0001564590-23-006240 | 10-Q | XBRL Viewer

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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2023	Apr. 21, 2023
Cover [Abstract]
Entity Registrant Name	Alkermes plc.
Entity Central Index Key	0001520262
Document Type	10-Q
Document Period End Date	Mar. 31, 2023
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		166,121,384
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Trading Symbol	ALKS
Entity File Number	001-35299
Entity Incorporation, State or Country Code	L2
Entity Tax Identification Number	98-1007018
Entity Address, Address Line One	Connaught House
Entity Address, Address Line Two	1 Burlington Road
Entity Address, City or Town	Dublin 4
Entity Address, Country	IE
Entity Address, Postal Zip Code	D04 C5Y6
City Area Code	353
Local Phone Number	1-772-8000
Document Quarterly Report	true
Document Transition Report	false
Title of 12(b) Security	Ordinary shares, $0.01 par value
Security Exchange Name	NASDAQ

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
CURRENT ASSETS:
Cash and cash equivalents	$ 321,401	$ 292,473
Investments—short-term	279,058	315,992
Receivables, net	269,178	287,967
Inventory	184,984	181,418
Contract assets	8,429	8,929
Prepaid expenses and other current assets	47,008	43,527
Total current assets	1,110,058	1,130,306
PROPERTY, PLANT AND EQUIPMENT, NET	321,109	325,361
DEFERRED TAX ASSETS	151,232	115,602
RIGHT-OF-USE ASSETS	111,586	115,855
INVESTMENTS—LONG-TERM	92,083	131,610
GOODWILL	92,873	92,873
INTANGIBLE ASSETS, NET	28,880	37,680
OTHER ASSETS	14,906	14,691
TOTAL ASSETS	1,922,727	1,963,978
CURRENT LIABILITIES:
Accounts payable and accrued expenses	190,149	220,089
Accrued sales discounts, allowances and reserves	282,264	252,115
Operating lease liabilities—short-term	15,304	15,722
Contract liabilities—short-term	2,193	6,816
Current portion of long-term debt	3,000	3,000
Total current liabilities	492,910	497,742
LONG-TERM DEBT	289,635	290,270
OPERATING LEASE LIABILITIES—LONG-TERM	86,112	89,829
OTHER LONG-TERM LIABILITIES	48,494	42,384
Total liabilities	917,151	920,225
COMMITMENTS AND CONTINGENT LIABILITIES (Note 14)
SHAREHOLDERS’ EQUITY:
Preferred shares, par value, $0.01 per share; 50,000,000 shares authorized; zero issued and outstanding at March 31, 2023 and December 31, 2022, respectively
Ordinary shares, par value, $0.01 per share; 450,000,000 shares authorized; 171,518,796 and 168,951,193 shares issued; 166,058,960 and 164,377,009 shares outstanding at March 31, 2023 and December 31, 2022, respectively	1,715	1,690
Treasury shares, at cost (5,459,836 and 4,574,184 shares at March 31, 2023 and December 31, 2022, respectively)	(185,606)	(160,862)
Additional paid-in capital	2,938,726	2,913,099
Accumulated other comprehensive loss	(8,129)	(10,889)
Accumulated deficit	(1,741,130)	(1,699,285)
Total shareholders’ equity	1,005,576	1,043,753
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 1,922,727	$ 1,963,978

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (unaudited) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
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	171,518,796	168,951,193
Ordinary shares, shares outstanding	166,058,960	164,377,009
Treasury shares	5,459,836	4,574,184

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
REVENUES:
Total revenues	$ 287,595	$ 278,545
EXPENSES:
Cost of goods manufactured and sold (exclusive of amortization of acquired intangible assets shown below)	58,175	55,159
Research and development	93,637	95,953
Selling, general and administrative	174,477	145,052
Amortization of acquired intangible assets	8,800	8,966
Total expenses	335,089	305,130
OPERATING LOSS	(47,494)	(26,585)
OTHER EXPENSE, NET:
Interest income	4,966	573
Interest expense	(5,288)	(2,350)
Change in the fair value of contingent consideration		(19,067)
Other (expense) income, net	(39)	2,431
Total other expense, net	(361)	(18,413)
LOSS BEFORE INCOME TAXES	(47,855)	(44,998)
INCOME TAX BENEFIT	(6,010)	(9,095)
NET LOSS	$ (41,845)	$ (35,903)
LOSS PER ORDINARY SHARE:
Basic	$ (0.25)	$ (0.22)
Diluted	$ (0.25)	$ (0.22)
WEIGHTED AVERAGE NUMBER OF ORDINARY SHARES OUTSTANDING:
Basic	165,085	162,483
Diluted	165,085	162,483
COMPREHENSIVE LOSS:
Net loss	$ (41,845)	$ (35,903)
Holding gain (loss), net of a tax provision (benefit) of $488 and $(1,382), respectively	2,760	(4,511)
COMPREHENSIVE LOSS	(39,085)	(40,414)
Product sales, net
REVENUES:
Total revenues	214,727	171,268
Manufacturing and royalty revenues
REVENUES:
Total revenues	72,862	105,170
License revenue
REVENUES:
Total revenues		2,000
Research and development revenue
REVENUES:
Total revenues	$ 6	$ 107

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Tax provision (benefit)	$ 488	$ (1,382)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (41,845)	$ (35,903)
Adjustments to reconcile net loss to cash flows from operating activities:
Depreciation and amortization	18,714	19,197
Share-based compensation expense	22,643	18,343
Deferred income taxes	(36,117)	(29,301)
Change in the fair value of contingent consideration		19,067
Other non-cash charges	369	371
Changes in assets and liabilities:
Receivables	18,789	63,290
Contract assets	500	(6,849)
Inventory	(2,029)	(4,285)
Prepaid expenses and other assets	(3,697)	(15,351)
Right-of-use assets	4,269	4,129
Accounts payable and accrued expenses	(30,154)	(33,414)
Accrued sales discounts, allowances and reserves	30,148	27,956
Contract liabilities	(4,287)	(2,980)
Operating lease liabilities	(4,379)	(4,411)
Other long-term liabilities	5,774	1,819
Cash flows (used in) provided by operating activities	(21,302)	21,678
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions of property, plant and equipment	(6,860)	(7,791)
Proceeds from contingent consideration		501
Return of Fountain Healthcare Partners II, L.P. investment		485
Purchases of investments	(23,898)	(114,615)
Sales and maturities of investments	103,608	60,779
Cash flows provided by (used in) investing activities	72,850	(60,641)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from the issuance of ordinary shares under share-based compensation arrangements	2,874	1,795
Employee taxes paid related to net share settlement of equity awards	(24,744)	(17,069)
Principal payments of long-term debt	(750)	(750)
Cash flows used in financing activities	(22,620)	(16,024)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	28,928	(54,987)
CASH AND CASH EQUIVALENTS—Beginning of period	292,473	337,544
CASH AND CASH EQUIVALENTS—End of period	321,401	282,557
Non-cash investing and financing activities:
Purchased capital expenditures included in accounts payable and accrued expenses	$ 1,762	$ 4,058

