0000950170-25-019011 | 10-K | XBRL Viewer

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2024

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 as of December 31, 2023 and for the years ended December 31, 2023 and 2022. See Note 3, Discontinued Operations in these “Notes to Consolidated Financial Statements” in this Annual Report for additional information.

Discontinued Operations

The Company determined that the Separation met the criteria for classification of the former 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 results of the oncology business as discontinued operations through the Separation Date for the years ended December 31, 2023 and 2022 in the consolidated statements of operations and comprehensive income (loss).

Assets Held for Sale

In connection with the sale of the Athlone Facility, the Company reviewed FASB ASC 805, Business Combinations (“Topic 805”) and, based on the definitions therein, determined that the Athlone Facility constituted a business. Accordingly, the assets associated with the sale of the Athlone Facility were classified as “Assets held for sale” in the accompanying consolidated balance sheet as of December 31, 2023.

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 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 its market value. The Company considers as cash equivalents only those investments that are highly liquid, readily convertible into cash and so near their maturity (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 and corporate debt securities. 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, 2024, 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, 2024, 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, 2024 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, 2024 included U.S. government agency debt securities 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, contract assets, other current assets, accounts payable and accrued expenses and accrued sales discounts, allowances and reserves approximate fair value due to their short-term nature.

Inventory

Inventory is stated at the lower of cost and net realizable value. The Company utilizes a standard cost basis, which approximates cost determined using the first-in first-out method. 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 facility 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		25 years
Furniture, fixtures and equipment		5 - 7 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 when its customer obtains control of promised goods or services, in an amount that reflects the consideration which it expects to receive in exchange for those goods or services. The Company recognizes revenue following the five-step model prescribed in accordance with FASB ASC 606, Revenue from Contracts with Customers (“Topic 606”): (i) identify contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the Company satisfies the performance obligations.

Product Sales, Net

The Company’s product sales, net consist of sales in the U.S. of VIVITROL®, ARISTADA®, 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. In 2024, actual Medicaid utilization rates related to VIVITROL were lower than original estimates, due, in part, to $8.7 million in actual credits received from certain states in the fourth quarter of 2024 related to duplicate Medicaid billings. Medicaid rebates for the Company’s other products 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.

A rollforward of the Company’s provisions for sales and allowances is as follows:


	December 31, 2024
(In thousands)	Contractual Adjustments (1)			Discounts (2)			Product Returns			Other			Total
Beginning balance — December 31, 2023	$	234,414		$	28,690		$	41,064		$	10,164		$	314,332
Current provisions relating to sales in current year		557,651			386,625			28,627			87,373			1,060,276
Adjustments relating to prior years		(20,562	)		—			(3,700	)		—			(24,262	)
Payments/credits relating to sales in current year		(369,869	)		(353,629	)		—			(70,752	)		(794,250	)
Payments/credits relating to sales in prior years		(172,656	)		(18,041	)		(15,484	)		(13,488	)		(219,669	)
Ending balance — December 31, 2024	$	228,978		$	43,645		$	50,507		$	13,297		$	336,427


	December 31, 2023
(In thousands)	Contractual Adjustments (1)			Discounts (2)			Product Returns			Other			Total
Beginning balance — December 31, 2022	$	226,741		$	26,175		$	29,666		$	7,938		$	290,520
Current provisions relating to sales in current year		509,780			326,860			33,417			71,449			941,506
Adjustments relating to prior years		(8,921	)		—			2,841			—			(6,080	)
Payments/credits relating to sales in current year		(308,353	)		(293,785	)		—			(56,224	)		(658,362	)
Payments/credits relating to sales in prior years		(184,833	)		(30,560	)		(24,860	)		(12,999	)		(253,252	)
Ending balance — December 31, 2023	$	234,414		$	28,690		$	41,064		$	10,164		$	314,332


	December 31, 2022
(In thousands)	Contractual Adjustments (1)			Discounts (2)			Product Returns			Other			Total
Beginning balance — December 31, 2021	$	209,760		$	24,150		$	24,313		$	9,585		$	267,808
Current provisions relating to sales in current year		434,143			281,308			15,851			58,788			790,090
Adjustments relating to prior years		(22,019	)		—			3,294			—			(18,725	)
Payments/credits relating to sales in current year		(237,521	)		(252,896	)		—			(48,834	)		(539,251	)
Payments/credits relating to sales in prior years		(157,622	)		(26,387	)		(13,792	)		(11,601	)		(209,402	)
Ending balance — December 31, 2022	$	226,741		$	26,175		$	29,666		$	7,938		$	290,520

(1)

“Contractual Adjustments” include “Medicaid Rebates” and “Medicare Part D” accruals

(2)

“Discounts” include “Chargebacks” and “Product Discounts”

Total revenue-related reserves as of December 31, 2024 and 2023, included in our consolidated balance sheets, are summarized as follows:


	Year Ended December 31,
(In thousands)	2024		2023
Reduction of accounts receivable	$	22,031	$	11,510
Components of accrued sales discounts, allowances and reserves		272,452		263,641
Components of other long-term liabilities		41,944		39,181
Total revenue-related reserves	$	336,427	$	314,332

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® (collectively, the “long-acting INVEGA products”) and RISPERDAL CONSTA®, and Biogen International 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 received or 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.

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 $69.5 million and $103.1 million at December 31, 2024 and 2023, 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 $0.3 million and $0.2 million at December 31, 2024 and 2023, respectively.

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, 2023	$	8,929
Additions		13,606
Transferred to receivables, net		(21,829	)
Contract assets at December 31, 2023	$	706
Additions		6,615
Transferred to receivables, net		(2,331	)
Contract assets at December 31, 2024	$	4,990

Contract Liabilities

Contract liabilities consist of contractual obligations related to deferred revenue. At December 31, 2024 and 2023, $1.2 million and $2.7 million of the contract liabilities, respectively, were classified as “Contract liabilities–short-term” in the accompanying consolidated balance sheets and none and $2.1 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, 2023	$	10,701
Additions		(931	)
Amounts recognized into revenue		(4,995	)
Contract liabilities at December 31, 2023	$	4,775
Additions		34
Amounts recognized into revenue		(3,560	)
Contract liabilities at December 31, 2024	$	1,249

Foreign Currency

The Company’s functional and reporting currency is the U.S. dollar. Transactions in foreign currencies are recorded at the exchange rate prevailing on the date of the transaction. The resulting monetary assets and liabilities are translated into U.S. dollars at exchange rates prevailing on the subsequent balance sheet date. Gains and losses as a result of translation adjustments are recorded within “Other income (expense), net” in the accompanying consolidated statements of operations and comprehensive income (loss). During the years ended December 31, 2024, 2023 and 2022, the Company recorded losses of $0.8 million and $0.5 million and a gain of $0.7 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 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, 2024, 2023 and 2022:


	Year Ended December 31,
	2024				2023				2022
Customer	Receivables		Revenue		Receivables		Revenue		Receivables		Revenue
McKesson	36	%	25	%	14	%	14	%	12	%	16	%
Cencora	17	%	15	%	16	%	12	%	18	%	14	%
Cardinal Health	16	%	19	%	24	%	20	%	24	%	24	%
Janssen	14	%	17	%	23	%	31	%	*		15	%
Biogen	*		11	%	*		11	%	19	%	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, 2024, 2023 and 2022, 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 generate investment income.

Geographic Information

Company revenues by geographic location for the years ended December 31, 2024, 2023 and 2022, as determined by the location of the customer, are as follows:


	Year Ended December 31,
(In thousands)	2024		2023		2022
Revenue by region:
U.S.	$	1,410,159	$	1,491,939	$	931,991
Ireland		1,294		1,179		1,829
Rest of world		146,179		170,287		177,975

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


	December 31,
(In thousands)	2024		2023
Assets by region:
Current assets:
U.S.:
Cash and cash equivalents	$	70,303	$	317,850
Investments—short-term		203,631		187,574
Receivables, net		306,259		218,747
Other current assets		129,332		143,417
Ireland:
Cash and cash equivalents	$	220,843	$	139,619
Investments—short-term		256,891		128,448
Receivables, net		78,269		113,730
Assets held for sale		—		94,260
Other current assets		149,827		141,861
Long-term assets:
U.S.:
Property, plant and equipment, net	$	226,646	$	225,578
Investments—long-term		24,629		17,957
Other		210,792		189,335
Ireland:
Property, plant and equipment, net	$	918	$	1,365
Investments—long-term		48,519		21,930
Intangible assets, net and goodwill		83,917		85,018
Other		44,791		109,534

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, 2024, 2023 and 2022, advertising costs totaled $107.6 million, $127.6 million and $41.4 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 or in a service relationship with the Company during the applicable vesting period. Except as otherwise provided in the applicable Plan or Award Certificate (as defined in the 2018 Plan): (i) annual stock option grants to non-employee directors expire ten years from the date of grant and generally vest over a one-year period; and (ii) stock option grants to new non-employee directors expire ten years from the date of grant and generally vest over a three-year period. 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,
	2024	2023	2022
Expected option term	5 - 7 years	5 - 8 years	5 - 8 years
Expected stock volatility	38 % - 42 %	40 % - 44 %	43 % - 51 %
Risk-free interest rate	3.64 % - 4.60 %	3.34 % - 4.75 %	1.83 % - 4.26 %
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 or in a service relationship 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 following the end of a specified performance period. The estimated fair value of these performance-based 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 performance-based RSU is also subject to a market condition. In that case, the fair value of the performance-based 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.

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

In November 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting: Improvements to Reportable Segment Disclosure (“Topic 280”) to establish standards for reporting information about operating segments. Operating segments are defined as components of an enterprise engaging in business activities for which separate financial information is available and regularly reviewed by the chief operating decision maker (“CODM”) in deciding how to allocate resources and in assessing performance. The Company has utilized the management approach to determine that the Company is managed as one segment on a consolidated basis and is the business of developing, manufacturing and commercializing medicines designed to address unmet medical needs of patients in major therapeutic areas. The Company’s CODM, 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. The CODM measures profitability on a reportable segment basis using net income (loss) and utilizes this information in allocating resources and in assessing performance by monitoring budget versus actual results. Please refer to Note 18, Segment Reporting, in these “Notes to Consolidated Financial Statements” in this Annual Report for further information.

Employee Benefit Plans

401(k) Plan

The Company maintains a 401(k) retirement savings plan (the “401(k) Plan”), which covers all of its eligible 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, 2024, 2023 and 2022, the Company contributed $15.1 million, $15.0 million and $14.4 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, 2024, 2023 and 2022, the Company contributed $3.4 million, $5.6 million and $5.1 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 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.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income-Expense Disaggregation Disclosures, to improve disclosures about a public business entity’s expenses and address requests from investors for more detailed information about the types of expenses (including purchases of inventory, employee compensation, depreciation, amortization and depletion) in commonly-presented expense captions, such as cost of sales, selling, general and administrative expenses, and research and development. All disclosure requirements under this guidance are required for public business entities and effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027. Early adoption is permitted and the amendments in this guidance will be applied prospectively to financial statements for periods after the effective dates. The Company is currently evaluating the impact this ASU will have on its consolidated financial statements and related disclosures.

Long-term Debt (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Schedule of Long-term Debt

As of December 31, 2024 and 2023, long-term debt consisted of the following:


	December 31,		December 31,
(In thousands)	2024		2023
Former Term Loans (due March 12, 2026)	$	—	$	290,730
Less: current portion		—		(3,000	)
Long-term debt	$	—	$	287,730

Discontinued Operations

12 Months Ended

Dec. 31, 2024

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

3. DISCONTINUED OPERATIONS

Mural Oncology Separation

In November 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, set 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.

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.

Discontinued Operations

The results of the former 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.

The following table summarizes expenses of the discontinued operations for the years ended December 31, 2024, 2023 and 2022:


	Year Ended December 31,
(In thousands)	2024			2023			2022
Operating expenses from discontinued operations
Cost of goods manufactured	$	—		$	39		$	40
Research and development		5,790			116,177			121,140
Selling, general and administrative		—			48,587			14,996
Total operating expenses from discontinued operations		5,790			164,803			136,176
Operating loss from discontinued operations		(5,790	)		(164,803	)		(136,176	)
Income tax benefit from discontinued operations		(722	)		(1,403	)		(11,061	)
Net loss and comprehensive loss from discontinued operations	$	(5,068	)	$	(163,400	)	$	(125,115	)

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 as of December 31, 2023 related to bonus amounts accrued for employees that transferred to Mural during 2023 through the Separation Date that were paid by the Company in the first quarter of 2024, in accordance with the terms of the employee matters agreement entered into between the Company and Mural.

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 and 2022:


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

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

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2024	Feb. 07, 2025	Jun. 30, 2024
Cover [Abstract]
Entity Registrant Name	Alkermes plc.
Entity Central Index Key	0001520262
Document Type	10-K
Document Period End Date	Dec. 31, 2024
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			$ 3,943,314,276
Entity Common Stock, Shares Outstanding		162,614,067
Document Fiscal Year Focus	2024
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
Auditor Opinion	Opinions on the Financial Statements and Internal Control over Financial Reporting We have audited the accompanying consolidated balance sheets of Alkermes plc and its subsidiaries (the “Company”) as of December 31, 2024 and 2023, and the related consolidated statements of operations and comprehensive income (loss), of shareholders’ equity and of cash flows for each of the three years in the period ended December 31, 2024, including the related notes (collectively referred to as the “consolidated financial statements”). We also have audited the Company's internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2024 in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO.
Documents Incorporated by Reference	Portions of the definitive proxy statement for our 2025 Annual General Meeting of Shareholders are incorporated by reference into Part III of this report.

Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Parenthetical) (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net	$ 227,564	$ 226,943
Assets Held For Sale
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net		$ 92,200

Investments - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) Investmentsecurity
Summary of Investment Holdings [Line Items]
Number of investment securities in an unrealized loss position	77
Number of investment securities	320
Aggregate estimated fair value of investments in unrealized loss position \| $	$ 112.7
Corporate debt securities
Summary of Investment Holdings [Line Items]
Percentage of investment securities available for sale unrealized loss position	41.00%
U.S. government and agency debt securities
Summary of Investment Holdings [Line Items]
Percentage of investment securities available for sale unrealized loss position	59.00%

- 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
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
REVENUES:
Total revenues	$ 1,557,632	$ 1,663,405	$ 1,111,795
EXPENSES:
Cost of goods manufactured and sold (exclusive of amortization of acquired intangible assets shown below)	245,331	253,037	218,068
Research and development	245,326	270,806	272,702
Selling, general and administrative	645,238	689,751	590,751
Amortization of acquired intangible assets	1,101	35,689	36,363
Total expenses	1,136,996	1,249,283	1,117,884
OPERATING INCOME FROM CONTINUING OPERATIONS	420,636	414,122	(6,089)
OTHER INCOME (EXPENSE), NET:
Interest income	42,450	30,854	7,629
Interest expense	(22,578)	(23,032)	(13,040)
Change in the fair value of contingent consideration			(21,750)
Other income (expense), net	3,242	(425)	2,122
Total other income (expense), net	23,114	7,397	(25,039)
INCOME (LOSS) BEFORE INCOME TAXES	443,750	421,519	(31,128)
INCOME TAX PROVISION (BENEFIT)	71,612	(97,638)	2,024
NET INCOME (LOSS) FROM CONTINUING OPERATIONS	372,138	519,157	(33,152)
LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX	(5,068)	(163,400)	(125,115)
NET INCOME (LOSS)	$ 367,070	$ 355,757	$ (158,267)
EARNINGS (LOSS) PER ORDINARY SHARE:
Earnings (loss) per ordinary share from continuing operations - basic	$ 2.25	$ 3.12	$ (0.2)
Loss per ordinary share from discontinued operations - basic	(0.03)	(0.98)	(0.76)
Earnings (loss) per ordinary share - basic	2.22	2.14	(0.97)
Earnings (loss) per ordinary share from continuing operations - diluted	2.2	3.06	(0.2)
Loss per ordinary share from discontinued operations - diluted	(0.03)	(0.96)	(0.76)
Earnings (loss) per ordinary share - diluted	$ 2.17	$ 2.1	$ (0.97)
WEIGHTED AVERAGE NUMBER OF ORDINARY SHARES OUTSTANDING:
Basic	165,392	166,223	163,742
Diluted	169,198	169,730	163,742
COMPREHENSIVE INCOME (LOSS) :
Net income (loss)	$ 367,070	$ 355,757	$ (158,267)
Holding gain (loss), net of a tax provision (benefit) of $292, $1,195 and $(973), respectively	1,143	7,779	(7,166)
COMPREHENSIVE INCOME (LOSS)	368,213	363,536	(165,433)
Product sales, net
REVENUES:
Total revenues	1,083,534	919,998	777,552
Manufacturing and royalty revenues
REVENUES:
Total revenues	474,095	743,388	331,983
License revenue
REVENUES:
Total revenues			2,000
Research and development revenue
REVENUES:
Total revenues	$ 3	$ 19	$ 260

Revenue from Contracts with Customers - Schedule of Manufacturing and Royalty Revenues (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation Of Revenue [Line Items]
Total revenues	$ 1,557,632	$ 1,663,405	$ 1,111,795
Long-Acting INVEGA Products
Disaggregation Of Revenue [Line Items]
Total revenues		486,100	115,700
Manufacturing Revenue
Disaggregation Of Revenue [Line Items]
Total revenues	119,426	142,498	112,374
Manufacturing Revenue \| VUMERITY
Disaggregation Of Revenue [Line Items]
Total revenues	39,292	42,886	32,493
Manufacturing Revenue \| RISPERDAL CONSTA
Disaggregation Of Revenue [Line Items]
Total revenues	23,172	36,123	42,670
Manufacturing Revenue \| Other
Disaggregation Of Revenue [Line Items]
Total revenues	56,962	63,489	37,211
Royalty
Disaggregation Of Revenue [Line Items]
Total revenues	354,669	600,890	219,609
Royalty \| Long-Acting INVEGA Products
Disaggregation Of Revenue [Line Items]
Total revenues	236,386	486,101	115,655
Royalty \| VUMERITY
Disaggregation Of Revenue [Line Items]
Total revenues	94,755	86,440	83,003
Royalty \| RISPERDAL CONSTA
Disaggregation Of Revenue [Line Items]
Total revenues	272	1,153	7,243
Royalty \| Other
Disaggregation Of Revenue [Line Items]
Total revenues	23,256	27,196	13,708
Manufacturing and royalty revenues
Disaggregation Of Revenue [Line Items]
Total revenues	474,095	743,388	331,983
Manufacturing and royalty revenues \| Long-Acting INVEGA Products
Disaggregation Of Revenue [Line Items]
Total revenues	236,386	486,101	115,655
Manufacturing and royalty revenues \| VUMERITY
Disaggregation Of Revenue [Line Items]
Total revenues	134,047	129,326	115,496
Manufacturing and royalty revenues \| RISPERDAL CONSTA
Disaggregation Of Revenue [Line Items]
Total revenues	23,444	37,276	49,913
Manufacturing and royalty revenues \| Other
Disaggregation Of Revenue [Line Items]
Total revenues	$ 80,218	$ 90,685	$ 50,919

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Summary of Significant Segment Expenses

The Company’s significant segment expenses are as follows:


	Year Ended December 31,
(In thousands)	2024			2023			2022
REVENUES:
Total revenue	$	1,557,632		$	1,663,405		$	1,111,795
EXPENSES:
Cost of goods manufactured and sold (exclusive of amortization of acquired intangible assets shown below)		245,331			253,037			218,068
External R&D expenses:
Development programs:
ALKS 2680		45,947			31,321			15,715
LYBALVI		18,737			15,379			23,056
Other external R&D expenses		36,627			51,668			57,423
Total external R&D expenses		101,311			98,368			96,194
Internal R&D expenses:
Employee-related		114,496			128,282			129,735
Occupancy		11,206			12,299			12,449
Depreciation		5,701			9,578			10,708
Other internal R&D expenses		12,612			22,279			23,616
Total internal R&D expenses		144,015			172,438			176,508
R&D expenses		245,326			270,806			272,702
Selling, general and administrative expenses:
Selling and marketing expense		446,214			490,154			392,211
General and administrative expense		199,024			199,597			198,540
Total selling, general and administrative expense		645,238			689,751			590,751
Other segment (expenses) income (1)		(49,599	)		69,346			(63,426	)
NET INCOME (LOSS) FROM CONTINUING OPERATIONS		372,138			519,157			(33,152	)
LOSS ON DISCONTINUED OPERATIONS, NET OF TAX		(5,068	)		(163,400	)		(125,115	)
NET INCOME (LOSS)	$	367,070		$	355,757		$	(158,267	)

(1)

“Other segment (expenses) income” during the years ended December 31, 2024, 2023 and 2022 includes “Amortization of acquired intangible assets”, “Other income (loss), net” and “Income tax provision (benefit)”.

Share-based Compensation - Additional Information (Details) shares in Millions, $ in Millions		12 Months Ended
	May 31, 2024 shares	Dec. 31, 2024 USD ($) Item shares	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Share-based compensation Expense
Share based compensation cost capitalized \| $		$ 3.1	$ 3.2	$ 3.3
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 Plan
Share-based compensation Expense
Increase in number of ordinary shares authorized \| shares	6.3
Shares of common stock available for issuance \| shares		17.9
Ratio of awards other than stock options counted against the total number of shares available for issuance		1.8

Leases (Tables)

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Summary of Future Lease Payments Under Non-Cancelable Leases

Future lease payments under non-cancelable leases as of December 31, 2024 consisted of the following:


	December 31,
(In thousands)	2024
2025		10,189
2026		10,259
2027		9,505
2028		9,574
Thereafter		59,695
Total operating lease payments	$	99,222
Less: imputed interest		(23,684	)
Total operating lease liabilities	$	75,538

Summary of Significant Accounting Policies - Summary of Location of the Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 291,146	$ 457,469
Investments—short-term	460,522	316,022
Receivables, net	384,528	332,477
Assets held for sale		94,260
Long-term assets:
Property, plant and equipment, net	227,564	226,943
Investments-long-term	73,148	39,887
Intangible assets	890	1,991
Goodwill	83,027	83,027
Intangible assets, net and goodwill	83,917	85,018
Other	16,503	11,521
U.S.
Current assets:
Cash and cash equivalents	70,303	317,850
Investments—short-term	203,631	187,574
Receivables, net	306,259	218,747
Other current assets	129,332	143,417
Long-term assets:
Property, plant and equipment, net	226,646	225,578
Investments-long-term	24,629	17,957
Other	210,792	189,335
Ireland
Current assets:
Cash and cash equivalents	220,843	139,619
Investments—short-term	256,891	128,448
Receivables, net	78,269	113,730
Assets held for sale		94,260
Other current assets	149,827	141,861
Long-term assets:
Property, plant and equipment, net	918	1,365
Investments-long-term	48,519	21,930
Intangible assets, net and goodwill	83,917	85,018
Other	$ 44,791	$ 109,534

Share-based Compensation - Schedule of Share-based Compensation Expense from Continuing and Discontinued Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based compensation Expense
Total share-based compensation expense	$ 96,637	$ 100,905	$ 94,254
Continuing Operations
Share-based compensation Expense
Total share-based compensation expense	96,637	92,717	87,677
Discontinued Operations
Share-based compensation Expense
Total share-based compensation expense		8,188	6,577
Cost of goods manufactured and sold \| Continuing Operations
Share-based compensation Expense
Total share-based compensation expense	5,798	11,353	10,284
Research and development \| Continuing Operations
Share-based compensation Expense
Total share-based compensation expense	28,085	25,753	23,289
Research and development \| Discontinued Operations
Share-based compensation Expense
Total share-based compensation expense		3,255	4,652
Selling, general and administrative \| Continuing Operations
Share-based compensation Expense
Total share-based compensation expense	$ 62,754	55,611	54,104
Selling, general and administrative \| Discontinued Operations
Share-based compensation Expense
Total share-based compensation expense		$ 4,933	$ 1,925

Share-based Compensation - Schedule of Stock Option Activity (Details) - Stock Options	12 Months Ended
	Dec. 31, 2024 $ / shares shares
Number of Shares
Outstanding at the beginning of the period (in shares) \| shares	18,139,903
Granted (in shares) \| shares	2,615,357
Exercised (in shares) \| shares	(1,328,189)
Expired (in shares) \| shares	(1,427,409)
Forfeited (in shares) \| shares	(521,043)
Outstanding at the end of the period (in shares) \| shares	17,478,619
Exercisable at the end of the period (in shares) \| shares	10,979,663
Weighted Average Exercise Price
Outstanding at the beginning of the period (in dollars per share) \| $ / shares	$ 32.28
Granted (in dollars per share) \| $ / shares	29.48
Exercised (in dollars per share) \| $ / shares	20.76
Expired (in dollars per share) \| $ / shares	46.72
Forfeited (in dollars per share) \| $ / shares	26.65
Outstanding at the end of the period (in dollars per share) \| $ / shares	31.73
Exercisable at the end of the period (in dollars per share) \| $ / shares	$ 34.53

Shareholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	12 Months Ended
	Dec. 31, 2024	Feb. 29, 2024
Equity, Class of Treasury Stock [Line Items]
Share repurchase aggregate amount		$ 400,000
Share repurchase program remaining authorized amount	$ 200,000
Shares repurchased	7.9
Shares repurchased price per share	$ 25.33
Shares repurchased value	$ 200,000
Cost of ordinary share acquired during share repurchase program	$ 200,282

Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2024

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)	2024			2023 (1)
Land	$	957		$	957
Building and improvements		134,699			132,735
Furniture, fixtures and equipment		244,113			237,728
Leasehold improvements		42,416			39,893
Construction in progress		58,391			45,791
Subtotal		480,576			457,104
Less: accumulated depreciation		(253,012	)		(230,161	)
Total property, plant and equipment, net	$	227,564		$	226,943

(1)

In connection with the sale of the Athlone Facility, $92.2 million of the Company’s property, plant and equipment was classified as “Assets held for sale” in the accompanying consolidated balance sheet at December 31, 2023 and was not included in these amounts.

