all regions of the world and resulted in travel and other 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 and implemented quarantines, vaccine and masking mandates, restrictive executive orders and other similar government orders, restrictions, and recommendations for their residents to help control the spread of COVID-19, and may continue to do so while the pandemic persists. Such orders, mandates, restrictions and/or recommendations, and/or the perception that additional orders, mandates, restrictions or recommendations could occur, have, at times during the pandemic, resulted in widespread interruptions and closures of businesses, including healthcare systems that serve people living with addiction and serious mental illness, work and supply chain stoppages, slowdowns and/or delays, remote work policies and travel restrictions, among other effects. The COVID-19 pandemic has caused, and the Company expects may continue to cause, varying degrees of disruption to its employees and its business operations. While the Company has continued to operate its manufacturing facilities and supply its medicines throughout the pandemic, it has at times during the pandemic, experienced labor or supply chain delays or disruptions at its manufacturing facilities, and may continue to experience such delays or disruptions while the pandemic persists. In addition, while the Company has continued to conduct R&D activities, including its ongoing clinical trials, the COVID-19 pandemic has at times impacted the timelines of certain of its early-stage discovery efforts and clinical trials, and may continue to impact such timelines while the pandemic persists. The Company works with its internal teams, its clinical investigators, R&D vendors and critical supply chain vendors to continually assess, and mitigate, the potential impact of COVID-19 on its manufacturing operations and R&D activities. A number of the marketed products from which the Company derives revenue, including manufacturing and royalty revenue, are 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, travel restrictions, quarantine, testing and/or vaccine mandates and other protocols, labor shortages, and other restrictive measures, commercial sales of these marketed products have been adversely impacted to varying degrees during the pandemic and may continue to be adversely impacted while the pandemic persists. In addition, 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. 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 its current projections. These uncertainties include, among other things, the ultimate severity and duration of the pandemic and the manner in which it continues to evolve, including the emergence, prevalence and severity of new or existing COVID-19 variants, and future developments in response thereto, which are highly uncertain and cannot be predicted as of the date of this Form 10-Q.
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 accounting pronouncements that are not yet effective will not have a material impact on its financial position or results of operations upon adoption.

Revenue from Contracts with Customers (Tables)

9 Months Ended

Sep. 30, 2022

Schedule of Contract Assets and Contract Liabilities

Total contract assets at September 30, 2022 were as follows:


(In thousands)	Contract Assets
Contract assets at December 31, 2021	$	13,363
Additions		30,215
Transferred to receivables, net		(33,473	)
Contract assets at September 30, 2022	$	10,105

Total contract liabilities at September 30, 2022 were as follows:


(In thousands)	Contract Liabilities
Contract liabilities at December 31, 2021	$	17,830
Additions		2,595
Amounts recognized into revenue		(5,402	)
Amounts recognized into other (expense) income, net		(6,384	)
Contract liabilities at September 30, 2022	$	8,639

Product sales, net

Schedule of Disaggregation of Revenues

During the three and nine months ended September 30, 2022 and 2021, the Company recorded product sales, net, as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)	2022		2021		2022		2021
VIVITROL	$	96,534	$	88,864	$	277,493	$	251,815
ARISTADA and ARISTADA INITIO		75,719		68,873		222,826		196,693
LYBALVI		27,127		—		61,116		—
Total product sales, net	$	199,380	$	157,737	$	561,435	$	448,508

Manufacturing and royalty revenues

Schedule of Disaggregation of Revenues

During the three and nine months ended September 30, 2022 and 2021, the Company recorded manufacturing and royalty revenues as follows:


	Three Months Ended September 30, 2022								Nine Months Ended September 30, 2022
(In thousands)	Manufacturing Revenue		Royalty Revenue			Total			Manufacturing Revenue		Royalty Revenue		Total
Long-acting INVEGA products(1)	$	—	$	26,737		$	26,737		$	—	$	90,439	$	90,439
VUMERITY		5,584		20,666			26,250			22,629		60,386		83,015
RISPERDAL CONSTA		8,380		1,848			10,228			32,529		5,516		38,045
Other		3,265		(13,539	)		(10,274	)		26,472		5,466		31,938
	$	17,229	$	35,712		$	52,941		$	81,630	$	161,807	$	243,437