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (unaudited) - USD ($) $ in Thousands	Total	Ordinary Shares	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit	Treasury Stock
BALANCE at Dec. 31, 2021	$ 1,112,584	$ 1,658	$ 2,798,325	$ (3,723)	$ (1,541,018)	$ (142,658)
BALANCE (in shares) at Dec. 31, 2021		165,790,549				(3,853,222)
Issuance of ordinary shares under employee stock plans	1,795	$ 19	1,776
Issuance of ordinary shares under employee stock plans (in shares)		1,953,293
Receipt of Alkermes' shares for the exercise of stock options or to satisfy minimum tax withholding obligations related to share-based awards	(17,069)					$ (17,069)
Receipt of Alkermes' shares for the exercise of stock options or to satisfy minimum tax withholding obligations related to share-based awards (in shares)						(678,209)
Share-based compensation	18,494		18,494
Unrealized gain (loss) on marketable securities, net of tax provision	(4,511)			(4,511)
Net loss	(35,903)				(35,903)
BALANCE at Mar. 31, 2022	1,075,390	$ 1,677	2,818,595	(8,234)	(1,576,921)	$ (159,727)
BALANCE (in shares) at Mar. 31, 2022		167,743,842				(4,531,431)
BALANCE at Dec. 31, 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)
Issuance of ordinary shares under employee stock plans	2,874	$ 25	2,849
Issuance of ordinary shares under employee stock plans (in shares)		2,567,603
Receipt of Alkermes' shares for the exercise of stock options or to satisfy minimum tax withholding obligations related to share-based awards	(24,744)					$ (24,744)
Receipt of Alkermes' shares for the exercise of stock options or to satisfy minimum tax withholding obligations related to share-based awards (in shares)						(885,652)
Share-based compensation	22,778		22,778
Unrealized gain (loss) on marketable securities, net of tax provision	2,760			2,760
Net loss	(41,845)				(41,845)
BALANCE at Mar. 31, 2023	$ 1,005,576	$ 1,715	$ 2,938,726	$ (8,129)	$ (1,741,130)	$ (185,606)
BALANCE (in shares) at Mar. 31, 2023		171,518,796				(5,459,836)

- 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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-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

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-Publisher FASB
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-Section 50
-Paragraph 3
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

+ Details

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement Of Stockholders Equity [Abstract]
Tax provision (benefit)	$ 488	$ (1,382)

The Company

3 Months Ended

Mar. 31, 2023

Organization Consolidation And Presentation Of Financial Statements [Abstract]

The Company

1. THE COMPANY

Alkermes plc is a fully-integrated, global biopharmaceutical company that applies its scientific expertise and proprietary technologies to research, develop and commercialize, both with partners and on its own, pharmaceutical products that are designed to address unmet medical needs of patients in the fields of neuroscience and oncology. Alkermes has a portfolio of proprietary commercial products focused on alcohol dependence, opioid dependence, schizophrenia and bipolar I disorder and a pipeline of product candidates in development for neurological disorders and cancer. Headquartered in Dublin, Ireland, the Company has a research and development (“R&D”) center in Waltham, Massachusetts; an R&D and manufacturing facility in Athlone, Ireland; and a manufacturing facility in Wilmington, Ohio.

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 potential 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 receipt of a private letter ruling from the IRS and/or a tax opinion from the Company’s tax advisor.

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying condensed consolidated financial statements of the Company for the three months ended March 31, 2023 and 2022 are unaudited and have been prepared on a basis substantially consistent with the audited financial statements for the year ended December 31, 2022. The year-end condensed consolidated balance sheet data, which is presented for comparative purposes, was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the U.S. (commonly referred to as “GAAP”). In the opinion of management, the condensed consolidated financial statements include all adjustments of a normal recurring nature that are necessary to state fairly the results of operations for the reported periods.

These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto of the Company, which are contained in the Company’s Annual Report. The results of the Company’s operations for any interim period are not necessarily indicative of the results of the Company’s operations for any other interim period or for any full fiscal year.

Principles of Consolidation

The accompanying condensed consolidated financial statements include the accounts of Alkermes plc and its wholly-owned subsidiaries as disclosed in Note 2, Summary of Significant Accounting Policies, in the “Notes to Consolidated Financial Statements” accompanying the Company’s Annual Report. Intercompany accounts and transactions have been eliminated.

Use of Estimates

The preparation of the Company’s condensed consolidated financial statements in accordance with GAAP requires that Company management make estimates, judgments and assumptions that may affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. On an ongoing basis, the Company evaluates its estimates, judgments and methodologies, including, but not limited to, those related to revenue from contracts with its customers and related allowances, impairment and amortization of intangibles and long-lived assets, share-based compensation, income taxes including the valuation allowance for deferred tax assets, valuation of

investments, contingent consideration and litigation. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results may differ from these estimates under different conditions or using different assumptions.

Segment Information

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

New Accounting Pronouncements

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

Revenue from Contracts with Customers

3 Months Ended

Mar. 31, 2023

Revenue From Contract With Customer [Abstract]

Revenue from Contracts with Customers

3. REVENUE FROM CONTRACTS WITH CUSTOMERS

Product Sales, Net

The Company’s product sales, net consist of sales in the U.S. of VIVITROL, ARISTADA and ARISTADA INITIO and, following its commercial launch in October 2021, LYBALVI, primarily to wholesalers, specialty distributors and pharmacies. During the three months ended March 31, 2023 and 2022, the Company recorded product sales, net, as follows:

	Three Months Ended March 31,
(In thousands)	2023		2022
VIVITROL	$	96,659	$	84,854
ARISTADA and ARISTADA INITIO		80,077		72,485
LYBALVI		37,991		13,929
Total product sales, net	$	214,727	$	171,268

Manufacturing and Royalty Revenues

During the three months ended March 31, 2023 and 2022, the Company recorded manufacturing and royalty revenues from its collaboration arrangements as follows:

	Three Months Ended March 31, 2023
(In thousands)	Manufacturing Revenue		Royalty Revenue		Total
Long-acting INVEGA products⁽¹⁾	$	—	$	13,562	$	13,562
VUMERITY		12,649		16,225		28,874
RISPERDAL CONSTA		10,416		566		10,982
Other		15,375		4,069		19,444
	$	38,440	$	34,422	$	72,862

	Three Months Ended March 31, 2022
(In thousands)	Manufacturing Revenue		Royalty Revenue		Total
Long-acting INVEGA products⁽¹⁾	$	—	$	37,054	$	37,054
VUMERITY		11,395		19,200		30,595
RISPERDAL CONSTA		15,578		1,848		17,426
Other		11,854		8,241		20,095
	$	38,827	$	66,343	$	105,170

(1)

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

In November 2021, the Company received notice of partial termination of an exclusive license agreement with Janssen Pharmaceutica N.V., a subsidiary of Johnson & Johnson (“Janssen Pharmaceutica”). Under this license agreement, the Company provided Janssen Pharmaceutica with rights to, and know-how, training and technical assistance in respect of, the Company’s small particle pharmaceutical compound technology, known as NanoCrystal technology, 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 Pharmaceutica ceased paying royalties related to sales of INVEGA SUSTENNA, INVEGA TRINZA and INVEGA HAFYERA in the U.S. Accordingly, the Company has not recognized royalty revenue related to U.S. sales of these products since February 2022. In April 2022, the Company commenced binding arbitration proceedings related to, among other things, Janssen Pharmaceutica’s partial termination of this license agreement and Janssen Pharmaceutica’s royalty and other obligations under the agreement. On December 21, 2022, the Company received an interim award (the “Initial Interim Award”) in these proceedings from the arbitral tribunal (the “Tribunal”), in which the Tribunal agreed with the Company’s position that, while Janssen Pharmaceutica 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. On April 19, 2023, the Company received a second interim award (the “Second Interim Award”) from the Tribunal. Pursuant to the Second Interim Award, back royalties related to fiscal year 2022 and interest are due to the Company under the license agreement and a separate Know-How Royalty (as defined in the license agreement) term applies for each of INVEGA SUSTENNA, INVEGA TRINZA and INVEGA HAFYERA, as follows: (i) the term for INVEGA SUSTENNA ends on August 20, 2024, (ii) the term for INVEGA TRINZA ends in the second quarter of 2030 (but no later than May 2030 when the license agreement expires), and (iii) the term for INVEGA HAFYERA ends in May 2030 (when the license agreement expires. The Tribunal directed the parties to confer and advise within 21 days concerning the rate of interest and proposed further proceedings, including whether any issues remain for resolution by the Tribunal prior to the Tribunal’s issuance of a final award. Refer to Note 14, Commitments and Contingencies within the “Notes to Condensed Consolidated Financial Statements” in this Form 10-Q for additional information regarding the arbitration proceedings with Janssen Pharmaceutica.

