0000950170-24-017883 | 10-K | XBRL Viewer

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Property, Plant and Equipment - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2024
Property Plant And Equipment [Line Items]
Depreciation expense		$ 25.7	$ 26.3	$ 23.3
Net amounts written off into other (expense) income, net	$ 2.3
Wilmington, Ohio
Property Plant And Equipment [Line Items]
Construction in progress		2.9
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					$ 30.6
Furniture, Fixtures and Equipment
Property Plant And Equipment [Line Items]
Carrying value at the time of disposition		$ 1.7	$ 0.5	$ 0.1

Income Taxes - Schedule of (Benefit) Provision for Income Taxes from Continuing Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current income tax (benefit) provision:
U.S. federal	$ (981)	$ 11,169	$ 2,251
U.S. state	722	4,401	797
Deferred income tax (benefit) provision:
U.S. federal	10,192	(10,536)	9,372
U.S. state	(507)	(3,010)	(1,097)
Ireland	(107,064)
Total tax (benefit) provision	$ (97,638)	$ 2,024	11,326
Rest of world
Current income tax (benefit) provision:
Rest of world			$ 3

Summary of Significant Accounting Policies - Schedule of Revenues by Geographic Location (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Geographic Information
Revenue by region:	$ 1,663,405	$ 1,111,795	$ 1,173,751
U.S.
Geographic Information
Revenue by region:	1,491,939	931,991	984,235
Ireland
Geographic Information
Revenue by region:	1,179	1,829	2,175
Rest of world
Geographic Information
Revenue by region:	$ 170,287	$ 177,975	$ 187,341

- 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.

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+ Details

Description of Business and Basis of Presentation

12 Months Ended

Dec. 31, 2023

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 global biopharmaceutical company that seeks to develop innovative medicines in the field of neuroscience. The Company has a portfolio of proprietary commercial products for the treatment of alcohol dependence, opioid dependence, schizophrenia and bipolar I disorder and a pipeline of clinical and preclinical candidates in development for neurological disorders. Headquartered in Dublin, Ireland, the Company has a research and development center in Waltham, Massachusetts; a research and manufacturing facility in Athlone, Ireland; and a manufacturing facility in Wilmington, Ohio.

On November 15, 2023, the Company completed the separation of its oncology business into Mural Oncology plc (“Mural”), a new, independent, publicly-traded company (the “Separation”). The Separation was effected by means of a distribution of all of the outstanding ordinary shares of Mural to the Company’s shareholders (the “Distribution”), in which each of the Company’s shareholders received one ordinary share, nominal value $0.01 per share, of Mural for every ten ordinary shares, par value $0.01 per share, of the Company (the “Distribution Ratio”) held by such shareholder as of the close of business on November 6, 2023, the record date for the Distribution (the “Record Date”). The historical results of the oncology business have been reflected as discontinued operations in the Company’s consolidated financial statements through November 15, 2023 (the “Separation Date”). For additional information related to the Separation, see Note 3, Discontinued Operations in these “Notes to Consolidated Financial Statements” in this Annual Report.

On December 14, 2023 the Company announced that it entered into a definitive agreement to sell its development and manufacturing facility located in Athlone, Ireland (the “Athlone Facility”) to Novo Nordisk (“Novo”) and plans to enter into subcontracting arrangements to continue certain development and manufacturing activities currently performed at the Athlone Facility for a period of time after the closing of the transaction, which arrangements may continue through the end of 2025. Such transaction is expected to close in mid-2024, subject to certain closing conditions. At December 31, 2023, the Company had classified the assets described under the related asset purchase agreement as “Assets held for sale” within the accompanying consolidated balance sheet.

Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 EUR (€) Segment Installment	Dec. 31, 2023 USD ($) Segment Installment	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Unbilled receivable		$ 103,100	$ 72,000
Allowance for doubtful accounts		200	200
Contract liabilities		4,775	10,701	$ 17,830
Gain (loss) on foreign currency translation		$ (500)	$ 700	$ (300)
Threshold percentage for disclosure of revenue and receivables	10.00%	10.00%	10.00%	10.00%
Advertising Expense		$ 127,600	$ 41,400	$ 38,900
Number of business segments \| Segment	1	1
Share-based compensation expense		$ 100,905	94,254	87,622
Stock Option Awards
Summary Of Significant Accounting Policies [Line Items]
Share-based compensation expense		$ 1,600
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		$ 15,000	14,400	13,700
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		$ 5,600	5,100	$ 5,200
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 Stock Options \| New Non-employee Directors
Summary Of Significant Accounting Policies [Line Items]
Expiration period	10 years	10 years
Vesting period	3 years	3 years
Time-Based RSUs
Summary Of Significant Accounting Policies [Line Items]
Number of equal annual installments for stock vested \| Installment	4	4
Contract liabilities–short-term
Summary Of Significant Accounting Policies [Line Items]
Contract liabilities		$ 2,700	6,800
Other Long-Term Liabilities
Summary Of Significant Accounting Policies [Line Items]
Contract liabilities		$ 2,100	$ 3,900
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

Income Taxes - Schedule of Income (Loss) Before (Benefit) Provision for Income Taxes by Geographical Area (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Distribution of income (loss) before provision for income taxes
Income (loss) from continuing operations before (benefit) provision for income taxes	$ 421,519	$ (31,128)	$ 87,727
Ireland
Distribution of income (loss) before provision for income taxes
Income (loss) from continuing operations before (benefit) provision for income taxes	411,767	(32,198)	85,415
U.S.
Distribution of income (loss) before provision for income taxes
Income (loss) from continuing operations before (benefit) provision for income taxes	$ 9,752	$ 1,070	$ 2,312

- 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.

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

Share-based Compensation - Schedule of Stock Option Activity (Details) - Stock Options	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Number of Shares
Outstanding at the beginning of the period (in shares) \| shares	17,596,961
Granted (in shares) \| shares	3,479,898
Conversion Reissuance (in shares) \| shares	357,146
Exercised (in shares) \| shares	(772,207)
Expired (in shares) \| shares	(1,334,719)
Forfeited (in shares) \| shares	(1,187,176)
Outstanding at the end of the period (in shares) \| shares	18,139,903
Exercisable at the end of the period (in shares) \| shares	11,054,082
Weighted Average Exercise Price
Outstanding at the beginning of the period (in dollars per share) \| $ / shares	$ 33.32
Granted (in dollars per share) \| $ / shares	27.88
Conversion reissuance (in dollars per share) \| $ / shares	32.26
Exercised (in dollars per share) \| $ / shares	21.7
Expired (in dollars per share) \| $ / shares	37.02
Forfeited (in dollars per share) \| $ / shares	26.56
Outstanding at the end of the period (in dollars per share) \| $ / shares	32.28
Exercisable at the end of the period (in dollars per share) \| $ / shares	$ 37.24

Summary of Significant Accounting Policies - Schedule of Concentration (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Janssen \| Accounts Receivable \| Credit Concentration Risk
Product Information [Line Items]
Concentration risk percentage	23.00%		30.00%
Janssen \| Revenues Net \| Customer Concentration Risk
Product Information [Line Items]
Concentration risk percentage	31.00%	15.00%	30.00%
Biogen \| Accounts Receivable \| Credit Concentration Risk
Product Information [Line Items]
Concentration risk percentage	9.00%	19.00%	11.00%
Biogen \| Revenues Net \| Customer Concentration Risk
Product Information [Line Items]
Concentration risk percentage	11.00%	13.00%	10.00%
Cardinal Health \| Accounts Receivable \| Credit Concentration Risk
Product Information [Line Items]
Concentration risk percentage	24.00%	24.00%	17.00%
Cardinal Health \| Revenues Net \| Customer Concentration Risk
Product Information [Line Items]
Concentration risk percentage	20.00%	24.00%	20.00%
AmerisourceBergen \| Accounts Receivable \| Credit Concentration Risk
Product Information [Line Items]
Concentration risk percentage	16.00%	18.00%	13.00%
AmerisourceBergen \| Revenues Net \| Customer Concentration Risk
Product Information [Line Items]
Concentration risk percentage	12.00%	14.00%	11.00%
McKesson \| Accounts Receivable \| Credit Concentration Risk
Product Information [Line Items]
Concentration risk percentage	14.00%	12.00%	11.00%
McKesson \| Revenues Net \| Customer Concentration Risk
Product Information [Line Items]
Concentration risk percentage	14.00%	16.00%	13.00%

Earnings (Loss) Per Share - Schedule of Basic Earnings (Loss) Per Ordinary Share (Details) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Numerator:
Net income (loss) from continuing operations	$ 519,157	$ (33,152)	$ 76,401
Net (loss) discontinued operations	(163,400)	(125,115)	(124,570)
Net Income (Loss)	$ 355,757	$ (158,267)	$ (48,169)
Denominator:
Basic	166,223	163,742	160,942
Dilutive ordinary share equivalents	3,507		3,811
Shares used in calculating diluted earnings (loss) per ordinary share	169,730	163,742	164,753
Stock Options
Denominator:
Dilutive ordinary share equivalents	1,093		633
Restricted Stock Unit Awards
Denominator:
Dilutive ordinary share equivalents	2,414		3,178

Share-based Compensation - Performance-Based Restricted Stock Units Awards - Additional Information (Details) - USD ($)		12 Months Ended
	Feb. 08, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Subsequent Event
Share-based compensation Expense
Share-based compensation, accounting modification charge	$ 6,800,000
Incremental share-based compensation expense due to achievement of performance criteria	$ 2,600,000
Performance-based RSUs Awards
Share-based compensation Expense
Number of years from the date of the grant		3 years
Granted (in dollars per share)		$ 29.91	$ 30.73	$ 23.09
Fair value of RSU's vested		$ 5,900,000	$ 0	$ 4,200,000
Performance-based RSUs Awards \| Award Granted in February 2022 and 2023
Share-based compensation Expense
Unrecognized share-based compensation expense		$ 2,500,000

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

Dec. 31, 2023

Dec. 31, 2022

Inventory Disclosure [Abstract]

Raw materials

$ 71,416

$ 61,064

Work in process

68,843

76,228

Finished goods

^[1]

46,147

44,126

Total inventory

$ 186,406

$ 181,418

[1]	At December 31, 2023 and 2022, the Company had $33.9 million and $30.9 million, respectively, of finished goods inventory located at its third-party warehouse and shipping service provider.

Shareholders' Equity

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Shareholders' Equity

14. SHAREHOLDERS’ EQUITY

Share Repurchase Program

On February 15, 2024, the Company’s board of directors authorized a share repurchase program to repurchase ordinary shares of the Company in an aggregate amount of up to $400.0 million (exclusive of any fees, commissions or other expenses related to such repurchases) from time to time (the “2024 Repurchase Program”). The timing and amount of any share repurchases under the 2024 Repurchase Program will be based on a variety of factors, including but not limited to ongoing assessments of the Company’s capital needs, alternative investment opportunities, the market price of the Company’s ordinary shares and general market conditions. The 2024 Repurchase Program has no set expiration date and may be suspended or discontinued at any time. The 2024 Repurchase Program terminates, and supersedes in its entirety, the Company’s prior share repurchase program authorized by its board of directors in September 2011 (the “Prior Repurchase Program”) under which the Company has purchased a total of 8,866,342 ordinary shares at a cost of $114.0 million. During the years ended December 31, 2023, 2022 and 2021 the Company did not purchase any ordinary shares under the Prior Repurchase Program.

- Definition

The entire disclosure for equity.

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-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Revenue from Contracts with Customers - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation Of Revenue [Line Items]
Total revenues	$ 1,663,405	$ 1,111,795	$ 1,173,751
VIVITROL
Disaggregation Of Revenue [Line Items]
Total revenues	400,419	379,478	343,853
ARISTADA and ARISTADA INITIO
Disaggregation Of Revenue [Line Items]
Total revenues	327,690	302,052	275,356
LYBALVI
Disaggregation Of Revenue [Line Items]
Total revenues	191,889	96,022	8,215
Product sales, net
Disaggregation Of Revenue [Line Items]
Total revenues	$ 919,998	$ 777,552	$ 627,424

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

+ References

+ Details

Fair Value - Additional Information (Details) - USD ($)	1 Months Ended	9 Months Ended	12 Months Ended
Fair Value - Additional Information (Details) - USD ($)	Mar. 31, 2022	Sep. 30, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
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				$ (21,750,000)	$ (1,427,000)
2026 Term Loans
Fair Value
Amount to be realized in future			$ 291,000,000	$ 278,900,000
Baudax
Fair Value
Percentage of reduction in work force	80.00%
Milestone payments received		$ 1,200,000
Milestone payment receivable	$ 6,400,000

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, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based compensation Expense
Granted (in dollars per share)	$ 27.65	$ 25.27	$ 20.83
Fair value of vesting RSU's	$ 63.0	$ 54.3	$ 56.3
Unrecognized share-based compensation expense	$ 55.4
Weighted average period for unrecognized share-based compensation expense expected to be recognized	1 year 10 months 24 days

Summary of Significant Accounting Policies - Summary of Estimated Fair Value of Stock Option Granted on Weighted Average Assumptions (Details) - Time-Based Stock Options	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Weighted-average assumptions
Expected stock volatility, minimum (as a percent)	40.00%	43.00%	43.00%
Expected stock volatility, maximum (as a percent)	44.00%	51.00%	54.00%
Risk-free interest rate, minimum (as a percent)	3.34%	1.83%	0.67%
Risk-free interest rate, maximum (as a percent)	4.75%	4.26%	1.46%
Minimum
Weighted-average assumptions
Expected option term	5 years	5 years	5 years
Maximum
Weighted-average assumptions
Expected option term	8 years	8 years	7 years

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
CURRENT ASSETS:
Cash and cash equivalents	$ 457,469	$ 292,473
Receivables, net	332,477	287,967
Investments—short-term	316,022	315,992
Inventory	186,406	181,418
Contract assets	706	8,929
Prepaid expenses and other current assets	98,166	41,203
Assets related to discontinued operations		2,324
Assets held for sale	94,260
Total current assets	1,485,506	1,130,306
PROPERTY, PLANT AND EQUIPMENT, NET	226,943	222,919
INVESTMENTS—LONG-TERM	39,887	131,610
RIGHT-OF-USE ASSETS	91,460	97,539
ASSETS RELATED TO DISCONTINUED OPERATIONS-LONG-TERM		37,763
ASSETS HELD FOR SALE-LONG-TERM		93,871
INTANGIBLE ASSETS, NET	1,991	37,680
GOODWILL	83,027	83,027
DEFERRED TAX ASSETS	195,888	114,572
OTHER ASSETS	11,521	14,691
TOTAL ASSETS	2,136,223	1,963,978
CURRENT LIABILITIES:
Accounts payable and accrued expenses	240,561	220,089
Accrued sales discounts, allowances and reserves	263,641	252,115
Operating lease liabilities—short-term	5,746	9,878
Contract liabilities—short-term	2,730	6,816
Current portion of long-term debt	3,000	3,000
Liabilities related to discontinued operations	4,542	5,844
Total current liabilities	520,220	497,742
LONG-TERM DEBT	287,730	290,270
OPERATING LEASE LIABILITIES—LONG-TERM	75,709	76,287
LIABILITIES RELATED TO DISCONTINUED OPERATIONS-LONG-TERM		13,542
OTHER LONG-TERM LIABILITIES	49,878	42,384
Total liabilities	933,537	920,225
COMMITMENTS AND CONTINGENT LIABILITIES (Note 19)
SHAREHOLDERS’ EQUITY:
Preferred shares, par value, $0.01 per share; 50,000,000 shares authorized; zero issued and outstanding at December 31, 2023 and 2022, respectively
Ordinary shares, par value, $0.01 per share; 450,000,000 shares authorized; 172,569,051 and 168,951,193 shares issued; 166,979,833 and 164,377,009 shares outstanding at December 31, 2023 and 2022, respectively	1,726	1,690
Treasury shares, at cost (5,589,218 and 4,574,184 shares at December 31, 2023 and 2022, respectively)	(189,336)	(160,862)
Additional paid-in capital	2,736,934	2,913,099
Accumulated other comprehensive loss	(3,110)	(10,889)
Accumulated deficit	(1,343,528)	(1,699,285)
Total shareholders’ equity	1,202,686	1,043,753
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 2,136,223	$ 1,963,978

Revenue from Contracts with Customers - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended		12 Months Ended
	Nov. 30, 2022	Oct. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation Of Revenue [Line Items]
Royalty revenue					$ 1,663,405	$ 1,111,795	$ 1,173,751
Janssen Pharmaceutica N.V.
Disaggregation Of Revenue [Line Items]
Royalty revenue related to back royalties					195,400
Back royalties late payment interest					8,100
Long-Acting INVEGA Products
Disaggregation Of Revenue [Line Items]
Royalty revenue					486,100	115,700
Royalty revenue recognized					290,700
Royalty
Disaggregation Of Revenue [Line Items]
Royalty revenue					600,890	219,609	436,179
Royalty \| AMPYRA
Disaggregation Of Revenue [Line Items]
Royalty revenue		$ 16,500	$ (3,200)	$ 3,200
Additional award paid	$ 1,800
Arbitration award amount paid		$ 18,300
Repayment of royalty revenue			$ 18,300
Royalty \| Long-Acting INVEGA Products
Disaggregation Of Revenue [Line Items]
Royalty revenue					$ 486,101	$ 115,655	$ 303,106

Accounts Payable and Accrued Expenses (Tables)

12 Months Ended

Dec. 31, 2023

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)	2023		2022
Accounts payable	$	65,649	$	32,843
Accrued compensation		83,107		79,085
Accrued other		91,805		108,161
Total accounts payable and accrued expenses	$	240,561	$	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:


	December 31,		December 31,
(In thousands)	2023		2022
Medicaid rebates	$	213,845	$	208,332
Product discounts		15,121		13,204
Medicare Part D		20,569		18,409
Other		14,106		12,170
Total accrued sales discounts, allowances and reserves	$	263,641	$	252,115

Included in accounts payable was approximately $34.5 million and $0.8 million of amounts payable related to state Medicaid rebates as of December 31, 2023 and 2022, respectively.