Intangible Assets and Goodwill (Tables)

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill and Intangible Assets

Intangible assets and goodwill consists of the following:


		December 31, 2024							December 31, 2023
(In thousands)	Weighted Amortizable Life (Years)	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Goodwill		$	83,027	$	—		$	83,027	$	83,027	$	—		$	83,027
Finite-lived intangible assets:
Collaboration agreements	12	$	465,590	$	(465,590	)	$	—	$	465,590	$	(465,590	)	$	—
Capitalized IP	11-13		118,160		(117,270	)		890		118,160		(116,169	)		1,991
Total		$	583,750	$	(582,860	)	$	890	$	583,750	$	(581,759	)	$	1,991

Accounts Payable and Accrued Expenses

12 Months Ended

Dec. 31, 2024

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)	2024		2023
Accounts payable	$	45,630	$	65,649
Accrued compensation		70,960		83,107
Accrued other		68,742		91,805
Total accounts payable and accrued expenses	$	185,332	$	240,561

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


	December 31,		December 31,
(In thousands)	2024		2023
Medicaid rebates	$	202,044	$	213,845
Product discounts		19,351		15,121
Medicare Part D		26,933		20,569
Other		24,124		14,106
Total accrued sales discounts, allowances and reserves	$	272,452	$	263,641

Included in accounts payable was approximately $11.4 million and $34.5 million of amounts payable related to state Medicaid rebates as of December 31, 2024 and 2023, respectively.

Description of Business and Basis of Presentation - Additional Information (Details) $ / shares in Units, $ in Millions	1 Months Ended	12 Months Ended
	Nov. 30, 2023 $ / shares	Dec. 31, 2024 USD ($) $ / shares	Dec. 31, 2023 $ / shares
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Ordinary shares, par value (in dollars per share) \| $ / shares	$ 0.01	$ 0.01	$ 0.01
Procceds from sale of development and manufacturing facility		$ 97.9
Gain on sale of assets		$ 1.5
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration]		Other Nonoperating Income (Expense)
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
Facility and Certain Related Assets [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Procceds from sale of development and manufacturing facility		$ 91.0
Mural Oncology plc [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Ordinary shares, par value (in dollars per share) \| $ / shares	$ 0.01

Inventory

12 Months Ended

Dec. 31, 2024

Inventory Disclosure [Abstract]

Inventory

7. INVENTORY

Inventory consists of the following:


	December 31,		December 31,
(In thousands)	2024		2023
Raw materials	$	72,139	$	71,416
Work in process		79,871		68,843
Finished goods(1)		30,877		46,147
Total inventory	$	182,887	$	186,406

(1)

At December 31, 2024 and 2023, the Company had $22.7 million and $33.9 million, respectively, of finished goods inventory located at its third-party warehouse and shipping service provider.

Fair Value

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value

6. FAIR VALUE

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


	December 31,
(In thousands)	2024		Level 1		Level 2		Level 3
Assets:
Cash equivalents	$	8,388	$	8,388	$	—	$	—
U.S. government and agency debt securities		315,882		265,090		50,792		—
Corporate debt securities		217,643		—		217,643		—
Total	$	541,913	$	273,478	$	268,435	$	—


	December 31,
	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	$	—

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, 2024. At December 31, 2024, 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 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 the accompanying consolidated statements of operations and comprehensive income (loss) for the year ended December 31, 2022. 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 and recorded a $2.3 million write off within “Other income (expense), net” in the accompanying consolidated statements of operations and comprehensive income (loss) for the year ended December 31, 2022.

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.

- 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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-Paragraph 107
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-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Summary of Significant Accounting Policies - Schedule of Revenue Related Reserves Included in Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Summary Of Significant Accounting Policies [Line Items]
Revenue-related reserves	$ 336,427	$ 314,332	$ 290,520	$ 267,808
Reduction of Accounts Receivable
Summary Of Significant Accounting Policies [Line Items]
Revenue-related reserves	22,031	11,510
Components of Accrued Sales Discounts, Allowances and Reserves
Summary Of Significant Accounting Policies [Line Items]
Revenue-related reserves	272,452	263,641
Components of Other Long-term Liabilities
Summary Of Significant Accounting Policies [Line Items]
Revenue-related reserves	$ 41,944	$ 39,181

Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Property, plant and equipment
Property, plant and equipment, gross	$ 480,576	$ 457,104
Less: accumulated depreciation	(253,012)	(230,161)
Total property, plant and equipment, net	227,564	226,943
Land
Property, plant and equipment
Property, plant and equipment, gross	957	957
Building and Improvements
Property, plant and equipment
Property, plant and equipment, gross	134,699	132,735
Furniture, Fixtures and Equipment
Property, plant and equipment
Property, plant and equipment, gross	244,113	237,728
Leasehold Improvements
Property, plant and equipment
Property, plant and equipment, gross	42,416	39,893
Construction in Progress
Property, plant and equipment
Property, plant and equipment, gross	$ 58,391	$ 45,791

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, 2024	Dec. 31, 2022
Fair Value
Transfers between Level 1 to Level 2			$ 0
Transfers between Level 2 to Level 1			0
Investments determined using Level 3 inputs			$ 0
Net amounts write off within other income (expense), net				$ 2,300,000
Baudax
Fair Value
Percentage of reduction in work force	80.00%
Milestone payments received		$ 1,200,000
Milestone payment receivable	$ 6,400,000

Investments - Schedule of Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Available-for-sale securities:
Short-term investments, Amortized Cost	$ 459,123	$ 315,767
Gross Unrealized Gains	1,525	1,461
Gross Unrealized Losses less than one year	(116)	(78)
Gross Unrealized Losses greater than one year	(347)	(1,759)
Short-term investments, Estimated Fair Value	460,522	316,022
Long-term investments, Amortized Cost	73,340	38,698
Investments-long-term	73,148	39,887
Long-term investments, Estimated Fair Value	73,003	38,067
Amortized Cost	532,608	356,285
Estimated Fair Value	533,670	355,909
Short-term investments
Available-for-sale securities:
Gross Unrealized Gains	1,525	1,461
Gross Unrealized Losses less than one year	(116)	(51)
Gross Unrealized Losses greater than one year	(10)	(1,155)
Long-term investments
Available-for-sale securities:
Gross Unrealized Losses less than one year	0	(27)
Gross Unrealized Losses greater than one year	(337)	(604)
Investments-long-term	73,148	39,887
Amortized Cost	73,485	40,518
Certificates of deposit
Available-for-sale securities:
Amortized Cost	145	1,820
Estimated Fair Value	145	1,820
Corporate debt securities
Available-for-sale securities:
Short-term investments, Amortized Cost	192,617	112,055
Short-term investments, Estimated Fair Value	193,317	112,207
Long-term investments, Amortized Cost	24,484	19,306
Long-term investments, Estimated Fair Value	24,326	19,017
Corporate debt securities \| Short-term investments
Available-for-sale securities:
Gross Unrealized Gains	762	703
Gross Unrealized Losses less than one year	(58)	(15)
Gross Unrealized Losses greater than one year		(536)
Corporate debt securities \| Long-term investments
Available-for-sale securities:
Gross Unrealized Losses greater than one year	(158)	(289)
U.S. government and agency debt securities
Available-for-sale securities:
Short-term investments, Amortized Cost	266,506	199,708
Short-term investments, Estimated Fair Value	267,205	199,819
Long-term investments, Amortized Cost	48,856	19,392
Long-term investments, Estimated Fair Value	48,677	19,050
U.S. government and agency debt securities \| Short-term investments
Available-for-sale securities:
Gross Unrealized Gains	763	758
Gross Unrealized Losses less than one year	(58)	(36)
Gross Unrealized Losses greater than one year	(6)	(611)
U.S. government and agency debt securities \| Long-term investments
Available-for-sale securities:
Gross Unrealized Losses less than one year		(27)
Gross Unrealized Losses greater than one year	$ (179)	(315)
Non-U.S. government debt securities
Available-for-sale securities:
Short-term investments, Amortized Cost		4,004
Short-term investments, Estimated Fair Value		3,996
Non-U.S. government debt securities \| Short-term investments
Available-for-sale securities:
Gross Unrealized Losses greater than one year		$ (8)

Income Taxes - Schedule of Income (Loss) Before Provision (Benefit) for Income Taxes by Geographical Area (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Distribution of income (loss) before provision for income taxes
Income (loss) from continuing operations before provision (benefit) for income taxes	$ 443,750	$ 421,519	$ (31,128)
Ireland
Distribution of income (loss) before provision for income taxes
Income (loss) from continuing operations before provision (benefit) for income taxes	440,674	411,767	(32,198)
U.S.
Distribution of income (loss) before provision for income taxes
Income (loss) from continuing operations before provision (benefit) for income taxes	$ 3,076	$ 9,752	$ 1,070

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
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-Name Accounting Standards Codification
-Section 55
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
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-Publisher FASB
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-Paragraph 1
-Subparagraph (i)
-Publisher FASB
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Accounts Payable and Accrued Expenses (Tables)

12 Months Ended

Dec. 31, 2024

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)	2024		2023
Accounts payable	$	45,630	$	65,649
Accrued compensation		70,960		83,107
Accrued other		68,742		91,805
Total accounts payable and accrued expenses	$	185,332	$	240,561

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)	2024		2023
Medicaid rebates	$	202,044	$	213,845
Product discounts		19,351		15,121
Medicare Part D		26,933		20,569
Other		24,124		14,106
Total accrued sales discounts, allowances and reserves	$	272,452	$	263,641

Long-term Debt

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Long-term Debt

12. LONG-TERM DEBT

In December 2024, the Company prepaid in full all previously outstanding term loans (the “Former Term Loans”) under the Former Credit Agreement without penalty, through paying off the remaining principal amount due of $289.5 million. The Company accounted for such prepayment as a debt extinguishment and recorded a loss of approximately $0.8 million within “Other income (expense), net” in the accompanying consolidated statements of operations and comprehensive income (loss) for the year ended December 31, 2024.

The Former Term Loans bore interest at the Secured Overnight Financing Rate (“SOFR”) plus a credit spread adjustment applicable to the interest period and an applicable margin of 2.50% with a floor of 0.5%. As of December 31, 2024 and 2023, long-term debt consisted of the following:


	December 31,		December 31,
(In thousands)	2024		2023
Former Term Loans (due March 12, 2026)	$	—	$	290,730
Less: current portion		—		(3,000	)
Long-term debt	$	—	$	287,730

Summary of Significant Accounting Policies - Schedule of Revenues by Geographic Location (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Geographic Information
Revenue by region:	$ 1,557,632	$ 1,663,405	$ 1,111,795
U.S.
Geographic Information
Revenue by region:	1,410,159	1,491,939	931,991
Ireland
Geographic Information
Revenue by region:	1,294	1,179	1,829
Rest of world
Geographic Information
Revenue by region:	$ 146,179	$ 170,287	$ 177,975

- Definition

+ References

+ Details

Intangible Assets and Goodwill - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Goodwill [Line Items]
Amortization of acquired intangible assets	$ 1,101	$ 35,689	$ 36,363
Goodwill	$ 83,027	83,027
Athlone Facility \| Assets Held for Sale
Goodwill [Line Items]
Goodwill		$ 2,000

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
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-Section 55
-Paragraph 49
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
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-Publisher FASB
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+ 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/exampleRef
-Topic 350
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

+ Details

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, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based compensation Expense
Granted (in dollars per share)	$ 29.51	$ 27.65	$ 25.27
Fair value of vesting RSU's	$ 51.6	$ 63.0	$ 54.3
Unrecognized share-based compensation expense	$ 53.4
Weighted average period for unrecognized share-based compensation expense expected to be recognized	1 year 10 months 24 days

Collaborative Arrangements - Additional Information (Details)	12 Months Ended
	Dec. 31, 2024 USD ($) Agreement
VUMERITY
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Percentage of net sales in royalty payment	15.00%
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%

Share-based Compensation - Summary of PRSU Activity (Details) - Performance-based RSUs Awards - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Number of Shares
Unvested at the beginning of the period (in shares)	1,546,357
Granted (in shares)	498,120
Forfeited (in shares)	(172,576)
Vested (in shares)	(536,243)
Unvested at the end of the period (in shares)	1,335,658	1,546,357
Weighted Average Grant Date Fair Value
Unvested at the beginning of the period (in dollars per share)	$ 27.95
Granted (in dollars per share)	32.46	$ 29.91	$ 30.73
Forfeited (in dollars per share)	25.88
Vested (in dollars per share)	22.21
Unvested at the end of the period (in dollars per share)	$ 32.13	$ 27.95

Fair Value (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

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


	December 31,
(In thousands)	2024		Level 1		Level 2		Level 3
Assets:
Cash equivalents	$	8,388	$	8,388	$	—	$	—
U.S. government and agency debt securities		315,882		265,090		50,792		—
Corporate debt securities		217,643		—		217,643		—
Total	$	541,913	$	273,478	$	268,435	$	—


	December 31,
	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	$	—

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

Long-term Debt - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2024	Dec. 31, 2023
Long-term debt
Prepayment of long-term debt		$ (289,542)
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]		us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Former Term Loans
Long-term debt
Prepayment of long-term debt	$ (289,500)
Loss on debt extinguishment		$ 800
Interest rate added to base rate (as a percent)		2.50%	2.50%
Interest rate, variable interest rate floor (as a percent)		0.50%	0.50%