Contract Assets

Contract assets include unbilled amounts resulting from sales under certain of the Company’s manufacturing contracts where revenue is recognized over time. The amounts included in the contract assets table below are classified as “Current assets” in the accompanying condensed consolidated balance sheets, as they relate to manufacturing processes that are completed in ten days to eight weeks.

Total contract assets at March 31, 2023 were as follows:

(In thousands)	Contract Assets
Contract assets at December 31, 2022	$	8,929
Additions		10,115
Transferred to receivables, net		(10,615	)
Contract assets at March 31, 2023	$	8,429

Contract Liabilities

Contract liabilities consist of contractual obligations related to deferred revenue. At March 31, 2023 and December 31, 2022, $2.2 million and $6.8 million of the contract liabilities, respectively, were classified as “Contract liabilities–short-term” in the accompanying condensed consolidated balance sheets and $4.2 million and $3.9 million of the contract liabilities, respectively, were classified as “Other long-term liabilities” in the accompanying condensed consolidated balance sheets.

Total contract liabilities at March 31, 2023 were as follows:

(In thousands)	Contract Liabilities
Contract liabilities at December 31, 2022	$	10,701
Additions		(934	)
Amounts recognized into revenue		(3,354	)
Contract liabilities at March 31, 2023	$	6,413

- 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)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 12
-Subparagraph (b)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 606
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-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

3 Months Ended

Mar. 31, 2023

Investments Debt And Equity Securities [Abstract]

Investments

4. INVESTMENTS

Investments consisted of the following (in thousands):

			Gross Unrealized
					Losses
	Amortized				Less than			Greater than			Estimated
March 31, 2023	Cost		Gains		One Year			One Year			Fair Value
Short-term investments:
Available-for-sale securities:
Corporate debt securities	$	125,254	$	129	$	(114	)	$	(1,683	)	$	123,586
U.S. government and agency debt securities		135,633		39		(87	)		(1,103	)		134,482
Non-U.S. government debt securities		21,444		—		—			(454	)		20,990
Total short-term investments		282,331		168		(201	)		(3,240	)		279,058
Long-term investments:
Available-for-sale securities:
Corporate debt securities		47,232		—		(664	)		(703	)		45,865
U.S. government and agency debt securities		45,859		—		(415	)		(1,046	)		44,398
		93,091		—		(1,079	)		(1,749	)		90,263
Held-to-maturity securities:
Certificates of deposit		1,820		—		—			—			1,820
Total long-term investments		94,911		—		(1,079	)		(1,749	)		92,083
Total investments	$	377,242	$	168	$	(1,280	)	$	(4,989	)	$	371,141

December 31, 2022
Short-term investments:
Available-for-sale securities:
Corporate debt securities	$	141,418	$	—	$	(424	)	$	(2,054	)	$	138,940
U.S. government and agency debt securities		143,710		16		(266	)		(1,289	)		142,171
Non-U.S. government debt securities		35,455		—		(28	)		(546	)		34,881
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

At March 31, 2023, the Company reviewed its investment portfolio to assess whether the unrealized losses on its available-for-sale investments were temporary. Investments with unrealized losses consisted primarily of corporate debt securities and debt securities issued and backed by U.S. agencies and the U.S. government. At March 31, 2023, 207 of the Company’s 239 investment securities were in an unrealized loss position and had an aggregate estimated fair value of $371.1 million. Approximately 46% and 48% of the Company’s investment securities at March 31, 2023 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 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 March 31, 2023, 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’s net investment in Fountain was $7.9 million at March 31, 2023 and December 31, 2022, respectively, and was included within “Other assets” in the accompanying condensed consolidated balance sheets. During the three months ended March 31, 2023 and 2022, the Company recorded a decrease of $0.2 million and an increase of less than $0.1 million in its investment in Fountain, which represented the Company’s proportional share of Fountain’s net (losses) gains for the period. The Company is accounting for its investment in Fountain under the equity method.

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

	Three Months Ended March 31,
(In thousands)	2023		2022
Proceeds from the sales and maturities of investments	$	103,608	$	60,779
Realized gains	$	—	$	—
Realized losses	$	—	$	—

The Company’s available-for-sale and held-to-maturity securities at March 31, 2023 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	$	272,122	$	268,811	$	1,820	$	1,820
After 1 year through 5 years		103,300		100,510		—		—
Total	$	375,422	$	369,321	$	1,820	$	1,820

Fair Value

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value

5. FAIR VALUE

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

	March 31,
(In thousands)	2023		Level 1		Level 2		Level 3
Assets:
U.S. government and agency debt securities	$	178,880	$	149,681	$	29,199	$	—
Corporate debt securities		169,451		—		169,451		—
Non-U.S. government debt securities		20,990		—		20,990		—
Total	$	369,321	$	149,681	$	219,640	$	—

	December 31,
	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		204,943		—		204,943		—
Non-U.S. government debt securities		38,789		—		38,789		—
Total	$	465,639	$	188,496	$	277,143	$	—

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 three months ended March 31, 2023. At March 31, 2023, the Company had no investments whose fair value was determined using Level 3 inputs.

The Company’s investments in U.S. government and agency debt securities, non-U.S. government agency debt securities and corporate debt securities classified as Level 2 within the fair value hierarchy were initially valued at the transaction price and subsequently valued, at the end of each reporting period, utilizing market-observable data. The

market-observable data included reportable trades, benchmark yields, credit spreads, broker/dealer quotes, bids, offers, current spot rates and other industry and economic events. The Company validated the prices developed using the market-observable data by obtaining market values from other pricing sources, analyzing pricing data in certain instances and confirming that the relevant markets are active.

In April 2015, the Company sold its Gainesville, GA manufacturing facility, the related manufacturing and royalty revenue associated with certain products manufactured at the facility, and the rights to intravenous/intramuscular (“IV/IM”) and parenteral forms of Meloxicam to Recro Pharma, Inc. (“Recro”) and Recro Gainesville LLC (such transaction the “Gainesville Transaction”). The Gainesville Transaction included in the purchase price contingent consideration, including milestone payments and royalties on net sales of the IV/IM and parenteral forms of Meloxicam and other products covered under the relevant agreements (such products, the “Meloxicam Products”).

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

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, at March 31, 2022, Baudax had only paid $0.5 million of the $6.4 million 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 within “Change in the fair value of contingent consideration” in the accompanying condensed consolidated statements of operations and comprehensive loss in the three months ended March 31, 2022. In September 2022, the Company determined that it was unlikely to collect any further proceeds under this arrangement and reduced the fair value of the contingent consideration to zero. In December 2022, Baudax announced that it would discontinue sales of ANJESO, the first approved Meloxicam Product, and on December 28, 2022, the U.S. Food and Drug Administration (“FDA”) acknowledged the discontinuation of sales of ANJESO via listing in the Orange Book.

In March 2023, the Company and Baudax entered into an agreement pursuant to which Baudax transferred to the Company the rights to certain patents, trademarks, equipment, data and other rights related to ANJESO and agreed to the termination of all prior agreements between the parties and any and all financial and other obligations thereunder.