	Three Months Ended September 30, 2021						Nine Months Ended September 30, 2021
(In thousands)	Manufacturing Revenue		Royalty Revenue		Total		Manufacturing Revenue		Royalty Revenue		Total
Long-acting INVEGA products(1)	$	—	$	79,323	$	79,323	$	—	$	221,965	$	221,965
VUMERITY		8,499		18,250		26,749		17,671		42,866		60,537
RISPERDAL CONSTA		8,725		2,245		10,970		31,411		8,172		39,583
Other		6,762		12,490		19,252		29,282		47,068		76,350
	$	23,986	$	112,308	$	136,294	$	78,364	$	320,071	$	398,435

(1)

“Long-acting INVEGA products”: INVEGA SUSTENNA/XEPLION (paliperidone palmitate), INVEGA TRINZA/TREVICTA (paliperidone palmitate) and INVEGA HAFYERA/BYANNLI (paliperidone palmitate)

Investments (Tables)

9 Months Ended

Sep. 30, 2022

Investments Debt And Equity Securities [Abstract]

Schedule of Investments

Investments consisted of the following (in thousands):


			Gross Unrealized
					Losses
	Amortized				Less than			Greater than			Estimated
September 30, 2022	Cost		Gains		One Year			One Year			Fair Value
Short-term investments:
Available-for-sale securities:
Corporate debt securities	$	135,140	$	—	$	(1,860	)	$	(712	)	$	132,568
U.S. government and agency debt securities		135,444		4		(823	)		(569	)		134,056
Non-U.S. government debt securities		50,148		—		(311	)		(236	)		49,601
Total short-term investments		320,732		4		(2,994	)		(1,517	)		316,225
Long-term investments:
Available-for-sale securities:
Corporate debt securities		87,038		—		(2,757	)		(606	)		83,675
U.S. government and agency debt securities		73,109		—		(1,768	)		(1,374	)		69,967
Non-U.S. government debt securities		12,021		—		—			(555	)		11,466
		172,168		—		(4,525	)		(2,535	)		165,108
Held-to-maturity securities:
Certificates of deposit		1,820		—		—			—			1,820
Total long-term investments		173,988		—		(4,525	)		(2,535	)		166,928
Total investments	$	494,720	$	4	$	(7,519	)	$	(4,052	)	$	483,153

December 31, 2021
Short-term investments:
Available-for-sale securities:
Corporate debt securities	$	85,201	$	177	$	(39	)	$	—		$	85,339
U.S. government and agency debt securities		45,349		35		(24	)		—			45,360
Non-U.S. government debt securities		68,046		75		(53	)		—			68,068
Total short-term investments		198,596		287		(116	)		—			198,767
Long-term investments:
Available-for-sale securities:
Corporate debt securities		111,793		—		(654	)		—			111,139
U.S. government and agency debt securities		81,296		—		(517	)		—			80,779
Non-U.S. government debt securities		35,902		—		(210	)		—			35,692
		228,991		—		(1,381	)		—			227,610
Held-to-maturity securities:
Certificates of deposit		1,820		—		—			—			1,820
Total long-term investments		230,811		—		(1,381	)		—			229,430
Total investments	$	429,407	$	287	$	(1,497	)	$	—		$	428,197

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

Realized gains and losses on the sales and maturities of investments, which were identified using the specific identification method, were as follows:


	Nine Months Ended September 30,
(In thousands)	2022		2021
Proceeds from the sales and maturities of investments	$	190,994	$	239,228
Realized gains	$	—	$	34
Realized losses	$	529	$	977

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 September 30, 2022 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	$	318,866	$	314,355	$	1,820	$	1,820
After 1 year through 5 years		174,034		166,978		—		—
Total	$	492,900	$	481,333	$	1,820	$	1,820

Fair Value (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

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


	September 30,
(In thousands)	2022		Level 1		Level 2		Level 3
Assets:
Cash equivalents	$	19,927	$	19,927	$	—	$	—
U.S. government and agency debt securities		204,023		164,218		39,805		—
Corporate debt securities		216,243		—		216,243		—
Non-U.S. government debt securities		61,067		—		61,067		—
Total	$	501,260	$	184,145	$	317,115	$	—


	December 31,
	2021		Level 1		Level 2		Level 3
Assets:
U.S. government and agency debt securities	$	126,139	$	96,597	$	29,542	$	—
Corporate debt securities		196,478		—		196,478		—
Non-U.S. government debt securities		103,760		—		103,760		—
Contingent consideration		23,048		—		—		23,048
Total	$	449,425	$	96,597	$	329,780	$	23,048