Long-term Debt - Additional Information (Details) - 2026 Term Loans $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)
Long-term debt
Due date of loan	Mar. 12, 2026
Variable interest rate base	In June 2023, the Company amended the 2026 Terms Loans to transition the interest rate available for borrowings thereunder from a London Interbank Offered Rate (“LIBOR”)-based interest rate to an interest rate based on the Secured Overnight Financing Rate (“SOFR”) and to make other conforming and mechanical changes.
Interest rate, variable interest rate floor (as a percent)	0.50%
Incremental capacity	$ 175.0
SOFR
Long-term debt
Interest rate added to base rate (as a percent)	2.50%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Discontinued Operations - Schedule of Transfer of Assets and Liabilities Effected in Accordance with Separation Agreements (Details) - USD ($)	Dec. 31, 2023	Nov. 15, 2023	Dec. 31, 2022
Current Assets:
Total current assets			$ 2,324,000
Total assets	$ 0
Current Liabilities:
Total current liabilities	$ 4,542,000		5,844,000
Mural Oncology PLC
Current Assets:
Total current assets			2,324,000
Property, plant and equipment, net			10,617,000
Right-of-use assets			18,316,000
Goodwill			7,800,000
Deferred tax asset			1,030,000
Total assets			40,087,000
Current Liabilities:
Operating lease liabilities-short-term			5,844,000
Total current liabilities			5,844,000
Operating lease liabilities-long-term			13,542,000
Total liabilities			$ 19,386,000
Mural Oncology PLC \| Separation Agreement
Current Assets:
Cash and cash equivalents		$ 275,000,000
Total current assets		275,000,000
Property, plant and equipment, net		10,096,000
Right-of-use assets		14,513,000
Goodwill		7,800,000
Deferred tax asset		1,799,000
Total assets		309,208,000
Current Liabilities:
Operating lease liabilities-short-term		6,036,000
Total current liabilities		6,036,000
Operating lease liabilities-long-term		9,412,000
Total liabilities		15,448,000
Net assets transferred to Mural		$ 293,760,000

Inventory (Tables)

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventory consists of the following:


	December 31,		December 31,
(In thousands)	2023		2022
Raw materials	$	71,416	$	61,064
Work in process		68,843		76,228
Finished goods(1)		46,147		44,126
Total inventory	$	186,406	$	181,418

(1)

At December 31, 2023 and 2022, the Company had $33.9 million and $30.9 million, respectively, of finished goods inventory located at its third-party warehouse and shipping service provider.

Summary of Significant Accounting Policies - Schedule of Contract Assets and Contract Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Contract Asset [Abstract]
Contract assets	$ 8,929	$ 13,363
Additions	13,606	42,218
Transferred to receivables, net	(21,829)	(46,652)
Contract assets	706	8,929
Contract Liabilities [Abstract]
Contract liabilities at beginning of the period	10,701	17,830
Additions		6,769
Reductions	(931)
Amounts recognized into revenue	(4,995)	(7,514)
Amounts recognized into other (expense) income, net		(6,384)
Contract liabilities at end of the period	$ 4,775	$ 10,701

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]
Tax provision (benefit)	$ 1,195	$ (973)	$ (706)

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION (Additional Information) (Details)	Nov. 15, 2023 $ / shares	Dec. 31, 2023 $ / shares	Dec. 31, 2022 $ / shares
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Ordinary shares, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Stock distribution by separation of business	Company’s shareholders received one ordinary share, nominal value $0.01 per share, of Mural for every ten ordinary shares, par value $0.01 per share, of the Company
Stock distribution ratio by means of separation of business	10
Mural Oncology plc [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Ordinary shares, par value (in dollars per share)	$ 0.01

Collaborative Arrangements

12 Months Ended

Dec. 31, 2023

Collaborative Arrangements Disclosure [Abstract]

Collaborative Arrangements

16. 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, 2023, 2022 and 2021 is summarized in Note 4, 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

Under an exclusive license agreement with Janssen, 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 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, which 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.

In November 2021, the Company received notice from Janssen of partial termination of the license agreement, following which Janssen ceased paying the Company royalties related to U.S. sales of INVEGA SUSTENNA, INVEGA TRINZA and INVEGA HAFYERA. 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. In May 2023, the Tribunal in the arbitration proceedings issued a Final Award that served to reinstate the Janssen royalties and required payment by Janssen of back royalties and interest for amounts owed but not yet paid since the effective date of the partial termination. The Final Award also provided, among other things, that the Company was entitled to royalty revenues from Janssen related to net sales of INVEGA SUSTENNA through August 20, 2024, INVEGA TRINZA through the second quarter of 2030 (but no later than May 2030 when the license agreement expires) and INVEGA HAFYERA through May 2030 (when the license agreement expires).

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 at its Wilmington, Ohio facility 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 an agreed 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.

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 355,757	$ (158,267)	$ (48,169)
Adjustments to reconcile net income (loss) to cash flows from operating activities:
Depreciation and amortization	74,927	77,862	78,652
Share-based compensation expense	100,905	94,254	87,622
Deferred income taxes	(99,902)	(32,795)	5,081
Change in the fair value of contingent consideration		21,750	1,427
Other non-cash charges	6,329	5,531	2,650
Changes in assets and liabilities:
Receivables	(44,510)	25,250	(38,011)
Contract assets	8,223	4,434	6,037
Inventory	(2,712)	(31,021)	(24,769)
Prepaid expenses and other assets	(34,847)	(5,328)	11,481
Right-of-use assets	15,387	16,569	17,051
Accounts payable and accrued expenses	23,009	15,534	11,514
Accrued sales discounts, allowances and reserves	11,526	14,899	18,339
Contract liabilities	(5,926)	(7,129)	(6,080)
Operating lease liabilities	(16,147)	(33,225)	(16,777)
Other long-term liabilities	9,334	12,726	(4,333)
Cash flows provided by operating activities	401,353	21,044	101,715
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions of property, plant and equipment	(48,048)	(38,255)	(28,020)
Proceeds from the sale of equipment	354		287
Proceeds from contingent consideration		1,273	7,937
Return of Fountain Healthcare Partners II, L.P. investment		485
Payment made for licensed Intellectual Property ("IP")			(1,000)
Purchases of investments	(254,471)	(309,671)	(340,418)
Sales and maturities of investments	355,522	281,627	295,010
Cash flows provided by (used in) investing activities	53,357	(64,541)	(66,204)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash transferred to Mural Oncology plc at separation	(275,000)
Proceeds from the issuance of ordinary shares under share-based compensation arrangements	16,760	19,630	25,319
Employee taxes paid related to net share settlement of equity awards	(28,474)	(18,204)	(16,571)
Proceeds from the issuance of long-term debt			23,567
Payment made for debt extinguishment			(993)
Principal payments of long-term debt	(3,000)	(3,000)	(2,250)
Cash flows (used in) provided by financing activities	(289,714)	(1,574)	29,072
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	164,996	(45,071)	64,583
CASH AND CASH EQUIVALENTS—Beginning of period	292,473	337,544	272,961
CASH AND CASH EQUIVALENTS—End of period	457,469	292,473	337,544
SUPPLEMENTAL CASH FLOW DISCLOSURE:
Cash paid for interest	22,748	13,563	6,904
Cash paid for taxes	44,243	20,749	1,888
Non-cash investing and financing activities:
Purchased capital expenditures included in accounts payable and accrued expenses	$ 2,645	$ 2,950	$ 6,025

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
REVENUES:
Total revenues	$ 1,663,405	$ 1,111,795	$ 1,173,751
EXPENSES:
Cost of goods manufactured and sold (exclusive of amortization of acquired intangible assets shown below)	253,037	218,068	197,323
Research and development	270,806	272,702	290,924
Selling, general and administrative	689,751	590,751	549,610
Amortization of acquired intangible assets	35,689	36,363	38,148
Total expenses	1,249,283	1,117,884	1,076,005
OPERATING INCOME (LOSS)	414,122	(6,089)	97,746
OTHER INCOME (EXPENSE), NET:
Interest income	30,854	7,629	2,408
Interest expense	(23,032)	(13,040)	(11,219)
Change in the fair value of contingent consideration		(21,750)	(1,427)
Other (expense) income, net	(425)	2,122	219
Total other income (expense), net	7,397	(25,039)	(10,019)
INCOME (LOSS) BEFORE INCOME TAXES	421,519	(31,128)	87,727
INCOME TAX (BENEFIT) PROVISION	(97,638)	2,024	11,326
NET INCOME (LOSS) FROM CONTINUING OPERATIONS	519,157	(33,152)	76,401
DISCONTINUED OPERATIONS, NET OF TAX	(163,400)	(125,115)	(124,570)
NET INCOME (LOSS)	$ 355,757	$ (158,267)	$ (48,169)
EARNINGS (LOSS) PER ORDINARY SHARE:
Earnings (loss) per share from continuing operations - basic	$ 3.12	$ (0.2)	$ 0.47
Earnings (loss) per share from discontinued operations - basic	(0.98)	(0.76)	(0.77)
Earnings (loss) per share - basic	2.14	(0.97)	(0.3)
Earnings (loss) per share from continuing operations - diluted	3.06	(0.2)	0.46
Earnings (loss) per share from discontinued operations - diluted	(0.96)	(0.76)	(0.76)
Earnings (loss) per share - diluted	$ 2.1	$ (0.97)	$ (0.29)
WEIGHTED AVERAGE NUMBER OF ORDINARY SHARES OUTSTANDING:
Basic	166,223	163,742	160,942
Diluted	169,730	163,742	164,753
COMPREHENSIVE INCOME (LOSS):
Net Income (Loss)	$ 355,757	$ (158,267)	$ (48,169)
Holding gain (loss), net of a tax provision (benefit) of $1,195, $(973) and $(706), respectively	7,779	(7,166)	(2,374)
COMPREHENSIVE INCOME (LOSS)	363,536	(165,433)	(50,543)
Product sales, net
REVENUES:
Total revenues	919,998	777,552	627,424
Manufacturing and royalty revenues
REVENUES:
Total revenues	743,388	331,983	541,807
License revenue
REVENUES:
Total revenues		2,000	3,500
Research and development revenue
REVENUES:
Total revenues	$ 19	$ 260	$ 1,020

Long-term Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Long-term debt
Less: current portion	$ (3,000)	$ (3,000)
Long-term debt	287,730	290,270
2026 Term Loans, due March 12, 2026
Long-term debt
Term Loans	290,730	293,270
Less: current portion	(3,000)	(3,000)
Long-term debt	$ 287,730	$ 290,270

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

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

+ References + Details

Restructuring

12 Months Ended

Dec. 31, 2023

Restructuring and Related Activities [Abstract]

Restructuring

18. RESTRUCTURING

In July 2023, in conjunction with the Company’s ongoing review of operations and the Separation, the Company implemented a restructuring plan, which included the elimination of approximately 60 positions across the Company (the “Restructuring”). The Company recorded a charge of $6.0 million during the third quarter of 2023 as a result of the Restructuring, which consisted of one-time termination benefits for employee severance, benefits and related costs, all of which are expected to result in cash expenditures, and all of which are expected to be paid within 12 months of the Restructuring. The Company recognized $4.5 million and $1.5 million of this expense in R&D expense and SG&A expense, respectively, in the accompanying consolidated statements of comprehensive income (loss).

Activity related to the Restructuring during the year ended December 31, 2023 was as follows:


(In thousands)
Balance, December 31, 2022	$	—
Restructuring charge		5,969
Amounts paid during the period:
Severance		(3,932	)
Benefits		(520	)
Outplacement services		(183	)
Balance, December 31, 2023	$	1,334

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net Income (Loss)	$ 355,757	$ (158,267)	$ (48,169)

- Definition

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

+ References

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+ Details

Investments - Schedule of Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Available-for-sale securities:
Short-term investments, Amortized Cost	$ 315,767	$ 320,583
Short-term investments, Gross Unrealized Gains	1,461	16
Short-term investments, Gross Unrealized Losses, Less than One Year	(51)	(718)
Short-term investments, Gross Unrealized Losses, Greater than One Year	(1,155)	(3,889)
Short-term investments, Estimated Fair Value	316,022	315,992
Long-term investments, Amortized Cost	38,698	134,548
Long-term investments, Gross Unrealized Losses, Less than One Year	(27)	(2,467)
Long-term investments, Gross Unrealized Losses, Greater than One Year	(604)	(2,291)
Long-term investments, Estimated Fair Value	38,067	129,790
Held-to-maturity securities:
Estimated Fair Value	1,820
Long-term Investments
Amortized Cost	40,518	136,368
Gross Unrealized Losses, Less than One Year	(27)	(2,467)
Gross Unrealized Losses, Greater than One Year	(604)	(2,291)
Total long-term investments	39,887	131,610
Total investments
Amortized Cost	356,285	456,951
Gross Unrealized Gains	1,461	16
Gross Unrealized Losses, Less than One Year	(78)	(3,185)
Gross Unrealized Losses, Greater than One Year	(1,759)	(6,180)
Estimated Fair Value	355,909	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	112,055	141,418
Short-term investments, Gross Unrealized Gains	703
Short-term investments, Gross Unrealized Losses, Less than One Year	(15)	(424)
Short-term investments, Gross Unrealized Losses, Greater than One Year	(536)	(2,054)
Short-term investments, Estimated Fair Value	112,207	138,940
Long-term investments, Amortized Cost	19,306	68,229
Long-term investments, Gross Unrealized Losses, Less than One Year		(1,550)
Long-term investments, Gross Unrealized Losses, Greater than One Year	(289)	(676)
Long-term investments, Estimated Fair Value	19,017	66,003
U.S. government and agency debt securities
Available-for-sale securities:
Short-term investments, Amortized Cost	199,708	143,710
Short-term investments, Gross Unrealized Gains	758	16
Short-term investments, Gross Unrealized Losses, Less than One Year	(36)	(266)
Short-term investments, Gross Unrealized Losses, Greater than One Year	(611)	(1,289)
Short-term investments, Estimated Fair Value	199,819	142,171
Long-term investments, Amortized Cost	19,392	62,220
Long-term investments, Gross Unrealized Losses, Less than One Year	(27)	(917)
Long-term investments, Gross Unrealized Losses, Greater than One Year	(315)	(1,424)
Long-term investments, Estimated Fair Value	19,050	59,879
Non-U.S. government debt securities
Available-for-sale securities:
Short-term investments, Amortized Cost	4,004	35,455
Short-term investments, Gross Unrealized Losses, Less than One Year		(28)
Short-term investments, Gross Unrealized Losses, Greater than One Year	(8)	(546)
Short-term investments, Estimated Fair Value	$ 3,996	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

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Investments

5. INVESTMENTS

Investments consist of the following:


			Gross Unrealized
					Losses
	Amortized				Less than			Greater than			Estimated
December 31, 2023	Cost		Gains		One Year			One Year			Fair Value
Short-term investments:
Available-for-sale securities:
U.S. government and agency debt securities	$	199,708	$	758	$	(36	)	$	(611	)	$	199,819
Corporate debt securities		112,055		703		(15	)		(536	)		112,207
Non-U.S. government debt securities		4,004		—		—			(8	)		3,996
Total short-term investments		315,767		1,461		(51	)		(1,155	)		316,022
Long-term investments:
Available-for-sale securities:
U.S. government and agency debt securities		19,392		—		(27	)		(315	)		19,050
Corporate debt securities		19,306		—		—			(289	)		19,017
		38,698		—		(27	)		(604	)		38,067
Held-to-maturity securities:
Certificates of deposit		1,820		—		—			—			1,820
Total long-term investments		40,518		—		(27	)		(604	)		39,887
Total investments	$	356,285	$	1,461	$	(78	)	$	(1,759	)	$	355,909

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 December 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 December 31, 2023, 97 of the Company’s 231 investment securities were in an unrealized loss position and had an aggregate estimated fair value of $135.0 million. Approximately 36% and

61% of the Company’s investment securities at December 31, 2023 were 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. The primary reason for the unrealized losses in the Company’s investment portfolio is that its investments are fixed-rate securities acquired in a rising interest rate environment. In making the determination whether the decline in fair value of these securities was temporary, the Company evaluated whether it intended to sell the security and whether it was more likely than not that the Company would be required to sell the security before recovering its amortized cost basis. The Company has the intent and ability to hold these investments until recovery, which may be at maturity.