- 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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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (SX 210.12-04(a))
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://www.xbrl.org/2003/role/exampleRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (f)
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
-Paragraph 1B
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2009/role/commonPracticeRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1

+ Details

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 367,070	$ 355,757	$ (158,267)
Adjustments to reconcile net income (loss) to cash flows from operating activities:
Depreciation and amortization	28,533	74,927	77,862
Share-based compensation expense	96,637	100,905	94,254
Deferred income taxes	40,522	(99,902)	(32,795)
Change in the fair value of contingent consideration			21,750
Other non-cash charges	4,512	6,329	5,531
Changes in assets and liabilities:
Receivables	(52,052)	(44,510)	25,250
Contract assets	(4,284)	8,223	4,434
Inventory	3,091	(2,712)	(31,021)
Prepaid expenses and other assets	2,254	(34,847)	(5,328)
Right-of-use assets	7,215	15,387	16,569
Accounts payable and accrued expenses	(57,967)	23,009	15,534
Accrued sales discounts, allowances and reserves	8,811	11,526	14,899
Contract liabilities	(3,525)	(5,926)	(7,129)
Operating lease liabilities	(10,123)	(16,147)	(33,225)
Other long-term liabilities	8,430	9,334	12,726
Cash flows provided by operating activities	439,124	401,353	21,044
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions of property, plant and equipment	(33,484)	(48,048)	(38,255)
Proceeds from the sale of equipment	461	354
Proceeds from contingent consideration			1,273
Return of Fountain Healthcare Partners II, L.P. investment	43		485
Proceeds from the sale of the Athlone Facility	97,933
Purchases of investments	(486,547)	(254,471)	(309,671)
Sales and maturities of investments	310,286	355,522	281,627
Cash flows (used in) provided by investing activities	(111,308)	53,357	(64,541)
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	27,572	16,760	19,630
Employee taxes paid related to net share settlement of equity awards	(29,637)	(28,474)	(18,204)
Payment for the repurchase of ordinary shares	(200,282)
Prepayment of long-term debt	(289,542)
Principal payments of long-term debt	(2,250)	(3,000)	(3,000)
Cash flows used in financing activities	(494,139)	(289,714)	(1,574)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	(166,323)	164,996	(45,071)
CASH AND CASH EQUIVALENTS—Beginning of period	457,469	292,473	337,544
CASH AND CASH EQUIVALENTS—End of period	291,146	457,469	292,473
SUPPLEMENTAL CASH FLOW DISCLOSURE:
Cash paid for interest	23,010	22,748	13,563
Cash paid for taxes	2,592	44,243	20,749
Non-cash investing and financing activities:
Purchased capital expenditures included in accounts payable and accrued expenses	$ 2,254	$ 2,645	$ 2,950

Leases - Additional Information (Details) $ in Thousands		12 Months Ended
Leases - Additional Information (Details) $ in Thousands	Jan. 20, 2020 ft²	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Nov. 15, 2023 USD ($)	Nov. 13, 2023 ft²
Lessee Lease Description [Line Items]
Right-of-use asset		$ 84,245	$ 91,460
Lease liability		75,538
Payments for operating leases		$ 10,100	$ 10,300	$ 27,000
Weighted average incremental borrowing rate		4.00%	4.40%
Weighted average remaining lease term		7 years 2 months 12 days	8 years 8 months 12 days
Operating lease expense		$ 7,200	$ 10,200	$ 10,700
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
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

Description of Business and Basis of Presentation

12 Months Ended

Dec. 31, 2024

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 is a global biopharmaceutical company that seeks to develop innovative medicines in the field of neuroscience. Alkermes has a portfolio of proprietary commercial products for the treatment of alcohol dependence and opioid dependence, schizophrenia and bipolar I disorder and a pipeline of clinical and preclinical candidates in development for neurological disorders, including narcolepsy and idiopathic hypersomnia. Headquartered in Ireland, Alkermes also has a corporate office and research and development (“R&D”) center in Massachusetts and a manufacturing facility in Ohio.

In May 2024, the Company completed the sale of its development and manufacturing facility in Athlone, Ireland (the “Athlone Facility”) and related business to Novo Nordisk (“Novo”) pursuant to an asset purchase agreement entered into in December 2023. The Company and Novo also entered into subcontracting arrangements to continue certain development and manufacturing activities performed at the Athlone Facility for a period of time after the closing of the transaction, which activities may continue through the end of 2025. In connection with the sale of the Athlone Facility, the Company received $97.9 million from Novo, which included a payment of approximately $91.0 million for the facility and certain related assets, and recorded a gain of approximately $1.5 million within “Other income (expense), net” in the accompanying consolidated statements of operations and comprehensive income (loss) for the year ended December 31, 2024. As of December 31, 2023, the Company classified the assets described under the asset purchase agreement for the sale as “Assets held for sale” in the accompanying consolidated balance sheet.

In November 2023, the Company completed the separation of its former 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.

Commitments and Contingent Liabilities - Additional Information (Details) - USD ($)	1 Months Ended	12 Months Ended
	Jan. 31, 2023	Dec. 31, 2024
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		$ 17,700,000
852 Winter Street Lease
Commitments And Contingencies [Line Items]
Guaranty date		May 16, 2014
Fair value of guarantee		$ 0

Summary of Significant Accounting Policies - Schedule of Contract Assets and Contract Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Contract Asset [Abstract]
Contract assets	$ 706	$ 8,929
Additions	6,615	13,606
Transferred to receivables, net	(2,331)	(21,829)
Contract assets	4,990	706
Contract Liabilities [Abstract]
Contract liabilities at beginning of the period	4,775	10,701
Additions	34	(931)
Amounts recognized into revenue	(3,560)	(4,995)
Contract liabilities at end of the period	$ 1,249	$ 4,775

Property, Plant and Equipment

12 Months Ended

Dec. 31, 2024

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)	2024			2023 (1)
Land	$	957		$	957
Building and improvements		134,699			132,735
Furniture, fixtures and equipment		244,113			237,728
Leasehold improvements		42,416			39,893
Construction in progress		58,391			45,791
Subtotal		480,576			457,104
Less: accumulated depreciation		(253,012	)		(230,161	)
Total property, plant and equipment, net	$	227,564		$	226,943

(1)

Depreciation expense was $27.4 million, $25.7 million and $26.3 million for the years ended December 31, 2024, 2023 and 2022, respectively. Also, during the years ended December 31, 2024, 2023 and 2022, the Company wrote off furniture, fixtures and equipment that had an approximate carrying value of $0.5 million, $1.7 million and $0.5 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 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 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.

Summary of Significant Accounting Policies - Schedule of Property, Plant and Equipment (Details)	12 Months Ended
	Dec. 31, 2024
Buildings and improvements
Property Plant And Equipment [Line Items]
Estimated useful life	25 years
Furniture, fixtures and equipment \| Minimum
Property Plant And Equipment [Line Items]
Estimated useful life	5 years
Furniture, fixtures and equipment \| Maximum
Property Plant And Equipment [Line Items]
Estimated useful life	7 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

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, 2024	Dec. 31, 2023	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Proceeds from the sales and maturities of investments	$ 310,286	$ 355,522	$ 281,627
Realized losses			$ 529

Earnings (Loss) Per Share - Schedule of Anti-Dilutive Potential Common Share Equivalent Excluded from Calculation of Earnings (Loss) Per Share (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Denominator:
Anti-dilutive potential common share equivalent excluded from calculation of net loss per ordinary share	13,908	14,800	17,817
Stock Options
Denominator:
Anti-dilutive potential common share equivalent excluded from calculation of net loss per ordinary share	11,517	12,422	12,777
Restricted Stock Unit Awards
Denominator:
Anti-dilutive potential common share equivalent excluded from calculation of net loss per ordinary share	2,391	2,378	5,040

Investments - Schedule of Contractual Maturities of Available-for-Sale and Held-to-Maturity Securities (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Available-for-sale, Amortized Cost
Within 1 year	$ 324,897
After 1 year through 5 years	207,566
Total	532,463
Available-for-sale, Estimated Fair Value
Within 1 year	325,566
After 1 year through 5 years	207,959
Total	533,525
Held-to-maturity, Amortized Cost
Within 1 year	145
Total	145
Held-to-maturity, Estimated Fair Value
Within 1 year	145
Total	$ 145

Inventory - Schedule of Inventories (Parenthetical) (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Finished goods inventory located at third-party warehouse and shipping service provider	$ 22.7	$ 33.9

Intangible Assets and Goodwill - Schedule of Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
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	(582,860)	(581,759)
Net Carrying Amount	$ 890	1,991
Collaboration agreements
Finite-lived intangible assets:
Weighted Amortizable Life	12 years
Gross Carrying Amount	$ 465,590	465,590
Accumulated Amortization	(465,590)	(465,590)
Net Carrying Amount		0
Capitalized IP
Finite-lived intangible assets:
Gross Carrying Amount	118,160	118,160
Accumulated Amortization	(117,270)	(116,169)
Net Carrying Amount	$ 890	$ 1,991
Capitalized IP \| Minimum
Finite-lived intangible assets:
Weighted Amortizable Life	11 years
Capitalized IP \| Maximum
Finite-lived intangible assets:
Weighted Amortizable Life	13 years

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Tax provision (benefit)	$ 292	$ 1,195	$ (973)

Income Taxes - Schedule of Activity in Valuation Allowance Associated with Deferred taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Balance at Beginning of Period	$ (129,296)	$ (271,517)	$ (249,112)
(Additions) / Reductions	49,569	142,221	(22,405)
Balance at End of Period	$ (79,727)	$ (129,296)	$ (271,517)

Summary of Significant Accounting Policies - Schedule of Concentration (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Janssen \| Accounts Receivable \| Credit Concentration Risk
Product Information [Line Items]
Concentration risk percentage	14.00%	23.00%
Janssen \| Revenues Net \| Customer Concentration Risk
Product Information [Line Items]
Concentration risk percentage	17.00%	31.00%	15.00%
Biogen \| Accounts Receivable \| Credit Concentration Risk
Product Information [Line Items]
Concentration risk percentage			19.00%
Biogen \| Revenues Net \| Customer Concentration Risk
Product Information [Line Items]
Concentration risk percentage	11.00%	11.00%	13.00%
Cardinal Health \| Accounts Receivable \| Credit Concentration Risk
Product Information [Line Items]
Concentration risk percentage	16.00%	24.00%	24.00%
Cardinal Health \| Revenues Net \| Customer Concentration Risk
Product Information [Line Items]
Concentration risk percentage	19.00%	20.00%	24.00%
Cencora \| Accounts Receivable \| Credit Concentration Risk
Product Information [Line Items]
Concentration risk percentage	17.00%	16.00%	18.00%
Cencora \| Revenues Net \| Customer Concentration Risk
Product Information [Line Items]
Concentration risk percentage	15.00%	12.00%	14.00%
McKesson \| Accounts Receivable \| Credit Concentration Risk
Product Information [Line Items]
Concentration risk percentage	36.00%	14.00%	12.00%
McKesson \| Revenues Net \| Customer Concentration Risk
Product Information [Line Items]
Concentration risk percentage	25.00%	14.00%	16.00%

Discontinued Operations - Summary of Assets and Liabilities (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Current Assets:
Total assets	$ 0
Current Liabilities:
Total current liabilities		$ 4,542,000

- 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

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

Dec. 31, 2024

Dec. 31, 2023

Inventory Disclosure [Abstract]

Raw materials

$ 72,139

$ 71,416

Work in process

79,871

68,843

Finished goods

^[1]

30,877

46,147

Total inventory

$ 182,887

$ 186,406

[1]	At December 31, 2024 and 2023, the Company had $22.7 million and $33.9 million, respectively, of finished goods inventory located at its third-party warehouse and shipping service provider.

Share-based Compensation

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Share-based Compensation

15. SHARE-BASED COMPENSATION

Share-Based Compensation Expense

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)	2024		2023		2022
Cost of goods manufactured and sold	$	5,798	$	11,353	$	10,284
Research and development		28,085		25,753		23,289
Selling, general and administrative		62,754		55,611		54,104
Share-based compensation expense from continuing operations		96,637		92,717		87,677
Cost of goods manufactured and sold		—		—		—
Research and development		—		3,255		4,652
Selling, general and administrative		—		4,933		1,925
Share-based compensation expense from discontinued operations		—		8,188		6,577
Total share-based compensation expense	$	96,637	$	100,905	$	94,254

During the years ended December 31, 2024, 2023 and 2022, $3.1 million, $3.2 million and $3.3 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 May 31, 2024, the Company’s shareholders approved an amended version of the then-current version of the 2018 Plan that served to, among other things, increase the number of ordinary shares authorized for issuance thereunder by 6.3 million. At December 31, 2024, there were 17.9 million ordinary shares available for issuance in the aggregate under the 2018 Plan. The 2018 Plan provides that awards other than stock options will be counted against the total number of shares available under the plan in a 1.8-to-1 ratio.