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 investments with fair values that were determined using Level 3 inputs at September 30, 2022:


(In thousands)	Fair Value
Balance, January 1, 2022	$	23,048
Purchase of corporate debt security		500
Change in the fair value of contingent consideration		(21,750	)
Milestone and royalty payments received by the Company related to contingent consideration		(1,273	)
Impairment of corporate debt security		(500	)
Royalty payments due to the Company related to contingent consideration		(25	)
Balance, September 30, 2022	$	—

Inventory (Tables)

9 Months Ended

Sep. 30, 2022

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:


	September 30,		December 31,
(In thousands)	2022		2021
Raw materials	$	57,889	$	56,125
Work in process		79,816		59,105
Finished goods(1)		28,591		35,105
Total inventory	$	166,296	$	150,335

(1)

Property, Plant and Equipment (Tables)

9 Months Ended

Sep. 30, 2022

Property Plant And Equipment [Abstract]

Schedule of Property, Plant and Equipment

Property, plant and equipment consisted of the following:


	September 30,			December 31,
(In thousands)	2022			2021
Land	$	6,560		$	6,560
Building and improvements		194,785			192,920
Furniture, fixtures and equipment		413,721			398,099
Leasehold improvements		52,526			52,526
Construction in progress		84,152			86,512
Subtotal		751,744			736,617
Less: accumulated depreciation		(425,394	)		(395,563	)
Total property, plant and equipment, net	$	326,350		$	341,054

Goodwill and Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2022

Goodwill And Intangible Assets Disclosure [Abstract]

Schedule of Goodwill and Intangible Assets

Goodwill and intangible assets consisted of the following:


		September 30, 2022
(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	$	(428,609	)	$	36,981
Capitalized IP	11-13		118,160		(108,296	)		9,864
Total		$	583,750	$	(536,905	)	$	46,845

Leases (Tables)

9 Months Ended

Sep. 30, 2022

Leases [Abstract]

Summary of Future Lease Payments Under Non-Cancelable Leases

Future lease payments under non-cancelable leases at September 30, 2022 and December 31, 2021 consisted of the following:


	September 30,			December 31,
(In thousands)	2022			2021
2022	$	4,489		$	17,991
2023		18,148			17,329
2024		18,418			17,535
2025		18,692			17,808
2026		14,661			13,777
Thereafter		95,304			95,229
Total operating lease payments	$	169,712		$	179,669
Less: imputed interest		(58,225	)		(59,267	)
Total operating lease liabilities	$	111,487		$	120,402

Accounts Payable and Accrued Expenses (Tables)

9 Months Ended

Sep. 30, 2022

Payables And Accruals [Abstract]

Schedule of Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses consisted of the following:


	September 30,		December 31,
(In thousands)	2022		2021
Accounts payable	$	33,199	$	55,721
Accrued compensation		60,920		77,256
Accrued other		117,058		75,514
Total accounts payable and accrued expenses	$	211,177	$	208,491

Summary of Current Provision for Sales, Discounts, Allowances and Reserves

A summary of the Company’s current provision for sales discounts, allowances and reserves is as follows:


	September 30,		December 31,
(In thousands)	2022		2021
Medicaid rebates	$	189,838	$	195,413
Product discounts		16,425		14,951
Medicare Part D		17,664		14,348
Other		11,713		12,504
Total accrued sales discounts, allowances and reserves	$	235,640	$	237,216

Long-term Debt (Tables)

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Schedule of Long-term Debt

Long-term debt consisted of the following:


	September 30,			December 31,
(In thousands)	2022			2021
2026 Term Loans, due March 12, 2026	$	293,904		$	295,804
Less: current portion		(3,000	)		(3,000	)
Long-term debt	$	290,904		$	292,804

Share-based Compensation (Tables)

9 Months Ended

Sep. 30, 2022

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 accompanying condensed consolidated statements of operations and comprehensive loss:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(In thousands)	2022		2021		2022		2021
Cost of goods manufactured and sold	$	2,623	$	2,666	$	7,406	$	7,527
Research and development		6,858		7,960		19,688		19,154
Selling, general and administrative		16,570		14,974		40,677		41,922
Total share-based compensation expense	$	26,051	$	25,600	$	67,771	$	68,603

