0001564590-23-002020 | 10-K | XBRL Viewer

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Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2022	Feb. 10, 2023	Jun. 30, 2022
Cover [Abstract]
Entity Registrant Name	Alkermes plc.
Entity Central Index Key	0001520262
Document Type	10-K
Document Period End Date	Dec. 31, 2022
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 4,838,408,388
Entity Common Stock, Shares Outstanding		164,389,123
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Trading Symbol	ALKS
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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 Annual Report	true
Document Transition Report	false
Title of 12(b) Security	Ordinary shares, $0.01 par value
Security Exchange Name	NASDAQ
Auditor Firm ID	238
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Boston, Massachusetts
Documents Incorporated by Reference	Portions of the definitive proxy statement for our 2023 Annual General Meeting of Shareholders are incorporated by reference into Part III of this report.

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
CURRENT ASSETS:
Cash and cash equivalents	$ 292,473	$ 337,544
Investments—short-term	315,992	198,767
Receivables, net	287,967	313,193
Inventory	181,418	150,335
Contract assets	8,929	13,363
Prepaid expenses and other current assets	43,527	48,967
Total current assets	1,130,306	1,062,169
PROPERTY, PLANT AND EQUIPMENT, NET	325,361	341,054
INVESTMENTS—LONG-TERM	131,610	229,430
RIGHT-OF-USE ASSETS	115,855	115,627
INTANGIBLE ASSETS, NET	37,680	74,043
GOODWILL	92,873	92,873
DEFERRED TAX ASSETS	115,602	81,833
OTHER ASSETS	14,691	27,455
TOTAL ASSETS	1,963,978	2,024,484
CURRENT LIABILITIES:
Accounts payable and accrued expenses	220,089	208,491
Accrued sales discounts, allowances and reserves	252,115	237,216
Operating lease liabilities—short-term	15,722	16,240
Contract liabilities—short-term	6,816	6,339
Current portion of long-term debt	3,000	3,000
Total current liabilities	497,742	471,286
LONG-TERM DEBT	290,270	292,804
OPERATING LEASE LIABILITIES—LONG-TERM	89,829	104,162
OTHER LONG-TERM LIABILITIES	42,384	43,648
Total liabilities	920,225	911,900
COMMITMENTS AND CONTINGENT LIABILITIES (Note 17)
SHAREHOLDERS’ EQUITY:
Preferred shares, par value, $0.01 per share; 50,000,000 shares authorized; zero issued and outstanding at December 31, 2022 and 2021, respectively
Ordinary shares, par value, $0.01 per share; 450,000,000 shares authorized; 168,951,193 and 165,790,549 shares issued; 164,377,009 and 161,937,327 shares outstanding at December 31, 2022 and 2021, respectively	1,690	1,658
Treasury shares, at cost (4,574,184 and 3,853,222 shares at December 31, 2022 and 2021, respectively)	(160,862)	(142,658)
Additional paid-in capital	2,913,099	2,798,325
Accumulated other comprehensive loss	(10,889)	(3,723)
Accumulated deficit	(1,699,285)	(1,541,018)
Total shareholders’ equity	1,043,753	1,112,584
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 1,963,978	$ 2,024,484

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 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	168,951,193	165,790,549
Ordinary shares, shares outstanding	164,377,009	161,937,327
Treasury shares	4,574,184	3,853,222

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
REVENUES:
Total revenues	$ 1,111,795	$ 1,173,751	$ 1,038,756
EXPENSES:
Cost of goods manufactured and sold (exclusive of amortization of acquired intangible assets shown below)	218,108	197,387	178,316
Research and development	393,842	406,526	394,588
Selling, general and administrative	605,747	560,977	538,827
Amortization of acquired intangible assets	36,363	38,148	39,452
Total expenses	1,254,060	1,203,038	1,151,183
OPERATING LOSS	(142,265)	(29,287)	(112,427)
OTHER (EXPENSE) INCOME, NET:
Interest income	7,629	2,408	6,960
Interest expense	(13,040)	(11,219)	(8,659)
Change in the fair value of contingent consideration	(21,750)	(1,427)	3,945
Other income, net	2,122	219	13,644
Total other (expense) income, net	(25,039)	(10,019)	15,890
LOSS BEFORE INCOME TAXES	(167,304)	(39,306)	(96,537)
INCOME TAX (BENEFIT) PROVISION	(9,037)	8,863	14,324
NET LOSS	$ (158,267)	$ (48,169)	$ (110,861)
LOSS PER ORDINARY SHARE:
Basic	$ (0.97)	$ (0.30)	$ (0.70)
Diluted	$ (0.97)	$ (0.30)	$ (0.70)
WEIGHTED AVERAGE NUMBER OF ORDINARY SHARES OUTSTANDING:
Basic	163,541	160,942	158,803
Diluted	163,541	160,942	158,803
COMPREHENSIVE LOSS:
Net loss	$ (158,267)	$ (48,169)	$ (110,861)
Holding loss, net of a tax (benefit) provision of $(973), $(706) and $130, respectively	(7,166)	(2,374)	467
COMPREHENSIVE LOSS	(165,433)	(50,543)	(110,394)
Product sales, net
REVENUES:
Total revenues	777,552	627,424	551,760
Manufacturing and royalty revenues
REVENUES:
Total revenues	331,983	541,807	484,000
License revenue
REVENUES:
Total revenues	2,000	3,500	1,050
Research and development revenue
REVENUES:
Total revenues	$ 260	$ 1,020	$ 1,946

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Statement [Abstract]
Tax (benefit) provision	$ (973)	$ (706)	$ 130

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Ordinary Shares	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit	Treasury Stock
BALANCE at Dec. 31, 2019	$ 1,085,442	$ 1,602	$ 2,586,030	$ (1,816)	$ (1,381,988)	$ (118,386)
BALANCE (in shares) at Dec. 31, 2019		160,489,888				(2,710,886)
Issuance of ordinary shares under employee stock plans	8,373	$ 7	8,366
Issuance of ordinary shares under employee stock plans (in shares)		682,122
Receipt of Alkermes' shares for the purchase of stock options or to satisfy minimum tax withholding obligations related to share-based awards	(7,701)	$ 11	(11)			$ (7,701)
Receipt of Alkermes' shares for the purchase of stock options or to satisfy minimum tax withholding obligations related to share based awards (in shares)		1,097,210				(397,193)
Share-based compensation	91,262		91,262
Unrealized gain (loss) on marketable securities, net of tax provision (benefit)	467			467
Net loss	(110,861)				(110,861)
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	25,319	$ 38	25,281
Issuance of ordinary shares under employee stock plans (in shares)		3,521,329
Receipt of Alkermes' shares for the purchase of stock options or to satisfy minimum tax withholding obligations related to share-based awards	(16,571)					$ (16,571)
Receipt of Alkermes' shares for the purchase of stock options or to satisfy minimum tax withholding obligations related to share based awards (in shares)						(745,143)
Share-based compensation	87,397		87,397
Unrealized gain (loss) on marketable securities, net of tax provision (benefit)	(2,374)			(2,374)
Net loss	(48,169)				(48,169)
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	19,630	$ 32	19,598
Issuance of ordinary shares under employee stock plans (in shares)		3,160,644
Receipt of Alkermes' shares for the purchase of stock options or to satisfy minimum tax withholding obligations related to share-based awards	(18,204)					$ (18,204)
Receipt of Alkermes' shares for the purchase of stock options or to satisfy minimum tax withholding obligations related to share based awards (in shares)						(720,962)
Share-based compensation	95,176		95,176
Unrealized gain (loss) on marketable securities, net of tax provision (benefit)	(7,166)			(7,166)
Net loss	(158,267)				(158,267)
BALANCE at Dec. 31, 2022	$ 1,043,753	$ 1,690	$ 2,913,099	$ (10,889)	$ (1,699,285)	$ (160,862)
BALANCE (in shares) at Dec. 31, 2022		168,951,193				(4,574,184)

- Definition

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

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- 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.

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CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement Of Stockholders Equity [Abstract]
Tax provision (benefit)	$ (973)	$ (706)	$ 130

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (158,267)	$ (48,169)	$ (110,861)
Adjustments to reconcile net loss to cash flows from operating activities:
Depreciation and amortization	77,862	78,652	81,854
Share-based compensation expense	94,254	87,622	90,164
Deferred income taxes	(32,795)	5,081	9,985
Change in the fair value of contingent consideration	21,750	1,427	(3,945)
Other non-cash charges	5,531	2,650	2,514
Changes in assets and liabilities:
Receivables	25,250	(38,011)	(18,050)
Contract assets	4,434	6,037	(6,015)
Inventory	(31,021)	(24,769)	(22,933)
Prepaid expenses and other assets	(5,328)	11,481	4,022
Right-of-use assets	16,569	17,051	17,336
Accounts payable and accrued expenses	15,534	11,514	(14,375)
Accrued sales discounts, allowances and reserves	14,899	18,339	64,975
Contract liabilities	(7,129)	(6,080)	(4,924)
Operating lease liabilities	(33,225)	(16,777)	(16,273)
Other long-term liabilities	12,726	(4,333)	9,368
Cash flows provided by operating activities	21,044	101,715	82,842
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions of property, plant and equipment	(38,255)	(28,020)	(42,219)
Proceeds from the sale of equipment		287	643
Proceeds from contingent consideration	1,273	7,937	3,886
Return of Fountain Healthcare Partners II, L.P. investment	485		2,751
Payment made for licensed Intellectual Property ("IP")		(1,000)
Purchases of investments	(309,671)	(340,418)	(229,543)
Sales and maturities of investments	281,627	295,010	253,001
Cash flows used in investing activities	(64,541)	(66,204)	(11,481)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from the issuance of ordinary shares under share-based compensation arrangements	19,630	25,319	8,373
Employee taxes paid related to net share settlement of equity awards	(18,204)	(16,571)	(7,701)
Proceeds from the issuance of long-term debt		23,567
Payment made for debt extinguishment		(993)
Principal payments of long-term debt	(3,000)	(2,250)	(2,843)
Cash flows (used in) provided by financing activities	(1,574)	29,072	(2,171)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	(45,071)	64,583	69,190
CASH AND CASH EQUIVALENTS—Beginning of period	337,544	272,961	203,771
CASH AND CASH EQUIVALENTS—End of period	292,473	337,544	272,961
SUPPLEMENTAL CASH FLOW DISCLOSURE:
Cash paid for interest	13,563	6,904	8,288
Cash paid for taxes	20,749	1,888	620
Non-cash investing and financing activities:
Purchased capital expenditures included in accounts payable and accrued expenses	$ 2,950	$ 6,025	$ 2,420

Description of Business and Basis of Presentation

12 Months Ended

Dec. 31, 2022

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Description of Business and Basis of Presentation

1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION

Alkermes plc (the “Company”) is a fully integrated, global biopharmaceutical company that applies its scientific expertise and proprietary technologies to research, develop and commercialize, both with partners and on its own, pharmaceutical products that are designed to address unmet medical needs of patients in 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 neurological disorders and cancer. Headquartered in Dublin, Ireland, the Company has a research and development (“R&D”) center in Waltham, Massachusetts; R&D and manufacturing facilities in Athlone, Ireland; and a manufacturing facility in Wilmington, Ohio.

On November 2, 2022, the Company announced its intent, as approved by its board of directors, to separate its neuroscience business and oncology business. The Company is exploring 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 Company’s 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

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation

The consolidated financial statements include the accounts of Alkermes plc and its wholly-owned subsidiaries. Intercompany accounts and transactions have been eliminated.

Reclassification

The Company reclassified certain prior year amounts on the 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 consolidated financial statements in accordance with accounting principles generally accepted in the United States (“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 on‑going basis, the Company evaluates its estimates and 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 assumptions or conditions.

Cash and Cash Equivalents

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

Investments

The Company has investments in various types of securities, consisting primarily of United States (“U.S.”) government and agency obligations, corporate debt securities and debt securities issued by non-U.S. agencies and backed by non-U.S. governments. The Company generally holds its interest-bearing investments with major financial institutions and in accordance with documented investment policies. The Company limits the amount of credit exposure to any one financial institution or corporate issuer. At December 31, 2022, substantially all these investments were classified as available-for-sale and were recorded at fair value.

Unrealized gains and losses are included in accumulated other comprehensive loss in equity, net of related tax, in accumulated other comprehensive loss unless: (i) the security has experienced a credit loss; (ii) the Company has determined that it has the intent to sell the security; or (iii) it has determined that it is more likely than not that the Company will have to sell the security before its expected recovery. Periodic reviews are conducted to identify and evaluate each investment that has an unrealized loss in accordance with the meaning of other-than-temporary impairment. An unrealized loss exists when the current fair value of an individual security is less than its amortized cost basis.

For available-for-sale debt securities with unrealized losses, the Company performs an analysis to assess whether it intends to sell or whether it would more likely than not be required to sell the security before the expected recovery of the amortized cost basis. Where the Company intends to sell a security, or may be required to do so, the security’s decline in fair value is deemed to be other-than-temporary and the full amount of the unrealized loss is reflected in earnings as an impairment loss.

Regardless of the Company’s intent to sell a security, the Company performs additional analysis on all securities with unrealized losses to evaluate losses associated with the creditworthiness of the security. Credit losses are identified where the Company does not expect to receive cash flows sufficient to recover the amortized cost basis of a security.

The Company’s held-to-maturity investments are restricted investments held as collateral under letters of credit related to certain of the Company’s agreements and are included in “Investments—long-term,” in the accompanying consolidated balance sheets.

Fair Value of Financial Instruments

The Company’s financial assets and liabilities are recorded at fair value and are classified as Level 1, 2 or 3 within the fair value hierarchy, as described in the accounting standards for fair value measurement. At December 31, 2022, the Company’s financial assets consisted of cash equivalents, investments and contingent consideration and are classified within the fair value hierarchy as follows:

•

Level 1–these valuations are based on a market approach using quoted prices in active markets for identical assets. Valuations of these products do not require a significant degree of judgment. Assets utilizing Level 1 inputs at December 31, 2022 included U.S. treasury securities, marketable securities classified as cash equivalents and a fixed term deposit account;

•

Level 2–these valuations are based on quoted prices for identical or similar assets in active markets or other market observable inputs such as interest rates, yield curves, foreign currency spot rates and option pricing valuation models. Assets utilizing Level 2 inputs at December 31, 2022 included U.S. government agency debt securities, debt securities issued by non-U.S. agencies and backed by non-U.S. governments and investments in corporate debt securities that are trading in the credit markets; and

•

Level 3–these valuations are based on an income approach using certain inputs that are unobservable and are significant to the overall fair value measurement. Valuations of these products require a significant degree of judgment. At December 31, 2022, no assets utilized Level 3 inputs.

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

Inventory

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

The Company capitalizes inventory costs associated with its products prior to regulatory approval when, based on management’s judgment, future commercialization of the product is considered probable and future economic benefit from such product is expected to be realized. The Company assesses the regulatory approval process and where the particular product stands in relation to that approval process, including any known safety, efficacy or quality concerns, potential labeling restrictions and other potential impediments to approval. The Company also considers the shelf life of the product in relation to the expected timeline for approval and considers issues that may prevent or delay commercialization, including issues that may arise in relation to the manufacturing of the product. The Company expenses previously capitalized costs related to pre-approval inventory upon a change in such judgment, due to, among other potential factors, a denial or significant delay of approval by relevant regulatory agencies or other issues that may make the pre-approval inventory batches less likely or unlikely to be commercialized and to result in future economic benefit.

Property, Plant and Equipment

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

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

Contingent Consideration

The Company records contingent consideration it is entitled to receive related to the sale of a business at fair value on the acquisition date. The Company estimates the fair value of contingent consideration through valuation models that incorporate probability-adjusted assumptions related to the likelihood of achievement of milestones and the corresponding likelihood of receiving related payments. The Company revalues its contingent consideration each reporting period, with changes in the fair value of contingent consideration recognized within the consolidated statements of operations and comprehensive loss. Changes in the fair value of contingent consideration can result from changes to one or multiple assumptions, including adjustments to the discount rates, changes in the amount and timing of cash flows, changes in the assumed achievement and timing of any development and sales-based milestones, changes in the assumed probability associated with regulatory approvals and changes in the probability of collection or default of portions of the contingent consideration due to the Company.

These fair value measurements are based on significant inputs, including inputs not observable in the market. Significant judgment was employed in determining the appropriateness of these assumptions at the acquisition date and for each subsequent period. Accordingly, changes in assumptions described above could have a material impact on the increase or decrease in the fair value of contingent consideration recorded in any given period.

Goodwill and Intangible Assets

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

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

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

Impairment of Long‑Lived Assets

The Company reviews long‑lived assets to be held and used for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. Conditions that would necessitate an impairment assessment include a significant decline in the observable market value of an asset; a significant change in the extent or manner in which an asset

is used; a significant adverse change in legal factors or in the business climate that could affect the value of a long-lived asset; an accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of a long-lived asset; a current-period operating or cash flow loss combined with a history of operating or cash-flow losses or a projection or forecast that demonstrates continuing losses associated with the use of a long-lived asset; or a current expectation that, more likely than not, a long-lived asset will be sold or otherwise disposed of significantly before the end of its previously estimated useful life. Determination of recoverability is based on an estimate of undiscounted future cash flows resulting from the use of the asset and its eventual disposition. In the event that such cash flows are not expected to be sufficient to recover the carrying amount of the assets, the assets are written‑down to their estimated fair values. Long‑lived assets to be disposed of are carried at fair value less costs to sell them.

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 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 the third quarter of 2022, the Company determined that certain construction in progress related to the manufacture of ANJESO^®, the first approved Meloxicam Product, was impaired, as it had no alternative future use. See Note 7, Property, Plant and Equipment, within the “Notes to Consolidated Financial Statements” in this Annual Report for details related to such construction in progress.

In the fourth quarter of 2022, the Company determined that an impairment triggering event occurred related to an arbitration panel’s ruling relative to the Company’s manufacturing and royalty revenue arrangement with Acorda related to AMPYRA^®. Following this triggering event, the Company evaluated certain of its intangible assets for impairment under a held-and-used model. The Company concluded in this instance 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 and that there was no impact to the remaining useful lives of these assets.

Revenue from Contracts with Customers

The Company recognizes revenue in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers (“Topic 606”). When entering into arrangements with customers, the Company identifies whether its performance obligations under the arrangement represent a distinct good or service or a series of distinct goods or services. If a contract contains more than one performance obligation, the Company allocates the total transaction price to each performance obligation in an amount based on the estimated relative standalone selling prices of the promised goods or services underlying each performance obligation. The fair value of performance obligations under the arrangement may be derived using an estimate of selling price if the Company does not sell the goods or services separately.