Stock Options

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


	Number of			Weighted Average
	Shares			Exercise Price
Outstanding, January 1, 2024		18,139,903		$	32.28
Granted		2,615,357		$	29.48
Exercised		(1,328,189	)	$	20.76
Expired		(1,427,409	)	$	46.72
Forfeited		(521,043	)	$	26.65
Outstanding, December 31, 2024		17,478,619		$	31.73
Exercisable, December 31, 2024		10,979,663		$	34.53

The weighted average grant date fair value of stock options granted during the years ended December 31, 2024, 2023 and 2022 was $14.08, $13.74 and $12.62, respectively. The aggregate intrinsic value of stock options exercised during the years ended December 31, 2024, 2023 and 2022 was $10.9 million, $6.0 million and $11.6 million, respectively.

At December 31, 2024, there were 6.3 million stock options expected to vest, with a weighted average exercise price of $26.91 per share, a weighted average contractual remaining life of 7.9 years and an aggregate intrinsic value of $15.4 million. At December 31, 2024, the aggregate intrinsic value of stock options exercisable was $38.5 million with a weighted average remaining contractual term of 4.4 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, 2024, there was $32.3 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, 2024		5,657,578		$	24.18
Granted		2,260,345		$	29.51
Forfeited		(775,415	)	$	26.43
Vested		(2,237,302	)	$	23.05
Unvested, December 31, 2024		4,905,206		$	26.80

The weighted average grant date fair values of time-vesting RSUs granted during the years ended December 31, 2024, 2023 and 2022 were $29.51, $27.65 and $25.27, respectively. The total fair value of time-vesting RSUs that vested during the years ended December 31, 2024, 2023 and 2022, was $51.6 million, $63.0 million and $54.3 million, respectively.

At December 31, 2024, there was $53.4 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 2024, 2023 and 2022, the compensation committee of the Company’s board of directors approved the Company’s long-term incentive plans, pursuant to which awards of performance-based RSUs are granted 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, 2024		1,546,357		$	27.95
Granted		498,120		$	32.46
Forfeited		(172,576	)	$	25.88
Vested		(536,243	)	$	22.21
Unvested, December 31, 2024		1,335,658		$	32.13

The weighted average grant date fair values of performance-based RSUs granted during the years ended December 31, 2024, 2023 and 2022 were $32.46, $29.91 and $30.73, respectively. The total fair value of performance-based RSUs that vested during the years ended December 31, 2024, 2023 and 2022 were $10.1 million, $5.9 million and none, respectively. At December 31, 2024, there

was $3.0 million of unrecognized share-based compensation expense related to unvested performance-based RSUs 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.

During the year ended December 31, 2024, the Company recognized share-based compensation expense related to certain performance-based RSUs that were granted during 2021. As of December 31, 2023, the financial performance criteria for these awards were deemed not probable of being achieved; however, in February 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. In February 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 was recognized in 2024.

Share-based Compensation - Summary of RSU Activity (Details) - Time-based RSU Awards - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Number of Shares
Unvested at the beginning of the period (in shares)	5,657,578
Granted (in shares)	2,260,345
Forfeited (in shares)	(775,415)
Vested (in shares)	(2,237,302)
Unvested at the end of the period (in shares)	4,905,206	5,657,578
Weighted Average Grant Date Fair Value
Unvested at the beginning of the period (in dollars per share)	$ 24.18
Granted (in dollars per share)	29.51	$ 27.65	$ 25.27
Forfeited (in dollars per share)	26.43
Vested (in dollars per share)	23.05
Unvested at the end of the period (in dollars per share)	$ 26.8	$ 24.18

Segment Reporting - Summary of Significant Segment Expenses (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

REVENUES:

Total revenues

$ 1,557,632

$ 1,663,405

$ 1,111,795

EXPENSES:

Cost of goods manufactured and sold (exclusive of amortization of acquired intangible assets shown below)

245,331

253,037

218,068

Development programs:

ALKS 2680

45,947

31,321

15,715

LYBALVI

18,737

15,379

23,056

Other external R&D expenses

36,627

51,668

57,423

Total external R&D expenses

101,311

98,368

96,194

Internal R&D expenses:

Employee-related

114,496

128,282

129,735

Occupancy

11,206

12,299

12,449

Depreciation

5,701

9,578

10,708

Other internal R&D expenses

12,612

22,279

23,616

Total internal R&D expenses

144,015

172,438

176,508

R&D expenses

245,326

270,806

272,702

Selling, general and administrative expenses:

Selling and marketing expense

446,214

490,154

392,211

General and administrative expense

199,024

199,597

198,540

Total selling, general and administrative expense

645,238

689,751

590,751

Other segment (expenses) income

^[1]

(49,599)

69,346

(63,426)

NET INCOME (LOSS) FROM CONTINUING OPERATIONS

372,138

519,157

(33,152)

LOSS ON DISCONTINUED OPERATIONS, NET OF TAX

(5,068)

(163,400)

(125,115)

NET INCOME (LOSS)

$ 367,070

$ 355,757

$ (158,267)

[1]	“Other segment (expenses) income” during the years ended December 31, 2024, 2023 and 2022 includes “Amortization of acquired intangible assets”, “Other income (loss), net” and “Income tax provision (benefit)”.

Discontinued Operations - Schedule of Transfer of Assets and Liabilities Effected in Accordance with Separation Agreements (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023	Nov. 15, 2023
Current Assets:
Total assets	$ 0
Current Liabilities:
Total current liabilities		$ 4,542,000
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

Commitments and Contingent Liabilities

12 Months Ended

Dec. 31, 2024

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, 2024, there were no potential material losses from claims, asserted or unasserted, or legal proceedings that the Company determined were probable of occurring.

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”). A bench trial is scheduled to begin on July 28, 2025.

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 a product liability case alleging that the FDA-approved VIVITROL labeling was inadequate and that VIVITROL caused the individual 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 Court”), and the Company filed a motion to transfer the appeal to the U.S. Court of Appeals for the Second Circuit. In January 2024, the Federal Circuit Court 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. Briefing in the Federal Circuit Court is complete, and the matter is pending decision.

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, 2024, 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, 2024, the Company’s open purchase orders were $17.7 million for capital commitments.

Shareholders' Equity

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

Shareholders' Equity

14. SHAREHOLDERS’ EQUITY

Share Repurchase Program

In February 2024, the Company’s board of directors approved a share repurchase program authorizing the Company 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 on the open market (the “Repurchase Program”). The specific timing and amounts of repurchases under the Repurchase Program will depend on a variety of factors, including but not limited to ongoing assessments of the Company’s needs, alternative investment opportunities, the market price of the Company’s ordinary shares and general market conditions. The Repurchase Program has no set expiration date and may be suspended or discontinued at any time. During the year ended December 31, 2024, the Company repurchased approximately 7.9 million of its ordinary shares under the Repurchase Program at an average price of $25.33 per share, resulting in a total cost, exclusive of any fees, commissions or other expenses related to such repurchase of $200.0 million. All ordinary shares repurchased were returned to treasury. As of December 31, 2024, the remaining amount authorized under the Repurchase Program was $200.0 million.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 13
-Subparagraph (i)
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Stockholders' Equity [Abstract]
Tax provision (benefit)	$ 292	$ 1,195	$ (973)

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2024
Trading Arrangements, by Individual
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

Earnings (Loss) Per Share (Tables)

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Schedule of Basic Earnings (Loss) Per Ordinary Share


	Year Ended December 31,
(In thousands)	2024			2023			2022 (1)
Numerator:
Net income (loss) from continuing operations	$	372,138		$	519,157		$	(33,152	)
Net loss from discontinued operations		(5,068	)		(163,400	)		(125,115	)
Net income (loss)	$	367,070		$	355,757		$	(158,267	)
Denominator:
Weighted average number of ordinary shares outstanding		165,392			166,223			163,742
Effect of dilutive securities:
Stock options		1,377			1,093			—
Restricted stock unit awards		2,429			2,414			—
Dilutive ordinary share equivalents		3,806			3,507			—
Shares used in calculating diluted earnings (loss) per ordinary share		169,198			169,730			163,742

(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 Earnings (Loss) Per Share

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


	Year Ended December 31,
(In thousands)	2024		2023		2022 (1)
Stock options		11,517		12,422		12,777
Restricted stock unit awards		2,391		2,378		5,040
Total		13,908		14,800		17,817

(1)

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

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, 2024	Dec. 31, 2023	Dec. 31, 2022
Weighted-average assumptions
Expected stock volatility, minimum (as a percent)	38.00%	40.00%	43.00%
Expected stock volatility, maximum (as a percent)	42.00%	44.00%	51.00%
Risk-free interest rate, minimum (as a percent)	3.64%	3.34%	1.83%
Risk-free interest rate, maximum (as a percent)	4.60%	4.75%	4.26%
Minimum
Weighted-average assumptions
Expected option term	5 years	5 years	5 years
Maximum
Weighted-average assumptions
Expected option term	7 years	8 years	8 years

Income Taxes - Schedule of Components of Net Deferred Tax Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets:
Less: valuation allowance	$ (79,727)	$ (129,296)	$ (271,517)	$ (249,112)
Continuing Operations
Deferred tax assets:
Net operating loss carryforwards	80,209	195,658
Research and development expenses	71,167	49,206
Accrued expenses and reserves	41,189	37,367
Operating lease liabilities	17,537	18,716
Share-based compensation	33,773	37,727
Tax credits	26,882	27,116
Other	3,695	5,582
Less: valuation allowance	(79,727)	(129,296)
Total deferred tax assets	194,725	242,076
Deferred tax liabilities:
Property, plant and equipment	(21,917)	(26,271)
Right-of-use assets	(16,337)	(17,748)
Other	(1,940)	(2,716)
Total deferred tax liabilities	(40,194)	(46,735)
Net deferred tax assets	$ 154,531	$ 195,341

Share-based Compensation - Performance-Based Restricted Stock Units Awards - Additional Information (Details) - USD ($)	1 Months Ended	12 Months Ended
	Feb. 29, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based compensation Expense
Share-based compensation, accounting modification charge	$ 6,800,000
Performance-based RSUs Awards
Share-based compensation Expense
Number of years from the date of the grant		3 years
Granted (in dollars per share)		$ 32.46	$ 29.91	$ 30.73
Fair value of RSU's vested		$ 10,100,000	$ 5,900,000	$ 0
Incremental share-based compensation expense due to achievement of performance criteria	$ 2,600,000
Unvested Performance-based RSUs Awards
Share-based compensation Expense
Unrecognized share-based compensation expense		$ 3,000,000

Summary of Significant Accounting Policies - Schedule of Concentration (Parenthetical) (Details) - Customer Concentration Risk - Minimum	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
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%

Income Taxes

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

17. INCOME TAXES

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


	Year Ended December 31,
(In thousands)	2024			2023			2022 (1)
Current income tax provision (benefit):
U.S. federal	$	25,640		$	(981	)	$	11,169
U.S. state		4,259			722			4,401
Ireland		1,192			—			—
Deferred income tax provision (benefit):
U.S. federal		(19,870	)		10,192			(10,536	)
U.S. state		(1,392	)		(507	)		(3,010	)
Ireland		61,783			(107,064	)		—
Total tax provision (benefit)	$	71,612		$	(97,638	)	$	2,024

(1)

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

The income tax provision in 2024 was primarily due to taxes on income earned in Ireland. 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 expense in 2022 was primarily due to taxes on income earned in the U.S.

In December 2022, the EU implemented a new corporate minimum tax rate of 15% on companies with consolidated annual revenue of at least €750.0 million, which was transposed into Irish law effective as of January 1, 2024. The Company has determined that this new minimum tax had no material impact for the year ended December 31, 2024.

The income tax benefit associated with the Company’s former 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 $0.7 million, $1.4 million, and $11.1 million for the years ended December 31, 2024, 2023, and 2022, 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 $933.5 million at December 31, 2024. 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 $72.0 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 provision (benefit) for income taxes by geographical area consists of the following:


	Year Ended December 31,
(In thousands)	2024		2023		2022 (1)
Ireland	$	440,674	$	411,767	$	(32,198	)
U.S.		3,076		9,752		1,070
Income (loss) from continuing operations before provision (benefit) for income taxes	$	443,750	$	421,519	$	(31,128	)

(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)	2024			2023
Deferred tax assets:
Net operating loss carryforwards	$	80,209		$	195,658
Research and development expenses		71,167			49,206
Accrued expenses and reserves		41,189			37,367
Operating lease liabilities		17,537			18,716
Share-based compensation		33,773			37,727
Tax credits		26,882			27,116
Other		3,695			5,582
Less: valuation allowance		(79,727	)		(129,296	)
Total deferred tax assets		194,725			242,076
Deferred tax liabilities:
Property, plant and equipment		(21,917	)		(26,271	)
Right-of-use assets		(16,337	)		(17,748	)
Other		(1,940	)		(2,716	)
Total deferred tax liabilities		(40,194	)		(46,735	)
Net deferred tax assets	$	154,531		$	195,341

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, 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	)
Deferred tax asset valuation allowance for the year ended December 31, 2024	$	(129,296	)	$	49,569		$	(79,727	)

(1)

Inclusive of continuing and discontinued operations for the periods prior to the Separation in November 2023.