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)	2023		2022		2021
Proceeds from the sales and maturities of investments	$	355,522	$	281,627	$	295,010
Realized gains	$	—	$	—	$	34
Realized losses	$	—	$	529	$	977

The Company’s available-for-sale and held-to-maturity securities at December 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	$	207,005	$	205,950	$	1,820	$	1,820
After 1 year through 5 years		147,460		148,139		—		—
Total	$	354,465	$	354,089	$	1,820	$	1,820

Collaborative Arrangements - Additional Information (Details)	1 Months Ended	12 Months Ended
	Oct. 31, 2019	Dec. 31, 2023 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 \| 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 \| 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%

Commitments and Contingent Liabilities

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingent Liabilities

19. 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, 2023, there were no potential material losses from claims, asserted or unasserted, or legal proceedings that the Company determined were probable of occurring.

INVEGA SUSTENNA ANDA Litigation

Janssen 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 (the “DE District Court”) 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 was held in the Tolmar Lawsuit in 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 (the “’693 Patent”). Requested judicial remedies include recovery of litigation costs and injunctive relief. In May 2023, the NJ District Court issued an opinion in favor of the Janssen entities on the issues of infringement and validity of the ’693 Patent and the Mylan entities filed a notice of appeal of the decision. The Company is not a party to this proceeding.

VUMERITY ANDA Litigation

In July 2023, Biogen Inc., Biogen Swiss Manufacturing GmbH and Alkermes Pharma Ireland Limited filed a patent infringement lawsuit in the DE District Court against Zydus Worldwide DMCC, Zydus Pharmaceuticals (USA) Inc. and Zydus Lifesciences Limited (collectively, “Zydus”) following the filing by Zydus of an ANDA seeking approval from the FDA to engage in the commercial manufacture, use or sale of a generic version of VUMERITY (diroximel fumarate) delayed-release capsules for oral use, 231 mg, before expiration of the Company’s U.S. Patent Nos. 8,669,281; 9,090,558; and 10,080,733. The filing of the lawsuit triggered a stay of FDA approval of the ANDA for up to 30 months in accordance with the U.S. Drug Price Competition and Patent Term Restoration Act of 1984 (the “Hatch-Waxman Act”). In October 2023, Zydus filed an answer to the complaint.

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, in January 2023, Acorda filed a petition with the U.S. District Court for the Southern District of New York (the “NY Southern District Court”) 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. In August 2023, the NY Southern District Court confirmed the final arbitral award and declined to modify the final award to increase the damages awarded thereunder. In September 2023, Acorda filed a notice of appeal of the NY Southern District Court decision to the U.S. Court of Appeals for the Federal Circuit (the “Federal Circuit”), and the Company filed a motion to transfer the appeal to the U.S. Court of Appeals for the Second Circuit. On October 10, 2023, Acorda filed an opposition to such motion. On January 18, 2024, the Federal Circuit denied without prejudice the Company’s motion to transfer the appeal and instructed the parties to brief the jurisdictional question as part of the merits appeal.

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.

Guarantees

In connection with the Separation, the Company entered into the Assignment related to the 852 Winter Street Lease, which is described in more detail in Note 10, Leases in these “Notes to Consolidated Financial Statements” in this Annual Report. Although the Assignment transferred all of the rights, title and interest in, to and under the 852 Winter Street Lease to Mural US as of November 15, 2023, the Company ratified and reaffirmed for the remainder of the lease term its guarantor obligations under that certain Guaranty dated as of May 16, 2014 related to the 852 Winter Street Lease. Upon completion of the Separation, the Assignment was accounted for as a termination of the original lease and the Company de-recognized the right-of-use asset and lease liability related to the 852 Winter Street Lease. At December 31, 2023, the fair value of the guarantee was not material to the Company.

Purchase Commitments

The Company has open purchase orders for plant and equipment as part of its normal course of business. At December 31, 2023, the Company’s open purchase orders were $11.0 million for capital commitments.

Leases - Additional Information (Details) $ in Thousands		12 Months Ended
Leases - Additional Information (Details) $ in Thousands	Jan. 20, 2020 ft²	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Nov. 15, 2023 USD ($)	Nov. 13, 2023 ft²	Dec. 01, 2022 USD ($)
Lessee Lease Description [Line Items]
Right-of-use asset		$ 91,460	$ 97,539
Lease liability		81,455
Payments for operating leases		$ 10,300	$ 27,000	$ 11,800
Weighted average incremental borrowing rate		4.40%	5.50%
Weighted average remaining lease term		8 years 8 months 12 days	9 years 7 months 6 days
Operating lease expense		$ 10,200	$ 10,700	$ 11,300
900 Winter Street Lease
Lessee Lease Description [Line Items]
Area of real estate property \| ft²	231,000
Lease, commencement date	Jan. 20, 2020
Lease agreement option to extend renewal term	10 years
Lease, expiration year	2035
Operating lease liability remeasurement amount							$ 12,800
Operating lease right-of-use asset remeasurement amount							$ 12,800
Payments for operating leases			15,300
Increase in operating lease right of use asset			12,800
Decrease in operating lease liability			$ 2,500
Lessee operating lease term of option to extend		true
852 Winter Street Lease \| Assignment
Lessee Lease Description [Line Items]
Area of real estate property \| ft²						180,000
Right-of-use asset					$ 14,500
Lease liability					$ 15,400

Fair Value (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

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

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)	2023		Level 1		Level 2		Level 3
Assets:
Cash equivalents	$	34,316	$	34,316	$	—	$	—
U.S. government and agency debt securities		218,869		181,041		37,828		—
Corporate debt securities		131,224		—		131,224		—
Non-U.S. government debt securities		3,996		—		3,996		—
Total	$	388,405	$	215,357	$	173,048	$	—


	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	$	—

Accounts Payable and Accrued Expenses - Summary of Current Provision for Sales, Discounts, Allowances and Reserves (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accrued Sales Discount Allowances And Reserves [Line Items]
Total accrued sales discounts, allowances and reserves	$ 263,641	$ 252,115
Medicaid Rebate
Accrued Sales Discount Allowances And Reserves [Line Items]
Total accrued sales discounts, allowances and reserves	213,845	208,332
Product Discounts
Accrued Sales Discount Allowances And Reserves [Line Items]
Total accrued sales discounts, allowances and reserves	15,121	13,204
Medicare Part D
Accrued Sales Discount Allowances And Reserves [Line Items]
Total accrued sales discounts, allowances and reserves	20,569	18,409
Other
Accrued Sales Discount Allowances And Reserves [Line Items]
Total accrued sales discounts, allowances and reserves	$ 14,106	$ 12,170

Income Taxes - Schedule of Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Balance at the beginning of the period	$ 8,973	$ 8,372	$ 7,668
Reductions based on tax positions related to prior periods			(27)
Reductions based on the lapse of applicable statutes of limitations	(1,073)	(438)
Additions based on tax positions related to prior periods	281	449
Additions based on tax positions related to the current period	558	590	731
Balance at the end of the period	$ 8,739	$ 8,973	$ 8,372

Commitments and Contingent Liabilities - Additional Information (Details) - USD ($)	1 Months Ended	12 Months Ended
	Jan. 31, 2023	Dec. 31, 2023
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
Capital Commitments
Commitments And Contingencies [Line Items]
Open purchase order commitments		$ 11,000,000
852 Winter Street Lease
Commitments And Contingencies [Line Items]
Guaranty date		May 16, 2014
Fair value of guarantee		$ 0

Property, Plant and Equipment

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

8. PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment consists of the following:


	December 31,			December 31,
(In thousands)	2023 (1)			2022 (1)
Land	$	957		$	947
Building and improvements		132,735			104,666
Furniture, fixtures and equipment		237,728			222,408
Leasehold improvements		39,893			31,642
Construction in progress		45,791			78,017
Subtotal		457,104			437,680
Less: accumulated depreciation		(230,161	)		(214,761	)
Total property, plant and equipment, net	$	226,943		$	222,919

(1)

In connection with the sale of the Athlone Facility, certain of the Company’s property, plant and equipment has been classified as “Assets held for sale” in the accompanying consolidated balance sheets at December 31, 2023 and 2022. In addition, certain prior period amounts have been retrospectively adjusted to reflect the effects of the Separation and classified as “Assets held for discontinued operations” in the accompanying consolidated balance sheet at December 31, 2022.

Depreciation expense was $25.7 million, $26.3 million and $23.3 million for the years ended December 31, 2023, 2022 and 2021, respectively. Also, during the years ended December 31, 2023, 2022 and 2021, the Company wrote off furniture, fixtures and equipment that had an approximate carrying value of $1.7 million, $0.5 million and $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 $30.6 million of construction in progress will be placed into service during 2024. 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 (expense) income, net” in the accompanying consolidated statements of operations and comprehensive income (loss) during the year ended December 31, 2022.

In December 2023, the Company determined that $2.9 million of its construction in progress at its Wilmington, Ohio manufacturing facility had no future value and was written off through “cost of goods manufactured and sold” in the accompanying consolidated statements of operations and comprehensive income (loss) during the year ended December 31, 2023.

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

17. INCOME TAXES

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


	Year Ended December 31,
(In thousands)	2023			2022 (1)			2021 (1)
Current income tax (benefit) provision:
U.S. federal	$	(981	)	$	11,169		$	2,251
U.S. state		722			4,401			797
Rest of world		—			—			3
Deferred income tax (benefit) provision:
U.S. federal		10,192			(10,536	)		9,372
U.S. state		(507	)		(3,010	)		(1,097	)
Ireland		(107,064	)		—			—
Total tax (benefit) provision	$	(97,638	)	$	2,024		$	11,326

(1)

Prior period amounts have been retrospectively adjusted to reflect the effects of the Separation.

The income tax benefit in 2023 was primarily due to the partial release of the valuation allowance maintained against certain Irish deferred tax assets, partially offset by taxes on income earned in the U.S. and Ireland. The income tax provisions in 2022 and 2021 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.

In December 2023, the IRS issued Notice 2024-12 that provided clarity on the application of Section 174. On this basis, the Company adjusted its estimate of expenses that should be capitalized and amortized, resulting in lower taxable income and an elimination of the foreign derived intangible income (“FDII”) deduction for the year ended December 31, 2023.

The income tax benefit associated with the Company’s oncology business, and the tax impact of the Separation, are discussed in further detail in Note 3, Discontinued Operations, in these “Notes to Consolidated Financial Statements” in this Annual Report. The tax benefits included within discontinued operations were $1.4 million, $11.1 million, and $2.5 million for the years ended December 31, 2023, 2022, and 2021, respectively.

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 $797.0 million at December 31, 2023. 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 $70.8 million of income taxes would be payable on the repatriation of the unremitted earnings to Ireland.

The distribution of the Company’s income (loss) before the (benefit) provision for income taxes by geographical area consists of the following:


	Year Ended December 31,
(In thousands)	2023		2022 (1)			2021 (1)
Ireland	$	411,767	$	(32,198	)	$	85,415
U.S.		9,752		1,070			2,312
Income (loss) from continuing operations before (benefit) provision for income taxes	$	421,519	$	(31,128	)	$	87,727

(1)

Prior period amounts have been retrospectively adjusted to reflect the effects of the Separation.

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


	December 31,			December 31,
(In thousands)	2023			2022 (1)
Deferred tax assets:
Net operating loss carryforwards	$	195,658		$	238,128
Research and development expenses		49,206			66,464
Accrued expenses and reserves		56,083			51,362
Share-based compensation		37,727			39,333
Tax credits		27,116			22,932
Other		5,582			6,543
Less: valuation allowance		(129,296	)		(268,067	)
Total deferred tax assets		242,076			156,695
Deferred tax liabilities:
Property, plant and equipment		(44,019	)		(41,169	)
Other		(2,716	)		(1,502	)
Total deferred tax liabilities		(46,735	)		(42,671	)
Net deferred tax assets	$	195,341		$	114,024

(1)

Prior period amounts have been retrospectively adjusted to reflect the effects of the Separation.

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


(In thousands)	Balance at Beginning of Period (1)			(Additions) / Reductions (2)			Balance at End of Period (1)
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	)
Deferred tax asset valuation allowance for the year ended December 31, 2023	$	(271,517	)	$	142,221		$	(129,296	)

(1)

Inclusive of continuing and discontinued operations for all periods other than the balance at December 31, 2023.

(2)

(Additions) reductions represent continuing and discontinued operations. The reduction during the year ended December 31, 2023 primarily relates to the partial release of the valuation allowance maintained against certain Irish net deferred tax assets. The (additions) reductions in 2022 and 2021 relate primarily to Irish net operating losses (“NOLs”).

The Company regularly assesses the need for a valuation allowance against its deferred tax assets. In making such assessment, the Company considers both positive and negative evidence related to the likelihood of realization of the deferred tax assets to determine, based on the weight of available evidence, whether it is more-likely-than-not that some or all of the deferred tax assets will not be realized. During the year ended December 31, 2023, the Company: (i) achieved a favorable outcome in its arbitration with Janssen (as described in Note 4, Revenue from Contracts with Customers in these “Notes to Consolidated Financial Statements” in this Annual Report); (ii) successfully completed the Separation; and (iii) recorded significant pre-tax income due to multiple factors, including the growth of its proprietary revenues and items (i) and (ii) above. As a result, the Company’s main operating subsidiary in Ireland recorded cumulative income during the year ended December 31, 2023 and the three-year period ended December 31, 2023. On this basis and other positive factors (such as anticipated future earnings) and negative factors (such as the potential decrease in certain manufacturing and royalty revenues), the Company has concluded that it is more-likely-than-not that certain Irish deferred tax assets will be realized. Of the $271.5 million valuation allowance maintained as of December 31, 2022, the Company released $143.9 million during the year ended December 31, 2023. At December 31, 2023, the Company maintained a valuation allowance of $27.3 million against certain U.S. state deferred tax assets and $102.0 million against certain Irish deferred tax assets, as the Company has determined that it is more-likely-than-not that these deferred tax assets will not be realized and some may be abandoned.

If the Company incurs losses in the U.S. or in Ireland in the future, the evaluation of the recoverability of the deferred tax assets could change and a valuation allowance against such deferred tax assets may be required in part or in whole. The Company will continue to monitor the need for a valuation allowance against its deferred tax assets on a quarterly basis.

As of December 31, 2023, the Company had $1.3 billion of Irish NOL carryforwards, $14.6 million of U.S. federal NOL carryforwards, $43.2 million of state NOL carryforwards, $9.7 million of federal R&D credits and $31.0 million of state tax credits which will either expire on various dates through 2043 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 $14.6 million of U.S. federal NOL carryforwards and $6.3 million of state NOL carryforwards, acquired as part of the acquisition of Rodin Therapeutics, Inc. (“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)	2023				2022 (1)				2021 (1)
Statutory tax rate		12.5		%		12.5		%		12.5		%

Income (loss) from continuing operations before income taxes at statutory rate	$	52,690			$	(3,891	)		$	10,966

Share-based compensation		4,177				4,347				7,716
Foreign rate differential(2)		4,701				521				5,159
Change in valuation allowance		(142,424	)			1,102				(23,024	)
Intercompany amounts(3)		(16,551	)			(1,694	)			10,707
Irish rate differential(4)		235				4,926				1,817
Uncertain tax positions		(234	)			602				704
Non-deductible lobbying expenses		705				775				637
U.S. state income taxes, net of U.S. federal benefit		347				1,272				(260	)
In-process R&D(5)		—				—				2,724
Foreign derived intangible income		—				(4,530	)			(3,125	)
R&D credit		(2,823	)			(2,531	)			(2,871	)
Other permanent items(6)		1,539				1,125				176
Income tax (benefit) provision	$	(97,638	)		$	2,024			$	11,326

Effective tax rate		(23.2	)	%		(6.5	)	%		12.9		%

(1)

Prior period amounts have been retrospectively adjusted to reflect the effects of the Separation.

(2)

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

(3)

Intercompany amounts include cross-territory eliminations, the pre-tax effect of which has been eliminated in arriving at the Company's consolidated income (loss) before taxes from continuing operations. In 2023, this included a tax benefit of $15.7 million related to the intercompany transfer of inventory that was owned by the Company at December 31, 2023.