The Company recognizes revenue when or as it satisfies a performance obligation by transferring an asset or providing a service to a customer. Management judgment is required in determining the consideration to be earned under an arrangement and the period over which the Company is expected to complete its performance obligations under an arrangement. Steering committee services that are not inconsequential or perfunctory and that are determined to be performance obligations are combined with other research services or performance obligations required under an arrangement, if any, in determining the level of effort required in an arrangement and the period over which the Company expects to complete its aggregate performance obligations.

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. Product sales, net are recognized when the customer obtains control of the product, which is when the product has been received by the customer.

Revenues from product sales are recorded net of reserves established for applicable discounts and allowances that are offered within contracts with the Company’s customers, healthcare providers or payers. The Company’s process for estimating reserves established for these variable consideration components does not differ materially from historical practices. The transaction price, which includes variable consideration reflecting the impact of discounts and allowances, may be subject to constraint and is included in the net sales price only to the extent that it is probable that a significant reversal of the amount of the cumulative revenues recognized will not occur in a future period. Actual amounts may ultimately differ from the Company’s estimates. If actual results vary, the Company adjusts these estimates, which could have an effect on earnings in the period of adjustment. The following are the Company’s significant categories of sales discounts and allowances:

•

Medicaid Rebates—the Company records accruals for rebates to U.S. states under the Medicaid Drug Rebate Program as a reduction of sales when the product is shipped into the distribution channel using the expected value method. The Company rebates individual U.S. states for all eligible units purchased under the Medicaid program based on a rebate per unit calculation, which is based on the Company’s average manufacturer prices. The Company estimates expected unit sales to individuals covered by Medicaid and rebates per unit under the Medicaid program and adjusts its rebate accrual based on actual unit sales and rebates per unit and changes in trends in Medicaid utilization. To date, actual Medicaid rebates have not differed materially from the Company’s estimates;

•

Chargebacks—discounts that occur when contracted indirect customers purchase directly from wholesalers and specialty distributors. Contracted customers generally purchase a product at its contracted price. The wholesaler or specialty distributor, in turn, then generally charges back to the Company the difference between the wholesale acquisition cost and the contracted price paid to the wholesaler or specialty distributor by the customer. The allowance for chargebacks is made using the expected value method and is based on actual and expected utilization of these programs. Chargebacks could exceed historical experience and the Company’s estimates of future participation in these programs. To date, actual chargebacks have not differed materially from the Company’s estimates;

•

Product Discounts—cash consideration, including sales incentives, given by the Company under agreements with a number of wholesaler, distributor, pharmacy, and treatment provider customers that provide them with a discount on the purchase price of products. The reserve is made using the expected value method and to date, actual product discounts have not differed materially from the Company’s estimates;

•

Product Returns—the Company records an estimate for product returns at the time its customers take control of their product. The Company estimates this liability using the expected returns of product sold based on historical return levels and specifically identified anticipated returns due to known business conditions and product expiry dates. Return amounts are recorded as a reduction of sales. Once product is returned, it is destroyed; and

•

Medicare Part D—the Company records accruals for Medicare Part D liabilities under the Medicare Coverage Gap Discount Program (“CGDP”) as a reduction of sales. Under the CGDP, patients reaching the annual coverage gap threshold are eligible for reimbursement coverage for out-of-pocket costs for covered prescription drugs. Under an agreement with the Centers for Medicare and Medicaid Services, manufacturers are responsible to reimburse prescription plan sponsors for the portion of out-of-pocket expenses not covered under their Medicare plans.

Collaborative Arrangements

The Company has entered into collaboration agreements with pharmaceutical companies including, among others, Janssen Pharmaceuticals, Inc. (“Janssen, Inc.”), Janssen Pharmaceutica International, a division of Cilag International AG (“Janssen International”), and Janssen Pharmaceutica N.V. (together with Janssen, Inc., Janssen International and their affiliates, “Janssen”) related to INVEGA SUSTENNA/XEPLION, INVEGA TRINZA/TREVICTA, INVEGA HAFYERA/BYANNLI (the “long-acting INVEGA products”) and RISPERDAL CONSTA^®, and Biogen Swiss Manufacturing GmbH (together with its affiliates, “Biogen”) related to VUMERITY^®. Substantially all of the products developed under these arrangements are currently being marketed as approved products for which the Company receives payments for manufacturing services and/or royalties on net product sales.

Manufacturing Revenue

The Company recognizes manufacturing revenues from the sale of products it manufactures for resale by its licensees. Manufacturing revenues for the Company’s partnered products, with the exception of those from Janssen related to RISPERDAL CONSTA and from Biogen related to VUMERITY, are recognized over time as products move through the manufacturing process, using a standard cost-based model as a measure of progress, which represents a faithful depiction of the transfer of control of the goods. The Company recognizes manufacturing revenue from these products over time as it determined, in each instance, that it would have a right to payment for performance completed to date if its customer were to terminate the manufacturing agreement for reasons other than the Company’s non-performance and the products have no alternative use. The Company invoices its licensees upon shipment with payment terms between 30 to 90 days.

The Company is the exclusive manufacturer of RISPERDAL CONSTA for commercial sale under its manufacturing and supply agreement with Janssen. The Company determined that it is appropriate to record revenue under this agreement at the point in time when control of the product passes to Janssen, which is determined to be when the product has been fully manufactured, since Janssen does not control the product during the manufacturing process and, in the event Janssen terminates the manufacturing and supply agreement, it is uncertain whether, and at what amount, the Company would be reimbursed for performance completed to date for product not yet fully manufactured. The manufacturing process is considered fully complete once the finished goods have been approved for shipment by both the Company and Janssen.

The Company recognizes manufacturing revenue related to VUMERITY at cost plus 15%, upon making available bulk batches of VUMERITY to Biogen, to the extent the Company packages such product, then also when packaged batches of VUMERITY are made available to Biogen. Control of the product passes to Biogen when VUMERITY, in either bulk or finished form, is made available to Biogen.

The sales price for certain of the Company’s manufacturing revenues is based on the end-market sales price earned by its licensees. As end-market sales generally occur after the Company has recorded manufacturing revenue, the Company estimates the sales price for such products based on information supplied to it by the Company’s licensees, its historical transaction experience and other third-party data. Differences between actual manufacturing revenues and estimated manufacturing revenues are reconciled and adjusted for in the period in which they become known, which is generally within the same quarter. The difference between the Company’s actual and estimated manufacturing revenues has not been material to date.

Royalty Revenue

The Company recognizes royalty revenues related to the sale by its licensees of products that incorporate the Company’s technologies. Substantially all of the Company’s royalties qualify for the sales-and-usage exemption under Topic 606 as (i) such royalties are based strictly on the sales-and-usage by the licensee; and (ii) a license of IP is the sole or predominant item to which such royalties relate. Based on this exemption, these royalties are earned in the period that the products are sold by the Company's licensee and the Company has a present right to payment.

Certain of the Company’s royalty revenues are recognized by the Company based on information supplied to the Company by its licensees and require estimates to be made. Differences between actual royalty revenues and estimated royalty revenues are reconciled and adjusted for in the period in which they become known, which is generally within the same quarter. The difference between the Company’s actual and estimated royalty revenues has not been material to date.

Research and Development Revenue

R&D revenue consists of funding that compensates the Company for formulation, preclinical and clinical testing under R&D arrangements with its partners. The Company generally bills its partners under R&D arrangements using a full‑time equivalent or hourly rate, plus direct external costs, if any. Revenue is recognized as the obligations under the R&D arrangements are performed.

License Revenue

The Company recognizes revenue from the grant of distinct, right-to-use licenses of IP when control of the license is transferred to the licensee, which is the point in time that the licensee is able to direct the use of and obtain substantially all of the benefits from the license.

Receivables, net

Receivables, net, include amounts billed and amounts unbilled but currently unconditionally due from customers. The amounts due are stated at their net estimated realizable value. The Company’s unbilled receivable balance was $72.0 million and $127.6 million at December 31, 2022 and 2021, respectively, and related primarily to royalty revenue. The Company maintains an allowance for doubtful accounts to provide for the estimated amounts of receivables that will not be collected. The allowance is based upon an assessment of customer creditworthiness, historical payment experience, the age of outstanding receivables and collateral to the extent applicable. The Company’s allowance for doubtful accounts was approximately $0.2 million at December 31, 2022 and 2021, respectively.

Contract Assets

Contract assets include unbilled amounts resulting from sales under certain of the Company’s manufacturing contracts where revenue is recognized over time, except for $5.0 million of consideration related to the Company’s collaboration with Biogen related to VUMERITY, which was included in contract assets at December 31, 2021 and transferred to receivables, net, as the milestone related to such amount was achieved in November 2022. The manufacturing-related amounts included in the contract assets table below are classified as “Current assets” in the accompanying consolidated balance sheets, as they related to manufacturing processes that are completed in ten days to eight weeks.

Contract assets consisted of the following:

(In thousands)	Contract Assets
Contract assets at January 1, 2021	$	19,401
Additions		30,609
Transferred to receivables, net		(36,647	)
Contract assets at December 31, 2021	$	13,363
Additions		42,218
Transferred to receivables, net		(46,652	)
Contract assets at December 31, 2022	$	8,929

Contract Liabilities

The Company’s contract liabilities consist of contractual obligations related to deferred revenue.

Contract liabilities consisted of the following:

(In thousands)	Contract Liabilities
Contract liabilities at January 1, 2021	$	23,909
Additions		—
Amounts recognized into revenue		(6,079	)
Contract liabilities at December 31, 2021	$	17,830
Additions		6,769
Amounts recognized into revenue		(7,514	)
Amounts recognized into other income, net		(6,384	)
Contract liabilities at December 31, 2022	$	10,701

Foreign Currency

The Company’s functional and reporting currency is the U.S. dollar. Transactions in foreign currencies are recorded at the exchange rate prevailing on the date of the transaction. The resulting monetary assets and liabilities are translated into U.S. dollars at exchange rates prevailing on the subsequent balance sheet date. Gains and losses as a result of translation adjustments are recorded within “Other income, net” in the accompanying consolidated statements of operations and comprehensive loss. During the years ended December 31, 2022, 2021 and 2020, the Company recorded a gain of $0.7 million, a loss of $0.3 million and a gain of $2.4 million, respectively, on foreign currency translation.

Concentrations

Financial instruments that potentially subject the Company to concentrations of credit risk are receivables and marketable securities. Billings to large pharmaceutical companies and pharmaceutical wholesalers account for the majority of the Company’s receivables, and collateral is generally not required from these customers. To mitigate credit risk, the Company monitors the financial performance and credit-worthiness of its customers. The following represents revenue and receivables from the Company’s customers exceeding 10% of the total in each category as of, and for the years ended, December 31, 2022, 2021 and 2020:

	Year Ended December 31,
	2022				2021				2020
Customer	Receivables		Revenue		Receivables		Revenue		Receivables		Revenue
Janssen	*		15	%	30	%	30	%	30	%	33	%
Biogen	19	%	13	%	11	%	10	%	*		*
Cardinal Health	24	%	24	%	17	%	20	%	16	%	21	%
AmerisourceBergen	18	%	14	%	13	%	11	%	11	%	10	%
McKesson	12	%	16	%	11	%	13	%	*		14	%


*		Indicates the revenues or receivables for the customer did not exceed 10% of the Company’s total in each category as of or for the years ended December 31, 2022, 2021 or 2020, as noted.

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

Geographic Information

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

	Year Ended December 31,
(In thousands)	2022		2021		2020
Revenue by region:
U.S.	$	931,991	$	984,235	$	838,995
Ireland		1,829		2,175		3,233
Rest of world		177,975		187,341		196,528
Assets by region:
Current assets:
U.S.	$	702,564	$	485,083	$	662,615
Ireland		427,742		577,086		448,356
Rest of world		—		—		—
Long-term assets:
U.S.:
Other	$	529,002	$	591,217	$	472,999
Ireland:
Intangible assets	$	37,680	$	74,043	$	111,191
Goodwill		92,873		92,873		92,873
Other		174,117		204,182		161,696

Research and Development Expenses

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

Selling, General and Administrative Expenses

Selling, general and administrative (“SG&A”) expenses are primarily comprised of employee-related expenses associated with selling and marketing, finance, human resources, legal, information technology and other administrative personnel, outside marketing, advertising, financial and legal expenses and other general and administrative costs.

Advertising costs are expensed as incurred. During the years ended December 31, 2022, 2021 and 2020, advertising costs totaled $41.4 million, $38.9 million and $25.5 million, respectively.

Share‑Based Compensation

The Company’s share‑based compensation programs grant awards in the form of stock options and restricted stock unit awards (“RSUs”), which vest with the passage of time and/or based on the achievement of certain performance criteria. The Company issues new shares upon the exercise of stock options or the vesting of RSUs. Under the terms of the Company’s stock option and incentive plans (the “Plans”), certain of the Company’s employees may, at the discretion of the plan administrator, become eligible upon retirement for accelerated vesting of certain awards granted to them under the Plans. Since there are no effective future service requirements for such employees, the fair value of awards to such employees would be expensed in full on the grant date or upon meeting the retirement eligibility criteria, whichever is later.

Time-Based Stock Options

Except as otherwise provided in the applicable Plan, stock option grants to employees expire ten years from the date of grant and generally vest in four equal annual installments, commencing on the first anniversary of the date of grant, provided the employee remains continuously employed with the Company during the applicable vesting period. Except as otherwise provided in the applicable Plan, annual stock option grants to non-employee directors expire ten years from the grant date and generally vest over a one-year period provided that the director continues to serve on the Company’s board of directors through the vesting date. The estimated fair value of options is recognized over the requisite service period, which is generally the vesting period. Share‑based compensation expense is based on awards ultimately expected to vest. Forfeitures are estimated based on historical experience at the time of grant and revised in subsequent periods if actual forfeitures differ from those estimates.

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

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

	Year Ended December 31,
	2022	2021	2020
Expected option term	5 - 8 years	5 - 7 years	5 - 7 years
Expected stock volatility	43 % - 51 %	43 % - 54 %	47 % - 54 %
Risk-free interest rate	1.83 % - 4.26 %	0.67 % - 1.46 %	0.24 % - 1.69 %
Expected annual dividend yield	—	—	—

Time‑Based Restricted Stock Unit Awards

Except as otherwise provided in the applicable Plan, time‑based RSUs awarded to employees generally vest in four equal annual installments, commencing on the first anniversary of the date of grant, provided the employee remains continuously employed with the Company during the applicable vesting period. Shares subject to these RSUs are delivered to the employee upon vesting, subject to payment of applicable withholding taxes. The fair value of time‑based RSUs is equal to the closing price of the Company’s ordinary shares traded on the Nasdaq Global Select Market on the date of grant. Compensation expense, including the effect of forfeitures, is recognized over the applicable service period.

Performance-Based Restricted Stock Unit Awards

Performance-based RSUs awarded to employees vest upon the achievement of certain performance criteria, typically during or at the end of a specified performance period. The estimated fair value of these RSUs are generally based on the closing price of the Company’s ordinary shares traded on the Nasdaq Global Select Market on the date of grant, unless the RSU is also subject to a market condition. In that case, the fair value of the RSU is based on a Monte Carlo simulation model. Compensation expense for performance-based RSUs is recognized from the date the Company determines the performance criteria probable of being achieved to the date the award, or relevant portion of the award, is expected to vest. Cumulative adjustments are recorded on a quarterly basis to reflect subsequent changes to the estimated outcome of the performance criteria until the date results are determined.

Income Taxes

The Company recognizes income taxes under the asset and liability method. Deferred income taxes are recognized for differences between the financial reporting and tax bases of assets and liabilities at enacted statutory tax rates in effect for the years in which the differences are expected to reverse. The effect on deferred taxes of a change in tax rates is recognized in income in the period that includes the enactment date. In evaluating the Company’s ability to recover its deferred tax assets, the Company considers all available positive and negative evidence including its past operating results, the existence of cumulative income in the most recent fiscal years, changes in the business in which the Company operates and its forecast of future taxable income. In determining future taxable income, the Company is responsible for assumptions utilized including the amount of Irish 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 is using to manage the underlying business.

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

Comprehensive Loss

Comprehensive loss consists of net loss and other comprehensive loss. Other comprehensive loss includes changes in equity that are excluded from net loss, such as unrealized holding gains and losses on available‑for‑sale investments.

Loss Per Share

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

Segment Information

The Company operates as one business segment, which is the business of developing, manufacturing and commercializing medicines designed to address unmet medical needs of patients in major therapeutic areas. The Company’s chief decision maker, the Chairman and Chief Executive Officer, reviews the Company’s operating results on an aggregate basis and manages the Company’s operations as a single operating unit.

Employee Benefit Plans

401(k) Plan

The Company maintains a 401(k) retirement savings plan (the “401(k) Plan”), which covers substantially all of its U.S.‑based employees. Eligible employees may contribute up to 100% of their eligible compensation, subject to certain Internal Revenue Service (“IRS”) limitations. The Company matches 100% of employee contributions up to the first 5% of employee pay, up to IRS limits. Employee and Company contributions are fully vested when made. During the years ended December 31, 2022, 2021 and 2020, the Company contributed $15.3 million, $14.6 million and $14.7 million, respectively, to match employee deferrals under the 401(k) Plan.

Defined Contribution Plan

The Company maintains a defined contribution plan for its Ireland‑based employees (the “Defined Contribution Plan”). The Defined Contribution Plan provides for eligible employees to contribute up to a maximum of 40%, depending upon their age, of their total taxable earnings subject to an earnings cap of €115,000. The Company provides a match of up to 18% of taxable earnings depending upon an individual’s contribution level. During the years ended December 31, 2022, 2021 and 2020, the Company contributed $5.1 million, $5.2 million and $4.4 million, respectively, in contributions to the Defined Contribution Plan.

Risks and Uncertainties

The COVID-19 pandemic has impacted, and may continue to impact, many aspects of society, including the operation of healthcare systems, global travel, supply and labor markets and other business and economic activity worldwide. A number of the marketed products from which the Company derives revenue, including manufacturing and royalty revenue, are injectable medications administered by healthcare professionals, which have been, and the Company expects may continue to be, adversely impacted to varying degrees as a result of COVID-19 related closures restrictions, labor shortages and other disruptions that have transpired, and may continue to transpire, while the pandemic persists.