(2)

(Additions) reductions represent continuing and discontinued operations for the periods prior to the Separation in November 2023. The reductions during the year ended December 31, 2024 primarily relate to the abandonment of certain Irish NOLs following the sale of the Athlone Facility to Novo. These NOLs were transferred from Elan Corporation, plc as part of the combination of the drug technology business of Elan Corporation, plc with the business of Alkermes, Inc. A number of restrictions applied to these NOLs thereby restricting the Company’s ability to utilize such NOLs. Following the sale of the Athlone Facility, the Company believes that its ability to utilize these NOLs is remote. The reduction during the year ended December 31, 2023 primarily relates to the partial release of the valuation allowance maintained by the Company against certain Irish net deferred tax assets. The additions in 2022 relate primarily to Irish 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. At December 31, 2024, the Company maintained a valuation allowance of $29.6 million against certain U.S. state deferred tax assets and $50.1 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, or fails to achieve sufficient profitability in a timely manner, 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, 2024, the Company had $393.9 million of Irish NOL carryforwards, $14.1 million of U.S. federal NOL carryforwards, $43.2 million of state NOL carryforwards and $34.0 million of state tax credits which will either expire on various dates through 2039 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 and 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 $14.1 million of U.S. federal NOL carryforwards and $5.8 million of state NOL carryforwards, acquired as part of the acquisition of Rodin Therapeutics, Inc. in November 2019, 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)	2024				2023				2022 (1)
Statutory tax rate		12.5		%		12.5		%		12.5		%

Income (loss) from continuing operations before income taxes at statutory rate	$	55,469			$	52,690			$	(3,891	)

Share-based compensation		5,607				4,177				4,347
Foreign rate differential(2)		4,844				4,701				521
Change in valuation allowance		(49,517	)			(142,424	)			1,102
Intercompany amounts(3)		708				(16,551	)			(1,694	)
Irish rate differential(4)		5,798				235				4,926
Uncertain tax positions		(667	)			(234	)			602
Non-deductible lobbying expenses		767				705				775
U.S. state income taxes, net of U.S. federal benefit		2,802				347				1,272
Foreign derived intangible income		(281	)			—				(4,530	)
R&D credit		(7,815	)			(2,823	)			(2,531	)
Abandonment of NOLs(5)		49,897				—				—
Other permanent items(6)		4,000				1,539				1,125
Income tax provision (benefit)	$	71,612			$	(97,638	)		$	2,024

Effective tax rate		16.1		%		(23.2	)	%		(6.5	)	%

(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 abandonment of Irish NOLs following the sale of the Athlone Facility to Novo.

(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. For the year ended December 31, 2024, permanent items also included amounts relating to the sale of the Athlone Facility.

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


	Unrecognized
(In thousands)	Tax Benefits
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
Reductions based on the lapse of applicable statutes of limitations		(1,306	)
Additions based on tax positions related to the prior period		59
Additions based on tax positions related to the current period		581
Balance, December 31, 2024	$	8,073

The unrecognized tax benefits at December 31, 2024, 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, 2024, 2023 and 2022, 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 2021 through 2024 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 2020 through 2024 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.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Summary of Significant Accounting Policies - Schedule of Provisions for Sales and Allowances (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Summary Of Significant Accounting Policies [Line Items]

Beginning balance

$ 314,332

$ 290,520

$ 267,808

Current provisions relating to sales in current year

1,060,276

941,506

790,090

Adjustments relating to prior years

(24,262)

(6,080)

(18,725)

Payments/credits relating to sales in current year

(794,250)

(658,362)

(539,251)

Payments/credits relating to sales in prior years

(219,669)

(253,252)

(209,402)

Ending Balance

336,427

314,332

290,520

Contractual Adjustments

Summary Of Significant Accounting Policies [Line Items]

Beginning balance

^[1]

234,414

226,741

209,760

Current provisions relating to sales in current year

^[1]

557,651

509,780

434,143

Adjustments relating to prior years

^[1]

(20,562)

(8,921)

(22,019)

Payments/credits relating to sales in current year

^[1]

(369,869)

(308,353)

(237,521)

Payments/credits relating to sales in prior years

^[1]

(172,656)

(184,833)

(157,622)

Ending Balance

^[1]

228,978

234,414

226,741

Discounts

Summary Of Significant Accounting Policies [Line Items]

Beginning balance

^[2]

28,690

26,175

24,150

Current provisions relating to sales in current year

^[2]

386,625

326,860

281,308

Payments/credits relating to sales in current year

^[2]

(353,629)

(293,785)

(252,896)

Payments/credits relating to sales in prior years

^[2]

(18,041)

(30,560)

(26,387)

Ending Balance

^[2]

43,645

28,690

26,175

Product Returns

Summary Of Significant Accounting Policies [Line Items]

Beginning balance

41,064

29,666

24,313

Current provisions relating to sales in current year

28,627

33,417

15,851

Adjustments relating to prior years

(3,700)

2,841

3,294

Payments/credits relating to sales in prior years

(15,484)

(24,860)

(13,792)

Ending Balance

50,507

41,064

29,666

Other

Summary Of Significant Accounting Policies [Line Items]

Beginning balance

10,164

7,938

9,585

Current provisions relating to sales in current year

87,373

71,449

58,788

Payments/credits relating to sales in current year

(70,752)

(56,224)

(48,834)

Payments/credits relating to sales in prior years

(13,488)

(12,999)

(11,601)

Ending Balance

$ 13,297

$ 10,164

$ 7,938

[1]	“Contractual Adjustments” include “Medicaid Rebates” and “Medicare Part D” accruals
[2]	“Discounts” include “Chargebacks” and “Product Discounts”

Earnings (Loss) Per Share

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Earnings (Loss) Per Share

13. EARNINGS (LOSS) PER SHARE


	Year Ended December 31,
(In thousands)	2024			2023			2022 (1)
Numerator:
Net income (loss) from continuing operations	$	372,138		$	519,157		$	(33,152	)
Net loss from discontinued operations		(5,068	)		(163,400	)		(125,115	)
Net income (loss)	$	367,070		$	355,757		$	(158,267	)
Denominator:
Weighted average number of ordinary shares outstanding		165,392			166,223			163,742
Effect of dilutive securities:
Stock options		1,377			1,093			—
Restricted stock unit awards		2,429			2,414			—
Dilutive ordinary share equivalents		3,806			3,507			—
Shares used in calculating diluted earnings (loss) per ordinary share		169,198			169,730			163,742

(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 income (loss) per share calculation because the effect would have been anti-dilutive:


	Year Ended December 31,
(In thousands)	2024		2023		2022 (1)
Stock options		11,517		12,422		12,777
Restricted stock unit awards		2,391		2,378		5,040
Total		13,908		14,800		17,817

(1)

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

Accounts Payable and Accrued Expenses - Additional Information (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Accounts Payable And Accrued Expenses [Line Items]
Accounts payable	$ 45,630	$ 65,649
State Medicaid Rebates
Accounts Payable And Accrued Expenses [Line Items]
Accounts payable	$ 11,400	$ 34,500

Intangible Assets and Goodwill

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets and Goodwill

9. INTANGIBLE ASSETS AND GOODWILL

Intangible assets and goodwill consists of the following:


		December 31, 2024							December 31, 2023
(In thousands)	Weighted Amortizable Life (Years)	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Goodwill		$	83,027	$	—		$	83,027	$	83,027	$	—		$	83,027
Finite-lived intangible assets:
Collaboration agreements	12	$	465,590	$	(465,590	)	$	—	$	465,590	$	(465,590	)	$	—
Capitalized IP	11-13		118,160		(117,270	)		890		118,160		(116,169	)		1,991
Total		$	583,750	$	(582,860	)	$	890	$	583,750	$	(581,759	)	$	1,991

In connection with the sale of the Athlone Facility, the Company reviewed Topic 805 and determined that the Athlone Facility constituted a business and, accordingly, $2.0 million of the Company’s goodwill was allocated to the Athlone Facility and was classified as “Assets held for sale” in the accompanying consolidated balance sheet as of December 31, 2023.

The Company’s finite-lived intangible assets primarily consisted of collaborative agreements and the NanoCrystal and oral controlled release technologies acquired as part of the EDT acquisition. These intangible assets were fully amortized in the year ended December 31, 2024. The Company recorded $1.1 million, $35.7 million and $36.4 million of amortization expense related to its finite-lived intangible assets during the years ended December 31, 2024, 2023 and 2022, respectively.

The Company performed its annual goodwill impairment test as of October 31, 2024. The Company elected to perform a qualitative impairment test and determined that based on the weight of all available evidence, the fair value of the reporting unit more-likely-than-not exceeded its carrying value.

Revenue from Contracts with Customers

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

4. REVENUE FROM CONTRACTS WITH CUSTOMERS

During the years ended December 31, 2024, 2023 and 2022, the Company recorded product sales, net, as follows:


	Year Ended December 31,
(In thousands)	2024		2023		2022
VIVITROL	$	457,315	$	400,419	$	379,478
ARISTADA and ARISTADA INITIO		346,187		327,690		302,052
LYBALVI		280,032		191,889		96,022
Total product sales, net	$	1,083,534	$	919,998	$	777,552

During the years ended December 31, 2024, 2023 and 2022, the Company recorded manufacturing and royalty revenues from its collaboration arrangements as follows:


	Year Ended December 31, 2024
(In thousands)	Manufacturing Revenue		Royalty Revenue		Total
Long-acting INVEGA products(1)	$	—	$	236,386	$	236,386
VUMERITY		39,292		94,755		134,047
RISPERDAL CONSTA		23,172		272		23,444
Other		56,962		23,256		80,218
	$	119,426	$	354,669	$	474,095


	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

(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

Revenue from Contracts with Customers (Tables)

12 Months Ended

Dec. 31, 2024

Product sales, net

Schedule of Disaggregation of Revenues

During the years ended December 31, 2024, 2023 and 2022, the Company recorded product sales, net, as follows:


	Year Ended December 31,
(In thousands)	2024		2023		2022
VIVITROL	$	457,315	$	400,419	$	379,478
ARISTADA and ARISTADA INITIO		346,187		327,690		302,052
LYBALVI		280,032		191,889		96,022
Total product sales, net	$	1,083,534	$	919,998	$	777,552

Manufacturing and royalty revenues

Schedule of Disaggregation of Revenues

During the years ended December 31, 2024, 2023 and 2022, the Company recorded manufacturing and royalty revenues from its collaboration arrangements as follows:


	Year Ended December 31, 2024
(In thousands)	Manufacturing Revenue		Royalty Revenue		Total
Long-acting INVEGA products(1)	$	—	$	236,386	$	236,386
VUMERITY		39,292		94,755		134,047
RISPERDAL CONSTA		23,172		272		23,444
Other		56,962		23,256		80,218
	$	119,426	$	354,669	$	474,095


	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

(1)

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

Income Taxes - Schedule of Reconciliation of Statutory Tax Rate to Effective Tax Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
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	$ 55,469	$ 52,690	$ (3,891)
Share-based compensation	5,607	4,177	4,347
Foreign rate differential	4,844	4,701	521
Change in valuation allowance	(49,517)	(142,424)	1,102
Intercompany amounts	708	(16,551)	(1,694)
Irish rate differential	5,798	235	4,926
Uncertain tax positions	(667)	(234)	602
Non-deductible lobbying expenses	767	705	775
U.S. state income taxes, net of U.S. federal benefit	2,802	347	1,272
Foreign derived intangible income	(281)		(4,530)
R&D credit	(7,815)	(2,823)	(2,531)
Abandonment of NOLs	49,897
Other permanent items	4,000	1,539	1,125
Total tax provision (benefit)	$ 71,612	$ (97,638)	$ 2,024
Effective tax rate (as a percent)	16.10%	(23.20%)	(6.50%)

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Taxes [Line Items]
Tax benefits included in discontinued operations	$ 700	$ 1,400	$ 11,100
Cumulative unremitted earnings of overseas subsidiaries	933,500
Valuation allowance	79,727	129,296	$ 271,517	$ 249,112
State tax credits	$ 34,000
Minimum
Income Taxes [Line Items]
Period after loss carryforwards utilized that tax returns remain open to examination	3 years
Maximum
Income Taxes [Line Items]
Period after loss carryforwards utilized that tax returns remain open to examination	4 years
U.S. state
Income Taxes [Line Items]
Valuation allowance		$ 29,600
Operating loss carryforwards	$ 43,200
U.S. state \| Rodin Therapeutics Incorporation
Income Taxes [Line Items]
Operating loss carryforwards	5,800
U.S. federal
Income Taxes [Line Items]
Operating loss carryforwards	14,100
U.S. federal \| Rodin Therapeutics Incorporation
Income Taxes [Line Items]
Operating loss carryforwards	14,100
Federal research and development credits	500
Ireland
Income Taxes [Line Items]
Income taxes payable on repatriation of unremitted earnings	72,000
Valuation allowance	50,100
Operating loss carryforwards	$ 393,900
EU
Income Taxes [Line Items]
Corporate minimum tax rate			15.00%
Revenues			$ 750,000

Collaborative Arrangements

12 Months Ended

Dec. 31, 2024

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, 2024, 2023 and 2022 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 with valid claims applicable to 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. 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. 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 are subject to customary reductions, as set forth in the license and collaboration agreement.