Loss Per Share (Tables)

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

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

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(In thousands)	2022		2021		2022		2021
Stock options		13,031		11,827		12,784		15,344
Restricted stock unit awards		4,922		4,714		5,459		3,532
Total		17,953		16,541		18,243		18,876

Summary of Significant Accounting Policies - Additional Information (Details)	9 Months Ended
	Sep. 30, 2022 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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disaggregation Of Revenue [Line Items]
Total revenues	$ 252,357	$ 294,141	$ 807,121	$ 849,288
VIVITROL
Disaggregation Of Revenue [Line Items]
Total revenues	96,534	88,864	277,493	251,815
ARISTADA and ARISTADA INITIO
Disaggregation Of Revenue [Line Items]
Total revenues	75,719	68,873	222,826	196,693
LYBALVI
Disaggregation Of Revenue [Line Items]
Total revenues	27,127		61,116
Product sales, net
Disaggregation Of Revenue [Line Items]
Total revenues	$ 199,380	$ 157,737	$ 561,435	$ 448,508

- 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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126920106&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 https://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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disaggregation Of Revenue [Line Items]
Total revenues	$ 252,357	$ 294,141	$ 807,121	$ 849,288
Manufacturing Revenue
Disaggregation Of Revenue [Line Items]
Total revenues	17,229	23,986	81,630	78,364
Manufacturing Revenue \| VUMERITY
Disaggregation Of Revenue [Line Items]
Total revenues	5,584	8,499	22,629	17,671
Manufacturing Revenue \| RISPERDAL CONSTA
Disaggregation Of Revenue [Line Items]
Total revenues	8,380	8,725	32,529	31,411
Manufacturing Revenue \| Other
Disaggregation Of Revenue [Line Items]
Total revenues	3,265	6,762	26,472	29,282
Royalty
Disaggregation Of Revenue [Line Items]
Total revenues	35,712	112,308	161,807	320,071
Royalty \| Long-Acting INVEGA Products
Disaggregation Of Revenue [Line Items]
Total revenues	26,737	79,323	90,439	221,965
Royalty \| VUMERITY
Disaggregation Of Revenue [Line Items]
Total revenues	20,666	18,250	60,386	42,866
Royalty \| RISPERDAL CONSTA
Disaggregation Of Revenue [Line Items]
Total revenues	1,848	2,245	5,516	8,172
Royalty \| Other
Disaggregation Of Revenue [Line Items]
Total revenues	(13,539)	12,490	5,466	47,068
Manufacturing and royalty revenues
Disaggregation Of Revenue [Line Items]
Total revenues	52,941	136,294	243,437	398,435
Manufacturing and royalty revenues \| Long-Acting INVEGA Products
Disaggregation Of Revenue [Line Items]
Total revenues	26,737	79,323	90,439	221,965
Manufacturing and royalty revenues \| VUMERITY
Disaggregation Of Revenue [Line Items]
Total revenues	26,250	26,749	83,015	60,537
Manufacturing and royalty revenues \| RISPERDAL CONSTA
Disaggregation Of Revenue [Line Items]
Total revenues	10,228	10,970	38,045	39,583
Manufacturing and royalty revenues \| Other
Disaggregation Of Revenue [Line Items]
Total revenues	$ (10,274)	$ 19,252	$ 31,938	$ 76,350

- Definition

+ References

+ Details

Revenue from Contracts with Customers - Additional Information (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended				9 Months Ended
	Oct. 13, 2022	Oct. 31, 2022	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Disaggregation Of Revenue [Line Items]
Contract assets				$ 10,105			$ 10,105		$ 13,363
Contract liabilities				8,639			8,639		17,830
Royalty revenue				252,357		$ 294,141	807,121	$ 849,288
Contract liabilities–short-term
Disaggregation Of Revenue [Line Items]
Contract liabilities				4,000			4,000		6,300
Other long-term liabilities
Disaggregation Of Revenue [Line Items]
Contract liabilities				4,600			4,600		$ 11,500
VUMERITY \| Biogen
Disaggregation Of Revenue [Line Items]
Contract assets				5,000			$ 5,000
Consideration expected to receive year							2022-11
Royalty
Disaggregation Of Revenue [Line Items]
Royalty revenue				35,712		112,308	$ 161,807	320,071
Royalty \| AMPYRA
Disaggregation Of Revenue [Line Items]
Royalty revenue				(3,200)	$ 3,200		(3,200)
Repayment of royalty revenue				18,300			18,300
Royalty \| AMPYRA \| Forecast
Disaggregation Of Revenue [Line Items]
Potential additional award to be paid			$ 1,800
Royalty \| AMPYRA \| Subsequent Event
Disaggregation Of Revenue [Line Items]
Royalty revenue	$ 16,500
Arbitration award amount paid		$ 16,500
Royalty \| VUMERITY
Disaggregation Of Revenue [Line Items]
Royalty revenue				$ 20,666		$ 18,250	$ 60,386	$ 42,866
Minimum
Disaggregation Of Revenue [Line Items]
Manufacturing Process period							10 days
Maximum
Disaggregation Of Revenue [Line Items]
Manufacturing Process period							56 days