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

The estimated fair value of the Company’s long-term debt under its amended and restated credit agreement (such debt, the “2026 Term Loans”), which was based on quoted market price indications (Level 2 in the fair value hierarchy) and which may not be representative of actual values that could have been, or will be, realized in the future, was $281.5 million and $278.9 million at March 31, 2023 and December 31, 2022, 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

3 Months Ended

Mar. 31, 2023

Inventory Disclosure [Abstract]

Inventory

6. INVENTORY

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

	March 31,		December 31,
(In thousands)	2023		2022
Raw materials	$	59,045	$	61,064
Work in process		74,661		76,228
Finished goods⁽¹⁾		51,278		44,126
Total inventory	$	184,984	$	181,418

(1)

At March 31, 2023 and December 31, 2022, the Company had $32.6 million and $30.9 million, respectively, of finished goods inventory located at its third-party warehouse and shipping service provider.

Property, Plant and Equipment

3 Months Ended

Mar. 31, 2023

Property Plant And Equipment [Abstract]

Property, Plant and Equipment

7. PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment consisted of the following:

	March 31,			December 31,
(In thousands)	2023			2022
Land	$	6,560		$	6,560
Building and improvements		195,602			195,144
Furniture, fixtures and equipment		423,835			418,448
Leasehold improvements		52,820			54,152
Construction in progress		85,852			84,715
Subtotal		764,669			759,019
Less: accumulated depreciation and amortization		(443,560	)		(433,658	)
Total property, plant and equipment, net	$	321,109		$	325,361

Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2023

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

8. GOODWILL AND INTANGIBLE ASSETS

Goodwill and intangible assets consisted of the following:

		March 31, 2023
(In thousands)	Weighted Amortizable Life (Years)	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Goodwill		$	92,873	$	—		$	92,873
Finite-lived intangible assets:
Collaboration agreements	12	$	465,590	$	(443,255	)	$	22,335
Capitalized IP	11-13		118,160		(111,615	)		6,545
Total		$	583,750	$	(554,870	)	$	28,880

Based on the Company’s most recent analysis, amortization of intangible assets included in the accompanying condensed consolidated balance sheet at March 31, 2023 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 that such analysis, and the available information and assumptions underlying such analysis, are reasonable, given the inherent risks and uncertainties underlying its expectations regarding such future revenues, there is the potential for the Company’s actual results to vary significantly from such expectations. If revenues are projected to change, the related amortization of the intangible assets will change in proportion to the change in revenues.

Leases

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

Leases

9. LEASES

Future lease payments under non-cancelable leases at March 31, 2023 and December 31, 2022 consisted of the following:

	March 31,			December 31,
(In thousands)	2023			2022
2023	$	12,306		$	16,665
2024		16,627			16,608
2025		16,874			16,855
2026		12,786			12,767
2027		9,506			9,506
Thereafter		69,474			69,474
Total operating lease payments	$	137,573		$	141,875
Less: imputed interest		(36,157	)		(36,324	)
Total operating lease liabilities	$	101,416		$	105,551

At March 31, 2023, the weighted average incremental borrowing rate and the weighted average remaining lease term for all operating leases held by the Company were 5.27% and 8.53 years, respectively. Cash paid for lease liabilities was $4.4 million during each of the three months ended March 31, 2023 and 2022. The Company recorded operating lease expense of $4.3 million and $4.1 million during the three months ended March 31, 2023 and 2022, respectively.

Accounts Payable and Accrued Expenses

3 Months Ended

Mar. 31, 2023

Payables And Accruals [Abstract]

Accounts Payable and Accrued Expenses

10. ACCOUNTS PAYABLE AND ACCRUED EXPENSES

Accounts payable and accrued expenses consisted of the following:

	March 31,		December 31,
(In thousands)	2023		2022
Accounts payable	$	37,147	$	32,843
Accrued compensation		47,700		79,085
Accrued other		105,302		108,161
Total accounts payable and accrued expenses	$	190,149	$	220,089

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

	March 31,		December 31,
(In thousands)	2023		2022
Medicaid rebates	$	234,685	$	208,332
Product discounts		15,397		13,204
Medicare Part D		21,337		18,409
Other		10,845		12,170
Total accrued sales discounts, allowances and reserves	$	282,264	$	252,115

Long-term Debt

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Long-term Debt

11. LONG-TERM DEBT

Long-term debt consisted of the following:

	March 31,			December 31,
(In thousands)	2023			2022
2026 Term Loans, due March 12, 2026	$	292,635		$	293,270
Less: current portion		(3,000	)		(3,000	)
Long-term debt	$	289,635		$	290,270

The 2026 Term Loans mature on March 12, 2026 and bear interest payable at LIBOR plus 2.50% with a LIBOR floor of 0.5%. The 2026 Term Loans include customary Alternative Reference Rate Committee hardwired benchmark replacement language to transition from LIBOR to the Secured Overnight Financing Rate (“SOFR”). The 2026 Term Loans have an incremental facility capacity in the amount of $175.0 million plus additional amounts, provided that the Company meets certain conditions, including a specified leverage ratio. The Company was in compliance with its debt covenants at March 31, 2023.

Share-based Compensation

3 Months Ended

Mar. 31, 2023

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Share-based Compensation

12. SHARE-BASED COMPENSATION

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

	Three Months Ended
	March 31,
(In thousands)	2023		2022
Cost of goods manufactured and sold	$	2,682	$	2,382
Research and development		6,907		5,608
Selling, general and administrative		13,054		10,353
Total share-based compensation expense	$	22,643	$	18,343

At March 31, 2023 and December 31, 2022, $3.4 million and $3.3 million, respectively, of share-based compensation expense was capitalized and recorded as “Inventory” in the accompanying condensed consolidated balance sheets.

Loss Per Share

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Loss Per Share

13. LOSS PER SHARE

Basic loss per ordinary share is calculated based upon net loss available to holders of ordinary shares divided by the weighted average number of shares outstanding. For the three months ended March 31, 2023 and 2022, as the Company was in a net loss position, the diluted loss per share calculation did not assume conversion or exercise of stock options and restricted stock unit awards, as they would have had an anti-dilutive effect on loss per share.

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

	Three Months Ended
	March 31,
(In thousands)	2023		2022
Stock options		13,007		13,461
Restricted stock unit awards		6,093		5,959
Total		19,100		19,420

Commitments and Contingent Liabilities

3 Months Ended

Mar. 31, 2023

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingent Liabilities

14. COMMITMENTS AND CONTINGENT LIABILITIES

Litigation

From time to time, the Company may be subject to legal proceedings and claims in the ordinary course of business. On a quarterly basis, the Company reviews the status of each significant matter and assesses its potential financial exposure. If the potential loss from any claim, asserted or unasserted, or legal proceeding is considered probable and the amount can be reasonably estimated, the Company would accrue a liability for the estimated loss. Because of uncertainties related to claims and litigation, accruals are based on the Company’s best estimates, utilizing all available information. On a periodic basis, as additional information becomes available, or based on specific events such as the outcome of litigation or settlement of claims, the Company may reassess the potential liability related to these matters and may revise these estimates, which could result in material adverse adjustments to the Company’s operating results. At March 31, 2023, there were no potential material losses from claims, asserted or unasserted, or legal proceedings that the Company determined were probable of occurring.