(4)

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

(5)

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

(6)

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, 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 statutes 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
Reductions based on the lapse of applicable statutes of limitations		(1,073	)
Additions based on tax positions related to the prior period		281
Additions based on tax positions related to the current period		558
Balance, December 31, 2023	$	8,739

The unrecognized tax benefits at December 31, 2023, 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, 2023, 2022 and 2021, 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 2020 through 2023 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 2019 through 2023 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 February 2023, the Company submitted an appeal to the LTA against the notice of assessment received in 2022 for the year ended December 31, 2017. In the third quarter of 2023, the Company received confirmation that the LTA changed its position and agreed to the originally filed tax return, resulting in the closure of the examination of the year ended December 31, 2017. In connection with the closure, the Company received a refund of approximately €2.2 million from the LTA. As of December 31, 2023, 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
-Topic 946
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-Name Accounting Standards Codification
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-Paragraph 13
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Earnings (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, 2023	Dec. 31, 2022	Dec. 31, 2021
Denominator:
Anti-dilutive potential common share equivalent excluded from calculation of net loss per ordinary share	14,800	17,817	14,965
Stock Options
Denominator:
Anti-dilutive potential common share equivalent excluded from calculation of net loss per ordinary share	12,422	12,777	14,161
Restricted Stock Unit Awards
Denominator:
Anti-dilutive potential common share equivalent excluded from calculation of net loss per ordinary share	2,378	5,040	804

Investments - Schedule of Contractual Maturities of Available-for-Sale and Held-to-Maturity Securities (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Available-for-sale, Amortized Cost
Within 1 year	$ 207,005
After 1 year through 5 years	147,460
Total	354,465
Available-for-sale, Estimated Fair Value
Within 1 year	205,950
After 1 year through 5 years	148,139
Total	354,089
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

Earnings (Loss)Per Share

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Earnings (loss) per share

13. EARNINGS (LOSS) PER SHARE

Basic earnings (loss) per ordinary share from continuing operations is calculated based upon net income (loss) from continuing operations available to holders of ordinary shares divided by the weighted average number of ordinary shares outstanding. Basic loss per ordinary share from discontinued operations, is calculated based upon net loss from discontinued operations available to holders of ordinary shares, divided by the weighted average number of ordinary shares outstanding. For the calculation of diluted earnings (loss) per ordinary share from continuing operations and discontinuing operations, the Company utilizes the treasury stock method and adjusts the weighted average number of ordinary shares outstanding for the potential dilutive effect of outstanding ordinary share equivalents such as stock options and RSUs.


	Year Ended December 31,
(In thousands)	2023			2022 (1)			2021 (1)
Numerator:
Net income (loss) from continuing operations	$	519,157		$	(33,152	)	$	76,401
Net (loss) discontinued operations		(163,400	)		(125,115	)		(124,570	)
Net income (loss)	$	355,757		$	(158,267	)	$	(48,169	)
Denominator:
Weighted average number of ordinary shares outstanding		166,223			163,742			160,942
Effect of dilutive securities:
Stock options		1,093			—			633
Restricted stock unit awards		2,414			—			3,178
Dilutive ordinary share equivalents		3,507			—			3,811
Shares used in calculating diluted earnings (loss) per ordinary share		169,730			163,742			164,753

(1)

Prior period amounts have been retrospectively adjusted to reflect the effects of the Separation.

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)	2023		2022		2021 (1)
Stock options		12,422		12,777		14,161
Restricted stock unit awards		2,378		5,040		804
Total		14,800		17,817		14,965

(1)

Prior period amounts have been retrospectively adjusted to reflect the effects of the Separation.

Goodwill and Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill [Line Items]
Amortization of acquired intangible assets	$ 35,689	$ 36,363	$ 38,148
Reduction in Goodwill	(7,800)
Goodwill	83,027	83,027
Athlone Facility \| Assets Held for Sale
Goodwill [Line Items]
Goodwill	$ 2,000	$ 2,000

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Fair Value

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value

6. FAIR VALUE


	December 31,
(In thousands)	2023		Level 1		Level 2		Level 3
Assets:
Cash equivalents	$	34,316	$	34,316	$	—	$	—
U.S. government and agency debt securities		218,869		181,041		37,828		—
Corporate debt securities		131,224		—		131,224		—
Non-U.S. government debt securities		3,996		—		3,996		—
Total	$	388,405	$	215,357	$	173,048	$	—


	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 year ended December 31, 2023. At December 31, 2023, the Company had no investments with fair values that were 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 IV/IM and parenteral forms of Meloxicam to Recro Pharma, Inc. (“Recro”) and Recro Gainesville LLC (such transaction the “Gainesville Transaction”). The Gainesville Transaction included in the purchase price contingent consideration tied to low double digit royalties on net sales of the IV/IM and parenteral forms of Meloxicam and any other product with the same active ingredient as Meloxicam IV/IM that is discovered or identified using certain of the Company’s IP to which Recro was provided a right of use, through license or transfer, pursuant to the Gainesville Transaction (such products, the “Meloxicam Products”), and milestone payments upon the achievement of certain regulatory and sales milestones related to the Meloxicam Products.

In November 2019, Recro 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. 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 reduced 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 8, 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 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 12, 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

- 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

Share-based Compensation - Stock Options - Additional Information (Details) - Stock Options - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based compensation Expense
Weighted average grant-date fair value of stock options granted (in dollars per share)	$ 13.74	$ 12.62	$ 10.09
Aggregate intrinsic value of stock options exercised	$ 6,000,000	$ 11,600,000	$ 8,300,000
Stock options expected to vest (in shares)	6,900,000
Weighted average exercise price (in dollars per share)	$ 24.46
Weighted average contractual remaining life	8 years
Aggregate intrinsic value of stock options exercisable	$ 29,400,000
Weighted average remaining contractual term of stock options exercisable	4 years 6 months
Unrecognized share-based compensation expense	$ 33,000,000
Weighted average period for unrecognized share-based compensation expense expected to be recognized	1 year 10 months 24 days
Outstanding stock option	18,139,903	17,596,961
Maximum
Share-based compensation Expense
Aggregate intrinsic value	$ 24,600,000

Long-term Debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Long-term Debt

Long-term debt consists of the following:


	December 31,			December 31,
(In thousands)	2023			2022
2026 Term Loans, due March 12, 2026	$	290,730		$	293,270
Less: current portion		(3,000	)		(3,000	)
Long-term debt	$	287,730		$	290,270

Scheduled Maturities of Term Loan Facility

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


Year Ending December 31:
2024	$	3,000
2025		3,000
2026		285,750
Total	$	291,750

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, 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 exercise 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 exercise 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 Income (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 exercise 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 exercise 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 Income (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)
Issuance of ordinary shares under employee stock plans	16,760	$ 36	16,724
Issuance of ordinary shares under employee stock plans (in shares)		3,617,858
Receipt of Alkermes' shares for the exercise of stock options or to satisfy minimum tax withholding obligations related to share-based awards	(28,474)					$ (28,474)
Receipt of Alkermes' shares for the exercise of stock options or to satisfy minimum tax withholding obligations related to share-based awards (in shares)						(1,015,034)
Share-based compensation	100,871		100,871
Unrealized gain (loss) on marketable securities, net of tax provision (benefit)	7,779			7,779
Distribution of Mural Oncology plc	(293,760)		(293,760)
Net Income (Loss)	355,757				355,757
BALANCE at Dec. 31, 2023	$ 1,202,686	$ 1,726	$ 2,736,934	$ (3,110)	$ (1,343,528)	$ (189,336)
BALANCE (in shares) at Dec. 31, 2023		172,569,051				(5,589,218)

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Tax provision (benefit)	$ 1,195	$ (973)	$ (706)

Summary of Significant Accounting Policies - Summary of Location of the Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Assets related to discontinued operations		$ 2,324
Assets held for sale	$ 94,260
Long-term assets:
Assets related to discontinued operations		37,763
Intangible assets	1,991	37,680
Goodwill	83,027	83,027
Other	11,521	14,691
U.S.
Current assets:
Assets related to discontinued operations		2,324
Other current assets	867,588	700,240
Long-term assets:
Assets related to discontinued operations		37,763
Other	432,870	499,038
Ireland
Current assets:
Assets held for sale	94,260
Other current assets	523,658	427,742
Long-term assets:
Assets held for sale		93,871
Intangible assets	1,991	37,680
Goodwill	83,027	83,027
Other	$ 132,829	$ 82,293

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 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	172,569,051	168,951,193
Ordinary shares, shares outstanding	166,979,833	164,377,009
Treasury shares	5,589,218	4,574,184

Discontinued Operations

12 Months Ended

Dec. 31, 2023

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

3. DISCONTINUED OPERATIONS

Mural Oncology Separation

On November 15, 2023, the Company completed the Separation. In connection with the Separation, the Company entered into a separation agreement with Mural, dated as of November 13, 2023, that, among other things, sets forth the Company’s agreements with Mural regarding the principal actions taken or to be taken in connection with the Separation, including the Distribution. The separation agreement identified those assets to be transferred to, liabilities to be assumed by and contracts to be assigned to Mural, including the operating lease for the office and laboratory space at 852 Winter Street in Waltham, Massachusetts, as part of the Separation, and it provided for when and how such transfers, assumptions and assignments were to occur. The purpose of the separation agreement was to provide Mural and the Company with those assets necessary to operate their respective businesses and to retain or assume the respective liabilities related to those assets.

Under the terms of the separation agreement, the Company granted Mural a perpetual, worldwide, non-exclusive, royalty-free, fully paid-up license (or, as the case may be, sublicense) to IP controlled by the Company as of the date of the Distribution to allow Mural to use such IP for the oncology business, and Mural granted the Company a perpetual, worldwide, non-exclusive, royalty-free, fully paid-up license (or, as the case may be, sublicense) to IP transferred to Mural as part of the Separation for the Company’s use outside of the oncology business.

Each of Mural and the Company agreed to releases with respect to pre-Distribution claims, and cross-indemnities with respect to post-Distribution claims, that are principally designed to place financial responsibility for the obligations and liabilities allocated to Mural under the separation agreement with Mural, and financial responsibility for the obligations and liabilities allocated to the Company under the separation agreement with the Company. The Company and Mural are also each subject to mutual six-month employee non-solicitation and non-hire restrictions, subject to certain customary exceptions, and certain confidentiality restrictions and information sharing obligations.

The transfer of assets and liabilities to Mural was effected through a contribution in accordance with the separation agreement, as summarized below:


(In thousands)	November 15, 2023
ASSETS
Current Assets:
Cash and cash equivalents	$	275,000
Total current assets		275,000
Property, plant and equipment, net		10,096
Right-of-use assets		14,513
Goodwill		7,800
Deferred tax asset		1,799
Total assets	$	309,208
LIABILITIES
Current Liabilities
Operating lease liabilities—short-term	$	6,036
Total current liabilities		6,036
Operating lease liabilities—long-term		9,412
Total liabilities		15,448
Net assets transferred to Mural	$	293,760

The Company determined that the Separation and related Distribution qualified as tax-free for U.S. federal income tax purposes, which required significant judgment by management. In making such determinations, the Company applied U.S. federal tax law to

relevant facts and circumstances and obtained: (i) a favorable private letter ruling from the IRS; (ii) a tax opinion; and (iii) other external tax advice related to the concluded tax treatment. If the Separation and Distribution were to ultimately fail to qualify for tax-free treatment for U.S. federal income tax purposes, the Company and/or its shareholders could be subject to significant liabilities, which could have material adverse impacts on the Company’s business, financial condition, results of operations and cash flows in future reporting periods. Furthermore, other than taxes recorded on the transfer of intellectual property, the Company determined that the Separation and related Distribution qualified as tax-free for Irish tax purposes, which required significant judgment by management. In making such determinations, the Company applied Irish tax law to relevant facts and circumstances and obtained: (i) a tax opinion; and (ii) other external tax advice related to the concluded tax treatment. If the Separation and Distribution were to ultimately fail to qualify for tax-free treatment for Irish tax purposes, the Company and/or its shareholders could be subject to significant liabilities, which could have material adverse impacts on the Company’s business, financial condition, results of operations and cash flows in future reporting periods.

In connection with the Separation, the Company also entered into a tax matters agreement with Mural, dated as of November 13, 2023. The tax matters agreement governs the Company’s and Mural’s respective rights, responsibilities and obligations with respect to taxes (including taxes arising in the ordinary course of business and taxes, if any, incurred as a result of any failure of the Distribution, together with certain related transactions, to qualify as tax-free for U.S. federal income tax purposes), tax attributes, the preparation and filing of tax returns, the control of audits and other tax proceedings, and assistance and cooperation in respect of tax matters.

In connection with the Separation, the Company also entered into the Employee Matters Agreement. The Employee Matters Agreement, as amended, governs the Company’s, Mural’s and their respective subsidiaries’ and affiliates’ rights, responsibilities and obligations after the Separation with respect to, employment, benefits and compensation matters relating to employees and former employees (and their respective dependents and beneficiaries) who are or were associated with the Company, including those who became employees of Mural in connection with the Separation; the allocation of assets and liabilities generally relating to employees, employment or service-related matters and employee benefit plans; other human resources, employment and employee benefits matters; and the treatment of equity-based awards granted by the Company prior to the Separation.

The Company entered into two transition services agreements with Mural. On November 13, 2023, Alkermes, Inc., a wholly-owned subsidiary of the Company (“Alkermes US”), and Mural Oncology, Inc., a wholly-owned subsidiary of Mural (“Mural US”), entered into one transition services agreement, pursuant to which the Company and its subsidiaries will provide, on an interim, transitional basis, various services to Mural and its subsidiaries, and a second transition services agreement, pursuant to which Mural and its subsidiaries will provide certain services to the Company and its subsidiaries, in each case for a term of two years, unless earlier terminated in accordance with the terms of the applicable agreement. As of December 31, 2023, the Company had an immaterial amount of accounts receivable and accounts payable due from and to Mural related to such transition services agreements.

Discontinued Operations

The results of the oncology business and transaction costs related to the Separation have been reflected as “Loss from discontinued operations, net of taxes” in the accompanying consolidated statement of operations and comprehensive income (loss) through the Separation Date. Prior periods have been recast to reflect this presentation. The transaction costs related to the Separation were $36.0 million during 2023 and $1.4 million during 2022, and primarily relate to professional fees for separation activities within the finance, tax, legal and information technology functions. As of December 31, 2022, the assets and liabilities associated with the oncology business are classified as “Assets held for discontinued operations” and “Liabilities related to discontinued operations” in the accompanying consolidated balance sheet.

The following table summarizes expenses of the discontinued operations for the years ended December 31, 2023, 2022 and 2021:


	Year Ended December 31,
(In thousands)	2023			2022			2021
Operating expenses from discontinued operations
Cost of goods manufactured	$	39		$	40		$	64
Research and development		116,177			121,140			115,602
Selling, general and administrative		48,587			14,996			11,367
Total operating expenses from discontinued operations		164,803			136,176			127,033
Operating loss from discontinued operations		(164,803	)		(136,176	)		(127,033	)
Income tax benefit from discontinued operations		(1,403	)		(11,061	)		(2,463	)
Net loss and comprehensive loss from discontinued operations	$	(163,400	)	$	(125,115	)	$	(124,570	)

There were no assets and $4.5 million of liabilities related to the Separation as of December 31, 2023. All assets were transferred to Mural as of the Separation Date. The $4.5 million of liabilities classified as “Liabilities related to discontinued operations” in the accompanying consolidated balance sheet relates to bonus amounts accrued for employees that transferred to Mural during 2023 through the Separation Date that will be paid by the Company, in accordance with the terms of the Employee Matters Agreement. The following table summarizes the assets and liabilities related to Mural that have been classified as assets and liabilities from discontinued operations in our accompanying consolidated balance sheet as of December 31, 2022:


(In thousands)	December 31, 2022
ASSETS
Current Assets:
Prepaid expenses and other current assets	$	2,324
Total current assets		2,324
Right-of-use assets		18,316
Property, plant and equipment, net		10,617
Goodwill		7,800
Deferred tax asset		1,030
Assets from discontinued operations	$	40,087
LIABILITIES
Current Liabilities:
Operating lease liabilities—short-term	$	5,844
Total current liabilities		5,844
Operating lease liability—long-term		13,542
Liabilities related to discontinued operations	$	19,386

The following table summarizes the significant non-cash items and capital expenditures of the discontinued operations that are included in the consolidated statements of cash flows for the years ended December 31, 2023, 2022 and 2021:


	Year Ended December 31,
	2023			2022			2021
	(In thousands)
OPERATING ACTIVITIES:
Depreciation	$	2,319		$	1,539		$	1,474
Share-based compensation expense		8,188			6,577			5,190
Right-of-use assets		3,803			5,909			5,703
Operating lease liabilities		(3,938	)		(5,920	)		(4,758	)

INVESTING ACTIVITIES:
Additions of property, plant and equipment	$	(1,798	)	$	(5,510	)	$	(4,385	)

Accounts Payable and Accrued Expenses

12 Months Ended

Dec. 31, 2023

Payables and Accruals [Abstract]

Accounts Payable and Accrued Expenses

11. ACCOUNTS PAYABLE AND ACCRUED EXPENSES

Accounts payable and accrued expenses consists of the following:


	December 31,		December 31,
(In thousands)	2023		2022
Accounts payable	$	65,649	$	32,843
Accrued compensation		83,107		79,085
Accrued other		91,805		108,161
Total accounts payable and accrued expenses	$	240,561	$	220,089

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


	December 31,		December 31,
(In thousands)	2023		2022
Medicaid rebates	$	213,845	$	208,332
Product discounts		15,121		13,204
Medicare Part D		20,569		18,409
Other		14,106		12,170
Total accrued sales discounts, allowances and reserves	$	263,641	$	252,115

Included in accounts payable was approximately $34.5 million and $0.8 million of amounts payable related to state Medicaid rebates as of December 31, 2023 and 2022, respectively.