Revenue from Contracts with Customers - Schedule of Contract Assets and Contract Liabilities (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
Contract Asset [Abstract]
Contract assets at beginning of period	$ 13,363
Additions	30,215
Transferred to receivables, net	(33,473)
Contract assets at end of period	10,105
Contract Liabilities [Abstract]
Contract liabilities at beginning of the period	17,830
Additions	2,595
Amounts recognized into revenue	(5,402)
Amounts recognized into other (expense) income, net	(6,384)
Contract liabilities at end of the period	$ 8,639

Investments - Schedule of Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Available-for-sale securities:
Short-term investments, Amortized Cost	$ 320,732	$ 198,596
Short-term investments, Gross Unrealized Gains	4	287
Short-term investments, Gross Unrealized Losses, Less than One Year	(2,994)	(116)
Short-term investments, Gross Unrealized Losses, Greater than One Year	(1,517)
Short-term investments, Estimated Fair Value	316,225	198,767
Long-term investments, Amortized Cost	172,168	228,991
Long-term investments, Gross Unrealized Losses, Less than One Year	(4,525)	(1,381)
Long-term investments, Gross Unrealized Losses, Greater than One Year	(2,535)
Long-term investments, Estimated Fair Value	165,108	227,610
Held-to-maturity securities:
Estimated Fair Value	1,820
Long-term Investments
Amortized Cost	173,988	230,811
Gross Unrealized Losses, Less than One Year	(4,525)	(1,381)
Gross Unrealized Losses, Greater than One Year	(2,535)
Total long-term investments	166,928	229,430
Total investments
Amortized Cost	494,720	429,407
Gross Unrealized Gains	4	287
Gross Unrealized Losses, Less than One Year	(7,519)	(1,497)
Gross Unrealized Losses, Greater than One Year	(4,052)
Estimated Fair Value	483,153	428,197
Certificates of deposit
Held-to-maturity securities:
Amortized Cost	1,820	1,820
Estimated Fair Value	1,820	1,820
Corporate debt securities
Available-for-sale securities:
Short-term investments, Amortized Cost	135,140	85,201
Short-term investments, Gross Unrealized Gains		177
Short-term investments, Gross Unrealized Losses, Less than One Year	(1,860)	(39)
Short-term investments, Gross Unrealized Losses, Greater than One Year	(712)
Short-term investments, Estimated Fair Value	132,568	85,339
Long-term investments, Amortized Cost	87,038	111,793
Long-term investments, Gross Unrealized Losses, Less than One Year	(2,757)	(654)
Long-term investments, Gross Unrealized Losses, Greater than One Year	(606)
Long-term investments, Estimated Fair Value	83,675	111,139
U.S. government and agency debt securities
Available-for-sale securities:
Short-term investments, Amortized Cost	135,444	45,349
Short-term investments, Gross Unrealized Gains	4	35
Short-term investments, Gross Unrealized Losses, Less than One Year	(823)	(24)
Short-term investments, Gross Unrealized Losses, Greater than One Year	(569)
Short-term investments, Estimated Fair Value	134,056	45,360
Long-term investments, Amortized Cost	73,109	81,296
Long-term investments, Gross Unrealized Losses, Less than One Year	(1,768)	(517)
Long-term investments, Gross Unrealized Losses, Greater than One Year	(1,374)
Long-term investments, Estimated Fair Value	69,967	80,779
Non-U.S. government debt securities
Available-for-sale securities:
Short-term investments, Amortized Cost	50,148	68,046
Short-term investments, Gross Unrealized Gains		75
Short-term investments, Gross Unrealized Losses, Less than One Year	(311)	(53)
Short-term investments, Gross Unrealized Losses, Greater than One Year	(236)
Short-term investments, Estimated Fair Value	49,601	68,068
Long-term investments, Amortized Cost	12,021	35,902
Long-term investments, Gross Unrealized Losses, Less than One Year		(210)
Long-term investments, Gross Unrealized Losses, Greater than One Year	(555)
Long-term investments, Estimated Fair Value	$ 11,466	$ 35,692