Janssen Arbitration Proceedings

In April 2022, Alkermes Pharma Ireland Limited commenced binding arbitration proceedings to settle, among other things, whether, notwithstanding Janssen Pharmaceutica’s partial termination of two license agreements with the Company, Janssen Pharmaceutica has a continuing obligation to pay royalties on sales in the U.S. of INVEGA SUSTENNA, INVEGA TRINZA, INVEGA HAFYERA and CABENUVA. The request for arbitration seeks, among other remedies, a declaration that Janssen Pharmaceutica is in breach of the license agreements and a resumption of royalty payments for sales of the relevant products in the U.S. In December 2022, the Company received the Initial Interim Award in these proceedings from the Tribunal. In the Initial Interim Award, the Tribunal agreed with the Company’s position that, while Janssen Pharmaceutica 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. On April 19, 2023, the Company received the Second Interim Award from the Tribunal. Pursuant to the Second Interim Award, back royalties related to fiscal year 2022 of approximately $194.0 million (inclusive of interest) are due to the Company under the two agreements; a separate Know-How Royalty (as defined in the applicable license agreement) term applies for each of INVEGA SUSTENNA, INVEGA TRINZA and INVEGA HAFYERA, as follows: (i) the term for INVEGA SUSTENNA ends on August 20, 2024, (ii) the term for INVEGA TRINZA ends in the second quarter of 2030 (but no later than May 2030 when the applicable license agreement expires), and (iii) the term for INVEGA HAFYERA ends in May 2030 (when the applicable license agreement expires); and royalties for CABENUVA in the United States are owed until December 31, 2036. The Tribunal directed the parties to confer and advise within 21 days concerning the rate of interest and proposed further proceedings, including whether any issues remain for resolution by the Tribunal prior to the Tribunal’s issuance of a final award. The arbitration is being conducted pursuant to the Institute for Conflict Prevention and Resolution (CPR) Rules for Non-Administered Arbitration.

INVEGA SUSTENNA ANDA Litigation

Janssen Pharmaceutica and Janssen Pharmaceuticals, Inc. initiated patent infringement lawsuits in the U.S. District Court for the District of New Jersey (the “NJ District Court”) in January 2018 against Teva Pharmaceuticals USA, Inc. (“Teva”) and Teva Pharmaceuticals Industries, Ltd. (“Teva PI”) (such lawsuit, the “Teva Lawsuit”), in August 2019 against Mylan Laboratories Limited (“Mylan Labs”) and other Mylan entities (the “Mylan Lawsuit”), in December 2019 against Pharmascience, Inc. (“Pharmascience”), Mallinckrodt plc, and SpecGX LLC (the “Pharmascience Lawsuit”), and in February 2022 against Accord Healthcare, Inc., Accord Healthcare, Ltd. and Intas Pharmaceuticals, Ltd (“Accord” and such lawsuit, the “Accord 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, Accord 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 and the Accord Lawsuit were administratively terminated in July 2022, pending the outcome of the Teva Appeal. The Company is not a party to any of these proceedings.

INVEGA TRINZA ANDA Litigation

In September 2020, Janssen Pharmaceutica, Janssen Pharmaceuticals, Inc., and Janssen Research & Development, LLC, initiated a patent infringement lawsuit in the NJ District Court against Mylan Labs, Mylan, and Mylan Institutional LLC following the filing by Mylan Labs of an ANDA seeking approval from the FDA to market a generic version of INVEGA TRINZA before the expiration of U.S. Patent No. 10,143,693. Requested judicial remedies include recovery of litigation costs and injunctive relief. A bench trial concluded in December 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 was held in February 2023, and the Company anticipates a decision in the second half of 2023. The Company intends to continue 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 Therapeutics, Inc. 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 believes the petition is without merit and filed opposition papers asking the court to deny the petition and confirm the final arbitration award unchanged. 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.

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements of the Company for the three months ended March 31, 2023 and 2022 are unaudited and have been prepared on a basis substantially consistent with the audited financial statements for the year ended December 31, 2022. The year-end condensed consolidated balance sheet data, which is presented for comparative purposes, was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the U.S. (commonly referred to as “GAAP”). In the opinion of management, the condensed consolidated financial statements include all adjustments of a normal recurring nature that are necessary to state fairly the results of operations for the reported periods. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto of the Company, which are contained in the Company’s Annual Report. The results of the Company’s operations for any interim period are not necessarily indicative of the results of the Company’s operations for any other interim period or for any full fiscal year.
Principles of Consolidation	Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of Alkermes plc and its wholly-owned subsidiaries as disclosed in Note 2, Summary of Significant Accounting Policies, in the “Notes to Consolidated Financial Statements” accompanying the Company’s Annual Report. Intercompany accounts and transactions have been eliminated.
Use of Estimates	Use of Estimates The preparation of the Company’s condensed consolidated financial statements in accordance with GAAP requires that Company management make estimates, judgments and assumptions that may affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. On an ongoing basis, the Company evaluates its estimates, judgments and methodologies, including, but not limited to, those related to revenue from contracts with its customers and related allowances, impairment and amortization of intangibles and long-lived assets, share-based compensation, income taxes including the valuation allowance for deferred tax assets, valuation of investments, contingent consideration and litigation. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results may differ from these estimates under different conditions or using different assumptions.
Segment Information	Segment Information The Company operates as one business segment, which is the business of developing, manufacturing and commercializing medicines designed to address unmet medical needs of patients in major therapeutic areas. The Company’s chief decision maker, its Chief Executive Officer and chairman of its board of directors, reviews the Company’s operating results on an aggregate basis and manages the Company’s operations as a single operating unit.
New Accounting Pronouncements	New Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board or other standard-setting bodies that are adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that the impact of recently issued accounting pronouncements that are not yet effective will not have a material impact on its financial position or results of operations upon adoption.

Revenue from Contracts with Customers (Tables)

3 Months Ended

Mar. 31, 2023

Schedule of Contract Assets and Contract Liabilities

Total contract assets at March 31, 2023 were as follows:

(In thousands)	Contract Assets
Contract assets at December 31, 2022	$	8,929
Additions		10,115
Transferred to receivables, net		(10,615	)
Contract assets at March 31, 2023	$	8,429

Total contract liabilities at March 31, 2023 were as follows:

(In thousands)	Contract Liabilities
Contract liabilities at December 31, 2022	$	10,701
Additions		(934	)
Amounts recognized into revenue		(3,354	)
Contract liabilities at March 31, 2023	$	6,413

Product sales, net

Schedule of Disaggregation of Revenues

During the three months ended March 31, 2023 and 2022, the Company recorded product sales, net, as follows:

	Three Months Ended March 31,
(In thousands)	2023		2022
VIVITROL	$	96,659	$	84,854
ARISTADA and ARISTADA INITIO		80,077		72,485
LYBALVI		37,991		13,929
Total product sales, net	$	214,727	$	171,268

Manufacturing and royalty revenues

Schedule of Disaggregation of Revenues

During the three months ended March 31, 2023 and 2022, the Company recorded manufacturing and royalty revenues from its collaboration arrangements as follows:

	Three Months Ended March 31, 2023
(In thousands)	Manufacturing Revenue		Royalty Revenue		Total
Long-acting INVEGA products⁽¹⁾	$	—	$	13,562	$	13,562
VUMERITY		12,649		16,225		28,874
RISPERDAL CONSTA		10,416		566		10,982
Other		15,375		4,069		19,444
	$	38,440	$	34,422	$	72,862

	Three Months Ended March 31, 2022
(In thousands)	Manufacturing Revenue		Royalty Revenue		Total
Long-acting INVEGA products⁽¹⁾	$	—	$	37,054	$	37,054
VUMERITY		11,395		19,200		30,595
RISPERDAL CONSTA		15,578		1,848		17,426
Other		11,854		8,241		20,095
	$	38,827	$	66,343	$	105,170

(1)

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

Investments (Tables)

3 Months Ended

Mar. 31, 2023

Investments Debt And Equity Securities [Abstract]

Schedule of Investments

Investments consisted of the following (in thousands):