Following FDA approval of VUMERITY and, except for the manufacturing responsibilities discussed below, Biogen is now responsible for all development and commercialization activities for VUMERITY and all other products covered by the patents that we licensed to Biogen.

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. 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 conducted a technology transfer and, following an agreed transition period, has elected to assume responsibility for the manufacture (itself or through a designee) of clinical and 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 product that is manufactured by Biogen or its designee. In May 2024, the Company completed the sale of the Athlone Facility where VUMERITY is manufactured. In connection with the sale of the Athlone Facility, the Company has entered into a subcontracting arrangement with the purchaser of the Athlone Facility for the manufacture of VUMERITY through the manufacturing transition period, which may continue through the end of 2025.

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

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

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

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


	Year Ended December 31,
(In thousands)	2024			2023			2022 (1)
Current income tax provision (benefit):
U.S. federal	$	25,640		$	(981	)	$	11,169
U.S. state		4,259			722			4,401
Ireland		1,192			—			—
Deferred income tax provision (benefit):
U.S. federal		(19,870	)		10,192			(10,536	)
U.S. state		(1,392	)		(507	)		(3,010	)
Ireland		61,783			(107,064	)		—
Total tax provision (benefit)	$	71,612		$	(97,638	)	$	2,024

(1)

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

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

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


	Year Ended December 31,
(In thousands)	2024		2023		2022 (1)
Ireland	$	440,674	$	411,767	$	(32,198	)
U.S.		3,076		9,752		1,070
Income (loss) from continuing operations before provision (benefit) for income taxes	$	443,750	$	421,519	$	(31,128	)

(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)	2024			2023
Deferred tax assets:
Net operating loss carryforwards	$	80,209		$	195,658
Research and development expenses		71,167			49,206
Accrued expenses and reserves		41,189			37,367
Operating lease liabilities		17,537			18,716
Share-based compensation		33,773			37,727
Tax credits		26,882			27,116
Other		3,695			5,582
Less: valuation allowance		(79,727	)		(129,296	)
Total deferred tax assets		194,725			242,076
Deferred tax liabilities:
Property, plant and equipment		(21,917	)		(26,271	)
Right-of-use assets		(16,337	)		(17,748	)
Other		(1,940	)		(2,716	)
Total deferred tax liabilities		(40,194	)		(46,735	)
Net deferred tax assets	$	154,531		$	195,341

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, 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	)
Deferred tax asset valuation allowance for the year ended December 31, 2024	$	(129,296	)	$	49,569		$	(79,727	)

(1)

Inclusive of continuing and discontinued operations for the periods prior to the Separation in November 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)	2024				2023				2022 (1)
Statutory tax rate		12.5		%		12.5		%		12.5		%

Income (loss) from continuing operations before income taxes at statutory rate	$	55,469			$	52,690			$	(3,891	)

Share-based compensation		5,607				4,177				4,347
Foreign rate differential(2)		4,844				4,701				521
Change in valuation allowance		(49,517	)			(142,424	)			1,102
Intercompany amounts(3)		708				(16,551	)			(1,694	)
Irish rate differential(4)		5,798				235				4,926
Uncertain tax positions		(667	)			(234	)			602
Non-deductible lobbying expenses		767				705				775
U.S. state income taxes, net of U.S. federal benefit		2,802				347				1,272
Foreign derived intangible income		(281	)			—				(4,530	)
R&D credit		(7,815	)			(2,823	)			(2,531	)
Abandonment of NOLs(5)		49,897				—				—
Other permanent items(6)		4,000				1,539				1,125
Income tax provision (benefit)	$	71,612			$	(97,638	)		$	2,024

Effective tax rate		16.1		%		(23.2	)	%		(6.5	)	%

(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 abandonment of Irish NOLs following the sale of the Athlone Facility to Novo.

(6)

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, 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
Reductions based on the lapse of applicable statutes of limitations		(1,306	)
Additions based on tax positions related to the prior period		59
Additions based on tax positions related to the current period		581
Balance, December 31, 2024	$	8,073

Property, Plant and Equipment - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Property Plant And Equipment [Line Items]
Depreciation expense	$ 27.4	$ 25.7	$ 26.3
Wilmington, Ohio
Property Plant And Equipment [Line Items]
Construction in progress		2.9
Furniture, Fixtures and Equipment
Property Plant And Equipment [Line Items]
Carrying value at the time of disposition	$ 0.5	$ 1.7	$ 0.5

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2024

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		25 years
Furniture, fixtures and equipment		5 - 7 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

•

A rollforward of the Company’s provisions for sales and allowances is as follows:


	December 31, 2024
(In thousands)	Contractual Adjustments (1)			Discounts (2)			Product Returns			Other			Total
Beginning balance — December 31, 2023	$	234,414		$	28,690		$	41,064		$	10,164		$	314,332
Current provisions relating to sales in current year		557,651			386,625			28,627			87,373			1,060,276
Adjustments relating to prior years		(20,562	)		—			(3,700	)		—			(24,262	)
Payments/credits relating to sales in current year		(369,869	)		(353,629	)		—			(70,752	)		(794,250	)
Payments/credits relating to sales in prior years		(172,656	)		(18,041	)		(15,484	)		(13,488	)		(219,669	)
Ending balance — December 31, 2024	$	228,978		$	43,645		$	50,507		$	13,297		$	336,427


	December 31, 2023
(In thousands)	Contractual Adjustments (1)			Discounts (2)			Product Returns			Other			Total
Beginning balance — December 31, 2022	$	226,741		$	26,175		$	29,666		$	7,938		$	290,520
Current provisions relating to sales in current year		509,780			326,860			33,417			71,449			941,506
Adjustments relating to prior years		(8,921	)		—			2,841			—			(6,080	)
Payments/credits relating to sales in current year		(308,353	)		(293,785	)		—			(56,224	)		(658,362	)
Payments/credits relating to sales in prior years		(184,833	)		(30,560	)		(24,860	)		(12,999	)		(253,252	)
Ending balance — December 31, 2023	$	234,414		$	28,690		$	41,064		$	10,164		$	314,332


	December 31, 2022
(In thousands)	Contractual Adjustments (1)			Discounts (2)			Product Returns			Other			Total
Beginning balance — December 31, 2021	$	209,760		$	24,150		$	24,313		$	9,585		$	267,808
Current provisions relating to sales in current year		434,143			281,308			15,851			58,788			790,090
Adjustments relating to prior years		(22,019	)		—			3,294			—			(18,725	)
Payments/credits relating to sales in current year		(237,521	)		(252,896	)		—			(48,834	)		(539,251	)
Payments/credits relating to sales in prior years		(157,622	)		(26,387	)		(13,792	)		(11,601	)		(209,402	)
Ending balance — December 31, 2022	$	226,741		$	26,175		$	29,666		$	7,938		$	290,520

(1)

“Contractual Adjustments” include “Medicaid Rebates” and “Medicare Part D” accruals

(2)

“Discounts” include “Chargebacks” and “Product Discounts”

Total revenue-related reserves as of December 31, 2024 and 2023, included in our consolidated balance sheets, are summarized as follows:


	Year Ended December 31,
(In thousands)	2024		2023
Reduction of accounts receivable	$	22,031	$	11,510
Components of accrued sales discounts, allowances and reserves		272,452		263,641
Components of other long-term liabilities		41,944		39,181
Total revenue-related reserves	$	336,427	$	314,332

Collaborative Arrangements

Manufacturing Revenue

Royalty Revenue

Receivables, net

Contract Assets

Contract assets consisted of the following:


(In thousands)	Contract Assets
Contract assets at January 1, 2023	$	8,929
Additions		13,606
Transferred to receivables, net		(21,829	)
Contract assets at December 31, 2023	$	706
Additions		6,615
Transferred to receivables, net		(2,331	)
Contract assets at December 31, 2024	$	4,990

Contract Liabilities

Contract liabilities consisted of the following:


(In thousands)	Contract Liabilities
Contract liabilities at January 1, 2023	$	10,701
Additions		(931	)
Amounts recognized into revenue		(4,995	)
Contract liabilities at December 31, 2023	$	4,775
Additions		34
Amounts recognized into revenue		(3,560	)
Contract liabilities at December 31, 2024	$	1,249

Foreign Currency

Concentrations


	Year Ended December 31,
	2024				2023				2022
Customer	Receivables		Revenue		Receivables		Revenue		Receivables		Revenue
McKesson	36	%	25	%	14	%	14	%	12	%	16	%
Cencora	17	%	15	%	16	%	12	%	18	%	14	%
Cardinal Health	16	%	19	%	24	%	20	%	24	%	24	%
Janssen	14	%	17	%	23	%	31	%	*		15	%
Biogen	*		11	%	*		11	%	19	%	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, 2024, 2023 and 2022, as noted.

Geographic Information

Company revenues by geographic location for the years ended December 31, 2024, 2023 and 2022, as determined by the location of the customer, are as follows:


	Year Ended December 31,
(In thousands)	2024		2023		2022
Revenue by region:
U.S.	$	1,410,159	$	1,491,939	$	931,991
Ireland		1,294		1,179		1,829
Rest of world		146,179		170,287		177,975

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


	December 31,
(In thousands)	2024		2023
Assets by region:
Current assets:
U.S.:
Cash and cash equivalents	$	70,303	$	317,850
Investments—short-term		203,631		187,574
Receivables, net		306,259		218,747
Other current assets		129,332		143,417
Ireland:
Cash and cash equivalents	$	220,843	$	139,619
Investments—short-term		256,891		128,448
Receivables, net		78,269		113,730
Assets held for sale		—		94,260
Other current assets		149,827		141,861
Long-term assets:
U.S.:
Property, plant and equipment, net	$	226,646	$	225,578
Investments—long-term		24,629		17,957
Other		210,792		189,335
Ireland:
Property, plant and equipment, net	$	918	$	1,365
Investments—long-term		48,519		21,930
Intangible assets, net and goodwill		83,917		85,018
Other		44,791		109,534

Research and Development Expenses

Selling, General and Administrative Expenses

Advertising costs are expensed as incurred. During the years ended December 31, 2024, 2023 and 2022, advertising costs totaled $107.6 million, $127.6 million and $41.4 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,
	2024	2023	2022
Expected option term	5 - 7 years	5 - 8 years	5 - 8 years
Expected stock volatility	38 % - 42 %	40 % - 44 %	43 % - 51 %
Risk-free interest rate	3.64 % - 4.60 %	3.34 % - 4.75 %	1.83 % - 4.26 %
Expected annual dividend yield	—	—	—

Time-Based Restricted Stock Unit Awards

Performance-Based Restricted Stock Unit Awards

Income Taxes

Comprehensive Income (Loss)

Earnings (Loss) Per Share

Segment Information

Employee Benefit Plans

401(k) Plan

Defined Contribution Plan

New Accounting Pronouncements

Investments

12 Months Ended

Dec. 31, 2024

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, 2024	Cost		Gains		One Year			One Year			Fair Value
Short-term investments:
Available-for-sale securities:
U.S. government and agency debt securities	$	266,506	$	763	$	(58	)	$	(6	)	$	267,205
Corporate debt securities		192,617		762		(58	)		(4	)		193,317
Total short-term investments		459,123		1,525		(116	)		(10	)		460,522
Long-term investments:
Available-for-sale securities:
U.S. government and agency debt securities		48,856		—		—			(179	)		48,677
Corporate debt securities		24,484		—		—			(158	)		24,326
		73,340		—		—			(337	)		73,003
Held-to-maturity securities:
Certificates of deposit		145		—		—			—			145
Total long-term investments		73,485		—		—			(337	)		73,148
Total investments	$	532,608	$	1,525	$	(116	)	$	(347	)	$	533,670

December 31, 2023
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

At December 31, 2024, 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, 2024, 77 of the Company’s 320 investment securities were in an unrealized loss position and had an aggregate estimated fair value of $112.7 million. Approximately 41% and 59% of the Company’s investment securities at December 31, 2024 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)	2024		2023		2022
Proceeds from the sales and maturities of investments	$	310,286	$	355,522	$	281,627
Realized gains	$	—	$	—	$	—
Realized losses	$	—	$	—	$	529

The Company’s available-for-sale and held-to-maturity securities at December 31, 2024 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	$	324,897	$	325,566	$	145	$	145
After 1 year through 5 years		207,566		207,959		—		—
Total	$	532,463	$	533,525	$	145	$	145

Income Taxes - Schedule of Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Balance at the beginning of the period	$ 8,739	$ 8,973	$ 8,372
Reductions based on the lapse of applicable statutes of limitations	(1,306)	(1,073)	(438)
Additions based on tax positions related to prior periods	59	281	449
Additions based on tax positions related to the current period	581	558	590
Balance at the end of the period	$ 8,073	$ 8,739	$ 8,973

Segment Reporting

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Segment Reporting

18. SEGMENT REPORTING

Segment Information

Following the adoption of ASU 2023-07, the Company is required to disclose significant segment expenses that are regularly provided to the CODM. The Company’s CODM is periodically provided R&D expenses, selling and marketing expenses, and general and administrative expenses. Other external R&D expenses are composed of general research and development expenses and other external projects. Other internal R&D expenses include allocation expenses, travel expenses, and fees, taxes and dues.