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, 2023	Dec. 31, 2022	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Proceeds from the sales and maturities of investments	$ 355,522	$ 281,627	$ 295,010
Realized gains			34
Realized losses		$ 529	$ 977

Restructuring - Schedule of Restructuring Activity (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2023
Restructuring and Related Activities [Abstract]
Restructuring charge	$ 6,000	$ 5,969
Amounts paid during the period:
Severance		(3,932)
Benefits		(520)
Outplacement services		(183)
Restructuring Reserve, Ending Balance	$ 1,334	$ 1,334

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2023	Feb. 09, 2024	Jun. 30, 2023
Cover [Abstract]
Entity Registrant Name	Alkermes plc.
Entity Central Index Key	0001520262
Document Type	10-K
Document Period End Date	Dec. 31, 2023
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 4,792,273,571
Entity Common Stock, Shares Outstanding		167,076,133
Document Fiscal Year Focus	2023
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 2024 Annual General Meeting of Shareholders are incorporated by reference into Part III of this report.

Income Taxes - Schedule of Components of Net Deferred Tax Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Less: valuation allowance	$ (129,296)	$ (271,517)	$ (249,112)	$ (253,649)
Continuing Operations
Deferred tax assets:
Net operating loss carryforwards	195,658	238,128
Research and development expenses	49,206	66,464
Accrued expenses and reserves	56,083	51,362
Share-based compensation	37,727	39,333
Tax credits	27,116	22,932
Other	5,582	6,543
Less: valuation allowance	(129,296)	(268,067)
Total deferred tax assets	242,076	156,695
Deferred tax liabilities:
Property, plant and equipment	(44,019)	(41,169)
Other	(2,716)	(1,502)
Total deferred tax liabilities	(46,735)	(42,671)
Net deferred tax assets	$ 195,341	$ 114,024

Revenue from Contracts with Customers - Schedule of Manufacturing and Royalty Revenues (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation Of Revenue [Line Items]
Total revenues	$ 1,663,405	$ 1,111,795	$ 1,173,751
Long-Acting INVEGA Products
Disaggregation Of Revenue [Line Items]
Total revenues	486,100	115,700
Manufacturing Revenue
Disaggregation Of Revenue [Line Items]
Total revenues	142,498	112,374	105,628
Manufacturing Revenue \| VUMERITY
Disaggregation Of Revenue [Line Items]
Total revenues	42,886	32,493	25,808
Manufacturing Revenue \| RISPERDAL CONSTA
Disaggregation Of Revenue [Line Items]
Total revenues	36,123	42,670	40,413
Manufacturing Revenue \| Other
Disaggregation Of Revenue [Line Items]
Total revenues	63,489	37,211	39,407
Royalty
Disaggregation Of Revenue [Line Items]
Total revenues	600,890	219,609	436,179
Royalty \| Long-Acting INVEGA Products
Disaggregation Of Revenue [Line Items]
Total revenues	486,101	115,655	303,106
Royalty \| VUMERITY
Disaggregation Of Revenue [Line Items]
Total revenues	86,440	83,003	61,614
Royalty \| RISPERDAL CONSTA
Disaggregation Of Revenue [Line Items]
Total revenues	1,153	7,243	10,456
Royalty \| Other
Disaggregation Of Revenue [Line Items]
Total revenues	27,196	13,708	61,003
Manufacturing and royalty revenues
Disaggregation Of Revenue [Line Items]
Total revenues	743,388	331,983	541,807
Manufacturing and royalty revenues \| Long-Acting INVEGA Products
Disaggregation Of Revenue [Line Items]
Total revenues	486,101	115,655	303,106
Manufacturing and royalty revenues \| VUMERITY
Disaggregation Of Revenue [Line Items]
Total revenues	129,326	115,496	87,422
Manufacturing and royalty revenues \| RISPERDAL CONSTA
Disaggregation Of Revenue [Line Items]
Total revenues	37,276	49,913	50,869
Manufacturing and royalty revenues \| Other
Disaggregation Of Revenue [Line Items]
Total revenues	$ 90,685	$ 50,919	$ 100,410

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

+ References

+ Details

Fair Value - Summary of the Company's Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair value
Debt securities	$ 354,089
Recurring Basis
Fair value
Cash equivalents	34,316	$ 19,857
Assets, Total	388,405	465,639
Recurring Basis \| Level 1
Fair value
Cash equivalents	34,316	19,857
Assets, Total	215,357	188,496
Recurring Basis \| Level 2
Fair value
Assets, Total	173,048	277,143
U.S. government and agency debt securities \| Recurring Basis
Fair value
Debt securities	218,869	202,050
U.S. government and agency debt securities \| Recurring Basis \| Level 1
Fair value
Debt securities	181,041	168,639
U.S. government and agency debt securities \| Recurring Basis \| Level 2
Fair value
Debt securities	37,828	33,411
Corporate debt securities \| Recurring Basis
Fair value
Debt securities	131,224	204,943
Corporate debt securities \| Recurring Basis \| Level 2
Fair value
Debt securities	131,224	204,943
Non-U.S. government debt securities \| Recurring Basis
Fair value
Debt securities	3,996	38,789
Non-U.S. government debt securities \| Recurring Basis \| Level 2
Fair value
Debt securities	$ 3,996	$ 38,789

Share-based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Share-based Compensation Expense from Continuing and Discontinued Operations

The following table presents share-based compensation expense from continuing and discontinued operations included in the Company’s consolidated statements of operations and comprehensive income (loss):



	Year Ended December 31,
(In thousands)	2023		2022		2021
Cost of goods manufactured and sold	$	11,353	$	10,284	$	9,175
Research and development		25,753		23,289		21,396
Selling, general and administrative		55,611		54,104		51,861
Share-based compensation expense from continuing operations		92,717		87,677		82,432
Cost of goods manufactured and sold		—		—		—
Research and development		3,255		4,652		3,481
Selling, general and administrative		4,933		1,925		1,709
Share-based compensation expense from discontinued operations		8,188		6,577		5,190
Total share-based compensation expense	$	100,905	$	94,254	$	87,622

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, 2023		17,596,961		$	33.32
Granted		3,479,898		$	27.88
Conversion Reissuance		357,146		$	32.26
Exercised		(772,207	)	$	21.70
Expired		(1,334,719	)	$	37.02
Forfeited		(1,187,176	)	$	26.56
Outstanding, December 31, 2023		18,139,903		$	32.28
Exercisable, December 31, 2023		11,054,082		$	37.24

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, 2023		6,625,422		$	23.34
Granted		2,884,122		$	27.65
Conversion reissuance		110,015		$	24.19
Forfeited		(1,368,705	)	$	25.17
Vested		(2,593,276	)	$	24.31
Unvested, December 31, 2023		5,657,578		$	24.18

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, 2023		1,349,634		$	26.05
Granted		667,565		$	29.91
Conversion reissuance		30,244		$	27.15
Forfeited		(248,711	)	$	24.06
Vested		(252,375	)	$	23.43
Unvested, December 31, 2023		1,546,357		$	27.95

Accounts Payable and Accrued Expenses - Schedule of Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accounts payable	$ 65,649	$ 32,843
Accrued compensation	83,107	79,085
Accrued other	91,805	108,161
Total accounts payable and accrued expenses	$ 240,561	$ 220,089

Share-based Compensation - Schedule of Share-based Compensation Expense from Continuing and Discontinued Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based compensation Expense
Share-based compensation expense from continuing operations	$ 92,717	$ 87,677	$ 82,432
Share-based compensation expense from discontinued operations	8,188	6,577	5,190
Total share-based compensation expense	100,905	94,254	87,622
Cost of goods manufactured and sold
Share-based compensation Expense
Share-based compensation expense from continuing operations	11,353	10,284	9,175
Research and development
Share-based compensation Expense
Share-based compensation expense from continuing operations	25,753	23,289	21,396
Share-based compensation expense from discontinued operations	3,255	4,652	3,481
Selling, general and administrative
Share-based compensation Expense
Share-based compensation expense from continuing operations	55,611	54,104	51,861
Share-based compensation expense from discontinued operations	$ 4,933	$ 1,925	$ 1,709

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2023

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. Columns and rows within tables may not sum due to rounding.

Reclassification

The Company has presented its former oncology business as discontinued operations in its consolidated financial statements for all periods presented. See Note 3, Discontinued Operations in these “Notes to Consolidated Financial Statements” in this Annual Report for additional information. Additionally, as a result of the planned sale of the Athlone Facility, the Company has classified the assets described under the related asset purchase agreement as held for sale. The Company’s historical financial statements and footnotes have been recast accordingly.

Discontinued Operations

The Company determined that the separation of its oncology business in November 2023 met the criteria for classification of the oncology business as discontinued operations in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 205, Discontinued Operations. Accordingly, the accompanying consolidated financial statements have been updated to present the assets and liabilities associated with the oncology business as discontinued operations as of December 31, 2022 on the consolidated balance sheets, and the results of the oncology business as discontinued operations through the Separation Date for the years ended December 31, 2023, 2022 and 2021 in the consolidated statements of operations and comprehensive income (loss).

Assets Held for Sale

In connection with the planned sale of the Athlone Facility, the Company reviewed FASB ASC 805, Business Combinations and, based on the definitions therein, has determined that the Athlone Facility constitutes a business. Accordingly, the assets associated with the planned sale of the Athlone Facility have been classified as “Assets held for sale” within the accompanying consolidated balance sheets as of December 31, 2023 and 2022.

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, 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 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 as 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, 2023, 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, 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) the Company has determined that it is more likely than not that it 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, 2023, the Company’s financial assets consisted of cash equivalents and investments 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, 2023 included U.S. treasury securities, marketable securities classified as cash equivalents and a fixed term deposit account; and

•

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, 2023 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.

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 income (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

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.

When some, but not all, of a reporting unit is to be disposed of, the accounting for that reporting unit’s goodwill will depend on whether the disposal group constitutes a business. If the disposal group constitutes a business, the Company attributes a portion of the reporting unit’s goodwill to the disposal group based on the relative fair values of: (i) the disposal group; and (ii) the portion of the reporting unit that will be retained.

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.

Revenue from Contracts with Customers

The Company recognizes revenue in accordance with FASB 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 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. To date, actual product returns have not differed materially from the Company’s estimates; 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. To date, actual Medicare Part D rebates have not differed materially from the Company’s estimates.

Collaborative Arrangements

The Company has entered into collaborative arrangements 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. Substantially all of the manufacturing revenues are recognized at a point in time when control of the product passes to the licensee. 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 differences between the Company’s actual and estimated manufacturing revenues have 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. 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 differences between the Company’s actual and estimated royalty revenues have not been material to date.

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 $103.1 million and $72.0 million at December 31, 2023 and 2022, 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 each of December 31, 2023 and 2022.

Contract Assets

Contract assets include unbilled amounts that will result in a sale under certain of the Company’s manufacturing contracts. The amounts included in the contract assets table below are classified as “Current assets” in the accompanying consolidated balance sheets, as they relate 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, 2022	$	13,363
Additions		42,218
Transferred to receivables, net		(46,652	)
Contract assets at December 31, 2022	$	8,929
Additions		13,606
Transferred to receivables, net		(21,829	)
Contract assets at December 31, 2023	$	706

Contract Liabilities

Contract liabilities consist of contractual obligations related to deferred revenue. At December 31, 2023 and 2022, $2.7 million and $6.8 million of the contract liabilities, respectively, were classified as “Contract liabilities–short-term” in the accompanying consolidated balance sheets and $2.1 million and $3.9 million of the contract liabilities, respectively, were classified as “Other long-term liabilities” in the accompanying consolidated balance sheets.

Contract liabilities consisted of the following:


(In thousands)	Contract Liabilities
Contract liabilities at January 1, 2022	$	17,830
Additions		6,769
Amounts recognized into revenue		(7,514	)
Amounts recognized into other (expense) income, net		(6,384	)
Contract liabilities at December 31, 2022	$	10,701
Reductions		(931	)
Amounts recognized into revenue		(4,995	)
Contract liabilities at December 31, 2023	$	4,775

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 (expense) income, net” in the accompanying consolidated statements of operations and comprehensive income (loss). During the years ended December 31, 2023, 2022 and 2021, the Company recorded a loss of $0.5 million, a gain of $0.7 million and a loss of $0.3 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, 2023, 2022 and 2021:


	Year Ended December 31,
	2023				2022				2021
Customer	Receivables		Revenue		Receivables		Revenue		Receivables		Revenue
Janssen	23	%	31	%	*		15	%	30	%	30	%
Biogen	9	%	11	%	19	%	13	%	11	%	10	%
Cardinal Health	24	%	20	%	24	%	24	%	17	%	20	%
AmerisourceBergen	16	%	12	%	18	%	14	%	13	%	11	%
McKesson	14	%	14	%	12	%	16	%	11	%	13	%


*		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, 2023, 2022 and 2021, 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 for the years ended December 31, 2023, 2022 and 2021, as determined by the location of the customer, are as follows:


	Year Ended December 31,
(In thousands)	2023		2022		2021
Revenue by region:
U.S.	$	1,491,939	$	931,991	$	984,235
Ireland		1,179		1,829		2,175
Rest of world		170,287		177,975		187,341

The location of the Company’s assets are as follows:


	December 31,
(In thousands)	2023		2022 (1)
Assets by region:
Current assets:
U.S.:
Assets related to discontinued operations	$	—	$	2,324
Other current assets		867,588		700,240
Ireland:
Assets held for sale	$	94,260	$	—
Other current assets		523,658		427,742
Rest of world		—		—
Long-term assets:
U.S.:
Assets related to discontinued operations	$	—	$	37,763
Other		432,870		499,038
Ireland:
Intangible assets	$	1,991	$	37,680
Assets held for sale		—		93,871
Goodwill		83,027		83,027
Other		132,829		82,293

(1)

Prior period amounts have been retrospectively adjusted to reflect assets related to discontinued operations related to the Separation and assets held for sale related to the planned sale of the Athlone Facility.

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 preclinical 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 development programs or the Company’s products or 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, 2023, 2022 and 2021, advertising costs totaled $127.6 million, $41.4 million and $38.9 million, respectively.

Share-Based Compensation

The Company’s share-based compensation programs permit grants of 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”), the Company’s employees may, at the discretion of the plan administrator, become eligible in certain circumstances set forth in the Plans for accelerated vesting of certain awards granted to them under the Plans. In such circumstances, if there are no effective future service requirements for such employees, the remaining fair value of any such accelerated awards would be expensed as of the date of acceleration.

Time-Based Stock Options

Except as otherwise provided in the applicable Plan or award certificate, 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: (i) 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; and (ii) stock option grants to new non-employee directors expire ten years from the grant date and generally vest over a three-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 granted was estimated on the grant date with the following weighted-average assumptions:


	Year Ended December 31,
	2023	2022	2021
Expected option term	5 - 8 years	5 - 8 years	5 - 7 years
Expected stock volatility	40 % - 44 %	43 % - 51 %	43 % - 54 %
Risk-free interest rate	3.34 % - 4.75 %	1.83 % - 4.26 %	0.67 % - 1.46 %
Expected annual dividend yield	—	—	—

Time-Based Restricted Stock Unit Awards

Except as otherwise provided in the applicable Plan or award certificate, 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 that the final outcome of the performance criteria is determined.

Conversion and modification of equity awards outstanding at Separation date

In connection with the Separation, and in accordance with the provisions of the Alkermes Stock Option and Incentive Plans (as defined in Note 15, Share-based Compensation) and the terms of that certain employee matters agreement, dated as of November 13, 2023, as amended, by and between the Company and Mural (the “Employee Matters Agreement”), outstanding stock options, RSUs and performance-based RSUs were adjusted (an equitable adjustment) in order to preserve the intrinsic value of such awards immediately before and immediately after the Separation Date. Based upon the terms and the methodology set forth in the Employee Matters Agreement, one conversion ratio was calculated for awards held by current and former employees of the Company (the “Alkermes Conversion Ratio”), a second conversion ratio was calculated for stock options held by employees who transferred to Mural in connection with the Separation and a third conversion ratio was calculated for RSUs held by employees who transferred to Mural in connection with the Separation (the “Mural Conversion Ratios”).