			Gross Unrealized
					Losses
	Amortized				Less than			Greater than			Estimated
March 31, 2023	Cost		Gains		One Year			One Year			Fair Value
Short-term investments:
Available-for-sale securities:
Corporate debt securities	$	125,254	$	129	$	(114	)	$	(1,683	)	$	123,586
U.S. government and agency debt securities		135,633		39		(87	)		(1,103	)		134,482
Non-U.S. government debt securities		21,444		—		—			(454	)		20,990
Total short-term investments		282,331		168		(201	)		(3,240	)		279,058
Long-term investments:
Available-for-sale securities:
Corporate debt securities		47,232		—		(664	)		(703	)		45,865
U.S. government and agency debt securities		45,859		—		(415	)		(1,046	)		44,398
		93,091		—		(1,079	)		(1,749	)		90,263
Held-to-maturity securities:
Certificates of deposit		1,820		—		—			—			1,820
Total long-term investments		94,911		—		(1,079	)		(1,749	)		92,083
Total investments	$	377,242	$	168	$	(1,280	)	$	(4,989	)	$	371,141

December 31, 2022
Short-term investments:
Available-for-sale securities:
Corporate debt securities	$	141,418	$	—	$	(424	)	$	(2,054	)	$	138,940
U.S. government and agency debt securities		143,710		16		(266	)		(1,289	)		142,171
Non-U.S. government debt securities		35,455		—		(28	)		(546	)		34,881
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

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:

	Three Months Ended March 31,
(In thousands)	2023		2022
Proceeds from the sales and maturities of investments	$	103,608	$	60,779
Realized gains	$	—	$	—
Realized losses	$	—	$	—

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

The Company’s available-for-sale and held-to-maturity securities at March 31, 2023 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	$	272,122	$	268,811	$	1,820	$	1,820
After 1 year through 5 years		103,300		100,510		—		—
Total	$	375,422	$	369,321	$	1,820	$	1,820

Fair Value (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

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

	March 31,
(In thousands)	2023		Level 1		Level 2		Level 3
Assets:
U.S. government and agency debt securities	$	178,880	$	149,681	$	29,199	$	—
Corporate debt securities		169,451		—		169,451		—
Non-U.S. government debt securities		20,990		—		20,990		—
Total	$	369,321	$	149,681	$	219,640	$	—

	December 31,
	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		204,943		—		204,943		—
Non-U.S. government debt securities		38,789		—		38,789		—
Total	$	465,639	$	188,496	$	277,143	$	—

Inventory (Tables)

3 Months Ended

Mar. 31, 2023

Inventory Disclosure [Abstract]

Schedule of Inventories

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

	March 31,		December 31,
(In thousands)	2023		2022
Raw materials	$	59,045	$	61,064
Work in process		74,661		76,228
Finished goods⁽¹⁾		51,278		44,126
Total inventory	$	184,984	$	181,418

(1)

At March 31, 2023 and December 31, 2022, the Company had $32.6 million and $30.9 million, respectively, of finished goods inventory located at its third-party warehouse and shipping service provider.

Property, Plant and Equipment (Tables)

3 Months Ended

Mar. 31, 2023

Property Plant And Equipment [Abstract]

Schedule of Property, Plant and Equipment

Property, plant and equipment consisted of the following:

	March 31,			December 31,
(In thousands)	2023			2022
Land	$	6,560		$	6,560
Building and improvements		195,602			195,144
Furniture, fixtures and equipment		423,835			418,448
Leasehold improvements		52,820			54,152
Construction in progress		85,852			84,715
Subtotal		764,669			759,019
Less: accumulated depreciation and amortization		(443,560	)		(433,658	)
Total property, plant and equipment, net	$	321,109		$	325,361

Goodwill and Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2023

Goodwill And Intangible Assets Disclosure [Abstract]

Schedule of Goodwill and Intangible Assets

Goodwill and intangible assets consisted of the following:

		March 31, 2023
(In thousands)	Weighted Amortizable Life (Years)	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Goodwill		$	92,873	$	—		$	92,873
Finite-lived intangible assets:
Collaboration agreements	12	$	465,590	$	(443,255	)	$	22,335
Capitalized IP	11-13		118,160		(111,615	)		6,545
Total		$	583,750	$	(554,870	)	$	28,880

Leases (Tables)

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

Summary of Future Lease Payments Under Non-Cancelable Leases

Future lease payments under non-cancelable leases at March 31, 2023 and December 31, 2022 consisted of the following:

	March 31,			December 31,
(In thousands)	2023			2022
2023	$	12,306		$	16,665
2024		16,627			16,608
2025		16,874			16,855
2026		12,786			12,767
2027		9,506			9,506
Thereafter		69,474			69,474
Total operating lease payments	$	137,573		$	141,875
Less: imputed interest		(36,157	)		(36,324	)
Total operating lease liabilities	$	101,416		$	105,551

Accounts Payable and Accrued Expenses (Tables)

3 Months Ended

Mar. 31, 2023

Payables And Accruals [Abstract]

Schedule of Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses consisted of the following:

	March 31,		December 31,
(In thousands)	2023		2022
Accounts payable	$	37,147	$	32,843
Accrued compensation		47,700		79,085
Accrued other		105,302		108,161
Total accounts payable and accrued expenses	$	190,149	$	220,089

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:

	March 31,		December 31,
(In thousands)	2023		2022
Medicaid rebates	$	234,685	$	208,332
Product discounts		15,397		13,204
Medicare Part D		21,337		18,409
Other		10,845		12,170
Total accrued sales discounts, allowances and reserves	$	282,264	$	252,115

Long-term Debt (Tables)

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Schedule of Long-term Debt

Long-term debt consisted of the following:

	March 31,			December 31,
(In thousands)	2023			2022
2026 Term Loans, due March 12, 2026	$	292,635		$	293,270
Less: current portion		(3,000	)		(3,000	)
Long-term debt	$	289,635		$	290,270

Share-based Compensation (Tables)

3 Months Ended

Mar. 31, 2023

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Schedule of Share-based Compensation Expense

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

	Three Months Ended
	March 31,
(In thousands)	2023		2022
Cost of goods manufactured and sold	$	2,682	$	2,382
Research and development		6,907		5,608
Selling, general and administrative		13,054		10,353
Total share-based compensation expense	$	22,643	$	18,343

Loss Per Share (Tables)

3 Months Ended

Mar. 31, 2023

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:

	Three Months Ended
	March 31,
(In thousands)	2023		2022
Stock options		13,007		13,461
Restricted stock unit awards		6,093		5,959
Total		19,100		19,420

Summary of Significant Accounting Policies - Additional Information (Details)	3 Months Ended
	Mar. 31, 2023 segment
Accounting Policies [Abstract]
Number of business segments	1

Revenue from Contracts with Customers - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation Of Revenue [Line Items]
Total revenues	$ 287,595	$ 278,545
VIVITROL
Disaggregation Of Revenue [Line Items]
Total revenues	96,659	84,854
ARISTADA and ARISTADA INITIO
Disaggregation Of Revenue [Line Items]
Total revenues	80,077	72,485
LYBALVI
Disaggregation Of Revenue [Line Items]
Total revenues	37,991	13,929
Product sales, net
Disaggregation Of Revenue [Line Items]
Total revenues	$ 214,727	$ 171,268