Investments - Additional Information (Details) $ in Thousands, € in Millions	3 Months Ended		9 Months Ended	12 Months Ended
	Sep. 30, 2022 USD ($)	Mar. 31, 2022 USD ($) Portfolio	Sep. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)	Sep. 30, 2022 EUR (€)	Sep. 30, 2022 USD ($)	Jan. 31, 2022 USD ($)
Investment Holdings [Line Items]
Aggregate estimated fair value of investments in unrealized loss position						$ 477,000
Return of Fountain Healthcare Partners II, L.P. investment			$ 485
Synchronicity Pharma Inc \| Convertible Promissory Notes \| Investee
Investment Holdings [Line Items]
Purchase of convertible promissory notes							$ 500
Fountain Healthcare Partners II
Investment Holdings [Line Items]
Funding commitment as percentage of partnership's total funding					7.00%	7.00%
Equity method commitment \| €					€ 8.0
Number of portfolio sold \| Portfolio		1
Proceeds from sale of portfolio		$ 1,000		$ 1,100
Escrow deposit		100
Gain (loss) on sale of investment	$ 500		$ 1,600
Return of Fountain Healthcare Partners II, L.P. investment		500
Fountain Healthcare Partners II \| Other Assets
Investment Holdings [Line Items]
Carrying value of equity investment				$ 6,100		$ 6,700
Other (Expense) Income, Net
Investment Holdings [Line Items]
Other-than-temporary impairment charge	$ 500
Other Expense, Net \| Fountain Healthcare Partners II
Investment Holdings [Line Items]
Gain (loss) on sale of investment		$ 600

Investments - Schedule of Proceeds from Sales and Maturities of Marketable Securities Plus Resulting Realized Gains and Losses (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Investments Debt And Equity Securities [Abstract]
Proceeds from the sales and maturities of investments	$ 190,994	$ 239,228
Realized gains		34
Realized losses	$ 529	$ 977

Investments - Schedule of Contractual Maturities of Available-for-Sale and Held-to-Maturity Securities (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Available-for-sale, Amortized Cost
Within 1 year	$ 318,866
After 1 year through 5 years	174,034
Amortized Cost	492,900
Available-for-sale, Estimated Fair Value
Within 1 year	314,355
After 1 year through 5 years	166,978
Total	481,333
Held-to-maturity, Amortized Cost
Within 1 year	1,820
Total	1,820
Held-to-maturity, Estimated Fair Value
Within 1 year	1,820
Total	$ 1,820

Fair Value - Summary of the Company's Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Fair value
Debt securities	$ 481,333
Contingent consideration		$ 23,000
Recurring Basis
Fair value
Cash equivalents	19,927
Contingent consideration		23,048
Assets, Total	501,260	449,425
Recurring Basis \| Level 1
Fair value
Cash equivalents	19,927
Assets, Total	184,145	96,597
Recurring Basis \| Level 2
Fair value
Assets, Total	0	329,780
Recurring Basis \| Level 3
Fair value
Contingent consideration		23,048
Assets, Total	317,115	23,048
U.S. government and agency debt securities \| Recurring Basis
Fair value
Debt securities	204,023	126,139
U.S. government and agency debt securities \| Recurring Basis \| Level 1
Fair value
Debt securities	164,218	96,597
U.S. government and agency debt securities \| Recurring Basis \| Level 2
Fair value
Debt securities	39,805	29,542
Corporate debt securities \| Recurring Basis
Fair value
Debt securities	216,243	196,478
Corporate debt securities \| Recurring Basis \| Level 2
Fair value
Debt securities	216,243	196,478
Non-U.S. government debt securities \| Recurring Basis
Fair value
Debt securities	61,067	103,760
Non-U.S. government debt securities \| Recurring Basis \| Level 2
Fair value
Debt securities	$ 61,067	$ 103,760