The COVID-19 pandemic has caused, and the Company expects may continue to cause, varying degrees of disruption to its employees and business operations. While the Company has continued to operate its manufacturing facilities and supply its medicines throughout the pandemic, the Company has at times during the pandemic experienced labor or supply chain disruptions at its manufacturing facilities and may continue to experience such disruptions while the pandemic persists, which could impact the Company’s ability to manufacture its products and the third-party products from which it receives revenue in a timely matter or at all. 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.

The degree to which the COVID-19 pandemic may continue to impact the Company’s employees, business, financial condition and results of operations will depend on 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 COVID-19 variants, and future developments in response thereto. Due to these and numerous other 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. For additional information about risks

and uncertainties related to the COVID-19 pandemic that may impact the Company’s business, financial condition or results of operations, see “Part I, Item 1A—Risk Factors” in this Annual Report and specifically the section entitled “—Our business, financial condition and results of operations have been, and may continue to be, adversely affected by the ongoing COVID-19 pandemic or other similar outbreaks of contagious diseases.”

New Accounting Pronouncements

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

Revenue from Contracts with Customers

12 Months Ended

Dec. 31, 2022

Revenue From Contract With Customer [Abstract]

Revenue from Contracts with Customers

3. REVENUE FROM CONTRACTS WITH CUSTOMERS

During the years ended December 31, 2022, 2021 and 2020, the Company recorded product sales, net, as follows:

	Year Ended December 31,
(In thousands)	2022		2021		2020
VIVITROL	$	379,478	$	343,853	$	310,722
ARISTADA and ARISTADA INITIO		302,052		275,356		241,038
LYBALVI		96,022		8,215		—
Total product sales, net	$	777,552	$	627,424	$	551,760

During the years ended December 31, 2022, 2021 and 2020, the Company recorded manufacturing and royalty revenues from its collaboration arrangements as follows:

	Year Ended December 31, 2022
(In thousands)	Manufacturing Revenue		Royalty Revenue		Total
Long-acting INVEGA products⁽¹⁾	$	—	$	115,655	$	115,655
VUMERITY		32,493		83,003		115,496
RISPERDAL CONSTA		42,670		7,243		49,913
Other		37,211		13,708		50,919
	$	112,374	$	219,609	$	331,983

	Year Ended December 31, 2021
(In thousands)	Manufacturing Revenue		Royalty Revenue		Total
Long-acting INVEGA products⁽¹⁾	$	—	$	303,106	$	303,106
VUMERITY		25,808		61,614		87,422
RISPERDAL CONSTA		40,413		10,456		50,869
Other		39,407		61,003		100,410
	$	105,628	$	436,179	$	541,807

	Year Ended December 31, 2020
(In thousands)	Manufacturing Revenue		Royalty Revenue		Total
Long-acting INVEGA products ⁽¹⁾	$	—	$	274,200	$	274,200
VUMERITY		8,848		13,693		22,541
RISPERDAL CONSTA		56,893		14,468		71,361
Other		53,293		62,605		115,898
	$	119,034	$	364,966	$	484,000

(1)

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

In October 2022, an arbitration panel found that the Company must return to Acorda $16.5 million (inclusive of prejudgment interest and administrative fees) previously paid by Acorda under a license agreement between the Company and Acorda and in November 2022, the panel found that the Company must pay to Acorda an additional $1.8 million (inclusive of prejudgment interest). These amounts represent a portion of the royalty revenue paid to the Company by Acorda since July 2020 related to AMPYRA. The Company paid the $16.5 million in October 2022 and paid the additional $1.8 million in December 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 the Financial Accounting Standards Board Accounting

Standards Codification 606, Revenue from Contracts with Customers (“Topic 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 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 consolidated statements of operations and comprehensive loss. As a result of the arbitration 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 related to AMPYRA. In January 2023, Acorda filed a petition with the U.S. District Court for the Southern District of New York asking the court to confirm in part and modify in part the final arbitral award rendered by the arbitration panel in October 2022 and, as part of the requested modification, seeking an additional approximately $66.0 million in damages. The Company intends to contest this petition and believe it is without merit.

In November 2021, the Company received notice of partial termination of an exclusive license agreement with Janssen. Under this license agreement, the Company provided Janssen 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, which it used to develop INVEGA SUSTENNA/XEPLION, INVEGA TRINZA/TREVICTA and INVEGA HAFYERA/BYANNLI. When the partial termination became effective in February 2022, Janssen 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’s partial termination of the license agreement and Janssen’s royalty and other obligations under the agreement. On December 21, 2022, the Company received an interim award (the “Interim Award”) in these proceedings from the arbitral tribunal (the “Tribunal”), in which the Tribunal agreed with the Company’s position that, while Janssen may terminate the agreement, it may not continue to sell Products (as defined in the agreement) developed during the term of the agreement without paying royalties pursuant to the terms of the agreement. This award is not yet final. The Company will engage with Janssen and the Tribunal in additional proceedings prior to the Tribunal’s issuance of a final award. Accordingly, the Company has not recognized royalty revenue related to U.S. sales of the long-acting INVEGA products since February 2022. Refer to Note 17, Commitments and Contingent Liabilities within the “Notes to Consolidated Financial Statements” in this Annual Report for additional information regarding the arbitration proceedings with Janssen.

- 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

12 Months Ended

Dec. 31, 2022

Investments Debt And Equity Securities [Abstract]

Investments

4. INVESTMENTS

Investments consist of the following:

			Gross Unrealized
					Losses
	Amortized				Less than			Greater than			Estimated
December 31, 2022	Cost		Gains		One Year			One Year			Fair Value
Short-term investments:
Available-for-sale securities:
Corporate debt securities	$	145,421	$	—	$	(432	)	$	(2,054	)	$	142,935
U.S. government and agency debt securities		143,710		16		(266	)		(1,289	)		142,171
Non-U.S. government debt securities		31,452		—		(20	)		(546	)		30,886
Total short-term investments		320,583		16		(718	)		(3,889	)		315,992
Long-term investments:
Available-for-sale securities:
Corporate debt securities		68,229		—		(1,550	)		(676	)		66,003
U.S. government and agency debt securities		62,220		—		(917	)		(1,424	)		59,879
Non-U.S. government debt securities		4,099		—		—			(191	)		3,908
		134,548		—		(2,467	)		(2,291	)		129,790
Held-to-maturity securities:
Certificates of deposit		1,820		—		—			—			1,820
Total long-term investments		136,368		—		(2,467	)		(2,291	)		131,610
Total investments	$	456,951	$	16	$	(3,185	)	$	(6,180	)	$	447,602

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 December 31, 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 by non-U.S. agencies and backed by non-U.S. governments. At December 31, 2022, 280 of the Company’s 289 investment securities were in an unrealized loss position and had an aggregate estimated fair value of $422.7 million. Approximately 47% and 45% of the Company’s investment securities at December 31, 2022 are in corporate debt securities, with a minimum rating of A2 (Moody’s)/A (Standard and Poor’s), and debt securities issued by the U.S. government or its agencies, respectively. In a rising interest rate environment, the Company expects its fixed-rate investment securities will carry unrealized losses. In making the determination whether the decline in fair value of these securities was other-than-temporary, the Company evaluated whether it intended to sell the security and whether it was more likely than not that the Company would be required to sell the security before recovering its amortized cost basis. The Company has the intent and ability to hold these investments until recovery, which may be at maturity.

In September 2019, the Company purchased $1.9 million of convertible promissory notes from Synchronicity Pharma, Inc. (“Synchronicity”), a related party. The notes were due to mature on the earlier of June 30, 2021, the closing of a preferred equity financing, the closing of a merger, business combination or sale of stock resulting in Synchronicity’s stockholders owning less than 50% of the surviving entity, or an event of default. During the years ended December 31, 2021 and 2020, the Company recorded an other-than-temporary credit loss of $0.9 million and $1.0 million, respectively, against the value of this investment and at December

31, 2021, this investment was fully impaired. The losses were recorded within “Other income, net” in the accompanying consolidated statements of operations and comprehensive loss.

In January 2022, the Company purchased $0.5 million of convertible promissory notes from Synchronicity that matured on the earlier of September 30, 2022, the closing of a preferred equity financing, the closing of a merger, business combination or sale of stock resulting in Synchronicity’s stockholders owning less than 50% of the surviving entity, or an event of default. During the year ended December 31, 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 income, net” in the accompanying consolidated statements of operations and comprehensive loss.

In May 2014, the Company entered into an agreement whereby it is committed to provide up to €7.4 million to a partnership, Fountain Healthcare Partners II, L.P. of Ireland (“Fountain”), which was created to carry on the business of investing exclusively in companies and businesses engaged in the healthcare, pharmaceutical and life sciences sectors. As of December 31, 2022, the Company’s total contribution in Fountain was equal to €7.4 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 year ended December 31, 2020, two of the companies within the Fountain portfolio were acquired by third parties. The Company’s proportional share of the proceeds from these transactions was $11.1 million, of which $10.4 million was received during the year ended December 31, 2020 and the remaining $0.7 million was received during the year ended December 31, 2021. The transactions were accounted for under the cumulative earnings approach whereby the return on investment of $8.3 million was recorded as a gain within “Other income, net” in the accompanying consolidated statements of operations and comprehensive loss and the return of investment of $2.8 million was recorded as a reduction in the Company’s net investment in Fountain.

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 income, net” in the accompanying 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 $7.9 million and $6.1 million at December 31, 2022 and 2021, respectively, and was included within “Other assets” in the accompanying consolidated balance sheets.

During the years ended December 31, 2022, 2021 and 2020, the Company recorded an increase in its investment in Fountain of $1.8 million, a decrease of $0.4 million and an increase of $0.3 million, respectively, which represented the Company’s proportional share of Fountain’s net gains or losses for such periods.

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

	Year Ended December 31,
(In thousands)	2022		2021		2020
Proceeds from the sales and maturities of investments	$	281,627	$	295,010	$	253,001
Realized gains	$	—	$	34	$	76
Realized losses	$	529	$	977	$	977

The Company’s available‑for‑sale and held‑to‑maturity securities at December 31, 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	$	318,592	$	313,994	$	1,820	$	1,820
After 1 year through 5 years		136,539		131,788		—		—
Total	$	455,131	$	445,782	$	1,820	$	1,820

Fair Value

12 Months Ended

Dec. 31, 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 the Company utilized to determine such fair value:

	December 31,
(In thousands)	2022		Level 1		Level 2		Level 3
Assets:
Cash equivalents	$	19,857	$	19,857	$	—	$	—
U.S. government and agency debt securities		202,050		168,639		33,411		—
Corporate debt securities		208,938		—		208,938		—
Non-U.S. government debt securities		34,794		—		34,794		—
Total	$	465,639	$	188,496	$	277,143	$	—

	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 year ended December 31, 2022. The following table is a rollforward of the fair value of the Company’s investments whose fair value was determined using Level 3 inputs at December 31, 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		(1,298	)
Impairment of corporate debt security		(500	)
Balance, December 31, 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 November 2019, Recro Pharma, Inc. (“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 were assigned and/or transferred to Baudax.

In Baudax’s Quarterly Report on Form 10-Q for the period ended September 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 disclosures 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, during the three months ended September 30, 2022, that it was unlikely to collect any further proceeds under this arrangement and 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 addition, during the three months ended September 30, 2022, the Company determined that certain construction in progress related to the manufacture of ANJESO had no future value. See Note 7, Property, Plant and Equipment, within the “Notes to Consolidated Financial Statements” in this Annual Report for details related to such construction in progress.

In December 2022, Baudax announced that it would discontinue the sale of ANJESO and on December 28, 2022, the U.S. Food and Drug Administration (“FDA”) acknowledged the discontinuation of sale of ANJESO via listing in the Orange Book.

The estimated fair value of the Company’s long-term debt under the 2026 Term Loans (as defined in Note 11, Long-Term Debt within these “Notes to Consolidated Financial Statements” in this Annual Report), 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 $278.9 million and $285.8 million at December 31, 2022 and 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

12 Months Ended

Dec. 31, 2022

Inventory Disclosure [Abstract]

Inventory

6. INVENTORY

Inventory consists of the following:

	December 31,		December 31,
(In thousands)	2022		2021
Raw materials	$	61,064	$	56,125
Work in process		76,228		59,105
Finished goods⁽¹⁾		44,126		35,105
Total inventory	$	181,418	$	150,335

(1)

At December 31, 2022 and 2021, the Company had $30.9 million and $25.1 million, respectively, of finished goods inventory located at its third‑party warehouse and shipping service provider.

Property, Plant and Equipment

12 Months Ended

Dec. 31, 2022

Property Plant And Equipment [Abstract]

Property, Plant and Equipment

7. PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment consists of the following:

	December 31,			December 31,
(In thousands)	2022			2021
Land	$	6,560		$	6,560
Building and improvements		195,144			192,920
Furniture, fixtures and equipment		418,448			398,099
Leasehold improvements		54,152			52,526
Construction in progress		84,715			86,512
Subtotal		759,019			736,617
Less: accumulated depreciation		(433,658	)		(395,563	)
Total property, plant and equipment, net	$	325,361		$	341,054

Depreciation expense was $41.7 million, $40.5 million and $42.4 million for the years ended December 31, 2022, 2021 and 2020, respectively. Also, during the years ended December 31, 2022, 2021 and 2020, the Company wrote off furniture, fixtures and equipment that had an approximate carrying value of $0.5 million, $0.1 million and less than $0.1 million, respectively, at the time of disposition.

Amounts included as construction in progress in the consolidated balance sheets primarily include capital expenditures at the Company’s manufacturing facility in Wilmington, Ohio. The Company continues to evaluate its manufacturing capacity based on expectations of demand for its products and will continue to record such amounts within construction in progress until such time as the underlying assets are placed into service. The Company expects that approximately $44.3 million of construction in progress will be placed into service in the second half of 2023. The Company continues to periodically evaluate whether facts and circumstances indicate that the carrying value of its long‑lived assets to be held and used may not be recoverable.

In September 2022, the Company determined that $8.7 million of its construction in progress that related to the manufacture of ANJESO had no future value. 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 consolidated balance sheets and the net amount of $2.3 million was written off through “other income, net” in the accompanying consolidated statements of operations and comprehensive loss.

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2022

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

8. GOODWILL AND INTANGIBLE ASSETS

Goodwill and intangible assets consists of the following:

		December 31, 2022							December 31, 2021
(In thousands)	Weighted Amortizable Life (Years)	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Goodwill		$	92,873	$	—		$	92,873	$	92,873	$	—		$	92,873
Finite-lived intangible assets:
Collaboration agreements	12	$	465,590	$	(435,887	)	$	29,703	$	465,590	$	(407,012	)	$	58,578
Capitalized IP	11-13		118,160		(110,183	)		7,977		118,160		(102,695	)		15,465
Total		$	583,750	$	(546,070	)	$	37,680	$	583,750	$	(509,707	)	$	74,043

The Company’s finite‑lived intangible assets consist of collaborative agreements and the NanoCrystal and oral controlled release technologies acquired as part of the EDT acquisition. The Company recorded $36.4 million, $38.1 million and $39.5 million of amortization expense related to its finite‑lived intangible assets during the years ended December 31, 2022, 2021 and 2020, respectively. Based on the Company’s most recent analysis, amortization of intangible assets included within its consolidated balance sheets at December 31, 2022 is expected to be approximately $35.0 million and $1.0 million in the years ending December 31, 2023 and 2024, respectively. Although the Company believes such available information and assumptions are reasonable, given the inherent risks and uncertainties underlying its expectations regarding such future revenues, there is the potential for the Company’s actual results to vary significantly from such expectations. If revenues are projected to change, the related amortization of the intangible assets will change in proportion to the change in revenues.

The Company performed its annual goodwill impairment test as of October 31, 2022. The Company elected to perform a qualitative impairment test and based on the weight of all available evidence, determined that the fair value of the reporting unit more-likely-than-not exceeded its carrying value.

Leases

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Leases

9. LEASES

All of the Company’s leases are accounted for as operating leases. The Company’s two significant operating leases at December 31, 2022 include the following:

900 Winter Street

The Company leases approximately 231,000 square feet of office and laboratory space located at 900 Winter Street in Waltham, Massachusetts (the “900 Winter Street Lease”). The initial term of the lease commenced on January 20, 2020, expires in 2035 and includes an option to extend the term for an additional ten-year period.

In December 2022, the Company exercised an early payment option included within the terms of the 900 Winter Street Lease. The election of such early payment option resulted in a remeasurement of the remaining lease liability and right-of-use asset as of the remeasurement date of December 1, 2022 of $12.8 million. Subsequently, the Company made the early lease payment of $15.3 million in December 2022. As of December 31, 2022, the remeasurement and subsequent payment resulted in an increase in the right-of-use asset of $12.8 million and a net decrease in the lease liability of $2.5 million.

852 Winter Street

The Company leases approximately 180,000 square feet of corporate office space, administrative areas and laboratories at 852 Winter Street in Waltham, Massachusetts. The original lease commenced in 2010 and was extended, at the Company’s option, for five years in 2020. The lease extension commenced in March 2021 for 163,000 square feet of space and in September 2021 for the remaining 17,000 square feet of space. The lease expires in 2026 and includes a tenant option to extend the term of the lease for an additional five-year period.

At December 31, 2022 and 2021, the operating leases held by the Company had a weighted average incremental borrowing rate of 5.25% and 5.25%, respectively, and a weighted average remaining lease term of 8.9 years and 11.7 years, respectively. During the years ended December 31, 2022, 2021 and 2020, cash paid for amounts included for the measurement of lease liabilities was $33.2 million, $16.8 million and $16.3 million, respectively. The Company recorded operating lease expense of $16.6 million, $17.1 million and $17.3 million for the years ended December 31, 2022, 2021 and 2020, respectively.