Following the application of the Alkermes Conversion Ratio to applicable awards that were outstanding immediately before the Separation Date, the Company compared the fair value of such awards to the fair value of the awards that were outstanding immediately after the Separation Date, as adjusted, to determine whether the Company would recognize an incremental fair value adjustment related to the awards. Following this calculation, it was determined that no incremental fair value resulted from the application of the Alkermes Conversion Ratio.

Following the application of the applicable Mural Conversion Ratios to applicable awards that were outstanding immediately before the Separation Date, Mural compared the fair value of such awards to the fair value of the awards that were outstanding immediately after the Separation Date, as adjusted, to determine whether an incremental fair value adjustment was required. Following this calculation, it was determined that the fair value of the post-conversion awards held by employees who transferred to Mural increased immediately following the Separation, resulting in an incremental fair value charge as of the Separation Date. In accordance with FASB ASC 718, Compensation—Stock Compensation, the Company recognized a charge within share-based compensation expense of $1.6 million, which represented the incremental fair value related to stock option awards that had vested prior to the Separation Date.

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 Income (Loss)

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

Earnings (Loss) Per Share

Basic earnings (loss) per ordinary share from continuing operations is calculated based upon net income (loss) from continuing operations available to holders of ordinary shares divided by the weighted average number of ordinary shares outstanding. Basic loss per ordinary share from discontinued operations is calculated based upon net loss from discontinued operations available to holders of ordinary shares, divided by the weighted average number of ordinary shares outstanding. For the calculation of diluted earnings (loss) per ordinary share from continuing operations and discontinuing operations, the Company utilizes the treasury stock method and adjusts the weighted average number of ordinary shares outstanding for the potential dilutive effect of outstanding ordinary share equivalents such as 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, 2023, 2022 and 2021, the Company contributed $15.0 million, $14.4 million and $13.7 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, 2023, 2022 and 2021, the Company contributed $5.6 million, $5.1 million and $5.2 million, respectively, in contributions to the Defined Contribution Plan.

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.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosure, which requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items to reconcile to segment profit or loss and the title and position of the Company’s chief operating decision maker. The amendments in this guidance also expand the interim segment disclosure requirements. All disclosure requirements under this guidance are required for public entities with a single reportable segment. This ASU became effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted and the amendments in this guidance are required to be applied on a retrospective basis. The Company is currently evaluating the potential impact this ASU will have on its consolidated financial statements and related disclosures.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, to enhance the transparency and decision usefulness of income tax disclosures in order to provide information to assist key stakeholders in better assessing how the Company’s operations and related tax risks and tax planning and operational opportunities affect the Company’s tax rate and prospects for future cash flows. This ASU becomes effective for public companies for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. This guidance will be applied on a prospective basis. The Company is currently evaluating the impact this ASU will have on its consolidated financial statements and related disclosures.

Restructuring - Additional Information (Details) $ in Thousands	1 Months Ended	3 Months Ended	12 Months Ended
	Jul. 31, 2023 Positions	Dec. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring and related activities initiation month and year			2023-07
Number of positions eliminated \| Positions	60
Restructuring charge		$ 6,000	$ 5,969
Research and Development Expense
Restructuring Cost and Reserve [Line Items]
Restructuring charge			4,500
Selling, General and Administrative Expense
Restructuring Cost and Reserve [Line Items]
Restructuring charge			$ 1,500

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Summary of Future Lease Payments Under Non-Cancelable Leases

Future lease payments under non-cancelable leases as of December 31, 2023 consisted of the following:


	December 31,
(In thousands)	2023
2024	$	10,148
2025		10,248
2026		10,319
2027		9,509
2028		9,574
Thereafter		59,665
Total operating lease payments	$	109,463
Less: imputed interest		(28,008	)
Total operating lease liabilities	$	81,455

Restructuring (Tables)

12 Months Ended

Dec. 31, 2023

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Activity

Activity related to the Restructuring during the year ended December 31, 2023 was as follows:


(In thousands)
Balance, December 31, 2022	$	—
Restructuring charge		5,969
Amounts paid during the period:
Severance		(3,932	)
Benefits		(520	)
Outplacement services		(183	)
Balance, December 31, 2023	$	1,334

Income Taxes - Schedule of Reconciliation of Statutory Tax Rate to Effective Tax Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of effective income tax rate
Statutory tax rate (as a percent)	12.50%	12.50%	12.50%
Income (loss) from continuing operations before income taxes at statutory rate	$ 52,690	$ (3,891)	$ 10,966
Share-based compensation	4,177	4,347	7,716
Foreign rate differential	4,701	521	5,159
Change in valuation allowance	(142,424)	1,102	(23,024)
Intercompany amounts	(16,551)	(1,694)	10,707
Irish rate differential	235	4,926	1,817
Uncertain tax positions	(234)	602	704
Non-deductible lobbying expenses	705	775	637
U.S. state income taxes, net of U.S. federal benefit	347	1,272	(260)
In-process R&D			2,724
Foreign derived intangible income		(4,530)	(3,125)
R&D credit	(2,823)	(2,531)	(2,871)
Other permanent items	1,539	1,125	176
Total tax (benefit) provision	$ (97,638)	$ 2,024	$ 11,326
Effective tax rate (as a percent)	(23.20%)	(6.50%)	12.90%

Investments (Tables)

12 Months Ended

Dec. 31, 2023

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, 2023	Cost		Gains		One Year			One Year			Fair Value
Short-term investments:
Available-for-sale securities:
U.S. government and agency debt securities	$	199,708	$	758	$	(36	)	$	(611	)	$	199,819
Corporate debt securities		112,055		703		(15	)		(536	)		112,207
Non-U.S. government debt securities		4,004		—		—			(8	)		3,996
Total short-term investments		315,767		1,461		(51	)		(1,155	)		316,022
Long-term investments:
Available-for-sale securities:
U.S. government and agency debt securities		19,392		—		(27	)		(315	)		19,050
Corporate debt securities		19,306		—		—			(289	)		19,017
		38,698		—		(27	)		(604	)		38,067
Held-to-maturity securities:
Certificates of deposit		1,820		—		—			—			1,820
Total long-term investments		40,518		—		(27	)		(604	)		39,887
Total investments	$	356,285	$	1,461	$	(78	)	$	(1,759	)	$	355,909

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:


	Year Ended December 31,
(In thousands)	2023		2022		2021
Proceeds from the sales and maturities of investments	$	355,522	$	281,627	$	295,010
Realized gains	$	—	$	—	$	34
Realized losses	$	—	$	529	$	977

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

The Company’s available-for-sale and held-to-maturity securities at December 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	$	207,005	$	205,950	$	1,820	$	1,820
After 1 year through 5 years		147,460		148,139		—		—
Total	$	354,465	$	354,089	$	1,820	$	1,820

Summary of Significant Accounting Policies - Schedule of Property, Plant and Equipment (Details)	12 Months Ended
	Dec. 31, 2023
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
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration]	us-gaap:UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember

Discontinued Operations - Summary of Assets and Liabilities (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Current Assets:
Total current assets		$ 2,324,000
Total assets	$ 0
Current Liabilities:
Total current liabilities	$ 4,542,000	5,844,000
Mural Oncology PLC
Current Assets:
Prepaid expenses and other current assets		2,324,000
Total current assets		2,324,000
Right-of-use assets		18,316,000
Property, plant and equipment, net		10,617,000
Goodwill		7,800,000
Deferred tax asset		1,030,000
Total assets		40,087,000
Current Liabilities:
Operating lease liabilities-short-term		5,844,000
Total current liabilities		5,844,000
Operating lease liabilities-long-term		13,542,000
Total liabilities		$ 19,386,000

Inventory

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Inventory

7. INVENTORY

Inventory consists of the following:


	December 31,		December 31,
(In thousands)	2023		2022
Raw materials	$	71,416	$	61,064
Work in process		68,843		76,228
Finished goods(1)		46,147		44,126
Total inventory	$	186,406	$	181,418

(1)

At December 31, 2023 and 2022, the Company had $33.9 million and $30.9 million, respectively, of finished goods inventory located at its third-party warehouse and shipping service provider.

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

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, 2022	$	13,363
Additions		42,218
Transferred to receivables, net		(46,652	)
Contract assets at December 31, 2022	$	8,929
Additions		13,606
Transferred to receivables, net		(21,829	)
Contract assets at December 31, 2023	$	706

Contract liabilities consisted of the following:


(In thousands)	Contract Liabilities
Contract liabilities at January 1, 2022	$	17,830
Additions		6,769
Amounts recognized into revenue		(7,514	)
Amounts recognized into other (expense) income, net		(6,384	)
Contract liabilities at December 31, 2022	$	10,701
Reductions		(931	)
Amounts recognized into revenue		(4,995	)
Contract liabilities at December 31, 2023	$	4,775

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, 2023, 2022 and 2021:


	Year Ended December 31,
	2023				2022				2021
Customer	Receivables		Revenue		Receivables		Revenue		Receivables		Revenue
Janssen	23	%	31	%	*		15	%	30	%	30	%
Biogen	9	%	11	%	19	%	13	%	11	%	10	%
Cardinal Health	24	%	20	%	24	%	24	%	17	%	20	%
AmerisourceBergen	16	%	12	%	18	%	14	%	13	%	11	%
McKesson	14	%	14	%	12	%	16	%	11	%	13	%


*		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, 2023, 2022 and 2021, as noted.

Schedule of Revenues by Geographic Location, as Determined by the Location of the Customer

Company revenues by geographic location for the years ended December 31, 2023, 2022 and 2021, as determined by the location of the customer, are as follows:


	Year Ended December 31,
(In thousands)	2023		2022		2021
Revenue by region:
U.S.	$	1,491,939	$	931,991	$	984,235
Ireland		1,179		1,829		2,175
Rest of world		170,287		177,975		187,341

Summary of Location of the Assets

The location of the Company’s assets are as follows:


	December 31,
(In thousands)	2023		2022 (1)
Assets by region:
Current assets:
U.S.:
Assets related to discontinued operations	$	—	$	2,324
Other current assets		867,588		700,240
Ireland:
Assets held for sale	$	94,260	$	—
Other current assets		523,658		427,742
Rest of world		—		—
Long-term assets:
U.S.:
Assets related to discontinued operations	$	—	$	37,763
Other		432,870		499,038
Ireland:
Intangible assets	$	1,991	$	37,680
Assets held for sale		—		93,871
Goodwill		83,027		83,027
Other		132,829		82,293

(1)

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

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


	Year Ended December 31,
	2023	2022	2021
Expected option term	5 - 8 years	5 - 8 years	5 - 7 years
Expected stock volatility	40 % - 44 %	43 % - 51 %	43 % - 54 %
Risk-free interest rate	3.34 % - 4.75 %	1.83 % - 4.26 %	0.67 % - 1.46 %
Expected annual dividend yield	—	—	—

Discontinued Operations - Additional Information (Details)	12 Months Ended
	Dec. 31, 2023 USD ($) Agreement	Dec. 31, 2022 USD ($)
Discontinued Operations and Disposal Groups [Abstract]
Discontinued operation agreement date	Nov. 13, 2023
Number of transition service agreement \| Agreement	2
Service agreement term	2 years
Transaction costs related to the Separation	$ 36,000,000	$ 1,400,000
Assets	0
Liabilities related to discontinued operations	$ 4,542,000	$ 5,844,000

- Definition

Amount classified as liabilities attributable to disposal group held for sale or disposed of, expected to be disposed of within one year or the normal operating cycle, if longer.

+ References + Details

Accounts Payable and Accrued Expenses - Additional Information (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accounts Payable And Accrued Expenses [Line Items]
Accounts payable	$ 65,649	$ 32,843
State Medicaid Rebates
Accounts Payable And Accrued Expenses [Line Items]
Accounts payable	$ 34,500	$ 800

Revenue from Contracts with Customers

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

4. REVENUE FROM CONTRACTS WITH CUSTOMERS

During the years ended December 31, 2023, 2022 and 2021, the Company recorded product sales, net, as follows:


	Year Ended December 31,
(In thousands)	2023		2022		2021
VIVITROL	$	400,419	$	379,478	$	343,853
ARISTADA and ARISTADA INITIO		327,690		302,052		275,356
LYBALVI		191,889		96,022		8,215
Total product sales, net	$	919,998	$	777,552	$	627,424

During the years ended December 31, 2023, 2022 and 2021, the Company recorded manufacturing and royalty revenues from its collaboration arrangements as follows:


	Year Ended December 31, 2023
(In thousands)	Manufacturing Revenue		Royalty Revenue		Total
Long-acting INVEGA products(1)	$	—	$	486,101	$	486,101
VUMERITY		42,886		86,440		129,326
RISPERDAL CONSTA		36,123		1,153		37,276
Other		63,489		27,196		90,685
	$	142,498	$	600,890	$	743,388


	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

(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. 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 the long-acting INVEGA products. When the partial termination became effective in February 2022, Janssen ceased paying royalties related to sales of INVEGA SUSTENNA, INVEGA TRINZA and INVEGA HAFYERA. Accordingly, the Company ceased recognizing royalty revenue related to sales of these products in February 2022. 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. In May 2023, the arbitral tribunal (the “Tribunal”) in the arbitration proceedings issued a final award (the “Final Award”) which concluded the arbitration proceedings. The Final Award provided, among other things, that the Company was due back royalties of $195.4 million, inclusive of $8.1 million in late-payment interest related to 2022 U.S. net sales of the long-acting INVEGA products, which amount the Company received from Janssen in the second quarter of 2023, and is entitled to 2023 and future royalty revenues from Janssen related to net sales of INVEGA SUSTENNA through August 20, 2024, INVEGA TRINZA through the second quarter of 2030 (but no later than May 2030 when the license agreement expires) and INVEGA HAFYERA through May 2030 (when the license agreement expires).

Following issuance of the Final Award, the Company recognized royalty revenues related to the back royalties noted above and resumed recognizing royalty revenue related to ongoing U.S. sales of the long-acting INVEGA products. During 2023, the Company recorded $486.1 million in royalty revenue from sales of the long-acting INVEGA products, including $195.4 million related to back royalties and associated interest related to net sales of the long-acting INVEGA in the U.S. in 2022 and resumed recognizing royalty revenue related to worldwide net sales of the long-acting INVEGA products of approximately $290.7 million, as compared to royalty revenue of $115.7 million during 2022.

In October 2022 and November 2022, an arbitration panel found that the Company must return to Acorda Therapeutics, Inc. (“Acorda”) $16.5 million (inclusive of prejudgment interest and administrative fees) and $1.8 million (inclusive of prejudgment interest), respectively, previously paid by Acorda under a license agreement between the Company and Acorda. These amounts represented a portion of the royalty revenue paid to the Company by Acorda since July 2020 related to AMPYRA. The Company paid

Acorda the aggregate $18.3 million in the fourth quarter of 2022. In addition, during the three months ended June 30, 2022, the Company had recorded $3.2 million of royalty revenue related to AMPYRA as the Company believed that it had met the necessary revenue recognition criteria under 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 income (loss). The amounts related to such arbitration ruling were included as part of “Other” within the manufacturing and royalty revenue table above for the year ended December 31, 2022. As a result of the arbitration ruling, the Company has no contractual obligation to manufacture and supply AMPYRA or contractual right to receive future manufacturing or royalty revenue related to AMPYRA. Refer to Note 19, Commitments and Contingent Liabilities within the “Notes to Consolidated Financial Statements” in this Annual Report for information regarding additional legal proceedings related to the arbitration with Acorda.

- 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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property, plant and equipment
Property, plant and equipment, gross	$ 457,104	$ 437,680
Less: accumulated depreciation	(230,161)	(214,761)
Total property, plant and equipment, net	226,943	222,919
Land
Property, plant and equipment
Property, plant and equipment, gross	957	947
Building and Improvements
Property, plant and equipment
Property, plant and equipment, gross	132,735	104,666
Furniture, Fixtures and Equipment
Property, plant and equipment
Property, plant and equipment, gross	237,728	222,408
Leasehold Improvements
Property, plant and equipment
Property, plant and equipment, gross	39,893	31,642
Construction in Progress
Property, plant and equipment
Property, plant and equipment, gross	$ 45,791	$ 78,017

Share-based Compensation

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Share-based Compensation

15. SHARE-BASED COMPENSATION

Share-Based Compensation Expense



	Year Ended December 31,
(In thousands)	2023		2022		2021
Cost of goods manufactured and sold	$	11,353	$	10,284	$	9,175
Research and development		25,753		23,289		21,396
Selling, general and administrative		55,611		54,104		51,861
Share-based compensation expense from continuing operations		92,717		87,677		82,432
Cost of goods manufactured and sold		—		—		—
Research and development		3,255		4,652		3,481
Selling, general and administrative		4,933		1,925		1,709
Share-based compensation expense from discontinued operations		8,188		6,577		5,190
Total share-based compensation expense	$	100,905	$	94,254	$	87,622

During the years ended December 31, 2023, 2022 and 2021, $3.2 million, $3.3 million and $2.3 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,” and together with the 2018 Plan and the 2008 Plan, the “the Alkermes Stock Option and Incentive Plans”). 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 June 29, 2023, 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 6.5 million. At December 31, 2023, there were 15.1 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.