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130545-203045

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

+ Details

Revenue from Contracts with Customers - Schedule of Manufacturing and Royalty Revenues (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation Of Revenue [Line Items]
Total revenues	$ 287,595	$ 278,545
Manufacturing Revenue
Disaggregation Of Revenue [Line Items]
Total revenues	38,440	38,827
Manufacturing Revenue \| VUMERITY
Disaggregation Of Revenue [Line Items]
Total revenues	12,649	11,395
Manufacturing Revenue \| RISPERDAL CONSTA
Disaggregation Of Revenue [Line Items]
Total revenues	10,416	15,578
Manufacturing Revenue \| Other
Disaggregation Of Revenue [Line Items]
Total revenues	15,375	11,854
Royalty
Disaggregation Of Revenue [Line Items]
Total revenues	34,422	66,343
Royalty \| Long-Acting INVEGA Products
Disaggregation Of Revenue [Line Items]
Total revenues	13,562	37,054
Royalty \| VUMERITY
Disaggregation Of Revenue [Line Items]
Total revenues	16,225	19,200
Royalty \| RISPERDAL CONSTA
Disaggregation Of Revenue [Line Items]
Total revenues	566	1,848
Royalty \| Other
Disaggregation Of Revenue [Line Items]
Total revenues	4,069	8,241
Manufacturing and royalty revenues
Disaggregation Of Revenue [Line Items]
Total revenues	72,862	105,170
Manufacturing and royalty revenues \| Long-Acting INVEGA Products
Disaggregation Of Revenue [Line Items]
Total revenues	13,562	37,054
Manufacturing and royalty revenues \| VUMERITY
Disaggregation Of Revenue [Line Items]
Total revenues	28,874	30,595
Manufacturing and royalty revenues \| RISPERDAL CONSTA
Disaggregation Of Revenue [Line Items]
Total revenues	10,982	17,426
Manufacturing and royalty revenues \| Other
Disaggregation Of Revenue [Line Items]
Total revenues	$ 19,444	$ 20,095

- Definition

+ References

+ Details

Revenue from Contracts with Customers - Additional Information (Details) - USD ($)	2 Months Ended	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Disaggregation Of Revenue [Line Items]
Royalty revenue recognized		$ 287,595,000	$ 278,545,000
Contract liabilities		6,413,000		$ 10,701,000
Contract liabilities–short-term
Disaggregation Of Revenue [Line Items]
Contract liabilities		2,200,000		6,800,000
Other long-term liabilities
Disaggregation Of Revenue [Line Items]
Contract liabilities		$ 4,200,000		$ 3,900,000
U.S. Based Royalties \| Long-Acting INVEGA Products
Disaggregation Of Revenue [Line Items]
Royalty revenue recognized	$ 0
Minimum
Disaggregation Of Revenue [Line Items]
Manufacturing Process period		10 days
Maximum
Disaggregation Of Revenue [Line Items]
Manufacturing Process period		56 days

Revenue from Contracts with Customers - Schedule of Contract Assets and Contract Liabilities (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Contract Asset [Abstract]
Contract assets at beginning of period	$ 8,929
Additions	10,115
Transferred to receivables, net	(10,615)
Contract assets at end of period	8,429
Contract Liabilities [Abstract]
Contract liabilities at beginning of the period	10,701
Additions	(934)
Amounts recognized into revenue	(3,354)
Contract liabilities at end of the period	$ 6,413

Investments - Schedule of Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Available-for-sale securities:
Short-term investments, Amortized Cost	$ 282,331	$ 320,583
Short-term investments, Gross Unrealized Gains	168	16
Short-term investments, Gross Unrealized Losses, Less than One Year	(201)	(718)
Short-term investments, Gross Unrealized Losses, Greater than One Year	(3,240)	(3,889)
Investments—short-term	279,058	315,992
Long-term investments, Amortized Cost	93,091	134,548
Long-term investments, Gross Unrealized Losses, Less than One Year	(1,079)	(2,467)
Long-term investments, Gross Unrealized Losses, Greater than One Year	(1,749)	(2,291)
Long-term investments, Estimated Fair Value	90,263	129,790
Held-to-maturity securities:
Estimated Fair Value	1,820
Long-term Investments
Amortized Cost	94,911	136,368
Gross Unrealized Losses, Less than One Year	(1,079)	(2,467)
Gross Unrealized Losses, Greater than One Year	(1,749)	(2,291)
Total long-term investments	92,083	131,610
Total investments
Amortized Cost	377,242	456,951
Gross Unrealized Gains	168	16
Gross Unrealized Losses, Less than One Year	(1,280)	(3,185)
Gross Unrealized Losses, Greater than One Year	(4,989)	(6,180)
Estimated Fair Value	371,141	447,602
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	125,254	141,418
Short-term investments, Gross Unrealized Gains	129
Short-term investments, Gross Unrealized Losses, Less than One Year	(114)	(424)
Short-term investments, Gross Unrealized Losses, Greater than One Year	(1,683)	(2,054)
Investments—short-term	123,586	138,940
Long-term investments, Amortized Cost	47,232	68,229
Long-term investments, Gross Unrealized Losses, Less than One Year	(664)	(1,550)
Long-term investments, Gross Unrealized Losses, Greater than One Year	(703)	(676)
Long-term investments, Estimated Fair Value	45,865	66,003
U.S. government and agency debt securities
Available-for-sale securities:
Short-term investments, Amortized Cost	135,633	143,710
Short-term investments, Gross Unrealized Gains	39	16
Short-term investments, Gross Unrealized Losses, Less than One Year	(87)	(266)
Short-term investments, Gross Unrealized Losses, Greater than One Year	(1,103)	(1,289)
Investments—short-term	134,482	142,171
Long-term investments, Amortized Cost	45,859	62,220
Long-term investments, Gross Unrealized Losses, Less than One Year	(415)	(917)
Long-term investments, Gross Unrealized Losses, Greater than One Year	(1,046)	(1,424)
Long-term investments, Estimated Fair Value	44,398	59,879
Non-U.S. government debt securities
Available-for-sale securities:
Short-term investments, Amortized Cost	21,444	35,455
Short-term investments, Gross Unrealized Losses, Less than One Year		(28)
Short-term investments, Gross Unrealized Losses, Greater than One Year	(454)	(546)
Investments—short-term	$ 20,990	34,881
Long-term investments, Amortized Cost		4,099
Long-term investments, Gross Unrealized Losses, Greater than One Year		(191)
Long-term investments, Estimated Fair Value		$ 3,908

Investments - Additional Information (Details) € in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) InvestmentSecurity	Mar. 31, 2022 USD ($)	Mar. 31, 2023 EUR (€)	Dec. 31, 2022 USD ($)
Investment Holdings [Line Items]
Aggregate estimated fair value of investments in unrealized loss position	$ 371,100,000
Number of investment securities \| InvestmentSecurity	207
Number of unrealized investment securities \| InvestmentSecurity	239
Fountain Healthcare Partners II
Investment Holdings [Line Items]
Funding commitment as percentage of partnership's total funding	7.00%		7.00%
Equity method commitment \| €			€ 7.4
Gain (loss) on sale of investment	$ 200,000
Fountain Healthcare Partners II \| Maximum
Investment Holdings [Line Items]
Commitment on equity method investment \| €			€ 7.4
Gain (loss) on sale of investment		$ 100,000
Fountain Healthcare Partners II \| Other Assets
Investment Holdings [Line Items]
Carrying value of equity investment	$ 7,900,000			$ 7,900,000
Corporate debt securities
Investment Holdings [Line Items]
Percentage of investment securities available for sale unrealized loss position	46.00%		46.00%
U.S. government and agency debt securities
Investment Holdings [Line Items]
Percentage of investment securities available for sale unrealized loss position	48.00%		48.00%

Investments - Schedule of Proceeds from Sales and Maturities of Marketable Securities Plus Resulting Realized Gains and Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Investments Debt And Equity Securities [Abstract]
Sales and maturities of investments	$ 103,608	$ 60,779