Fair Value - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended			9 Months Ended
Fair Value - Additional Information (Details) - USD ($)	Mar. 31, 2022	Sep. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Fair Value
Transfers between Level 1 to Level 2					$ 0
Transfers between Level 2 to Level 1					0
Reduction in fair value of contingent consideration		$ (3,553,000)		$ (5,195,000)	(21,750,000)	$ (677,000)
Contingent consideration							$ 23,000,000.0
Contingent consideration included within prepaid expenses and other current assets							6,400,000
Contingent consideration included within other assets							16,600,000
2026 Term Loans
Fair Value
Amount to be realized in future		$ 279,600,000			279,600,000		$ 285,800,000
Baudax
Fair Value
Milestone payments received	$ 500,000				$ 1,200,000
Milestone payment receivable	$ 6,400,000		$ 6,400,000
Reduction in fair value of contingent consideration			$ (19,100,000)
Percentage of reduction in work force	80.00%

Fair Value - Rollforward of the Fair Value of the Assets Determined using Level 3 Inputs (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
Fair Value Disclosures [Abstract]
Balance at the beginning of the period	$ 23,048
Purchase of corporate debt security	500
Change in the fair value	$ (21,750)
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Asset1
Milestone and royalty payments received by the Company related to contingent consideration	$ (1,273)
Impairment of corporate debt security	(500)
Royalty payments due to the Company related to contingent consideration	(25)
Balance at the end of the period	$ 0

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

Sep. 30, 2022

Dec. 31, 2021

Inventory Disclosure [Abstract]

Raw materials

$ 57,889

$ 56,125

Work in process

79,816

59,105

Finished goods

^[1]

28,591

35,105

Total inventory

$ 166,296

$ 150,335

[1]	At September 30, 2022 and December 31, 2021, the Company had $22.9 million and $25.1 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	Sep. 30, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Finished goods inventory located at third-party warehouse and shipping service provider	$ 22.9	$ 25.1

Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Property, plant and equipment
Property, plant and equipment, gross	$ 751,744	$ 736,617
Less: accumulated depreciation	(425,394)	(395,563)
Total property, plant and equipment, net	326,350	341,054
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	194,785	192,920
Furniture, Fixtures and Equipment
Property, plant and equipment
Property, plant and equipment, gross	413,721	398,099
Leasehold Improvements
Property, plant and equipment
Property, plant and equipment, gross	52,526	52,526
Construction in Progress
Property, plant and equipment
Property, plant and equipment, gross	$ 84,152	$ 86,512

Property, Plant and Equipment - Additional Information (Details) $ in Millions	Sep. 30, 2022 USD ($)
Meloxicam Product
Property Plant And Equipment [Line Items]
Construction in progress	$ 8.7
Baudax \| Other Long-Term Liabilities
Property Plant And Equipment [Line Items]
Contract liabilities	$ 6.4

Goodwill and Intangible Assets - Schedule of Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Goodwill
Gross Carrying Amount	$ 92,873
Net Carrying Amount	92,873	$ 92,873
Finite-lived intangible assets:
Gross Carrying Amount	583,750
Accumulated Amortization	(536,905)
Net Carrying Amount	$ 46,845	$ 74,043
Collaboration agreements
Finite-lived intangible assets:
Weighted Amortizable Life	12 years
Gross Carrying Amount	$ 465,590
Accumulated Amortization	(428,609)
Net Carrying Amount	36,981
Capitalized IP
Finite-lived intangible assets:
Gross Carrying Amount	118,160
Accumulated Amortization	(108,296)
Net Carrying Amount	$ 9,864
Capitalized IP \| Minimum
Finite-lived intangible assets:
Weighted Amortizable Life	11 years
Capitalized IP \| Maximum
Finite-lived intangible assets:
Weighted Amortizable Life	13 years

Goodwill and Intangible Assets - Additional Information (Details) $ in Millions	Sep. 30, 2022 USD ($)
Expected amortization of intangible assets
2022	$ 35.0
2023	35.0
2024	$ 1.0

Leases - Summary of Future Lease Payments Under Non-Cancelable Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Leases [Abstract]
Remainder of fiscal year	$ 4,489
Year 1	18,148	$ 17,991
Year 2	18,418	17,329
Year 3	18,692	17,535
Year 4	14,661	17,808
Year 5		13,777
Thereafter		95,229
Thereafter	95,304
Total operating lease payments	169,712	179,669
Less: imputed interest	(58,225)	(59,267)
Total operating lease liabilities	$ 111,487	$ 120,402