In connection with the Separation and in accordance with the provisions of the Alkermes Stock Option and Incentive Plans, the Company adjusted outstanding equity awards as described in Note 2, Significant Accounting Policies within these “Notes to consolidated financial statements” in this Annual Report, and specifically the section entitled “Conversion and Modification of Equity Awards Outstanding at Separation Date”. The incremental number of ordinary shares underlying each award that was outstanding immediately prior to the Separation is included as “Conversion Reissuance” in each of the associated tables below.

Stock Options

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


	Number of			Weighted Average
	Shares			Exercise Price
Outstanding, January 1, 2023		17,596,961		$	33.32
Granted		3,479,898		$	27.88
Conversion Reissuance		357,146		$	32.26
Exercised		(772,207	)	$	21.70
Expired		(1,334,719	)	$	37.02
Forfeited		(1,187,176	)	$	26.56
Outstanding, December 31, 2023		18,139,903		$	32.28
Exercisable, December 31, 2023		11,054,082		$	37.24

The weighted average grant date fair value of stock options granted during the years ended December 31, 2023, 2022 and 2021 was $13.74, $12.62 and $10.09, respectively. The aggregate intrinsic value of stock options exercised during the years ended December 31, 2023, 2022 and 2021 was $6.0 million, $11.6 million and $8.3 million, respectively.

At December 31, 2023, there were 6.9 million stock options expected to vest, with a weighted average exercise price of $24.46 per share, a weighted average contractual remaining life of 8.0 years and an aggregate intrinsic value of $24.6 million. At December 31, 2023, the aggregate intrinsic value of stock options exercisable was $29.4 million with a weighted average remaining contractual term of 4.5 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, 2023, there was $33.0 million of unrecognized share-based compensation expense related to unvested stock options, which is expected to be recognized over a weighted average period of 1.9 years.

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, 2023		6,625,422		$	23.34
Granted		2,884,122		$	27.65
Conversion reissuance		110,015		$	24.19
Forfeited		(1,368,705	)	$	25.17
Vested		(2,593,276	)	$	24.31
Unvested, December 31, 2023		5,657,578		$	24.18

The weighted average grant date fair values of time-vesting RSUs granted during the years ended December 31, 2023, 2022 and 2021 were $27.65, $25.27 and $20.83, respectively. The total fair value of time-vesting RSUs that vested during the years ended December 31, 2023, 2022 and 2021, was $63.0 million, $54.3 million and $56.3 million, respectively.

At December 31, 2023, there was $55.4 million of total unrecognized share-based compensation expense 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 2023, 2022 and 2021, 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, 2023		1,349,634		$	26.05
Granted		667,565		$	29.91
Conversion reissuance		30,244		$	27.15
Forfeited		(248,711	)	$	24.06
Vested		(252,375	)	$	23.43
Unvested, December 31, 2023		1,546,357		$	27.95

The weighted average grant date fair values of performance-based RSUs granted during the years ended December 31, 2023, 2022 and 2021 were $29.91, $30.73 and $23.09, respectively. The total fair value of performance-based RSUs that vested during the years ended December 31, 2023, 2022 and 2021 were $5.9 million, none and $4.2 million, respectively. At December 31, 2023, there was $2.5 million of unrecognized share-based compensation expense related to performance-based RSUs granted in February 2022 and 2023, which would be recognized in accordance with the terms of the awards when the Company deems it probable that the performance criteria will be met.

The Company has additional unrecognized share-based compensation expense related to performance-based RSUs that were granted in February 2021. As of December 31, 2023, the financial performance criteria for these awards were deemed not probable of being achieved. On February 8, 2024, the compensation committee of the Company’s board of directors determined that the Company partially achieved the financial performance criteria. This was considered a modification in accordance with FASB ASC 718, Compensation—Stock Compensation and resulted in a modification charge of approximately $6.8 million. On February 8, 2024, the compensation committee of the Company’s board of directors also determined that the Company achieved the pipeline performance criteria for these awards, resulting in a $2.6 million incremental share-based compensation expense, as it was deemed such pipeline performance criteria had been met. The share-based compensation expense related to these achievements will be recognized in 2024.

Discontinued Operations - Summary of Expenses of Discontinued Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total operating expenses from discontinued operations	$ 164,803	$ 136,176	$ 127,033
Disposal Group, Including Discontinued Operation, Operating Income (Loss), Total	(164,803)	(136,176)	(127,033)
Income tax benefit from discontinued operations	(1,403)	(11,061)	(2,463)
Net loss and comprehensive loss from discontinued operations	(163,400)	(125,115)	(124,570)
Cost of goods manufactured
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total operating expenses from discontinued operations	39	40	64
Research and development
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total operating expenses from discontinued operations	116,177	121,140	115,602
Selling, general and administrative
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total operating expenses from discontinued operations	$ 48,587	$ 14,996	$ 11,367

- Definition

Amount after tax of income (loss) from a discontinued operation attributable to the parent. Includes, but is not limited to, the income (loss) from operations during the phase-out period, gain (loss) on disposal, gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and adjustments to a prior period gain (loss) on disposal.

+ References + Details

Income Taxes - Schedule of Reconciliation of Statutory Tax Rate to Effective Tax Rate (Parenthetical) (Details) $ in Millions	Dec. 31, 2023 USD ($)
Income Tax Disclosure [Abstract]
Tax benefit related to intercompany transfer of inventory	$ 15.7

Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2023

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)	2023 (1)			2022 (1)
Land	$	957		$	947
Building and improvements		132,735			104,666
Furniture, fixtures and equipment		237,728			222,408
Leasehold improvements		39,893			31,642
Construction in progress		45,791			78,017
Subtotal		457,104			437,680
Less: accumulated depreciation		(230,161	)		(214,761	)
Total property, plant and equipment, net	$	226,943		$	222,919

(1)

Share-based Compensation - Summary of PRSU Activity (Details) - Performance-based RSUs Awards - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Number of Shares
Unvested at the beginning of the period (in shares)	1,349,634
Granted (in shares)	667,565
Conversion reissuance (in shares)	30,244
Forfeited (in shares)	(248,711)
Vested (in shares)	(252,375)
Unvested at the end of the period (in shares)	1,546,357	1,349,634
Weighted Average Grant Date Fair Value
Unvested at the beginning of the period (in dollars per share)	$ 26.05
Granted (in dollars per share)	29.91	$ 30.73	$ 23.09
Conversion reissuance (in dollars per share)	27.15
Forfeited (in dollars per share)	24.06
Vested (in dollars per share)	23.43
Unvested at the end of the period (in dollars per share)	$ 27.95	$ 26.05

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of (Benefit) Provision for Income Taxes from Continuing Operations

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


	Year Ended December 31,
(In thousands)	2023			2022 (1)			2021 (1)
Current income tax (benefit) provision:
U.S. federal	$	(981	)	$	11,169		$	2,251
U.S. state		722			4,401			797
Rest of world		—			—			3
Deferred income tax (benefit) provision:
U.S. federal		10,192			(10,536	)		9,372
U.S. state		(507	)		(3,010	)		(1,097	)
Ireland		(107,064	)		—			—
Total tax (benefit) provision	$	(97,638	)	$	2,024		$	11,326

(1)

Prior period amounts have been retrospectively adjusted to reflect the effects of the Separation.

Schedule of Income (Loss) Before (Benefit) Provision for Income Taxes by Geographical Area

The distribution of the Company’s income (loss) before the (benefit) provision for income taxes by geographical area consists of the following:


	Year Ended December 31,
(In thousands)	2023		2022 (1)			2021 (1)
Ireland	$	411,767	$	(32,198	)	$	85,415
U.S.		9,752		1,070			2,312
Income (loss) from continuing operations before (benefit) provision for income taxes	$	421,519	$	(31,128	)	$	87,727

(1)

Prior period amounts have been retrospectively adjusted to reflect the effects of the Separation.

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)	2023			2022 (1)
Deferred tax assets:
Net operating loss carryforwards	$	195,658		$	238,128
Research and development expenses		49,206			66,464
Accrued expenses and reserves		56,083			51,362
Share-based compensation		37,727			39,333
Tax credits		27,116			22,932
Other		5,582			6,543
Less: valuation allowance		(129,296	)		(268,067	)
Total deferred tax assets		242,076			156,695
Deferred tax liabilities:
Property, plant and equipment		(44,019	)		(41,169	)
Other		(2,716	)		(1,502	)
Total deferred tax liabilities		(46,735	)		(42,671	)
Net deferred tax assets	$	195,341		$	114,024

(1)

Prior period amounts have been retrospectively adjusted to reflect the effects of the Separation.

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 (1)			(Additions) / Reductions (2)			Balance at End of Period (1)
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	)
Deferred tax asset valuation allowance for the year ended December 31, 2023	$	(271,517	)	$	142,221		$	(129,296	)

(1)

Inclusive of continuing and discontinued operations for all periods other than the balance at December 31, 2023.

(2)

Schedule of Reconciliation of Statutory Tax Rate to 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)	2023				2022 (1)				2021 (1)
Statutory tax rate		12.5		%		12.5		%		12.5		%

Income (loss) from continuing operations before income taxes at statutory rate	$	52,690			$	(3,891	)		$	10,966

Share-based compensation		4,177				4,347				7,716
Foreign rate differential(2)		4,701				521				5,159
Change in valuation allowance		(142,424	)			1,102				(23,024	)
Intercompany amounts(3)		(16,551	)			(1,694	)			10,707
Irish rate differential(4)		235				4,926				1,817
Uncertain tax positions		(234	)			602				704
Non-deductible lobbying expenses		705				775				637
U.S. state income taxes, net of U.S. federal benefit		347				1,272				(260	)
In-process R&D(5)		—				—				2,724
Foreign derived intangible income		—				(4,530	)			(3,125	)
R&D credit		(2,823	)			(2,531	)			(2,871	)
Other permanent items(6)		1,539				1,125				176
Income tax (benefit) provision	$	(97,638	)		$	2,024			$	11,326

Effective tax rate		(23.2	)	%		(6.5	)	%		12.9		%

(1)

Prior period amounts have been retrospectively adjusted to reflect the effects of the Separation.

(2)

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

(3)

(4)

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

(5)

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

(6)

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, 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 statutes 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
Reductions based on the lapse of applicable statutes of limitations		(1,073	)
Additions based on tax positions related to the prior period		281
Additions based on tax positions related to the current period		558
Balance, December 31, 2023	$	8,739

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill and Intangible Assets

Goodwill and intangible assets consists of the following:


		December 31, 2023							December 31, 2022
(In thousands)	Weighted Amortizable Life (Years)	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Goodwill (1)		$	83,027	$	—		$	83,027	$	83,027	$	—		$	83,027
Finite-lived intangible assets:
Collaboration agreements	12	$	465,590	$	(465,590	)	$	—	$	465,590	$	(435,887	)	$	29,703
Capitalized IP	11-13		118,160		(116,169	)		1,991		118,160		(110,183	)		7,977
Total		$	583,750	$	(581,759	)	$	1,991	$	583,750	$	(546,070	)	$	37,680

(1)

Goodwill and Intangible Assets - Schedule of Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Goodwill
Gross Carrying Amount	$ 83,027	$ 83,027
Net Carrying Amount	83,027	83,027
Finite-lived intangible assets:
Gross Carrying Amount	583,750	583,750
Accumulated Amortization	(581,759)	(546,070)
Net Carrying Amount	$ 1,991	37,680
Collaboration agreements
Finite-lived intangible assets:
Weighted Amortizable Life	12 years
Gross Carrying Amount	$ 465,590	465,590
Accumulated Amortization	(465,590)	(435,887)
Net Carrying Amount		29,703
Capitalized IP
Finite-lived intangible assets:
Gross Carrying Amount	118,160	118,160
Accumulated Amortization	(116,169)	(110,183)
Net Carrying Amount	$ 1,991	$ 7,977
Capitalized IP \| Minimum
Finite-lived intangible assets:
Weighted Amortizable Life	11 years
Capitalized IP \| Maximum
Finite-lived intangible assets:
Weighted Amortizable Life	13 years

Long-term Debt - Scheduled Maturities of Term Loan Facility (Details) - 2026 Term Loans $ in Thousands	Dec. 31, 2023 USD ($)
Long-term debt
2024	$ 3,000
2025	3,000
2026	285,750
Total	$ 291,750

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Investments - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) Investmentsecurity
Schedule of Equity Method Investments [Line Items]
Aggregate estimated fair value of investments in unrealized loss position \| $	$ 135.0
Number of investment securities	231
Number of investments in unrealized loss position	97
Corporate debt securities
Schedule of Equity Method Investments [Line Items]
Percentage Of Investment Securities Available For Sale Unrealized Loss Position2	36.00%
U.S. government and agency debt securities
Schedule of Equity Method Investments [Line Items]
Percentage Of Investment Securities Available For Sale Unrealized Loss Position2	61.00%

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation

Reclassification

Discontinued Operations

Assets Held for Sale

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

Goodwill and Intangible Assets

Impairment of Long-Lived Assets

Revenue from Contracts with Customers

Product Sales, Net

•

Collaborative Arrangements

Manufacturing Revenue

Royalty Revenue

License Revenue

Receivables, net

Contract Assets

Contract assets consisted of the following:


(In thousands)	Contract Assets
Contract assets at January 1, 2022	$	13,363
Additions		42,218
Transferred to receivables, net		(46,652	)
Contract assets at December 31, 2022	$	8,929
Additions		13,606
Transferred to receivables, net		(21,829	)
Contract assets at December 31, 2023	$	706

Contract Liabilities

Contract liabilities consisted of the following:


(In thousands)	Contract Liabilities
Contract liabilities at January 1, 2022	$	17,830
Additions		6,769
Amounts recognized into revenue		(7,514	)
Amounts recognized into other (expense) income, net		(6,384	)
Contract liabilities at December 31, 2022	$	10,701
Reductions		(931	)
Amounts recognized into revenue		(4,995	)
Contract liabilities at December 31, 2023	$	4,775

Foreign Currency

Concentrations


	Year Ended December 31,
	2023				2022				2021
Customer	Receivables		Revenue		Receivables		Revenue		Receivables		Revenue
Janssen	23	%	31	%	*		15	%	30	%	30	%
Biogen	9	%	11	%	19	%	13	%	11	%	10	%
Cardinal Health	24	%	20	%	24	%	24	%	17	%	20	%
AmerisourceBergen	16	%	12	%	18	%	14	%	13	%	11	%
McKesson	14	%	14	%	12	%	16	%	11	%	13	%


*		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, 2023, 2022 and 2021, as noted.

Geographic Information

Company revenues by geographic location for the years ended December 31, 2023, 2022 and 2021, as determined by the location of the customer, are as follows:


	Year Ended December 31,
(In thousands)	2023		2022		2021
Revenue by region:
U.S.	$	1,491,939	$	931,991	$	984,235
Ireland		1,179		1,829		2,175
Rest of world		170,287		177,975		187,341

The location of the Company’s assets are as follows:


	December 31,
(In thousands)	2023		2022 (1)
Assets by region:
Current assets:
U.S.:
Assets related to discontinued operations	$	—	$	2,324
Other current assets		867,588		700,240
Ireland:
Assets held for sale	$	94,260	$	—
Other current assets		523,658		427,742
Rest of world		—		—
Long-term assets:
U.S.:
Assets related to discontinued operations	$	—	$	37,763
Other		432,870		499,038
Ireland:
Intangible assets	$	1,991	$	37,680
Assets held for sale		—		93,871
Goodwill		83,027		83,027
Other		132,829		82,293

(1)

Research and Development Expenses

Selling, General and Administrative Expenses

Advertising costs are expensed as incurred. During the years ended December 31, 2023, 2022 and 2021, advertising costs totaled $127.6 million, $41.4 million and $38.9 million, respectively.

Share-Based Compensation

Time-Based Stock Options

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


	Year Ended December 31,
	2023	2022	2021
Expected option term	5 - 8 years	5 - 8 years	5 - 7 years
Expected stock volatility	40 % - 44 %	43 % - 51 %	43 % - 54 %
Risk-free interest rate	3.34 % - 4.75 %	1.83 % - 4.26 %	0.67 % - 1.46 %
Expected annual dividend yield	—	—	—

Time-Based Restricted Stock Unit Awards

Performance-Based Restricted Stock Unit Awards

Conversion and modification of equity awards outstanding at Separation date

Income Taxes

Comprehensive Income (Loss)

Earnings (Loss) Per Share

Basic earnings (loss) per ordinary share from continuing operations is calculated based upon net income (loss) from continuing operations available to holders of ordinary shares divided by the weighted average number of ordinary shares outstanding. Basic loss per ordinary share from discontinued operations is calculated based upon net loss from discontinued operations available to holders of ordinary shares, divided by the weighted average number of ordinary shares outstanding. For the calculation of diluted earnings (loss) per ordinary share from continuing operations and discontinuing operations, the Company utilizes the treasury stock method and adjusts the weighted average number of ordinary shares outstanding for the potential dilutive effect of outstanding ordinary share equivalents such as stock options and RSUs.