Investments - Schedule of Contractual Maturities of Available-for-Sale and Held-to-Maturity Securities (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Available-for-sale, Amortized Cost
Within 1 year	$ 272,122
After 1 year through 5 years	103,300
Total	375,422
Available-for-sale, Estimated Fair Value
Within 1 year	268,811
After 1 year through 5 years	100,510
Total	369,321
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	Mar. 31, 2023	Dec. 31, 2022
Fair value
Debt securities	$ 369,321
Recurring Basis
Fair value
Cash equivalents		$ 19,857
Assets, Total	369,321	465,639
Recurring Basis \| Level 1
Fair value
Cash equivalents		19,857
Assets, Total	149,681	188,496
Recurring Basis \| Level 2
Fair value
Assets, Total	219,640	277,143
U.S. government and agency debt securities \| Recurring Basis
Fair value
Debt securities	178,880	202,050
U.S. government and agency debt securities \| Recurring Basis \| Level 1
Fair value
Debt securities	149,681	168,639
U.S. government and agency debt securities \| Recurring Basis \| Level 2
Fair value
Debt securities	29,199	33,411
Corporate debt securities \| Recurring Basis
Fair value
Debt securities	169,451	204,943
Corporate debt securities \| Recurring Basis \| Level 2
Fair value
Debt securities	169,451	204,943
Non-U.S. government debt securities \| Recurring Basis
Fair value
Debt securities	20,990	38,789
Non-U.S. government debt securities \| Recurring Basis \| Level 2
Fair value
Debt securities	$ 20,990	$ 38,789

Fair Value - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended
Fair Value - Additional Information (Details) - USD ($)	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Fair Value
Transfers between Level 1 to Level 2		$ 0
Transfers between Level 2 to Level 1		0
Investments determined using Level 3 inputs		0
Increase (decrease) in fair value of contingent consideration			$ (19,067,000)
2026 Term Loans
Fair Value
Amount to be realized in future		$ 281,500,000		$ 278,900,000
Baudax
Fair Value
Percentage of reduction in workforce	80.00%
Milestone payments received	$ 500,000
Milestone payment receivable	$ 6,400,000		6,400,000
Increase (decrease) in fair value of contingent consideration			$ (19,100,000)

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

Mar. 31, 2023

Dec. 31, 2022

Inventory Disclosure [Abstract]

Raw materials

$ 59,045

$ 61,064

Work in process

74,661

76,228

Finished goods

^[1]

51,278

44,126

Total inventory

$ 184,984

$ 181,418

[1]	At March 31, 2023 and December 31, 2022, the Company had $32.6 million and $30.9 million, respectively, of finished goods inventory located at its third-party warehouse and shipping service provider.

Inventory - Schedule of Inventories (Parenthetical) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Finished goods inventory located at third-party warehouse and shipping service provider	$ 32.6	$ 30.9

Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Property, plant and equipment
Property, plant and equipment, gross	$ 764,669	$ 759,019
Less: accumulated depreciation and amortization	(443,560)	(433,658)
Total property, plant and equipment, net	321,109	325,361
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	195,602	195,144
Furniture, Fixtures and Equipment
Property, plant and equipment
Property, plant and equipment, gross	423,835	418,448
Leasehold Improvements
Property, plant and equipment
Property, plant and equipment, gross	52,820	54,152
Construction in Progress
Property, plant and equipment
Property, plant and equipment, gross	$ 85,852	$ 84,715

Goodwill and Intangible Assets - Schedule of Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Goodwill
Gross Carrying Amount	$ 92,873
Net Carrying Amount	92,873	$ 92,873
Finite-lived intangible assets:
Gross Carrying Amount	583,750
Accumulated Amortization	(554,870)
Net Carrying Amount	$ 28,880	$ 37,680
Collaboration agreements
Finite-lived intangible assets:
Weighted Amortizable Life	12 years
Gross Carrying Amount	$ 465,590
Accumulated Amortization	(443,255)
Net Carrying Amount	22,335
Capitalized IP
Finite-lived intangible assets:
Gross Carrying Amount	118,160
Accumulated Amortization	(111,615)
Net Carrying Amount	$ 6,545
Capitalized IP \| Minimum
Finite-lived intangible assets:
Weighted Amortizable Life	11 years
Capitalized IP \| Maximum
Finite-lived intangible assets:
Weighted Amortizable Life	13 years

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

Leases - Summary of Future Lease Payments Under Non-Cancelable Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Leases [Abstract]
2023	$ 12,306	$ 16,665
2024	16,627	16,608
2025	16,874	16,855
2026	12,786	12,767
2027	9,506	9,506
Thereafter	69,474	69,474
Total operating lease payments	137,573	141,875
Less: imputed interest	(36,157)	(36,324)
Total operating lease liabilities	$ 101,416	$ 105,551

Leases - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Leases [Abstract]
Weighted average incremental borrowing rate	5.27%
Payments for operating leases	$ 4.4	$ 4.4
Weighted average remaining lease term	8 years 6 months 10 days
Operating lease expense	$ 4.3	$ 4.1

Accounts Payable and Accrued Expenses - Schedule of Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Payables And Accruals [Abstract]
Accounts payable	$ 37,147	$ 32,843
Accrued compensation	47,700	79,085
Accrued other	105,302	108,161
Total accounts payable and accrued expenses	$ 190,149	$ 220,089

Accounts Payable and Accrued Expenses - Summary of Current Provision for Sales, Discounts, Allowances and Reserves (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Accrued Sales Discount Allowances And Reserves [Line Items]
Total accrued sales discounts, allowances and reserves	$ 282,264	$ 252,115
Medicaid Rebate
Accrued Sales Discount Allowances And Reserves [Line Items]
Total accrued sales discounts, allowances and reserves	234,685	208,332
Product Discounts
Accrued Sales Discount Allowances And Reserves [Line Items]
Total accrued sales discounts, allowances and reserves	15,397	13,204
Medicare Part D
Accrued Sales Discount Allowances And Reserves [Line Items]
Total accrued sales discounts, allowances and reserves	21,337	18,409
Other
Accrued Sales Discount Allowances And Reserves [Line Items]
Total accrued sales discounts, allowances and reserves	$ 10,845	$ 12,170

Long-term Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Long-term debt
Less: current portion	$ (3,000)	$ (3,000)
Long-term debt	289,635	290,270
2026 Term Loans, due March 12, 2026
Long-term debt
Term Loans	292,635	293,270
Less: current portion	(3,000)	(3,000)
Long-term debt	$ 289,635	$ 290,270

- 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) - 2026 Term Loans $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Long-term debt
Due date of loan	Mar. 12, 2026
Variable interest rate base	LIBOR
Incremental capacity	$ 175.0
LIBOR
Long-term debt
Interest rate added to base rate (as a percent)	2.50%
Interest rate, variable interest rate floor (as a percent)	0.50%

Share-based Compensation - Schedule of Share-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-based compensation Expense
Total share-based compensation expense	$ 22,643	$ 18,343
Cost of goods manufactured and sold
Share-based compensation Expense
Total share-based compensation expense	2,682	2,382
Research and development
Share-based compensation Expense
Total share-based compensation expense	6,907	5,608
Selling, general and administrative
Share-based compensation Expense
Total share-based compensation expense	$ 13,054	$ 10,353

Share-based Compensation - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Share based compensation cost capitalized	$ 3.4	$ 3.3

Loss Per Share - Schedule of Anti-Dilutive Potential Common Share Equivalent Excluded from Calculation of Loss Per Share (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Denominator:
Anti-dilutive potential common share equivalent excluded from calculation of net loss per ordinary share	19,100	19,420
Stock Options
Denominator:
Anti-dilutive potential common share equivalent excluded from calculation of net loss per ordinary share	13,007	13,461
Restricted Stock Unit Awards
Denominator:
Anti-dilutive potential common share equivalent excluded from calculation of net loss per ordinary share	6,093	5,959

Commitments and Contingent Liabilities - Additional Information (Details)		3 Months Ended	12 Months Ended
	Jan. 10, 2023 USD ($)	Mar. 31, 2023 USD ($) Agreement	Dec. 31, 2022 USD ($)
Commitments And Contingencies [Line Items]
Potential material losses from claims, legal proceedings probable of occurring		$ 0
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
Potential back royalties to Alkermes related to arbitration			$ 194,000,000.0