Future lease payments under non-cancelable leases as of December 31, 2022 consisted of the following:

	December 31,
(In thousands)	2022
2023	$	16,665
2024		16,608
2025		16,855
2026		12,767
2027		9,506
Thereafter		69,474
Total operating lease payments	$	141,875
Less: imputed interest		(36,324	)
Total operating lease liabilities	$	105,551

Accounts Payable and Accrued Expenses

12 Months Ended

Dec. 31, 2022

Payables And Accruals [Abstract]

Accounts Payable and Accrued Expenses

10. ACCOUNTS PAYABLE AND ACCRUED EXPENSES

Accounts payable and accrued expenses consists of the following:

	December 31,		December 31,
(In thousands)	2022		2021
Accounts payable	$	32,843	$	55,721
Accrued compensation		79,085		77,256
Accrued other		108,161		75,514
Total accounts payable and accrued expenses	$	220,089	$	208,491

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

	December 31,		December 31,
(In thousands)	2022		2021
Medicaid rebates	$	208,332	$	195,413
Product discounts		13,204		14,951
Medicare Part D		18,409		14,348
Other		12,170		12,504
Total accrued sales discounts, allowances and reserves	$	252,115	$	237,216

Long-term Debt

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Long-term Debt

11. LONG‑TERM DEBT

Long‑term debt consists of the following:

	December 31,			December 31,
(In thousands)	2022			2021
2026 Term Loans, due March 12, 2026	$	293,270		$	295,804
Less: current portion		(3,000	)		(3,000	)
Long-term debt	$	290,270		$	292,804

In March 2021, the Company amended and refinanced its existing term loan, previously referred to as the 2023 Term Loans, in order to, among other things, provide for a new class of replacement term loans equal to $300.0 million; extend the due date of the loan from March 26, 2023 to March 12, 2026; amend the interest payable from LIBOR plus 2.25% with no LIBOR floor to LIBOR plus 2.50% with a LIBOR floor of 0.5%; and increase covenant flexibility (such refinancing, the “Term Loan Refinancing” and the 2023 Term Loans as so amended and refinanced the “2026 Term Loans”). The 2026 Term Loans were also amended to include customary ARRC hardwired benchmark replacement language.

The 2026 Term Loans have an incremental facility capacity in an amount of $175.0 million, plus additional potential amounts, provided that the Company meets certain conditions, including a specified leverage ratio. The 2026 Term Loans include a number of restrictive covenants that, among other things and subject to certain exceptions and baskets, impose operating and financial restrictions on the Company and certain of its subsidiaries. The 2026 Term Loans also contain customary affirmative covenants and events of default. The Company was in compliance with its debt covenants at December 31, 2022.

The Term Loan Refinancing involved multiple lenders who were considered members of a loan syndicate. In determining whether the Term Loan Refinancing was to be accounted for as a debt extinguishment or a debt modification, the Company considered whether creditors remained the same or changed and whether the changes in debt terms were substantial. A change in the debt terms was considered to be substantial if the present value of the remaining cash flows under the new terms of the 2026 Term Loans was at least 10% different from the present value of the remaining cash flows under the 2023 Term Loans (commonly referred to as the “10% Test”). The Company performed a separate 10% Test for each individual creditor participating in the loan syndication. With the exception of three lenders, who owned between 2%-7% of the total outstanding principal amount of the 2023 Term Loans immediately prior to the Term Loan Refinancing whose holding amounts were accounted for as a debt extinguishment, the Term Loan Refinancing was otherwise accounted for as a debt modification.

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

Scheduled maturities with respect to the 2026 Term Loans are as follows (in thousands):

Year Ending December 31:
2023	$	3,000
2024		3,000
2025		3,000
2026		285,750
Total	$	294,750

The Company is subject to mandatory prepayments of principal if certain excess cash flow thresholds, as defined in the 2026 Term Loans, are met. To date, the Company has not been required to make any such mandatory prepayments.

At December 31, 2022, the Company’s balance of unamortized deferred financing costs and unamortized original issue discount costs were $0.5 million and $1.0 million, respectively. These costs are being amortized to interest expense over the estimated repayment period of the 2026 Term Loans using the effective interest method. During each of the years ended December 31, 2022, 2021 and 2020, the Company had amortization expense of $0.5 million, $0.5 million and $0.7 million, respectively, related to deferred financing costs and original issue discount.

Loss Per Share

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Loss Per Share

12. 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 years ended December 31, 2022, 2021 and 2020, 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:

	Year Ended December 31,
(In thousands)	2022		2021		2020
Stock options		12,777		14,794		15,274
Restricted stock unit awards		5,040		3,981		3,279
Total		17,817		18,775		18,553

Shareholders' Equity

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Shareholders' Equity

13. SHAREHOLDERS’ EQUITY

Share Repurchase Program

On September 16, 2011, the Company’s board of directors authorized the continuation of the Alkermes, Inc. share repurchase program to repurchase up to $215.0 million of the Company’s ordinary shares at the discretion of management from time to time in the open market or through privately negotiated transactions. At December 31, 2022, approximately $101.0 million was available to repurchase ordinary shares pursuant to the repurchase program. All shares repurchased are recorded as treasury stock. The repurchase program has no set expiration date and may be suspended or discontinued at any time. During the years ended December 31, 2022 and 2021, the Company did not acquire any ordinary shares under the repurchase program.

- Definition

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

+ References

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+ Details

Share-based Compensation

12 Months Ended

Dec. 31, 2022

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Share-based Compensation

14. SHARE‑BASED COMPENSATION

Share‑Based Compensation Expense

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


	Year Ended December 31,
(In thousands)	2022		2021		2020
Cost of goods manufactured and sold	$	10,284	$	9,175	$	8,430
Research and development		27,941		24,877		26,408
Selling, general and administrative		56,029		53,570		55,326
Total share-based compensation expense	$	94,254	$	87,622	$	90,164

During the years ended December 31, 2022, 2021 and 2020, $3.3 million, $2.3 million and $2.6 million, respectively, of share‑based compensation expense was capitalized and recorded as “Inventory” in the accompanying consolidated balance sheets.

Share‑Based Compensation Plans

The Company has one share-based compensation plan pursuant to which awards are currently being made: the 2018 Stock Option and Incentive Plan, as amended (the “2018 Plan”). The Company has two share-based compensation plans pursuant to which outstanding awards have been made, but from which no further awards can or will be made: the Alkermes plc Amended and Restated 2008 Stock Option and Incentive Plan, as amended, (the “2008 Plan”) and the Alkermes plc 2011 Stock Option and Incentive Plan, as amended (the “2011 Plan”). Effective May 20, 2020, the 2018 Plan was amended such that any shares underlying any outstanding awards granted under the 2011 Plan or the 2008 Plan that are forfeited, canceled, repurchased or otherwise terminated (other than by exercise) from and after such date will become available for issuance pursuant to the 2018 Plan, notwithstanding anything to the contrary in the terms of the 2011 Plan or the 2008 Plan.

The 2018 Plan allows for the issuance of non-qualified and incentive stock options, restricted stock, restricted stock unit awards, cash-based awards and performance shares to employees, officers and directors of, and consultants to, the Company in such amounts and with such terms and conditions as may be determined by the compensation committee of the Company's board of directors, subject to the provisions of the 2018 Plan, as applicable.

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 8.3 million. At December 31, 2022, there were 12.9 million ordinary shares available for issuance in the aggregate under the 2018 Plan. The 2018 Plan provides that awards other than stock options will be counted against the total number of shares available under the plan in a 1.8-to‑1 ratio.

Stock Options

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

	Number of			Weighted Average
	Shares			Exercise Price
Outstanding, January 1, 2022		16,747,819		$	34.02
Granted		3,164,468		$	25.39
Exercised		(1,108,772	)	$	17.70
Expired		(660,093	)	$	48.03
Forfeited		(546,461	)	$	22.75
Outstanding, December 31, 2022		17,596,961		$	33.32
Exercisable, December 31, 2022		10,138,673		$	40.52

The weighted average grant date fair value of stock options granted during the years ended December 31, 2022, 2021 and 2020 was $12.62, $10.09 and $9.52, respectively. The aggregate intrinsic value of stock options exercised during the years ended December 31, 2022, 2021 and 2020 was $11.6 million, $8.3 million and $2.0 million, respectively.

At December 31, 2022, there were 7.2 million stock options expected to vest with a weighted average exercise price of $23.46 per share, a weighted average contractual remaining life of 8.2 years with an aggregate intrinsic value of $24.8 million. At December 31, 2022, the aggregate intrinsic value of stock options exercisable was $14.8 million with a weighted average remaining contractual term of 4.6 years. The number of stock options expected to vest was determined by applying the pre‑vesting forfeiture rate to the total number of outstanding options. The intrinsic value of a stock option is the amount by which the market value of the underlying shares exceeds the exercise price of the stock option.

At December 31, 2022, there was $32.7 million of unrecognized compensation cost related to unvested stock options, which is expected to be recognized over a weighted average period of 1.9 years. Included within the outstanding stock option balances at December 31, 2022 consisted of 382,200 performance-based stock options that were granted in 2019 and valued using a Monte Carlo simulation model. The weighted average grant date fair value of such performance-based stock options was $16.78. The unrecognized compensation cost related to these performance-based stock options was less than $0.1 million at December 31, 2022 and is included in the unrecognized compensation cost noted above.

Time‑Based Restricted Stock Unit Awards

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

				Weighted Average
	Number of Shares			Grant Date Fair Value
Unvested, January 1, 2022		6,322,685		$	23.38
Granted		3,031,864		$	25.27
Vested		(2,051,872	)	$	26.45
Forfeited		(677,255	)	$	22.96
Unvested, December 31, 2022		6,625,422		$	23.34

The weighted average grant date fair value of time‑vesting RSUs granted during the years ended December 31, 2022, 2021 and 2020 were $25.27, $20.83 and $20.22, respectively. The total fair value of time-vesting RSUs that vested during the years ended December 31, 2022, 2021 and 2020, was $54.3 million, $56.3 million and $45.9 million, respectively.

At December 31, 2022, there was $62.4 million of total unrecognized compensation cost related to unvested time-vesting RSUs, which will be recognized over a weighted average remaining contractual term of 1.9 years.

Performance-Based Restricted Stock Unit Awards

In February 2022, 2021 and 2020, the compensation committee of the Company’s board of directors approved awards of performance-based RSUs to employees of the Company at the Senior Vice President level and above, in each case subject to vesting based on the achievement of certain financial, commercial and/or R&D performance criteria to be assessed over a performance period of three years from the date of the grant, and subject, at the end of such three-year performance period, to upward or downward adjustment based on a market condition tied to relative share price performance over the three-year performance period.

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

				Weighted Average
	Number of Shares			Grant Date Fair Value
Unvested, January 1, 2022		877,862		$	23.20
Granted		517,683		$	30.73
Forfeited		(45,911	)	$	24.46
Vested		—		$	—
Unvested, December 31, 2022		1,349,634		$	26.05

The weighted average grant date fair value of performance-based RSUs granted during the years ended December 31, 2022, 2021 and 2020 were $30.73, $23.09 and $23.43, respectively. The total fair value of performance-based RSUs that vested during the years ended December 31, 2022, 2021 and 2020 were none, $4.2 million and none, respectively. At December 31, 2022, there was $5.1 million of unrecognized compensation cost related to the performance-based RSUs, which would be recognized in accordance with the terms of the award when the Company deems it probable that the performance criteria will be met. The unvested awards will expire if it is determined that the performance criteria have not been met during the applicable three-year performance period.

Collaborative Arrangements

12 Months Ended

Dec. 31, 2022

Collaborative Arrangements Disclosure [Abstract]

Collaborative Arrangements

15. COLLABORATIVE ARRANGEMENTS

The Company has entered into several collaborative arrangements to develop and commercialize products and, in connection with such arrangements, to access technologies, financial, marketing, manufacturing and other resources. Refer to the “Patents and Proprietary Rights” section in “Item 1— Business” of this Annual Report for information with respect to IP protection for these products. The collaboration revenue the Company has earned in the years ended December 31, 2022, 2021 and 2020 is summarized in Note 3, Revenue from Contracts with Customers within the notes to the consolidated financial statements in this Annual Report.

The Company’s significant collaborative arrangements are described below:

Janssen

INVEGA SUSTENNA/XEPLION, INVEGA TRINZA/TREVICTA and INVEGA HAFYERA/BYANNLI

In November 2021, the Company received notice of partial termination of an exclusive license agreement with Janssen. Under this license agreement, the Company provided Janssen 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, which was used to develop INVEGA SUSTENNA/XEPLION, INVEGA TRINZA/TREVICTA, and INVEGA HAFYERA/BYANNLI. When the partial termination became effective in February 2022, Janssen 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 April 2022, the Company commenced binding arbitration proceedings related to, among other things, Janssen’s partial termination of this license agreement and Janssen’s royalty and other obligations under the agreement. On December 21, 2022, we received the Interim Award in these proceedings from the Tribunal, in which the Tribunal agreed with our position that, while Janssen may terminate the agreement, it may not continue to sell Products (as defined in the agreement) developed during the term of the agreement without paying royalties pursuant to the term of the agreement. This award is not yet final. We will engage with Janssen and the Tribunal in additional proceedings prior to the Tribunal’s issuance of a final award. Accordingly, the Company has not recognized royalty revenue related to U.S. sales of the long-acting INVEGA products since February 2022. For additional information about these proceedings, see Note 17, Commitments and Contingent Liabilities in the “Notes to Consolidated Financial Statements” in this Annual Report.

Under this license agreement, the Company granted Janssen a worldwide exclusive license under the Company’s NanoCrystal technology to develop, commercialize and manufacture injectable pharmaceutical products containing paliperidone palmitate, which include the long-acting INVEGA products, and the Company received milestone payments from Janssen upon the achievement of certain development goals from Janssen; there are no further milestones to be earned under this agreement. The agreement also provides for tiered royalty payments between 5% and 9% of net sales of products subject to this agreement in each country where the license is in effect, with the exact royalty percentage determined based on aggregate worldwide net sales. The tiered royalty payments consist of a patent royalty and a know‑how royalty, both of which are determined on a country‑by‑country basis. The patent royalty, which equals 1.5% of net sales, is payable in each country until the expiration of the last of the patents claiming the product in such country. The know‑how royalty is a tiered royalty of 3.5%, 5.5% and 7.5% on aggregate worldwide net sales of below $250 million, between $250 million and $500 million, and greater than $500 million, respectively. The know‑how royalty rate resets to 3.5% at the beginning of each calendar year and is payable until 15 years from first commercial sale of a product in each individual country, subject to expiry of the agreement. These royalty payments may be reduced in any country based on patent litigation or on competing products achieving certain minimum sales thresholds. The license agreement, unless earlier terminated, terminates upon the expiration of the last of the patents subject to the agreement. After expiration, Janssen retains a non‑exclusive, royalty‑free license to develop, manufacture and commercialize the products, subject to certain surviving obligations.

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

RISPERDAL CONSTA

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

Under two license agreements, the Company granted Janssen and an affiliate of Janssen exclusive worldwide licenses to use and sell RISPERDAL CONSTA. Under its license agreements with Janssen, the Company receives royalty payments equal to 2.5% of Janssen’s end-market net sales of RISPERDAL CONSTA in each country where the license is in effect based on the quarter when the product is sold by Janssen. This royalty may be reduced in any country based on lack of patent coverage and significant competition from generic versions of the product. Janssen can terminate the license agreements upon 30 days’ prior written notice to the Company. Either party may terminate the license agreements by written notice following a breach which continues for 90 days after the delivery of written notice thereof or upon the other party’s insolvency. The licenses granted to Janssen expire on a country‑by‑country basis upon the later of: (i) the expiration of the last patent claiming the product in such country; or (ii) 15 years after the date of the first commercial sale of the product in such country, provided that in no event will the license granted to Janssen expire later than the twentieth anniversary of the first commercial sale of the product in each such country, with the exception of Canada, France, Germany, Italy, Japan, Spain and the United Kingdom, in each case where the fifteen‑year minimum shall pertain regardless. After expiration, Janssen retains a non‑exclusive, royalty‑free license to manufacture, use and sell RISPERDAL CONSTA.

The Company exclusively manufactures RISPERDAL CONSTA for commercial sale. Under its manufacturing and supply agreement with Janssen, the Company records manufacturing revenues when product is fully manufactured and approved for shipment by both Janssen and the Company. Revenue is based on a percentage of Janssen’s net unit sales price for RISPERDAL CONSTA for the applicable calendar year. This percentage is determined based on Janssen’s unit demand for such calendar year and varies based on the volume of units shipped, with a minimum manufacturing fee of 7.5%. Either party may terminate the manufacturing and supply agreement upon a material breach by the other party, which is not resolved within 60 days after receipt of a written notice specifying the material breach or upon written notice in the event of the other party’s insolvency or bankruptcy. Janssen may terminate the agreement upon six months’ written notice to the Company. In the event that Janssen terminates the manufacturing and supply agreement without terminating the license agreements, the royalty rate payable to the Company on Janssen’s net sales of RISPERDAL CONSTA would increase from 2.5% to 5.0%.

Biogen

Under a license and collaboration agreement with Biogen, the Company granted Biogen a worldwide, exclusive, sublicensable license to develop, manufacture and commercialize VUMERITY and other products covered by patents licensed to Biogen under the agreement.

Under this license and collaboration agreement, the Company received an upfront cash payment and milestone payments related to the achievement of certain milestones, including FDA approval of the NDA for VUMERITY and amendment of the license and collaboration agreement. The Company is also eligible to receive additional payments upon achievement of certain milestones, including milestones relating to the first two products, other than VUMERITY, covered by patents licensed to Biogen under the license and collaboration agreement.

In addition, the Company receives a 15% royalty on worldwide net sales of VUMERITY, subject to increases for VUMERITY manufactured and/or packaged by Biogen or its designees, and subject to, under certain circumstances, minimum annual payments for the first five years following FDA approval of VUMERITY. The Company is also entitled to receive royalties on net sales of products other than VUMERITY covered by patents licensed to Biogen under the license and collaboration agreement, at tiered royalty rates calculated as percentages of net sales ranging from high-single digits to sub-teen double digits. All royalties are payable on a product-by-product and country-by-country basis until the later of (i) the last-to-expire patent right covering the applicable product in the applicable country and (ii) a specified period of time from the first commercial sale of the applicable product in the applicable country. Royalties for all products and the minimum annual payments for VUMERITY are subject to customary reductions, as set forth in the license and collaboration agreement.

Under the license and collaboration agreement, Biogen appointed the Company as the toll manufacturer of clinical and commercial supplies of VUMERITY, subject to Biogen’s right to manufacture or have manufactured commercial supplies as a back-up manufacturer and subject to good faith agreement by the parties on the terms of such manufacturing arrangements. In October 2019, the Company entered into a commercial supply agreement with Biogen for the commercial supply of VUMERITY, an amendment to such commercial supply agreement and an amendment to the license and collaboration agreement with Biogen, pursuant to which Biogen has elected to conduct a technology transfer and, following a transition period, assume responsibility for the manufacture (itself or through a designee) of clinical supplies of VUMERITY and up to 100% of commercial supplies of VUMERITY in exchange for an increase in the royalty rate to be paid by Biogen to the Company on net sales of that portion of product that is manufactured by Biogen or its designee.

Unless earlier terminated, the license and collaboration agreement will remain in effect until the expiry of all royalty obligations. Biogen has the right to terminate the license and collaboration agreement at will, on a product-by-product basis or in its entirety upon 180 days’ prior notice to the Company. Either party has the right to terminate the license and collaboration agreement following any governmental prohibition of the transactions effected by the agreement, or in connection with an insolvency event involving the other party. Upon termination of the license and collaboration agreement by either party, then, at the Company’s request, the VUMERITY program will revert to the Company.