Leases - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Leases [Abstract]
Weighted average incremental borrowing rate	5.23%		5.23%
Payments for operating leases	$ 4.5	$ 4.4	$ 13.4	$ 12.5
Weighted average remaining lease term	10 years 10 months 24 days		10 years 10 months 24 days
Operating lease expense	$ 4.1	$ 4.3	$ 12.5	$ 12.9

Accounts Payable and Accrued Expenses - Schedule of Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Payables And Accruals [Abstract]
Accounts payable	$ 33,199	$ 55,721
Accrued compensation	60,920	77,256
Accrued other	117,058	75,514
Total accounts payable and accrued expenses	$ 211,177	$ 208,491

Accounts Payable and Accrued Expenses - Summary of Current Provision for Sales, Discounts, Allowances and Reserves (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Accounts Payable And Accrued Expenses [Line Items]
Total accrued sales discounts, allowances and reserves	$ 235,640	$ 237,216
Medicaid Rebate
Accounts Payable And Accrued Expenses [Line Items]
Total accrued sales discounts, allowances and reserves	189,838	195,413
Product Discounts
Accounts Payable And Accrued Expenses [Line Items]
Total accrued sales discounts, allowances and reserves	16,425	14,951
Medicare Part D
Accounts Payable And Accrued Expenses [Line Items]
Total accrued sales discounts, allowances and reserves	17,664	14,348
Other
Accounts Payable And Accrued Expenses [Line Items]
Total accrued sales discounts, allowances and reserves	$ 11,713	$ 12,504

Long-term Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Long-term debt
Less: current portion	$ (3,000)	$ (3,000)
Long-term debt	290,904	292,804
2026 Term Loans, due March 12, 2026
Long-term debt
Term Loans	293,904	295,804
Less: current portion	(3,000)	(3,000)
Long-term debt	$ 290,904	$ 292,804

- Definition

Amount, excluding unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Long-term Debt - Additional Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Interest Expense
Long-term debt
Refinancing charges		$ 2.1
2026 Term Loans
Long-term debt
Due date of loan	Mar. 12, 2026
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%

Share-based Compensation - Schedule of Share-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-based compensation Expense
Total share-based compensation expense	$ 26,051	$ 25,600	$ 67,771	$ 68,603
Cost of goods manufactured and sold
Share-based compensation Expense
Total share-based compensation expense	2,623	2,666	7,406	7,527
Research and development
Share-based compensation Expense
Total share-based compensation expense	6,858	7,960	19,688	19,154
Selling, general and administrative
Share-based compensation Expense
Total share-based compensation expense	$ 16,570	$ 14,974	$ 40,677	$ 41,922

Share-based Compensation - Additional Information (Details) - USD ($) $ in Millions	Jul. 07, 2022	Sep. 30, 2022	Dec. 31, 2021
2018 Stock Option and Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of increase in ordinary shares authorized for issuance thereunder	8,300,000
Inventory
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation expense capitalized		$ 3.0	$ 2.3

Loss Per Share - Schedule of Anti-Dilutive Outstanding Common Share Equivalent Excluded from Calculation of Net Loss Per Share (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Denominator:
Anti-dilutive potential common share equivalent excluded from calculation of net loss per ordinary share	17,953	16,541	18,243	18,876
Stock Options
Denominator:
Anti-dilutive potential common share equivalent excluded from calculation of net loss per ordinary share	13,031	11,827	12,784	15,344
Restricted Stock Unit Awards
Denominator:
Anti-dilutive potential common share equivalent excluded from calculation of net loss per ordinary share	4,922	4,714	5,459	3,532

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income tax benefits	$ 3,394	$ (2,453)	$ 15,603	$ (9,509)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Commitments and Contingent Liabilities - Additional Information (Details)	1 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2022 USD ($) Agreement
Commitments And Contingencies [Line Items]
Potential material losses from claims, legal proceedings probable of occurring \| $		$ 0
Maximum number of months before FDA can approve patent request	30 months
Janssen Pharmaceutica N.V.
Commitments And Contingencies [Line Items]
Number of license agreements partially terminated \| Agreement		2