Segment Information

Employee Benefit Plans

401(k) Plan

Defined Contribution Plan

New Accounting Pronouncements

Income Taxes - Additional Information (Details) $ in Thousands, € in Millions	12 Months Ended
	Dec. 31, 2023 EUR (€)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Income Taxes [Line Items]
Tax benefits included in discontinued operations		$ (1,400)	$ (11,100)	$ (2,500)
Cumulative unremitted earnings of overseas subsidiaries		797,000
Valuation allowance		129,296	$ 271,517	$ 249,112	$ 253,649
Valuation allowance released		143,900
Federal research and development credits		9,700
State tax credits		31,000
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	3 years
Maximum
Income Taxes [Line Items]
Period after loss carryforwards utilized that tax returns remain open to examination	4 years	4 years
U.S. state
Income Taxes [Line Items]
Valuation allowance		$ 27,300
Operating loss carryforwards		43,200
U.S. state \| Rodin Therapeutics Incorporation
Income Taxes [Line Items]
Operating loss carryforwards		6,300
U.S. federal
Income Taxes [Line Items]
Operating loss carryforwards		14,600
U.S. federal \| Rodin Therapeutics Incorporation
Income Taxes [Line Items]
Operating loss carryforwards		14,600
Federal research and development credits		500
Ireland
Income Taxes [Line Items]
Income taxes payable on repatriation of unremitted earnings		70,800
Valuation allowance		102,000
Operating loss carryforwards		$ 1,300,000

Share-based Compensation - Additional Information (Details) shares in Millions, $ in Millions		12 Months Ended
	Jun. 29, 2023 shares	Dec. 31, 2023 USD ($) Item shares	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Share-based compensation Expense
Share based compensation cost capitalized \| $		$ 3.2	$ 3.3	$ 2.3
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	6.5
2018 Plan
Share-based compensation Expense
Shares of common stock available for issuance \| shares		15.1
Ratio of awards other than stock options counted against the total number of shares available for issuance		1.8

Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

10. LEASES

All of the Company’s leases are accounted for as operating leases. 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.

On November 13, 2023, in connection with the Separation, Alkermes US and Mural US entered into an assignment and assumption of lease agreement (the “Assignment”), pursuant to which Alkermes US assigned to Mural US an operating lease for approximately 180,000 square feet of corporate office space, administrative areas and laboratories located at 852 Winter Street in Waltham, Massachusetts (the “852 Winter Street Lease”). Under the terms of the Assignment, Mural US assumed all of Alkermes US’ obligations under the 852 Winter Street Lease. In accordance with FASB ASC 842, Leases, as the Company can no longer access or direct the use of the asset following the Assignment, the 852 Winter Street Lease no longer meets the definition of a lease for the Company. On November 15, 2023, the effective date of the Assignment, the Company reduced its right-of-use asset and lease liability by $14.5 million and $15.4 million, respectively in the accompanying consolidated balance sheet.

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.

At December 31, 2023 and 2022, the operating leases held by the Company had a weighted average incremental borrowing rate of 4.4% and 5.5%, respectively, and a weighted average remaining lease term of 8.7 years and 9.6 years, respectively. During the years ended December 31, 2023, 2022 and 2021, cash paid for amounts included for the measurement of lease liabilities was $10.3 million, $27.0 million and $11.8 million, respectively. The Company recorded operating lease expense of $10.2 million, $10.7 million and $11.3 million for the years ended December 31, 2023, 2022 and 2021, respectively.

Future lease payments under non-cancelable leases as of December 31, 2023 consisted of the following:


	December 31,
(In thousands)	2023
2024	$	10,148
2025		10,248
2026		10,319
2027		9,509
2028		9,574
Thereafter		59,665
Total operating lease payments	$	109,463
Less: imputed interest		(28,008	)
Total operating lease liabilities	$	81,455

Income Taxes - Schedule of Activity in Valuation Allowance Associated with Deferred taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Balance at Beginning of Period	$ (271,517)	$ (249,112)	$ (253,649)
(Additions) / Reductions	142,221	(22,405)	4,537
Balance at End of Period	$ (129,296)	$ (271,517)	$ (249,112)

Long-term Debt

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Long-term Debt

12. LONG-TERM DEBT

Long-term debt consists of the following:


	December 31,			December 31,
(In thousands)	2023			2022
2026 Term Loans, due March 12, 2026	$	290,730		$	293,270
Less: current portion		(3,000	)		(3,000	)
Long-term debt	$	287,730		$	290,270

The Company’s outstanding term loans mature on March 12, 2026 (the “2026 Term Loans”). In June 2023, the Company amended the 2026 Terms Loans to transition the interest rate available for borrowings thereunder from a London Interbank Offered Rate (“LIBOR”)-based interest rate to an interest rate based on the Secured Overnight Financing Rate (“SOFR”) and to make other conforming and mechanical changes. The 2026 Term Loans bear interest at SOFR plus a credit spread adjustment applicable to the interest period and an applicable margin of 2.50% with a floor of 0.5%.

The 2026 Term Loans have an incremental facility capacity in the 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, 2023.

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


Year Ending December 31:
2024	$	3,000
2025		3,000
2026		285,750
Total	$	291,750

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.

Share-based Compensation - Summary of RSU Activity (Details) - Time-based RSU Awards - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Number of Shares
Unvested at the beginning of the period (in shares)	6,625,422
Granted (in shares)	2,884,122
Conversion reissuance (in shares)	110,015
Forfeited (in shares)	(1,368,705)
Vested (in shares)	(2,593,276)
Unvested at the end of the period (in shares)	5,657,578	6,625,422
Weighted Average Grant Date Fair Value
Unvested at the beginning of the period (in dollars per share)	$ 23.34
Granted (in dollars per share)	27.65	$ 25.27	$ 20.83
Conversion reissuance (in dollars per share)	24.19
Forfeited (in dollars per share)	25.17
Vested (in dollars per share)	24.31
Unvested at the end of the period (in dollars per share)	$ 24.18	$ 23.34

Inventory - Schedule of Inventories (Parenthetical) (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Finished goods inventory located at third-party warehouse and shipping service provider	$ 33.9	$ 30.9

Leases - Summary of Future Lease Payments Under Non-Cancelable Leases (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Leases [Abstract]
2024	$ 10,148
2025	10,248
2026	10,319
2027	9,509
2028	9,574
Thereafter	59,665
Total operating lease payments	109,463
Less: imputed interest	(28,008)
Total operating lease liabilities	$ 81,455

Earnings (Loss) Per Share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Schedule of Basic Earnings (Loss) Per Ordinary Share


	Year Ended December 31,
(In thousands)	2023			2022 (1)			2021 (1)
Numerator:
Net income (loss) from continuing operations	$	519,157		$	(33,152	)	$	76,401
Net (loss) discontinued operations		(163,400	)		(125,115	)		(124,570	)
Net income (loss)	$	355,757		$	(158,267	)	$	(48,169	)
Denominator:
Weighted average number of ordinary shares outstanding		166,223			163,742			160,942
Effect of dilutive securities:
Stock options		1,093			—			633
Restricted stock unit awards		2,414			—			3,178
Dilutive ordinary share equivalents		3,507			—			3,811
Shares used in calculating diluted earnings (loss) per ordinary share		169,730			163,742			164,753

(1)

Prior period amounts have been retrospectively adjusted to reflect the effects of the Separation.

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)	2023		2022		2021 (1)
Stock options		12,422		12,777		14,161
Restricted stock unit awards		2,378		5,040		804
Total		14,800		17,817		14,965

(1)

Prior period amounts have been retrospectively adjusted to reflect the effects of the Separation.

Insider Trading Arrangements - shares		3 Months Ended
Insider Trading Arrangements - shares	Dec. 14, 2023	Dec. 31, 2023
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		Trading Plans During the quarter ended December 31, 2023, the following officers (as defined in Rule 16a-1(f) under the Exchange Act) of the Company adopted contracts, instructions or written plans for the purchase or sale of the Company’s securities that were intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act (each, a “Rule 10b5-1 plan”): On December 14, 2023, Craig Hopkinson, M.D., our Executive Vice President, Research and Development and Chief Medical Officer, adopted a Rule 10b5-1 plan providing for the sale of up to 820,467 ordinary shares of the Company (including shares that may be obtained from the exercise of vested stock options or vesting of restricted stock unit awards); this plan is scheduled to expire on July 31, 2025. On December 14, 2023, Christian Todd Nichols, our Senior Vice President Chief Commercial Officer, adopted a Rule 10b5-1 plan providing for the sale of up to 10,417 ordinary shares of the Company; this plan is scheduled to expire on August 2, 2024. During the quarter ended December 31, 2023, no other officers or directors of the Company adopted, modified or terminated a Rule 10b5-1 plan or a trading plan not intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act.
Rule 10b5-1 Arrangement Adopted		false
Non-Rule 10b5-1 Arrangement Adopted		false
Rule 10b5-1 Arrangement Terminated		false
Non-Rule 10b5-1 Arrangement Terminated		false
Rule 10b5-1 Arrangement Modified		false
Non-Rule 10b5-1 Arrangement Modified		false
Craig Hopkinson, M.D [Member]
Trading Arrangements, by Individual
Name	Craig Hopkinson, M.D
Title	Executive Vice President
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 14, 2023
Aggregate Available	820,467
Expiration date	July 31, 2025
Christian Todd Nichols [Member]
Trading Arrangements, by Individual
Name	Christian Todd Nichols
Title	Senior Vice President Chief Commercial Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 14, 2023
Aggregate Available	10,417
Expiration date	August 2, 2024

Summary of Significant Accounting Policies - Schedule of Concentration (Parenthetical) (Details) - Customer Concentration Risk - Minimum	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
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%

Revenue from Contracts with Customers (Tables)

12 Months Ended

Dec. 31, 2023

Product sales, net

Schedule of Disaggregation of Revenues

During the years ended December 31, 2023, 2022 and 2021, the Company recorded product sales, net, as follows:


	Year Ended December 31,
(In thousands)	2023		2022		2021
VIVITROL	$	400,419	$	379,478	$	343,853
ARISTADA and ARISTADA INITIO		327,690		302,052		275,356
LYBALVI		191,889		96,022		8,215
Total product sales, net	$	919,998	$	777,552	$	627,424

Manufacturing and royalty revenues

Schedule of Disaggregation of Revenues

During the years ended December 31, 2023, 2022 and 2021, the Company recorded manufacturing and royalty revenues from its collaboration arrangements as follows:


	Year Ended December 31, 2023
(In thousands)	Manufacturing Revenue		Royalty Revenue		Total
Long-acting INVEGA products(1)	$	—	$	486,101	$	486,101
VUMERITY		42,886		86,440		129,326
RISPERDAL CONSTA		36,123		1,153		37,276
Other		63,489		27,196		90,685
	$	142,498	$	600,890	$	743,388


	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

(1)

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

Discontinued Operations - Summary of Significant Non-cash Items and Capital Expenditures of Discontinued Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
OPERATING ACTIVITIES:
Depreciation	$ 2,319	$ 1,539	$ 1,474
Share-based compensation expense	8,188	6,577	5,190
Right-of-use assets	3,803	5,909	5,703
Operating lease liabilities	(3,938)	(5,920)	(4,758)
INVESTING ACTIVITIES:
Additions of property, plant and equipment	$ (1,798)	$ (5,510)	$ (4,385)

Shareholders' Equity - Additional Information (Details) - USD ($)		12 Months Ended
	Sep. 30, 2011	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Feb. 15, 2024
Equity, Class of Treasury Stock [Line Items]
Ordinary shares acquired under repurchase program	8,866,342	0	0	0
Cost of ordinary share acquired during share repurchase program	$ 114,000,000
2024 Repurchase Program \| Subsequent Event
Equity, Class of Treasury Stock [Line Items]
Value of shares authorized under repurchase program					$ 400,000,000

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

9. GOODWILL AND INTANGIBLE ASSETS

Goodwill and intangible assets consists of the following:


		December 31, 2023							December 31, 2022
(In thousands)	Weighted Amortizable Life (Years)	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Goodwill (1)		$	83,027	$	—		$	83,027	$	83,027	$	—		$	83,027
Finite-lived intangible assets:
Collaboration agreements	12	$	465,590	$	(465,590	)	$	—	$	465,590	$	(435,887	)	$	29,703
Capitalized IP	11-13		118,160		(116,169	)		1,991		118,160		(110,183	)		7,977
Total		$	583,750	$	(581,759	)	$	1,991	$	583,750	$	(546,070	)	$	37,680

(1)

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 $35.7 million, $36.4 million and $38.1 million of amortization expense related to its finite-lived intangible assets during the years ended December 31, 2023, 2022 and 2021, respectively. The Company’s intangible assets included within its consolidated balance sheets at December 31, 2023 are expected to be fully amortized in the year ending December 31, 2024.

The Company performed its annual goodwill impairment test as of October 31, 2023. The Company performed a quantitative impairment test and based on the weight of all available evidence, determined that the fair value of the reporting unit exceeded its carrying value. As part of the assessment performed as of October 31, 2023, it was determined that a portion of the Company’s goodwill should be allocated to Mural, as a portion of the IP that transferred to Mural was owned by the reporting unit to which the Company’s goodwill was assigned. In connection with the completion of the Separation, the Company recorded a reduction in goodwill of $7.8 million in the accompanying consolidated balance sheet.

In addition, in connection with the planned sale of the Athlone Facility, the Company reviewed FASB ASC 805, Business Combinations and determined that the Athlone Facility constitutes a business and, accordingly, $2.0 million of the Company’s goodwill was allocated to the Athlone Facility and is classified as “Assets held for sale” within the consolidated balance sheets as of December 31, 2023 and 2022.

Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2023

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Transfer of Assets and Liabilities Effected in Accordance with Separation Agreements

The transfer of assets and liabilities to Mural was effected through a contribution in accordance with the separation agreement, as summarized below:


(In thousands)	November 15, 2023
ASSETS
Current Assets:
Cash and cash equivalents	$	275,000
Total current assets		275,000
Property, plant and equipment, net		10,096
Right-of-use assets		14,513
Goodwill		7,800
Deferred tax asset		1,799
Total assets	$	309,208
LIABILITIES
Current Liabilities
Operating lease liabilities—short-term	$	6,036
Total current liabilities		6,036
Operating lease liabilities—long-term		9,412
Total liabilities		15,448
Net assets transferred to Mural	$	293,760

Summary of Discontinued Operations

The following table summarizes expenses of the discontinued operations for the years ended December 31, 2023, 2022 and 2021:


	Year Ended December 31,
(In thousands)	2023			2022			2021
Operating expenses from discontinued operations
Cost of goods manufactured	$	39		$	40		$	64
Research and development		116,177			121,140			115,602
Selling, general and administrative		48,587			14,996			11,367
Total operating expenses from discontinued operations		164,803			136,176			127,033
Operating loss from discontinued operations		(164,803	)		(136,176	)		(127,033	)
Income tax benefit from discontinued operations		(1,403	)		(11,061	)		(2,463	)
Net loss and comprehensive loss from discontinued operations	$	(163,400	)	$	(125,115	)	$	(124,570	)

The following table summarizes the assets and liabilities related to Mural that have been classified as assets and liabilities from discontinued operations in our accompanying consolidated balance sheet as of December 31, 2022:


(In thousands)	December 31, 2022
ASSETS
Current Assets:
Prepaid expenses and other current assets	$	2,324
Total current assets		2,324
Right-of-use assets		18,316
Property, plant and equipment, net		10,617
Goodwill		7,800
Deferred tax asset		1,030
Assets from discontinued operations	$	40,087
LIABILITIES
Current Liabilities:
Operating lease liabilities—short-term	$	5,844
Total current liabilities		5,844
Operating lease liability—long-term		13,542
Liabilities related to discontinued operations	$	19,386

Summary of Significant Non-cash Items and Capital Expenditures of Discontinued Operations


	Year Ended December 31,
	2023			2022			2021
	(In thousands)
OPERATING ACTIVITIES:
Depreciation	$	2,319		$	1,539		$	1,474
Share-based compensation expense		8,188			6,577			5,190
Right-of-use assets		3,803			5,909			5,703
Operating lease liabilities		(3,938	)		(5,920	)		(4,758	)

INVESTING ACTIVITIES:
Additions of property, plant and equipment	$	(1,798	)	$	(5,510	)	$	(4,385	)

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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