Income Taxes

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes

16. INCOME TAXES

The Company’s (benefit) provision for income taxes consists of the following:

	Year Ended December 31,
(In thousands)	2022			2021			2020
Current income tax provision:
U.S. federal	$	18,105		$	2,700		$	2,943
U.S. state		5,653			1,079			1,396
Rest of world		—			3			—
Deferred income tax (benefit) provision:
U.S. federal		(28,123	)		5,908			9,876
U.S. state		(4,672	)		(827	)		109
Ireland		—			—			—
Total tax (benefit) provision	$	(9,037	)	$	8,863		$	14,324

The income tax benefit in 2022 was primarily due to an enhanced foreign derived intangible income deduction as a result of a change to Section 174 of the Tax Cuts and Jobs Act in relation to capitalization and amortization of R&D expenses. The income tax provisions in 2021 and 2020 were primarily due to U.S. federal and state taxes on income earned in the U.S. and the tax impact of employee equity activity.

No provision for income tax has been provided on undistributed earnings of the Company’s foreign subsidiaries because such earnings are indefinitely reinvested in the foreign operations. Cumulative unremitted earnings of U.S. subsidiaries totaled approximately $812.8 million at December 31, 2022. In the event of a repatriation of those earnings in the form of dividends or otherwise, the Company may be liable for income taxes, subject to adjustment, if any, for foreign tax credits and foreign withholding taxes payable to foreign tax authorities. The Company estimates that approximately $55.0 million of income taxes would be payable on the repatriation of the unremitted earnings to Ireland.

The distribution of the Company’s loss before income taxes by geographical area consists of the following:

	Year Ended December 31,
(In thousands)	2022			2021			2020
Ireland	$	(183,828	)	$	(54,070	)	$	(138,070	)
U.S.		16,524			14,764			41,599
Rest of world		—			—			(66	)
Loss before income taxes	$	(167,304	)	$	(39,306	)	$	(96,537	)

The components of the Company’s net deferred tax assets consist of the following:

	December 31,			December 31,
(In thousands)	2022			2021
Deferred tax assets:
NOL carryforwards	$	238,128		$	222,508
Research and development expenses		66,464			—
Accrued expenses and reserves		55,755			52,308
Share-based compensation		41,075			40,455
Tax credits		22,932			58,704
Other		9,993			7,758
Less: valuation allowance		(271,517	)		(249,112	)
Total deferred tax assets		162,830			132,621
Deferred tax liabilities:
Property, plant and equipment		(46,274	)		(50,187	)
Other		(1,502	)		(1,150	)
Total deferred tax liabilities		(47,776	)		(51,337	)
Net deferred tax assets	$	115,054		$	81,284

The activity in the valuation allowance associated with deferred taxes consists of the following:

(In thousands)	Balance at Beginning of Period			(Additions) / Reductions ⁽¹⁾			Balance at End of Period
Deferred tax asset valuation allowance for the year ended December 31, 2020	$	(242,059	)	$	(11,590	)	$	(253,649	)
Deferred tax asset valuation allowance for the year ended December 31, 2021	$	(253,649	)	$	4,537		$	(249,112	)
Deferred tax asset valuation allowance for the year ended December 31, 2022	$	(249,112	)	$	(22,405	)	$	(271,517	)

(1)	The (additions)/reductions in each of the periods presented relate primarily to Irish NOLs.

At December 31, 2022, the Company maintained a valuation allowance of $25.7 million against certain U.S. state deferred tax assets and $245.8 million against certain Irish deferred tax assets as the Company has determined that it is more-likely-than-not that these net deferred tax assets will not be realized. If the Company demonstrates consistent profitability in the future, the evaluation of the recoverability of these deferred tax assets could change and the remaining valuation allowances could be released in part or in whole. If the Company incurs losses in the U.S. in the future, the evaluation of the recoverability of the U.S. deferred tax assets could change and a valuation allowance against the U.S. deferred tax assets may be required in part or in whole.

As of December 31, 2022, the Company had $1.7 billion of Irish NOL carryforwards, $1

5.1 million of U.S. federal NOL carryforwards, $43.2 million of state NOL carryforwards, $5.7 million of federal R&D credits and $29.0 million of state tax credits which will either expire on various dates through 2042 or can be carried forward indefinitely. These loss and credit carryforwards are available to reduce certain future Irish and foreign taxable income and tax. These loss and credit carryforwards are subject to review and possible adjustment by the appropriate taxing authorities. These loss and credit carryforwards, which may be utilized in a future period, may be subject to limitations based upon changes in the ownership of the Company's ordinary shares. Included within these loss and credit carryforwards are $15.1 million of U.S. federal NOL carryforwards and $6.8 million of state NOL carryforwards, acquired as part of the acquisition of Rodin, each of which are subject to a $0.5 million annual limitation.

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

	Year Ended December 31,
(In thousands, except percentage amounts)	2022				2021				2020
Statutory tax rate		12.5		%		12.5		%		12.5		%

Loss before income taxes at statutory rate	$	(20,913	)		$	(4,913	)		$	(12,067	)

Share-based compensation		4,461				7,841				8,972
Foreign rate differential⁽¹⁾		(2,122	)			5,811				7,798
Change in valuation allowance		21,455				(4,537	)			11,590
Intercompany amounts⁽²⁾		(1,694	)			10,707				6,234
Irish rate differential⁽³⁾		4,926				1,817				2,511
Uncertain tax positions		602				704				811
Non-deductible lobbying expenses		775				637				683
U.S. state income taxes, net of U.S. federal benefit		598				248				1,298
In-process R&D⁽⁴⁾		—				2,724				332
Foreign derived intangible income		(10,405	)			(3,875	)			(3,125	)
R&D credit		(7,863	)			(8,488	)			(11,198	)
Other permanent items⁽⁵⁾		1,143				187				485
Income tax (benefit) provision	$	(9,037	)		$	8,863			$	14,324

Effective tax rate		5.4		%		(22.5	)	%		(14.8	)	%

(1)	Represents income or losses of U.S. subsidiaries, subject to tax at a rate other than the Irish statutory rate.

(2)	Intercompany amounts include cross-territory eliminations, the pre-tax effect of which has been eliminated in arriving at the Company's consolidated loss before taxes.

(3)	Represents income or losses of Irish companies subject to tax at a rate other than the Irish statutory rate.

(4)	Represents the tax effect of the research and development expense recorded in connection with the acquisition of Rodin.

(5)	Other permanent items include, but are not limited to, non-deductible meals and entertainment expenses and non-deductible compensation of senior officers of the Company.

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

	Unrecognized
(In thousands)	Tax Benefits
Balance, December 31, 2019	$	6,857
Additions based on tax positions related to prior periods		15
Additions based on tax positions related to the current period		796
Balance, December 31, 2020	$	7,668
Reductions based on tax positions related to prior periods		(27	)
Additions based on tax positions related to the current period		731
Balance, December 31, 2021	$	8,372
Reductions based on the lapse of applicable statues of limitations		(438	)
Additions based on tax positions related to prior periods		449
Additions based on tax positions related to the current period		590
Balance, December 31, 2022	$	8,973

The unrecognized tax benefits at December 31, 2022, if recognized, would affect the Company's effective tax rate. The Company does not anticipate that the amount of existing unrecognized tax benefits will materially increase or decrease within the next 12 months. The Company has elected to include interest and penalties related to uncertain tax positions as a component of its provision for taxes. For the years ended December 31, 2022, 2021 and 2020, the Company's accrued interest and penalties related to uncertain tax positions were not material.

The Company’s major taxing jurisdictions include Ireland and the U.S. (federal and state). These jurisdictions have varying statutes of limitations. In the U.S., the 2019 through 2022 fiscal years remain subject to examination by the respective tax authorities, however, some states have longer statutes of limitations and additional fiscal years remain subject to examination. In Ireland, the 2018 through 2022 fiscal years remain subject to examination by the Irish tax authorities. Additionally, because of the Company’s Irish and U.S. loss carryforwards and credit carryforwards, certain tax returns from fiscal years 2002 onward may also be examined. These years generally remain open for three to four years after the loss carryforwards and credit carryforwards have been utilized.

The years ended December 31, 2018 and 2017 for Alkermes Finance S.à.r.l, a former indirect subsidiary of Alkermes plc that was liquidated during the year ended December 31, 2020, are currently under examination by the Tax Authorities in Luxembourg (the “LTA”). In November 2022, the Company received a notice of assessment in the amount of €2.2 million for the year ended December 31, 2017 from the LTA. The Company disagrees with this assessment and believes this assessment to be incorrect. The Company will timely appeal the notice of assessment and pursue available administrative and judicial avenues as may be necessary or appropriate. As of December 31, 2022, the Company had not received a notice of assessment from the LTA in relation to the year ended December 31, 2018.

- 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
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-Paragraph 21
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-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
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-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

12 Months Ended

Dec. 31, 2022

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingent Liabilities

17. 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 December 31, 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 N.V.’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 request for arbitration seeks, among other remedies, a declaration that Janssen Pharmaceutica N.V. is in breach of the license agreements and a resumption of royalty payments for sales of the relevant products in the U.S. On December 21, 2022, the Company received the Interim Award in these proceedings from the Tribunal. In the Interim Award, the Tribunal agreed with the Company’s position that, while Janssen Pharmaceutica N.V. may terminate the agreements, it may not continue to sell Products (as defined in the agreements) developed during the term of the agreements without paying royalties pursuant to the terms of the respective agreements. The Company will engage with Janssen Pharmaceutica N.V. and the Tribunal in additional proceedings prior to the Tribunal’s issuance of a final award. The arbitration is to be conducted pursuant to the Institute for Conflict Prevention and Resolution (CPR) Rules for Non-Administered Arbitration.

INVEGA SUSTENNA ANDA Litigation

Janssen Pharmaceutica N.V. 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 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 has been 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 N.V., 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 bench trial concluded on December 9, 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 bench trial, adjourned from its prior scheduled start date due to COVID-19, is now scheduled to begin on February 16, 2023. The Company intends to vigorously defend its IP.

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. In addition, on January 10, 2023, Acorda filed a petition with the U.S. District Court for the Southern District of New York asking the court to confirm in part and modify in part the final arbitral award rendered by an arbitration panel in October 2022 and, as part of the requested modification, seeking an additional approximately $66.0 million in damages. The Company intends to contest this petition and believes it is without merit. 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.

Purchase Commitments

The Company has open purchase orders for plant and equipment as part of its normal course of business. At December 31, 2022, the Company’s open purchase orders were $9.9 million for capital commitments.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Principles of Consolidation

The consolidated financial statements include the accounts of Alkermes plc and its wholly-owned subsidiaries. Intercompany accounts and transactions have been eliminated.

Reclassification

Use of Estimates

Cash and Cash Equivalents

Investments

Fair Value of Financial Instruments

•

Inventory

Property, Plant and Equipment

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

Contingent Consideration

Goodwill and Intangible Assets

Impairment of Long-Lived Assets

Impairment of Long‑Lived Assets

Revenue from Contracts with Customers

Product Sales, Net

•

Collaborative Arrangements

Manufacturing Revenue

Royalty Revenue

Research and Development Revenue

License Revenue

Receivables, net

Contract Assets

Contract assets consisted of the following:

(In thousands)	Contract Assets
Contract assets at January 1, 2021	$	19,401
Additions		30,609
Transferred to receivables, net		(36,647	)
Contract assets at December 31, 2021	$	13,363
Additions		42,218
Transferred to receivables, net		(46,652	)
Contract assets at December 31, 2022	$	8,929

Contract Liabilities

The Company’s contract liabilities consist of contractual obligations related to deferred revenue.

Contract liabilities consisted of the following:

(In thousands)	Contract Liabilities
Contract liabilities at January 1, 2021	$	23,909
Additions		—
Amounts recognized into revenue		(6,079	)
Contract liabilities at December 31, 2021	$	17,830
Additions		6,769
Amounts recognized into revenue		(7,514	)
Amounts recognized into other income, net		(6,384	)
Contract liabilities at December 31, 2022	$	10,701

Foreign Currency

Concentrations

	Year Ended December 31,
	2022				2021				2020
Customer	Receivables		Revenue		Receivables		Revenue		Receivables		Revenue
Janssen	*		15	%	30	%	30	%	30	%	33	%
Biogen	19	%	13	%	11	%	10	%	*		*
Cardinal Health	24	%	24	%	17	%	20	%	16	%	21	%
AmerisourceBergen	18	%	14	%	13	%	11	%	11	%	10	%
McKesson	12	%	16	%	11	%	13	%	*		14	%


*		Indicates the revenues or receivables for the customer did not exceed 10% of the Company’s total in each category as of or for the years ended December 31, 2022, 2021 or 2020, as noted.

Geographic Information

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

	Year Ended December 31,
(In thousands)	2022		2021		2020
Revenue by region:
U.S.	$	931,991	$	984,235	$	838,995
Ireland		1,829		2,175		3,233
Rest of world		177,975		187,341		196,528
Assets by region:
Current assets:
U.S.	$	702,564	$	485,083	$	662,615
Ireland		427,742		577,086		448,356
Rest of world		—		—		—
Long-term assets:
U.S.:
Other	$	529,002	$	591,217	$	472,999
Ireland:
Intangible assets	$	37,680	$	74,043	$	111,191
Goodwill		92,873		92,873		92,873
Other		174,117		204,182		161,696

Research and Development Expenses

Selling, General and Administrative Expenses

Advertising costs are expensed as incurred. During the years ended December 31, 2022, 2021 and 2020, advertising costs totaled $41.4 million, $38.9 million and $25.5 million, respectively.

Share-Based Compensation

Share‑Based Compensation

Time-Based Stock Options

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

	Year Ended December 31,
	2022	2021	2020
Expected option term	5 - 8 years	5 - 7 years	5 - 7 years
Expected stock volatility	43 % - 51 %	43 % - 54 %	47 % - 54 %
Risk-free interest rate	1.83 % - 4.26 %	0.67 % - 1.46 %	0.24 % - 1.69 %
Expected annual dividend yield	—	—	—

Time‑Based Restricted Stock Unit Awards

Performance-Based Restricted Stock Unit Awards

Employee Benefit Plans

401(k) Plan

Defined Contribution Plan

Risk and Uncertainties

Risks and Uncertainties

New Accounting Pronouncements

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Schedule of Estimated Useful Life of Property, Plant and Equipment

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

Schedule of Contract Assets and Contract Liabilities

Contract assets consisted of the following:

(In thousands)	Contract Assets
Contract assets at January 1, 2021	$	19,401
Additions		30,609
Transferred to receivables, net		(36,647	)
Contract assets at December 31, 2021	$	13,363
Additions		42,218
Transferred to receivables, net		(46,652	)
Contract assets at December 31, 2022	$	8,929

Contract liabilities consisted of the following:

(In thousands)	Contract Liabilities
Contract liabilities at January 1, 2021	$	23,909
Additions		—
Amounts recognized into revenue		(6,079	)
Contract liabilities at December 31, 2021	$	17,830
Additions		6,769
Amounts recognized into revenue		(7,514	)
Amounts recognized into other income, net		(6,384	)
Contract liabilities at December 31, 2022	$	10,701

Schedule of Revenue and Receivables From Customers Exceeding 10% of Total in Each Category

The following represents revenue and receivables from the Company’s customers exceeding 10% of the total in each category as of, and for the years ended, December 31, 2022, 2021 and 2020:

	Year Ended December 31,
	2022				2021				2020
Customer	Receivables		Revenue		Receivables		Revenue		Receivables		Revenue
Janssen	*		15	%	30	%	30	%	30	%	33	%
Biogen	19	%	13	%	11	%	10	%	*		*
Cardinal Health	24	%	24	%	17	%	20	%	16	%	21	%
AmerisourceBergen	18	%	14	%	13	%	11	%	11	%	10	%
McKesson	12	%	16	%	11	%	13	%	*		14	%

Schedule of Revenues by Geographic Location, as Determined by the Location of the Customer, and the Location of its Long-term Assets

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

	Year Ended December 31,
(In thousands)	2022		2021		2020
Revenue by region:
U.S.	$	931,991	$	984,235	$	838,995
Ireland		1,829		2,175		3,233
Rest of world		177,975		187,341		196,528
Assets by region:
Current assets:
U.S.	$	702,564	$	485,083	$	662,615
Ireland		427,742		577,086		448,356
Rest of world		—		—		—
Long-term assets:
U.S.:
Other	$	529,002	$	591,217	$	472,999
Ireland:
Intangible assets	$	37,680	$	74,043	$	111,191
Goodwill		92,873		92,873		92,873
Other		174,117		204,182		161,696

Schedule of Fair Value of Each Stock Option Grant Estimated on The Grant Date Using Weighted-average Assumptions

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

	Year Ended December 31,
	2022	2021	2020
Expected option term	5 - 8 years	5 - 7 years	5 - 7 years
Expected stock volatility	43 % - 51 %	43 % - 54 %	47 % - 54 %
Risk-free interest rate	1.83 % - 4.26 %	0.67 % - 1.46 %	0.24 % - 1.69 %
Expected annual dividend yield	—	—	—

Revenue from Contracts with Customers (Tables)

12 Months Ended

Dec. 31, 2022

Product sales, net

Schedule of Disaggregation of Revenues

During the years ended December 31, 2022, 2021 and 2020, the Company recorded product sales, net, as follows:

	Year Ended December 31,
(In thousands)	2022		2021		2020
VIVITROL	$	379,478	$	343,853	$	310,722
ARISTADA and ARISTADA INITIO		302,052		275,356		241,038
LYBALVI		96,022		8,215		—
Total product sales, net	$	777,552	$	627,424	$	551,760

Manufacturing and royalty revenues

Schedule of Disaggregation of Revenues

During the years ended December 31, 2022, 2021 and 2020, the Company recorded manufacturing and royalty revenues from its collaboration arrangements as follows:

	Year Ended December 31, 2022
(In thousands)	Manufacturing Revenue		Royalty Revenue		Total
Long-acting INVEGA products⁽¹⁾	$	—	$	115,655	$	115,655
VUMERITY		32,493		83,003		115,496
RISPERDAL CONSTA		42,670		7,243		49,913
Other		37,211		13,708		50,919
	$	112,374	$	219,609	$	331,983

	Year Ended December 31, 2021
(In thousands)	Manufacturing Revenue		Royalty Revenue		Total
Long-acting INVEGA products⁽¹⁾	$	—	$	303,106	$	303,106
VUMERITY		25,808		61,614		87,422
RISPERDAL CONSTA		40,413		10,456		50,869
Other		39,407		61,003		100,410
	$	105,628	$	436,179	$	541,807

	Year Ended December 31, 2020
(In thousands)	Manufacturing Revenue		Royalty Revenue		Total
Long-acting INVEGA products ⁽¹⁾	$	—	$	274,200	$	274,200
VUMERITY		8,848		13,693		22,541
RISPERDAL CONSTA		56,893		14,468		71,361
Other		53,293		62,605		115,898
	$	119,034	$	364,966	$	484,000

(1)

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

Investments (Tables)

12 Months Ended

Dec. 31, 2022

Investments Debt And Equity Securities [Abstract]

Schedule of Investments

Investments consist of the following:

			Gross Unrealized
					Losses
	Amortized				Less than			Greater than			Estimated
December 31, 2022	Cost		Gains		One Year			One Year			Fair Value
Short-term investments:
Available-for-sale securities:
Corporate debt securities	$	145,421	$	—	$	(432	)	$	(2,054	)	$	142,935
U.S. government and agency debt securities		143,710		16		(266	)		(1,289	)		142,171
Non-U.S. government debt securities		31,452		—		(20	)		(546	)		30,886
Total short-term investments		320,583		16		(718	)		(3,889	)		315,992
Long-term investments:
Available-for-sale securities:
Corporate debt securities		68,229		—		(1,550	)		(676	)		66,003
U.S. government and agency debt securities		62,220		—		(917	)		(1,424	)		59,879
Non-U.S. government debt securities		4,099		—		—			(191	)		3,908
		134,548		—		(2,467	)		(2,291	)		129,790
Held-to-maturity securities:
Certificates of deposit		1,820		—		—			—			1,820
Total long-term investments		136,368		—		(2,467	)		(2,291	)		131,610
Total investments	$	456,951	$	16	$	(3,185	)	$	(6,180	)	$	447,602

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:

	Year Ended December 31,
(In thousands)	2022		2021		2020
Proceeds from the sales and maturities of investments	$	281,627	$	295,010	$	253,001
Realized gains	$	—	$	34	$	76
Realized losses	$	529	$	977	$	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 December 31, 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	$	318,592	$	313,994	$	1,820	$	1,820
After 1 year through 5 years		136,539		131,788		—		—
Total	$	455,131	$	445,782	$	1,820	$	1,820

Fair Value (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

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

	December 31,
(In thousands)	2022		Level 1		Level 2		Level 3
Assets:
Cash equivalents	$	19,857	$	19,857	$	—	$	—
U.S. government and agency debt securities		202,050		168,639		33,411		—
Corporate debt securities		208,938		—		208,938		—
Non-U.S. government debt securities		34,794		—		34,794		—
Total	$	465,639	$	188,496	$	277,143	$	—

	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 whose fair value was determined using Level 3 inputs at December 31, 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		(1,298	)
Impairment of corporate debt security		(500	)
Balance, December 31, 2022	$	—

Inventory (Tables)

12 Months Ended

Dec. 31, 2022

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventory consists of the following:

	December 31,		December 31,
(In thousands)	2022		2021
Raw materials	$	61,064	$	56,125
Work in process		76,228		59,105
Finished goods⁽¹⁾		44,126		35,105
Total inventory	$	181,418	$	150,335

(1)

At December 31, 2022 and 2021, the Company had $30.9 million and $25.1 million, respectively, of finished goods inventory located at its third‑party warehouse and shipping service provider.

Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2022

Property Plant And Equipment [Abstract]

Schedule of Property, Plant and Equipment

Property, plant and equipment consists of the following:

	December 31,			December 31,
(In thousands)	2022			2021
Land	$	6,560		$	6,560
Building and improvements		195,144			192,920
Furniture, fixtures and equipment		418,448			398,099
Leasehold improvements		54,152			52,526
Construction in progress		84,715			86,512
Subtotal		759,019			736,617
Less: accumulated depreciation		(433,658	)		(395,563	)
Total property, plant and equipment, net	$	325,361		$	341,054

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2022

Goodwill And Intangible Assets Disclosure [Abstract]

Schedule of Goodwill and Intangible Assets

Goodwill and intangible assets consists of the following:

		December 31, 2022							December 31, 2021
(In thousands)	Weighted Amortizable Life (Years)	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Goodwill		$	92,873	$	—		$	92,873	$	92,873	$	—		$	92,873
Finite-lived intangible assets:
Collaboration agreements	12	$	465,590	$	(435,887	)	$	29,703	$	465,590	$	(407,012	)	$	58,578
Capitalized IP	11-13		118,160		(110,183	)		7,977		118,160		(102,695	)		15,465
Total		$	583,750	$	(546,070	)	$	37,680	$	583,750	$	(509,707	)	$	74,043

Leases (Tables)

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Summary of Future Lease Payments Under Non-Cancelable Leases

Future lease payments under non-cancelable leases as of December 31, 2022 consisted of the following:

	December 31,
(In thousands)	2022
2023	$	16,665
2024		16,608
2025		16,855
2026		12,767
2027		9,506
Thereafter		69,474
Total operating lease payments	$	141,875
Less: imputed interest		(36,324	)
Total operating lease liabilities	$	105,551

Accounts Payable and Accrued Expenses (Tables)

12 Months Ended

Dec. 31, 2022

Payables And Accruals [Abstract]

Schedule of Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses consists of the following:

	December 31,		December 31,
(In thousands)	2022		2021
Accounts payable	$	32,843	$	55,721
Accrued compensation		79,085		77,256
Accrued other		108,161		75,514
Total accounts payable and accrued expenses	$	220,089	$	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:

	December 31,		December 31,
(In thousands)	2022		2021
Medicaid rebates	$	208,332	$	195,413
Product discounts		13,204		14,951
Medicare Part D		18,409		14,348
Other		12,170		12,504
Total accrued sales discounts, allowances and reserves	$	252,115	$	237,216

Long-term Debt (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Schedule of Long-term Debt

Long‑term debt consists of the following:

	December 31,			December 31,
(In thousands)	2022			2021
2026 Term Loans, due March 12, 2026	$	293,270		$	295,804
Less: current portion		(3,000	)		(3,000	)
Long-term debt	$	290,270		$	292,804

Scheduled Maturities of Term Loan Facility

Scheduled maturities with respect to the 2026 Term Loans are as follows (in thousands):

Year Ending December 31:
2023	$	3,000
2024		3,000
2025		3,000
2026		285,750
Total	$	294,750

Loss Per Share (Tables)

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

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

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

	Year Ended December 31,
(In thousands)	2022		2021		2020
Stock options		12,777		14,794		15,274
Restricted stock unit awards		5,040		3,981		3,279
Total		17,817		18,775		18,553

Share-based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Share-based Compensation Expense

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


	Year Ended December 31,
(In thousands)	2022		2021		2020
Cost of goods manufactured and sold	$	10,284	$	9,175	$	8,430
Research and development		27,941		24,877		26,408
Selling, general and administrative		56,029		53,570		55,326
Total share-based compensation expense	$	94,254	$	87,622	$	90,164

Schedule of Stock Option Activity

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

	Number of			Weighted Average
	Shares			Exercise Price
Outstanding, January 1, 2022		16,747,819		$	34.02
Granted		3,164,468		$	25.39
Exercised		(1,108,772	)	$	17.70
Expired		(660,093	)	$	48.03
Forfeited		(546,461	)	$	22.75
Outstanding, December 31, 2022		17,596,961		$	33.32
Exercisable, December 31, 2022		10,138,673		$	40.52

Time-based RSU Awards

Summary of RSU Activity

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

				Weighted Average
	Number of Shares			Grant Date Fair Value
Unvested, January 1, 2022		6,322,685		$	23.38
Granted		3,031,864		$	25.27
Vested		(2,051,872	)	$	26.45
Forfeited		(677,255	)	$	22.96
Unvested, December 31, 2022		6,625,422		$	23.34

Performance-based RSUs Awards

Summary of RSU Activity

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

				Weighted Average
	Number of Shares			Grant Date Fair Value
Unvested, January 1, 2022		877,862		$	23.20
Granted		517,683		$	30.73
Forfeited		(45,911	)	$	24.46
Vested		—		$	—
Unvested, December 31, 2022		1,349,634		$	26.05

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of (Benefit) Provision for Income Taxes

The Company’s (benefit) provision for income taxes consists of the following:

	Year Ended December 31,
(In thousands)	2022			2021			2020
Current income tax provision:
U.S. federal	$	18,105		$	2,700		$	2,943
U.S. state		5,653			1,079			1,396
Rest of world		—			3			—
Deferred income tax (benefit) provision:
U.S. federal		(28,123	)		5,908			9,876
U.S. state		(4,672	)		(827	)		109
Ireland		—			—			—
Total tax (benefit) provision	$	(9,037	)	$	8,863		$	14,324

Schedule of Loss Before Income Taxes by Geographical Area

The distribution of the Company’s loss before income taxes by geographical area consists of the following:

	Year Ended December 31,
(In thousands)	2022			2021			2020
Ireland	$	(183,828	)	$	(54,070	)	$	(138,070	)
U.S.		16,524			14,764			41,599
Rest of world		—			—			(66	)
Loss before income taxes	$	(167,304	)	$	(39,306	)	$	(96,537	)

Schedule of Components of Net Deferred Tax Assets

The components of the Company’s net deferred tax assets consist of the following:

	December 31,			December 31,
(In thousands)	2022			2021
Deferred tax assets:
NOL carryforwards	$	238,128		$	222,508
Research and development expenses		66,464			—
Accrued expenses and reserves		55,755			52,308
Share-based compensation		41,075			40,455
Tax credits		22,932			58,704
Other		9,993			7,758
Less: valuation allowance		(271,517	)		(249,112	)
Total deferred tax assets		162,830			132,621
Deferred tax liabilities:
Property, plant and equipment		(46,274	)		(50,187	)
Other		(1,502	)		(1,150	)
Total deferred tax liabilities		(47,776	)		(51,337	)
Net deferred tax assets	$	115,054		$	81,284

Schedule of Activity in Valuation Allowance Associated with Deferred taxes

The activity in the valuation allowance associated with deferred taxes consists of the following:

(In thousands)	Balance at Beginning of Period			(Additions) / Reductions ⁽¹⁾			Balance at End of Period
Deferred tax asset valuation allowance for the year ended December 31, 2020	$	(242,059	)	$	(11,590	)	$	(253,649	)
Deferred tax asset valuation allowance for the year ended December 31, 2021	$	(253,649	)	$	4,537		$	(249,112	)
Deferred tax asset valuation allowance for the year ended December 31, 2022	$	(249,112	)	$	(22,405	)	$	(271,517	)

(1)	The (additions)/reductions in each of the periods presented relate primarily to Irish NOLs.

Schedule of Reconciliation of Federal Statutory Tax Rate to its Effective Tax Rate

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

	Year Ended December 31,
(In thousands, except percentage amounts)	2022				2021				2020
Statutory tax rate		12.5		%		12.5		%		12.5		%

Loss before income taxes at statutory rate	$	(20,913	)		$	(4,913	)		$	(12,067	)

Share-based compensation		4,461				7,841				8,972
Foreign rate differential⁽¹⁾		(2,122	)			5,811				7,798
Change in valuation allowance		21,455				(4,537	)			11,590
Intercompany amounts⁽²⁾		(1,694	)			10,707				6,234
Irish rate differential⁽³⁾		4,926				1,817				2,511
Uncertain tax positions		602				704				811
Non-deductible lobbying expenses		775				637				683
U.S. state income taxes, net of U.S. federal benefit		598				248				1,298
In-process R&D⁽⁴⁾		—				2,724				332
Foreign derived intangible income		(10,405	)			(3,875	)			(3,125	)
R&D credit		(7,863	)			(8,488	)			(11,198	)
Other permanent items⁽⁵⁾		1,143				187				485
Income tax (benefit) provision	$	(9,037	)		$	8,863			$	14,324

Effective tax rate		5.4		%		(22.5	)	%		(14.8	)	%

(1)	Represents income or losses of U.S. subsidiaries, subject to tax at a rate other than the Irish statutory rate.

(2)	Intercompany amounts include cross-territory eliminations, the pre-tax effect of which has been eliminated in arriving at the Company's consolidated loss before taxes.

(3)	Represents income or losses of Irish companies subject to tax at a rate other than the Irish statutory rate.

(4)	Represents the tax effect of the research and development expense recorded in connection with the acquisition of Rodin.

(5)	Other permanent items include, but are not limited to, non-deductible meals and entertainment expenses and non-deductible compensation of senior officers of the Company.

Schedule of Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits

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

	Unrecognized
(In thousands)	Tax Benefits
Balance, December 31, 2019	$	6,857
Additions based on tax positions related to prior periods		15
Additions based on tax positions related to the current period		796
Balance, December 31, 2020	$	7,668
Reductions based on tax positions related to prior periods		(27	)
Additions based on tax positions related to the current period		731
Balance, December 31, 2021	$	8,372
Reductions based on the lapse of applicable statues of limitations		(438	)
Additions based on tax positions related to prior periods		449
Additions based on tax positions related to the current period		590
Balance, December 31, 2022	$	8,973

Summary of Significant Accounting Policies - Schedule of Property, Plant and Equipment (Details)	12 Months Ended
	Dec. 31, 2022
Buildings and improvements \| Minimum
Property Plant And Equipment [Line Items]
Estimated useful life	15 years
Buildings and improvements \| Maximum
Property Plant And Equipment [Line Items]
Estimated useful life	40 years
Furniture, fixtures and equipment \| Minimum
Property Plant And Equipment [Line Items]
Estimated useful life	3 years
Furniture, fixtures and equipment \| Maximum
Property Plant And Equipment [Line Items]
Estimated useful life	10 years
Leasehold improvements
Property Plant And Equipment [Line Items]
Estimated useful life	Shorter of useful life or lease term

Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) Installment segment	Dec. 31, 2022 EUR (€) Installment segment	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Unbilled receivable	$ 72,000		$ 127,600
Allowance for doubtful accounts	200		200
Contract assets, current	8,929		13,363
Gain (loss) on foreign currency translation	$ 700		$ (300)	$ 2,400
Threshold percentage for disclosure of revenue and receivables	10.00%	10.00%	10.00%	10.00%
Advertising Expense	$ 41,400		$ 38,900	$ 25,500
Number of business segments \| segment	1	1
401 (K) Plan
Summary Of Significant Accounting Policies [Line Items]
Employee contribution limit as a percentage of their eligible compensation	100.00%	100.00%
Percentage of employer contribution matched of the first employee pay	100.00%	100.00%
Maximum employee contribution limit as a percentage of their total taxable earnings	5.00%	5.00%
Employer contribution	$ 15,300		14,600	14,700
Defined Contribution Plan
Summary Of Significant Accounting Policies [Line Items]
Maximum employee contribution limit as a percentage of their total taxable earnings	40.00%	40.00%
Employer contribution	$ 5,100		5,200	$ 4,400
Per employee contribution limit \| €		€ 115,000
Maximum percentage of employer contribution matched of employee's	18.00%	18.00%
Time-Based Stock Options
Summary Of Significant Accounting Policies [Line Items]
Expiration period	10 years	10 years
Number of equal annual installments for stock vested \| Installment	4	4
Time-Based Stock Options \| Non-employee Directors
Summary Of Significant Accounting Policies [Line Items]
Expiration period	10 years	10 years
Vesting period	1 year	1 year
Time-Based RSUs
Summary Of Significant Accounting Policies [Line Items]
Number of equal annual installments for stock vested \| Installment	4	4
Minimum
Summary Of Significant Accounting Policies [Line Items]
Manufacturing Process period	10 days	10 days
Maximum
Summary Of Significant Accounting Policies [Line Items]
Manufacturing Process period	56 days	56 days
Manufacturing and royalty revenues \| Minimum
Summary Of Significant Accounting Policies [Line Items]
Payment terms in number of days	30 days	30 days
Manufacturing and royalty revenues \| Maximum
Summary Of Significant Accounting Policies [Line Items]
Payment terms in number of days	90 days	90 days
Manufacturing Revenue \| VUMERITY
Summary Of Significant Accounting Policies [Line Items]
Percentage of cost plus	15.00%	15.00%
VUMERITY \| Biogen
Summary Of Significant Accounting Policies [Line Items]
Consideration expects to receive	2022-11	2022-11
VUMERITY \| Other Assets \| Biogen
Summary Of Significant Accounting Policies [Line Items]
Contract assets, current			$ 5,000

Summary of Significant Accounting Policies - Schedule of Contract Assets and Contract Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Contract Asset [Abstract]
Contract assets	$ 13,363	$ 19,401
Additions	42,218	30,609
Transferred to receivables, net	(46,652)	(36,647)
Contract assets	8,929	13,363
Contract Liabilities [Abstract]
Contract liabilities at beginning of the period	17,830	23,909
Additions	6,769
Amounts recognized into revenue	(7,514)	(6,079)
Amounts recognized into other income, net	(6,384)
Contract liabilities at end of the period	$ 10,701	$ 17,830

Summary of Significant Accounting Policies - Schedule of Concentration (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Janssen \| Accounts Receivable \| Credit Concentration Risk
Product Information [Line Items]
Concentration risk percentage		30.00%	30.00%
Janssen \| Revenues Net \| Customer Concentration Risk
Product Information [Line Items]
Concentration risk percentage	15.00%	30.00%	33.00%
Biogen \| Accounts Receivable \| Credit Concentration Risk
Product Information [Line Items]
Concentration risk percentage	19.00%	11.00%
Biogen \| Revenues Net \| Customer Concentration Risk
Product Information [Line Items]
Concentration risk percentage	13.00%	10.00%
Cardinal Health \| Accounts Receivable \| Credit Concentration Risk
Product Information [Line Items]
Concentration risk percentage	24.00%	17.00%	16.00%
Cardinal Health \| Revenues Net \| Customer Concentration Risk
Product Information [Line Items]
Concentration risk percentage	24.00%	20.00%	21.00%
AmerisourceBergen \| Accounts Receivable \| Credit Concentration Risk
Product Information [Line Items]
Concentration risk percentage	18.00%	13.00%	11.00%
AmerisourceBergen \| Revenues Net \| Customer Concentration Risk
Product Information [Line Items]
Concentration risk percentage	14.00%	11.00%	10.00%
McKesson \| Accounts Receivable \| Credit Concentration Risk
Product Information [Line Items]
Concentration risk percentage	12.00%	11.00%
McKesson \| Revenues Net \| Customer Concentration Risk
Product Information [Line Items]
Concentration risk percentage	16.00%	13.00%	14.00%

Summary of Significant Accounting Policies - Schedule of Concentration (Parenthetical) (Details) - Customer Concentration Risk - Minimum	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues Net
Product Information [Line Items]
Concentration risk percentage	10.00%	10.00%	10.00%
Accounts Receivable
Product Information [Line Items]
Concentration risk percentage	10.00%	10.00%	10.00%

Summary of Significant Accounting Policies - Schedule of Revenues by Geographic Location (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Geographic Information
Revenue by region:	$ 1,111,795	$ 1,173,751	$ 1,038,756
Current assets:	1,130,306	1,062,169
Long-term assets:
OTHER ASSETS	14,691	27,455
Intangible assets	37,680	74,043
GOODWILL	92,873	92,873
U.S.
Geographic Information
Revenue by region:	931,991	984,235	838,995
Current assets:	702,564	485,083	662,615
Long-term assets:
OTHER ASSETS	529,002	591,217	472,999
Ireland
Geographic Information
Revenue by region:	1,829	2,175	3,233
Current assets:	427,742	577,086	448,356
Long-term assets:
OTHER ASSETS	174,117	204,182	161,696
Intangible assets	37,680	74,043	111,191
GOODWILL	92,873	92,873	92,873
Rest of world
Geographic Information
Revenue by region:	$ 177,975	$ 187,341	$ 196,528

Summary of Significant Accounting Policies - Summary of Estimated Fair Value of Stock Option Grant on Weighted Average Assumptions (Details) - Time-Based Stock Options	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Weighted-average assumptions
Expected stock volatility, minimum (as a percent)	43.00%	43.00%	47.00%
Expected stock volatility, maximum (as a percent)	51.00%	54.00%	54.00%
Risk-free interest rate, minimum (as a percent)	1.83%	0.67%	0.24%
Risk-free interest rate, maximum (as a percent)	4.26%	1.46%	1.69%
Minimum
Weighted-average assumptions
Expected option term	5 years	5 years	5 years
Maximum
Weighted-average assumptions
Expected option term	8 years	7 years	7 years

Revenue from Contracts with Customers - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disaggregation Of Revenue [Line Items]
Total revenues	$ 1,111,795	$ 1,173,751	$ 1,038,756
VIVITROL
Disaggregation Of Revenue [Line Items]
Total revenues	379,478	343,853	310,722
ARISTADA and ARISTADA INITIO
Disaggregation Of Revenue [Line Items]
Total revenues	302,052	275,356	241,038
LYBALVI
Disaggregation Of Revenue [Line Items]
Total revenues	96,022	8,215
Product sales, net
Disaggregation Of Revenue [Line Items]
Total revenues	$ 777,552	$ 627,424	$ 551,760

- 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)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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-Subparagraph (a)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 32
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 32
-Subparagraph (a)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
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-Paragraph 4
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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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
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-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
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-Section S99
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-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	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disaggregation Of Revenue [Line Items]
Total revenues	$ 1,111,795	$ 1,173,751	$ 1,038,756
Manufacturing Revenue
Disaggregation Of Revenue [Line Items]
Total revenues	112,374	105,628	119,034
Manufacturing Revenue \| VUMERITY
Disaggregation Of Revenue [Line Items]
Total revenues	32,493	25,808	8,848
Manufacturing Revenue \| RISPERDAL CONSTA
Disaggregation Of Revenue [Line Items]
Total revenues	42,670	40,413	56,893
Manufacturing Revenue \| Other
Disaggregation Of Revenue [Line Items]
Total revenues	37,211	39,407	53,293
Royalty
Disaggregation Of Revenue [Line Items]
Total revenues	219,609	436,179	364,966
Royalty \| Long-Acting INVEGA Products
Disaggregation Of Revenue [Line Items]
Total revenues	115,655	303,106	274,200
Royalty \| VUMERITY
Disaggregation Of Revenue [Line Items]
Total revenues	83,003	61,614	13,693
Royalty \| RISPERDAL CONSTA
Disaggregation Of Revenue [Line Items]
Total revenues	7,243	10,456	14,468
Royalty \| Other
Disaggregation Of Revenue [Line Items]
Total revenues	13,708	61,003	62,605
Manufacturing and royalty revenues
Disaggregation Of Revenue [Line Items]
Total revenues	331,983	541,807	484,000
Manufacturing and royalty revenues \| Long-Acting INVEGA Products
Disaggregation Of Revenue [Line Items]
Total revenues	115,655	303,106	274,200
Manufacturing and royalty revenues \| VUMERITY
Disaggregation Of Revenue [Line Items]
Total revenues	115,496	87,422	22,541
Manufacturing and royalty revenues \| RISPERDAL CONSTA
Disaggregation Of Revenue [Line Items]
Total revenues	49,913	50,869	71,361
Manufacturing and royalty revenues \| Other
Disaggregation Of Revenue [Line Items]
Total revenues	$ 50,919	$ 100,410	$ 115,898

- Definition

+ References

+ Details

Revenue from Contracts with Customers - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended				3 Months Ended		12 Months Ended
	Jan. 31, 2023	Dec. 31, 2022	Nov. 30, 2022	Oct. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disaggregation Of Revenue [Line Items]
Royalty revenue							$ 1,111,795	$ 1,173,751	$ 1,038,756
Royalty
Disaggregation Of Revenue [Line Items]
Royalty revenue							$ 219,609	$ 436,179	$ 364,966
Royalty \| AMPYRA
Disaggregation Of Revenue [Line Items]
Royalty revenue				$ 16,500	$ (3,200)	$ 3,200
Potential additional award to be paid			$ 1,800
Additional award paid		$ 1,800
Arbitration award amount paid				$ 16,500
Repayment of royalty revenue					$ 18,300
Royalty \| AMPYRA \| Subsequent Event
Disaggregation Of Revenue [Line Items]
Additional sought value for damages	$ 66,000

Investments - Schedule of Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Available-for-sale securities:
Short-term investments, Amortized Cost	$ 320,583	$ 198,596
Short-term investments, Gross Unrealized Gains	16	287
Short-term investments, Gross Unrealized Losses, Less than One Year	(718)	(116)
Short-term investments, Gross Unrealized Losses, Greater than One Year	(3,889)
Short-term investments, Estimated Fair Value	315,992	198,767
Long-term investments, Amortized Cost	134,548	228,991
Long-term investments, Gross Unrealized Losses, Less than One Year	(2,467)	(1,381)
Long-term investments, Gross Unrealized Losses, Greater than One Year	(2,291)
Long-term investments, Estimated Fair Value	129,790	227,610
Held-to-maturity securities:
Estimated Fair Value	1,820
Long-term Investments
Amortized Cost	136,368	230,811
Gross Unrealized Losses, Less than One Year	(2,467)	(1,381)
Gross Unrealized Losses, Greater than One Year	(2,291)
Total long-term investments	131,610	229,430
Total investments
Amortized Cost	456,951	429,407
Gross Unrealized Gains	16	287
Gross Unrealized Losses, Less than One Year	(3,185)	(1,497)
Gross Unrealized Losses, Greater than One Year	(6,180)
Estimated Fair Value	447,602	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	145,421	85,201
Short-term investments, Gross Unrealized Gains		177
Short-term investments, Gross Unrealized Losses, Less than One Year	(432)	(39)
Short-term investments, Gross Unrealized Losses, Greater than One Year	(2,054)
Short-term investments, Estimated Fair Value	142,935	85,339
Long-term investments, Amortized Cost	68,229	111,793
Long-term investments, Gross Unrealized Losses, Less than One Year	(1,550)	(654)
Long-term investments, Gross Unrealized Losses, Greater than One Year	(676)
Long-term investments, Estimated Fair Value	66,003	111,139
U.S. government and agency debt securities
Available-for-sale securities:
Short-term investments, Amortized Cost	143,710	45,349
Short-term investments, Gross Unrealized Gains	16	35
Short-term investments, Gross Unrealized Losses, Less than One Year	(266)	(24)
Short-term investments, Gross Unrealized Losses, Greater than One Year	(1,289)
Short-term investments, Estimated Fair Value	142,171	45,360
Long-term investments, Amortized Cost	62,220	81,296
Long-term investments, Gross Unrealized Losses, Less than One Year	(917)	(517)
Long-term investments, Gross Unrealized Losses, Greater than One Year	(1,424)
Long-term investments, Estimated Fair Value	59,879	80,779
Non-U.S. government debt securities
Available-for-sale securities:
Short-term investments, Amortized Cost	31,452	68,046
Short-term investments, Gross Unrealized Gains		75
Short-term investments, Gross Unrealized Losses, Less than One Year	(20)	(53)
Short-term investments, Gross Unrealized Losses, Greater than One Year	(546)
Short-term investments, Estimated Fair Value	30,886	68,068
Long-term investments, Amortized Cost	4,099	35,902
Long-term investments, Gross Unrealized Losses, Less than One Year		(210)
Long-term investments, Gross Unrealized Losses, Greater than One Year	(191)
Long-term investments, Estimated Fair Value	$ 3,908	$ 35,692

Investments - Additional Information (Details) $ in Thousands, € in Millions	1 Months Ended	3 Months Ended	12 Months Ended
	Jan. 31, 2022 USD ($)	Mar. 31, 2022 USD ($) Portfolio	Dec. 31, 2022 USD ($) InvestmentSecurity	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($) Portfolio	May 31, 2023 USD ($)	Dec. 31, 2022 EUR (€)	Sep. 30, 2019 USD ($)
Investment Holdings [Line Items]
Aggregate estimated fair value of investments in unrealized loss position			$ 422,700
Number of investment securities \| InvestmentSecurity			289
Number of unrealized investment securities \| InvestmentSecurity			280
Return of Fountain Healthcare Partners II, L.P. investment			$ 485		$ 2,751
Synchronicity Pharma Inc \| Investee \| Other income, net
Investment Holdings [Line Items]
Other-than-temporary impairment charge			$ 500	$ 900	$ 1,000
Synchronicity Pharma Inc \| Convertible Promissory Notes \| Investee
Investment Holdings [Line Items]
Purchase of convertible promissory notes	$ 500							$ 1,900
Convertible promissory notes, maturity date	Sep. 30, 2022		Jun. 30, 2021
Equity method investment percentage	50.00%		50.00%				50.00%
Fountain Healthcare Partners II
Investment Holdings [Line Items]
Equity method commitment \| €							€ 7.4
Funding commitment as percentage of partnership's total funding			7.00%				7.00%
Number of portfolio sold \| Portfolio		1			2
Proceeds from sale of portfolio		$ 1,000		700	$ 10,400
Sale of portfolio, total value		1,100			11,100
Gain (loss) on investment			$ 1,800	(400)	300
Return of Fountain Healthcare Partners II, L.P. investment		500			2,800
Fountain Healthcare Partners II \| Forecast
Investment Holdings [Line Items]
Escrow deposit						$ 100
Fountain Healthcare Partners II \| Other Assets
Investment Holdings [Line Items]
Carrying value of equity investment			$ 7,900	$ 6,100
Fountain Healthcare Partners II \| Maximum
Investment Holdings [Line Items]
Commitment on equity method investment \| €							€ 7.4
Fountain Healthcare Partners II \| Other Income (Expense), Net
Investment Holdings [Line Items]
Gain (loss) on investment		$ 600			$ 8,300
Corporate debt securities
Investment Holdings [Line Items]
Percentage of investment securities available for sale unrealized loss position			47.00%				47.00%
U.S. government and agency debt securities
Investment Holdings [Line Items]
Percentage of investment securities available for sale unrealized loss position			45.00%				45.00%

Investments - Schedule of Proceeds from Sales and Maturities of Marketable Securities Plus Resulting Realized Gains and Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Investments Debt And Equity Securities [Abstract]
Proceeds from the sales and maturities of investments	$ 281,627	$ 295,010	$ 253,001
Realized gains		34	76
Realized losses	$ 529	$ 977	$ 977

Investments - Schedule of Contractual Maturities of Available-for-Sale and Held-to-Maturity Securities (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Available-for-sale, Amortized Cost
Within 1 year	$ 318,592
After 1 year through 5 years	136,539
Total	455,131
Available-for-sale, Estimated Fair Value
Within 1 year	313,994
After 1 year through 5 years	131,788
Total	445,782
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	Dec. 31, 2022	Dec. 31, 2021
Fair value
Debt securities	$ 445,782
Recurring Basis
Fair value
Cash equivalents	19,857
Contingent consideration		$ 23,048
Assets, Total	465,639	449,425
Recurring Basis \| Level 1
Fair value
Cash equivalents	19,857
Assets, Total	188,496	96,597
Recurring Basis \| Level 2
Fair value
Assets, Total	277,143	329,780
Recurring Basis \| Level 3
Fair value
Contingent consideration		23,048
Assets, Total		23,048
U.S. government and agency debt securities \| Recurring Basis
Fair value
Debt securities	202,050	126,139
U.S. government and agency debt securities \| Recurring Basis \| Level 1
Fair value
Debt securities	168,639	96,597
U.S. government and agency debt securities \| Recurring Basis \| Level 2
Fair value
Debt securities	33,411	29,542
Corporate debt securities \| Recurring Basis
Fair value
Debt securities	208,938	196,478
Corporate debt securities \| Recurring Basis \| Level 2
Fair value
Debt securities	208,938	196,478
Non-U.S. government debt securities \| Recurring Basis
Fair value
Debt securities	34,794	103,760
Non-U.S. government debt securities \| Recurring Basis \| Level 2
Fair value
Debt securities	$ 34,794	$ 103,760

Fair Value - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended	12 Months Ended
Fair Value - Additional Information (Details) - USD ($)	Mar. 31, 2022	Sep. 30, 2022	Mar. 31, 2022	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Fair Value
Transfers between Level 1 to Level 2					$ 0
Transfers between Level 2 to Level 1					0
Increase (decrease) in fair value of contingent consideration		$ (3,600,000)			(21,750,000)	$ (1,427,000)	$ 3,945,000
2026 Term Loans
Fair Value
Amount to be realized in future					$ 278,900,000	$ 285,800,000
Baudax
Fair Value
Percentage of reduction in work force	80.00%
Milestone payments received	$ 500,000			$ 1,200,000
Milestone payment receivable	$ 6,400,000		$ 6,400,000
Increase (decrease) in fair value of contingent consideration			$ (19,100,000)

Fair Value - Rollforward of the Fair Value of the Assets Determined using Level 3 Inputs (Details) $ in Thousands	12 Months Ended
	Dec. 31, 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]	Change in the fair value of contingent consideration
Milestone and royalty payments received by the Company related to contingent consideration	$ (1,298)
Impairment of corporate debt security	(500)
Balance at the end of the period	$ 0

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

Dec. 31, 2022

Dec. 31, 2021

Inventory Disclosure [Abstract]

Raw materials

$ 61,064

$ 56,125

Work in process

76,228

59,105

Finished goods

^[1]

44,126

35,105

Total inventory

$ 181,418

$ 150,335

[1]	At December 31, 2022 and 2021, the Company had $30.9 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	Dec. 31, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Finished goods inventory located at third-party warehouse and shipping service provider	$ 30.9	$ 25.1

Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Property, plant and equipment
Property, plant and equipment, gross	$ 759,019	$ 736,617
Less: accumulated depreciation	(433,658)	(395,563)
Total property, plant and equipment, net	325,361	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	195,144	192,920
Furniture, Fixtures and Equipment
Property, plant and equipment
Property, plant and equipment, gross	418,448	398,099
Leasehold Improvements
Property, plant and equipment
Property, plant and equipment, gross	54,152	52,526
Construction in Progress
Property, plant and equipment
Property, plant and equipment, gross	$ 84,715	$ 86,512

Property, Plant and Equipment - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2023
Property Plant And Equipment [Line Items]
Depreciation expense		$ 41.7	$ 40.5	$ 42.4
Net amounts written off into other income, net	$ 2.3
ANJESO
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
Forecast
Property Plant And Equipment [Line Items]
Construction in progress					$ 44.3
Furniture, Fixtures and Equipment
Property Plant And Equipment [Line Items]
Carrying value at the time of disposition		$ 0.5	$ 0.1
Furniture, Fixtures and Equipment \| Maximum
Property Plant And Equipment [Line Items]
Carrying value at the time of disposition				$ 0.1

Goodwill and Intangible Assets - Schedule of Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Goodwill
Gross Carrying Amount	$ 92,873	$ 92,873
Net Carrying Amount	92,873	92,873
Finite-lived intangible assets:
Gross Carrying Amount	583,750	583,750
Accumulated Amortization	(546,070)	(509,707)
Net Carrying Amount	$ 37,680	74,043
Collaboration agreements
Finite-lived intangible assets:
Weighted Amortizable Life	12 years
Gross Carrying Amount	$ 465,590	465,590
Accumulated Amortization	(435,887)	(407,012)
Net Carrying Amount	29,703	58,578
Capitalized IP
Finite-lived intangible assets:
Gross Carrying Amount	118,160	118,160
Accumulated Amortization	(110,183)	(102,695)
Net Carrying Amount	$ 7,977	$ 15,465
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) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Amortization of acquired intangible assets	$ 36,363	$ 38,148	$ 39,452
Expected amortization of intangible assets
2023	35,000
2024	$ 1,000

Leases - Additional Information (Details) $ in Millions			1 Months Ended		12 Months Ended
Leases - Additional Information (Details) $ in Millions	Oct. 07, 2020 ft²	Jan. 20, 2020 ft²	Sep. 30, 2021 ft²	Mar. 31, 2021 ft²	Dec. 31, 2022 USD ($) lease	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 01, 2022 USD ($)
Lessee Lease Description [Line Items]
Number of significant operating leases \| lease					2
Area of real estate property \| ft²	180,000	231,000
Lease, commencement date		Jan. 20, 2020
Lease agreement option to extend renewal term		10 years
Lease, expiration year		2035
Payments for operating leases					$ 33.2	$ 16.8	$ 16.3
Lessee operating lease term of option to extend	5 years
Weighted average incremental borrowing rate					5.25%	5.25%
Weighted average remaining lease term					8 years 10 months 24 days	11 years 8 months 12 days
Operating lease expense					$ 16.6	$ 17.1	$ 17.3
900 Winter Street Lease
Lessee Lease Description [Line Items]
Operating lease liability remeasurement amount								$ 12.8
Operating lease right-of-use asset remeasurement amount								$ 12.8
Payments for operating leases					15.3
Increase in operating lease right of use asset					12.8
Decrease in operating lease liability					$ 2.5
Base Premises
Lessee Lease Description [Line Items]
Area of real estate property \| ft²				163,000
Lease period				5 years
Lease agreement commencement period				2021-03
Additional Premises
Lessee Lease Description [Line Items]
Area of real estate property \| ft²			17,000
Lease, expiration year			2026
Lease agreement commencement period			2021-09

Leases - Summary of Future Lease Payments Under Non-Cancelable Leases (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Leases [Abstract]
2023	$ 16,665
2024	16,608
2025	16,855
2026	12,767
2027	9,506
Thereafter	69,474
Total operating lease payments	141,875
Less: imputed interest	(36,324)
Total operating lease liabilities	$ 105,551

Accounts Payable and Accrued Expenses - Schedule of Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Payables And Accruals [Abstract]
Accounts payable	$ 32,843	$ 55,721
Accrued compensation	79,085	77,256
Accrued other	108,161	75,514
Total accounts payable and accrued expenses	$ 220,089	$ 208,491

Accounts Payable and Accrued Expenses - Summary of Current Provision for Sales, Discounts, Allowances and Reserves (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Accrued Sales Discount Allowances And Reserves [Line Items]
Total accrued sales discounts, allowances and reserves	$ 252,115	$ 237,216
Medicaid Rebate
Accrued Sales Discount Allowances And Reserves [Line Items]
Total accrued sales discounts, allowances and reserves	208,332	195,413
Product Discounts
Accrued Sales Discount Allowances And Reserves [Line Items]
Total accrued sales discounts, allowances and reserves	13,204	14,951
Medicare Part D
Accrued Sales Discount Allowances And Reserves [Line Items]
Total accrued sales discounts, allowances and reserves	18,409	14,348
Other
Accrued Sales Discount Allowances And Reserves [Line Items]
Total accrued sales discounts, allowances and reserves	$ 12,170	$ 12,504

Long-term Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Long-term debt
Less: current portion	$ (3,000)	$ (3,000)
Long-term debt	290,270	292,804
2026 Term Loans, due March 12, 2026
Long-term debt
Term Loans	293,270	295,804
Less: current portion	(3,000)	(3,000)
Long-term debt	$ 290,270	$ 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) $ in Millions	1 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2022 USD ($) Lender	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Long-term debt
Number of lender holding percentage of outstanding amount \| Lender		3
Unamortized deferred financing costs at period end		$ 0.5
Original issue discount		1.0
Amortization of offering costs and discount		$ 0.5	$ 0.5	$ 0.7
Interest Expense
Long-term debt
Refinancing charges			$ 2.1
Minimum
Long-term debt
Threshold percentage comparing present value of remaining cash flows		10.00%
Percentage of outstanding principal amount held by lender		2.00%
Maximum
Long-term debt
Percentage of outstanding principal amount held by lender		7.00%
2026 Term Loans
Long-term debt
Due date of loan		Mar. 12, 2026
Term loans		$ 300.0
Variable interest rate base		LIBOR
Incremental capacity		$ 175.0
2023 Term Loans, due March 26, 2023
Long-term debt
Due date of loan			Mar. 26, 2023
Variable interest rate base			LIBOR
LIBOR \| 2026 Term Loans
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%
LIBOR \| 2023 Term Loans, due March 26, 2023
Long-term debt
Interest rate added to base rate (as a percent)	2.25%
Interest rate, variable interest rate floor (as a percent)	0.00%

Long-term Debt - Scheduled Maturities of Term Loan Facility (Details) - 2026 Term Loans $ in Thousands	Dec. 31, 2022 USD ($)
Long-term debt
2023	$ 3,000
2024	3,000
2025	3,000
2026	285,750
Total	$ 294,750

Loss Per Share - Schedule of Anti-Dilutive Potential Common Share Equivalent Excluded from Calculation of Loss Per Share (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Denominator:
Anti-dilutive potential common share equivalent excluded from calculation of net loss per ordinary share	17,817	18,775	18,553
Stock Options
Denominator:
Anti-dilutive potential common share equivalent excluded from calculation of net loss per ordinary share	12,777	14,794	15,274
Restricted Stock Unit Awards
Denominator:
Anti-dilutive potential common share equivalent excluded from calculation of net loss per ordinary share	5,040	3,981	3,279

Shareholders' Equity - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Sep. 16, 2011
Equity [Abstract]
Value of shares authorized under repurchase program			$ 215,000,000.0
Value of shares available for repurchase pursuant to repurchase program	$ 101,000,000.0
Ordinary shares acquired under repurchase program	0	0

Share-based Compensation - Schedule of Share-based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based compensation Expense
Total share-based compensation expense	$ 94,254	$ 87,622	$ 90,164
Cost of goods manufactured and sold
Share-based compensation Expense
Total share-based compensation expense	10,284	9,175	8,430
Research and development
Share-based compensation Expense
Total share-based compensation expense	27,941	24,877	26,408
Selling, general and administrative
Share-based compensation Expense
Total share-based compensation expense	$ 56,029	$ 53,570	$ 55,326

Share-based Compensation - Additional Information (Details) shares in Millions, $ in Millions		12 Months Ended
	Jul. 07, 2022 shares	Dec. 31, 2022 USD ($) item shares	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Share-based compensation Expense
Share based compensation cost capitalized \| $		$ 3.3	$ 2.3	$ 2.6
Number of share-based compensation plan under which awards are currently made \| item		1
Number of share-based compensation plan under which no further awards will be made \| item		2
2018 Stock Option and Incentive Plan
Share-based compensation Expense
Number of increase in ordinary shares authorized for issuance thereunder \| shares	8.3
2018 Plan
Share-based compensation Expense
Shares of common stock available for issuance \| shares		12.9
Ratio of awards other than stock options counted against the total number of shares available for issuance		1.8

Share-based Compensation - Schedule of Stock Option Activity (Details) - Stock options	12 Months Ended
	Dec. 31, 2022 $ / shares shares
Number of Shares
Outstanding at the beginning of the period (in shares) \| shares	16,747,819
Granted (in shares) \| shares	3,164,468
Exercised (in shares) \| shares	(1,108,772)
Expired (in shares) \| shares	(660,093)
Forfeited (in shares) \| shares	(546,461)
Outstanding at the end of the period (in shares) \| shares	17,596,961
Exercisable at the end of the period (in shares) \| shares	10,138,673
Weighted Average Exercise Price
Outstanding at the beginning of the period (in dollars per share) \| $ / shares	$ 34.02
Granted (in dollars per share) \| $ / shares	25.39
Exercised (in dollars per share) \| $ / shares	17.70
Expired (in dollars per share) \| $ / shares	48.03
Forfeited (in dollars per share) \| $ / shares	22.75
Outstanding at the end of the period (in dollars per share) \| $ / shares	33.32
Exercisable at the end of the period (in dollars per share) \| $ / shares	$ 40.52

Share-based Compensation - Stock Options - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Stock options
Share-based compensation Expense
Weighted average grant-date fair value of stock options granted (in dollars per share)	$ 12.62	$ 10.09	$ 9.52
Aggregate intrinsic value of stock options exercised	$ 11,600,000	$ 8,300,000	$ 2,000,000.0
Stock options expected to vest (in shares)	7,200,000
Weighted average exercise price (in dollars per share)	$ 23.46
Weighted average contractual remaining life	8 years 2 months 12 days
Aggregate intrinsic value of stock options exercisable	$ 14,800,000
Weighted average remaining contractual term of stock options exercisable	4 years 7 months 6 days
Unrecognized compensation cost	$ 32,700,000
Weighted average period for unrecognized compensation cost expected to be recognized	1 year 10 months 24 days
Outstanding stock option	17,596,961	16,747,819
Stock options \| Maximum
Share-based compensation Expense
Aggregate intrinsic value	$ 24,800,000
Performance-based stock options
Share-based compensation Expense
Weighted average grant-date fair value of stock options granted (in dollars per share)	$ 16.78
Outstanding stock option	382,200
Performance-based stock options \| Maximum
Share-based compensation Expense
Unrecognized compensation cost	$ 100,000

Share-based Compensation - Summary of RSU Activity (Details) - Time-based RSU Awards - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Number of Shares
Unvested at the beginning of the period (in shares)	6,322,685
Granted (in shares)	3,031,864
Vested (in shares)	(2,051,872)
Forfeited (in shares)	(677,255)
Unvested at the end of the period (in shares)	6,625,422	6,322,685
Weighted Average Grant Date Fair Value
Unvested at the beginning of the period (in dollars per share)	$ 23.38
Granted (in dollars per share)	25.27	$ 20.83	$ 20.22
Vested (in dollars per share)	26.45
Forfeited (in dollars per share)	22.96
Unvested at the end of the period (in dollars per share)	$ 23.34	$ 23.38

Share-based Compensation - Time-Based Restricted Stock Units Award - Additional Information (Details) - Time-based RSU Awards - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based compensation Expense
Granted (in dollars per share)	$ 25.27	$ 20.83	$ 20.22
Fair value of vesting RSU's	$ 54.3	$ 56.3	$ 45.9
Unrecognized compensation cost	$ 62.4
Weighted average period for unrecognized compensation cost expected to be recognized	1 year 10 months 24 days

Share-based Compensation - Performance-Based Restricted Stock Units Awards - Additional Information (Details) - Performance-based RSUs Awards - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based compensation Expense
Number of years from the date of the grant	3 years
Unrecognized compensation cost	$ 5,100,000
Granted (in dollars per share)	$ 30.73	$ 23.09	$ 23.43
Fair value of RSU's vested	$ 0	$ 4,200,000	$ 0

Share-based Compensation - Summary of PRSU Activity (Details) - Performance-based RSUs Awards - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Number of Shares
Unvested at the beginning of the period (in shares)	877,862
Granted (in shares)	517,683
Forfeited (in shares)	(45,911)
Unvested at the end of the period (in shares)	1,349,634	877,862
Weighted Average Grant Date Fair Value
Unvested at the beginning of the period (in dollars per share)	$ 23.20
Granted (in dollars per share)	30.73	$ 23.09	$ 23.43
Forfeited (in dollars per share)	24.46
Unvested at the end of the period (in dollars per share)	$ 26.05	$ 23.20

Collaborative Arrangements - Additional Information (Details)	1 Months Ended	12 Months Ended
	Oct. 31, 2019	Dec. 31, 2022 USD ($) Agreement
VUMERITY
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Percentage of net sales in royalty payment		15.00%
Maximum percentage of product supplies on net sales	100.00%
License agreement \| Janssen \| 9 O-H Risperidone Palimate [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Patent royalty rate (as a percent)		1.50%
Know-how royalty rate resets (as a percent)		3.50%
Period after the date of the first commercial sale of the product for license expiration		15 years
License agreement \| Janssen \| 9 O-H Risperidone Palimate [Member] \| Net sales of below $250.0 million
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Know-how royalty rate (as a percent)		3.50%
License agreement \| Janssen \| 9 O-H Risperidone Palimate [Member] \| Net sales between $250.0 million and 500.0 million
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Know-how royalty rate (as a percent)		5.50%
License agreement \| Janssen \| 9 O-H Risperidone Palimate [Member] \| Net sales greater than $500.0 million
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Know-how royalty rate (as a percent)		7.50%
License agreement \| Janssen \| 9 O-H Risperidone Palimate [Member] \| Minimum
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Royalty rate (as a percent)		5.00%
License agreement \| Janssen \| 9 O-H Risperidone Palimate [Member] \| Minimum \| Net sales between $250.0 million and 500.0 million
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Aggregate worldwide net sales		$ 250,000,000
License agreement \| Janssen \| 9 O-H Risperidone Palimate [Member] \| Minimum \| Net sales greater than $500.0 million
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Aggregate worldwide net sales		$ 500,000,000
License agreement \| Janssen \| 9 O-H Risperidone Palimate [Member] \| Maximum
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Royalty rate (as a percent)		9.00%
License agreement \| Janssen \| 9 O-H Risperidone Palimate [Member] \| Maximum \| Net sales of below $250.0 million
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Aggregate worldwide net sales		$ 250,000,000
License agreement \| Janssen \| 9 O-H Risperidone Palimate [Member] \| Maximum \| Net sales between $250.0 million and 500.0 million
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Aggregate worldwide net sales		$ 500,000,000
License agreement \| Janssen \| RISPERDAL CONSTA
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Royalty rate (as a percent)		2.50%
Period after the date of the first commercial sale of the product for license expiration		15 years
Number of license agreements \| Agreement		2
Notice period required to be given before termination of agreement		30 days
Period for resolving default or breach after the receipt of notice for termination of agreement		90 days
Manufacturing and supply agreement \| Janssen \| RISPERDAL CONSTA
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Period after the date of the first commercial sale of the product for license expiration		60 days
Notice period required to be given before termination of agreement		6 months
Manufacturing and supply agreement \| Janssen \| RISPERDAL CONSTA \| Minimum
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Royalty rate (as a percent)		7.50%
Royalty rate upon termination of manufacturing and supply agreement (as a percent)		2.50%
Manufacturing and supply agreement \| Janssen \| RISPERDAL CONSTA \| Maximum
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Royalty rate upon termination of manufacturing and supply agreement (as a percent)		5.00%

Income Taxes - Schedule of (Benefit) Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current income tax provision:
U.S. federal	$ 18,105	$ 2,700	$ 2,943
U.S. state	5,653	1,079	1,396
Deferred income tax (benefit) provision:
U.S. federal	(28,123)	5,908	9,876
U.S. state	(4,672)	(827)	109
Total tax (benefit) provision	$ (9,037)	8,863	$ 14,324
Rest of world
Current income tax provision:
Rest of world		$ 3

- Definition

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

+ References + Details

Income Taxes - Additional Information (Details) $ in Thousands, € in Millions	1 Months Ended	12 Months Ended
	Nov. 30, 2022 EUR (€)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Income Taxes [Line Items]
Cumulative unremitted earnings of overseas subsidiaries		$ 812,800
Valuation allowance		271,517	$ 249,112	$ 253,649	$ 242,059
Federal research and development credits		5,700
State tax credits		29,000
LTA 2017
Income Taxes [Line Items]
Notice of Assessment \| €	€ 2.2
LTA 2018
Income Taxes [Line Items]
Notice of Assessment		$ 0
Minimum
Income Taxes [Line Items]
Period after loss carryforwards utilized that tax returns remain open to examination		3 years
Maximum
Income Taxes [Line Items]
Period after loss carryforwards utilized that tax returns remain open to examination		4 years
U.S. state
Income Taxes [Line Items]
Valuation allowance		$ 25,700
Operating loss carryforwards		43,200
U.S. state \| Rodin Therapeutics Incorporation
Income Taxes [Line Items]
Operating loss carryforwards		6,800
U.S. federal
Income Taxes [Line Items]
Operating loss carryforwards		15,100
U.S. federal \| Rodin Therapeutics Incorporation
Income Taxes [Line Items]
Operating loss carryforwards		15,100
Federal research and development credits		500
Ireland
Income Taxes [Line Items]
Income taxes payable on repatriation of unremitted earnings		55,000
Valuation allowance		245,800
Operating loss carryforwards		$ 1,700,000

Income Taxes - Schedule of Loss Before Income Taxes by Geographical Area (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Distribution of income (loss) before provision for income taxes
Loss before income taxes	$ (167,304)	$ (39,306)	$ (96,537)
Ireland
Distribution of income (loss) before provision for income taxes
Loss before income taxes	(183,828)	(54,070)	(138,070)
U.S.
Distribution of income (loss) before provision for income taxes
Loss before income taxes	$ 16,524	$ 14,764	41,599
Rest of world
Distribution of income (loss) before provision for income taxes
Loss before income taxes			$ (66)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Income Taxes - Schedule of Components of Net Deferred Tax Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Deferred tax assets:
NOL carryforwards	$ 238,128	$ 222,508
Research and development expenses	66,464
Accrued expenses and reserves	55,755	52,308
Share-based compensation	41,075	40,455
Tax credits	22,932	58,704
Other	9,993	7,758
Less: valuation allowance	(271,517)	(249,112)	$ (253,649)	$ (242,059)
Total deferred tax assets	162,830	132,621
Deferred tax liabilities:
Property, plant and equipment	(46,274)	(50,187)
Other	(1,502)	(1,150)
Total deferred tax liabilities	(47,776)	(51,337)
Net deferred tax assets	$ 115,054	$ 81,284

Income Taxes - Schedule of Activity in Valuation Allowance Associated with Deferred taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Balance at Beginning of Period	$ (249,112)	$ (253,649)	$ (242,059)
(Additions) / Reductions	(22,405)	4,537	(11,590)
Balance at End of Period	$ (271,517)	$ (249,112)	$ (253,649)

Income Taxes - Schedule of Reconciliation of Statutory Tax Rate to Effective Tax Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of effective income tax rate
Statutory tax rate (as a percent)	12.50%	12.50%	12.50%
Loss before income taxes at statutory rate	$ (20,913)	$ (4,913)	$ (12,067)
Share-based compensation	4,461	7,841	8,972
Foreign rate differential	(2,122)	5,811	7,798
Change in valuation allowance	21,455	(4,537)	11,590
Intercompany amounts	(1,694)	10,707	6,234
Irish rate differential	4,926	1,817	2,511
Uncertain tax positions	602	704	811
Non-deductible lobbying expenses	775	637	683
U.S. state income taxes, net of U.S. federal benefit	598	248	1,298
In-process R&D		2,724	332
Foreign derived intangible income	(10,405)	(3,875)	(3,125)
R&D credit	(7,863)	(8,488)	(11,198)
Other permanent items	1,143	187	485
Total tax (benefit) provision	$ (9,037)	$ 8,863	$ 14,324
Effective tax rate (as a percent)	5.40%	(22.50%)	(14.80%)

Income Taxes - Schedule of Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Balance at the beginning of the period	$ 8,372	$ 7,668	$ 6,857
Reductions based on tax positions related to prior periods	(438)	(27)
Additions based on tax positions related to prior periods	449		15
Additions based on tax positions related to the current period	590	731	796
Balance at the end of the period	$ 8,973	$ 8,372	$ 7,668

Commitments and Contingent Liabilities - Additional Information (Details)		12 Months Ended
	Jan. 10, 2023 USD ($)	Dec. 31, 2022 USD ($) Agreement
Commitments And Contingencies [Line Items]
Potential material losses from claims, legal proceedings probable of occurring		$ 0
Capital Commitments
Commitments And Contingencies [Line Items]
Open purchase order commitments		$ 9,900,000
Subsequent Event
Commitments And Contingencies [Line Items]
Additional sought value for damages as part of requested modification	$ 66,000,000.0
Janssen Pharmaceutica N.V.
Commitments And Contingencies [Line Items]
Number of license agreements partially terminated \| Agreement		2