The Company’s significant segment expenses are as follows:


	Year Ended December 31,
(In thousands)	2024			2023			2022
REVENUES:
Total revenue	$	1,557,632		$	1,663,405		$	1,111,795
EXPENSES:
Cost of goods manufactured and sold (exclusive of amortization of acquired intangible assets shown below)		245,331			253,037			218,068
External R&D expenses:
Development programs:
ALKS 2680		45,947			31,321			15,715
LYBALVI		18,737			15,379			23,056
Other external R&D expenses		36,627			51,668			57,423
Total external R&D expenses		101,311			98,368			96,194
Internal R&D expenses:
Employee-related		114,496			128,282			129,735
Occupancy		11,206			12,299			12,449
Depreciation		5,701			9,578			10,708
Other internal R&D expenses		12,612			22,279			23,616
Total internal R&D expenses		144,015			172,438			176,508
R&D expenses		245,326			270,806			272,702
Selling, general and administrative expenses:
Selling and marketing expense		446,214			490,154			392,211
General and administrative expense		199,024			199,597			198,540
Total selling, general and administrative expense		645,238			689,751			590,751
Other segment (expenses) income (1)		(49,599	)		69,346			(63,426	)
NET INCOME (LOSS) FROM CONTINUING OPERATIONS		372,138			519,157			(33,152	)
LOSS ON DISCONTINUED OPERATIONS, NET OF TAX		(5,068	)		(163,400	)		(125,115	)
NET INCOME (LOSS)	$	367,070		$	355,757		$	(158,267	)

(1)

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Revenue from Contracts with Customers - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation Of Revenue [Line Items]
Total revenues	$ 1,557,632	$ 1,663,405	$ 1,111,795
VIVITROL
Disaggregation Of Revenue [Line Items]
Total revenues	457,315	400,419	379,478
ARISTADA and ARISTADA INITIO
Disaggregation Of Revenue [Line Items]
Total revenues	346,187	327,690	302,052
LYBALVI
Disaggregation Of Revenue [Line Items]
Total revenues	280,032	191,889	96,022
Product sales, net
Disaggregation Of Revenue [Line Items]
Total revenues	$ 1,083,534	$ 919,998	$ 777,552

- 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

Inventory (Tables)

12 Months Ended

Dec. 31, 2024

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventory consists of the following:


	December 31,		December 31,
(In thousands)	2024		2023
Raw materials	$	72,139	$	71,416
Work in process		79,871		68,843
Finished goods(1)		30,877		46,147
Total inventory	$	182,887	$	186,406

(1)

At December 31, 2024 and 2023, the Company had $22.7 million and $33.9 million, respectively, of finished goods inventory located at its third-party warehouse and shipping service provider.

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	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation Of Revenue [Line Items]
Royalty revenue						$ 1,557,632	$ 1,663,405	$ 1,111,795
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						354,669	600,890	219,609
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						$ 236,386	$ 486,101	$ 115,655

Accounts Payable and Accrued Expenses - Schedule of Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accounts payable	$ 45,630	$ 65,649
Accrued compensation	70,960	83,107
Accrued other	68,742	91,805
Total accounts payable and accrued expenses	$ 185,332	$ 240,561

Share-based Compensation (Tables)

12 Months Ended

Dec. 31, 2024

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


	Year Ended December 31,
(In thousands)	2024		2023		2022
Cost of goods manufactured and sold	$	5,798	$	11,353	$	10,284
Research and development		28,085		25,753		23,289
Selling, general and administrative		62,754		55,611		54,104
Share-based compensation expense from continuing operations		96,637		92,717		87,677
Cost of goods manufactured and sold		—		—		—
Research and development		—		3,255		4,652
Selling, general and administrative		—		4,933		1,925
Share-based compensation expense from discontinued operations		—		8,188		6,577
Total share-based compensation expense	$	96,637	$	100,905	$	94,254

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, 2024		18,139,903		$	32.28
Granted		2,615,357		$	29.48
Exercised		(1,328,189	)	$	20.76
Expired		(1,427,409	)	$	46.72
Forfeited		(521,043	)	$	26.65
Outstanding, December 31, 2024		17,478,619		$	31.73
Exercisable, December 31, 2024		10,979,663		$	34.53

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, 2024		5,657,578		$	24.18
Granted		2,260,345		$	29.51
Forfeited		(775,415	)	$	26.43
Vested		(2,237,302	)	$	23.05
Unvested, December 31, 2024		4,905,206		$	26.80

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, 2024		1,546,357		$	27.95
Granted		498,120		$	32.46
Forfeited		(172,576	)	$	25.88
Vested		(536,243	)	$	22.21
Unvested, December 31, 2024		1,335,658		$	32.13

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
CURRENT ASSETS:
Cash and cash equivalents	$ 291,146	$ 457,469
Investments—short-term	460,522	316,022
Receivables, net	384,528	332,477
Inventory	182,887	186,406
Prepaid expenses and other current assets	91,282	98,166
Contract assets	4,990	706
Assets held for sale		94,260
Total current assets	1,415,355	1,485,506
PROPERTY, PLANT AND EQUIPMENT, NET	227,564	226,943
INVESTMENTS—LONG-TERM	73,148	39,887
RIGHT-OF-USE ASSETS	84,245	91,460
INTANGIBLE ASSETS, NET AND GOODWILL	83,917	85,018
DEFERRED TAX ASSETS	154,835	195,888
OTHER ASSETS	16,503	11,521
TOTAL ASSETS	2,055,567	2,136,223
CURRENT LIABILITIES:
Accounts payable and accrued expenses	185,332	240,561
Accrued sales discounts, allowances and reserves	272,452	263,641
Operating lease liabilities—short-term	6,166	5,746
Contract liabilities—short-term	1,249	2,730
Current portion of long-term debt		3,000
Liabilities related to discontinued operations		4,542
Total current liabilities	465,199	520,220
LONG-TERM DEBT		287,730
OPERATING LEASE LIABILITIES—LONG-TERM	69,372	75,709
OTHER LONG-TERM LIABILITIES	56,019	49,878
Total liabilities	590,590	933,537
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, 2024 and 2023, respectively
Ordinary shares, par value, $0.01 per share; 450,000,000 shares authorized; 176,670,785 and 172,569,051 shares issued; and 162,176,994 and 166,979,833 shares outstanding at December 31, 2024 and 2023, respectively	1,767	1,726
Treasury shares, at cost (14,493,791 and 5,589,218 shares at December 31, 2024 and 2023, respectively)	(419,255)	(189,336)
Additional paid-in capital	2,860,890	2,736,934
Accumulated other comprehensive loss	(1,967)	(3,110)
Accumulated deficit	(976,458)	(1,343,528)
Total shareholders’ equity	1,464,977	1,202,686
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 2,055,567	$ 2,136,223

Leases

12 Months Ended

Dec. 31, 2024

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, Inc., a wholly-owned subsidiary of the Company (“Alkermes US”) and Mural Oncology, Inc., a wholly-owned subsidiary of Mural (“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.

At December 31, 2024 and 2023, the operating leases held by the Company had a weighted average incremental borrowing rate of 4.0% and 4.4%, respectively, and a weighted average remaining lease term of 7.2 years and 8.7 years, respectively. During the years ended December 31, 2024, 2023 and 2022, cash paid for amounts included for the measurement of lease liabilities was $10.1 million, $10.3 million and $27.0 million, respectively. The Company recorded operating lease expense of $7.2 million, $10.2 million and $10.7 million for the years ended December 31, 2024, 2023 and 2022, respectively.

Future lease payments under non-cancelable leases as of December 31, 2024 consisted of the following:


	December 31,
(In thousands)	2024
2025		10,189
2026		10,259
2027		9,505
2028		9,574
Thereafter		59,695
Total operating lease payments	$	99,222
Less: imputed interest		(23,684	)
Total operating lease liabilities	$	75,538

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2024	Dec. 31, 2023
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	176,670,785	172,569,051
Ordinary shares, shares outstanding	162,176,994	166,979,833
Treasury shares	14,493,791	5,589,218

Fair Value - Summary of the Company's Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Fair value
Debt securities	$ 533,525
Recurring Basis
Fair value
Cash equivalents	8,388	$ 34,316
Assets, Total	541,913	388,405
Recurring Basis \| Level 1
Fair value
Cash equivalents	8,388	34,316
Assets, Total	273,478	215,357
Recurring Basis \| Level 2
Fair value
Assets, Total	268,435	173,048
U.S. government and agency debt securities \| Recurring Basis
Fair value
Debt securities	315,882	218,869
U.S. government and agency debt securities \| Recurring Basis \| Level 1
Fair value
Debt securities	265,090	181,041
U.S. government and agency debt securities \| Recurring Basis \| Level 2
Fair value
Debt securities	50,792	37,828
Corporate debt securities \| Recurring Basis
Fair value
Debt securities	217,643	131,224
Corporate debt securities \| Recurring Basis \| Level 2
Fair value
Debt securities	$ 217,643	131,224
Non-U.S. government debt securities \| Recurring Basis
Fair value
Debt securities		3,996
Non-U.S. government debt securities \| Recurring Basis \| Level 2
Fair value
Debt securities		$ 3,996

Summary of Significant Accounting Policies - Additional Information (Details)	12 Months Ended
	Dec. 31, 2024 EUR (€) Installment	Dec. 31, 2024 USD ($) Installment	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Actual credits received related to duplicate billings		$ 8,700,000
Unbilled receivable		69,500,000	$ 103,100,000
Allowance for doubtful accounts		300,000	200,000
Contract liabilities		1,249,000	4,775,000	$ 10,701,000
Gain (loss) on foreign currency translation		$ (800,000)	$ (500,000)	$ 700,000
Threshold percentage for disclosure of revenue and receivables	10.00%	10.00%	10.00%	10.00%
Advertising Expense		$ 107,600,000	$ 127,600,000	$ 41,400,000
Share-based compensation expense		$ 96,637,000	100,905,000	94,254,000
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		$ 15,100,000	15,000,000	14,400,000
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		$ 3,400,000	5,600,000	$ 5,100,000
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		$ 1,200,000	2,700,000
Other Long-Term Liabilities
Summary Of Significant Accounting Policies [Line Items]
Contract liabilities		$ 0	$ 2,100,000
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

Discontinued Operations - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Discontinued Operations and Disposal Groups [Abstract]
Discontinued operation agreement date	Nov. 13, 2023
Transaction costs related to the Separation		$ 36,000,000	$ 1,400,000
Assets	$ 0
Liabilities related to discontinued operations		$ 4,542,000

- 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

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 367,070	$ 355,757	$ (158,267)

- 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 (Tables)

12 Months Ended

Dec. 31, 2024

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, 2024	Cost		Gains		One Year			One Year			Fair Value
Short-term investments:
Available-for-sale securities:
U.S. government and agency debt securities	$	266,506	$	763	$	(58	)	$	(6	)	$	267,205
Corporate debt securities		192,617		762		(58	)		(4	)		193,317
Total short-term investments		459,123		1,525		(116	)		(10	)		460,522
Long-term investments:
Available-for-sale securities:
U.S. government and agency debt securities		48,856		—		—			(179	)		48,677
Corporate debt securities		24,484		—		—			(158	)		24,326
		73,340		—		—			(337	)		73,003
Held-to-maturity securities:
Certificates of deposit		145		—		—			—			145
Total long-term investments		73,485		—		—			(337	)		73,148
Total investments	$	532,608	$	1,525	$	(116	)	$	(347	)	$	533,670

December 31, 2023
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

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)	2024		2023		2022
Proceeds from the sales and maturities of investments	$	310,286	$	355,522	$	281,627
Realized gains	$	—	$	—	$	—
Realized losses	$	—	$	—	$	529

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, 2024 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	$	324,897	$	325,566	$	145	$	145
After 1 year through 5 years		207,566		207,959		—		—
Total	$	532,463	$	533,525	$	145	$	145

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Schedule of Estimated Useful Life of Property, Plant and Equipment


Asset group		Term
Buildings and improvements		25 years
Furniture, fixtures and equipment		5 - 7 years
Leasehold improvements		Shorter of useful life or lease term

Schedule of Provisions for Sales and Allowances

A rollforward of the Company’s provisions for sales and allowances is as follows:


	December 31, 2024
(In thousands)	Contractual Adjustments (1)			Discounts (2)			Product Returns			Other			Total
Beginning balance — December 31, 2023	$	234,414		$	28,690		$	41,064		$	10,164		$	314,332
Current provisions relating to sales in current year		557,651			386,625			28,627			87,373			1,060,276
Adjustments relating to prior years		(20,562	)		—			(3,700	)		—			(24,262	)
Payments/credits relating to sales in current year		(369,869	)		(353,629	)		—			(70,752	)		(794,250	)
Payments/credits relating to sales in prior years		(172,656	)		(18,041	)		(15,484	)		(13,488	)		(219,669	)
Ending balance — December 31, 2024	$	228,978		$	43,645		$	50,507		$	13,297		$	336,427


	December 31, 2023
(In thousands)	Contractual Adjustments (1)			Discounts (2)			Product Returns			Other			Total
Beginning balance — December 31, 2022	$	226,741		$	26,175		$	29,666		$	7,938		$	290,520
Current provisions relating to sales in current year		509,780			326,860			33,417			71,449			941,506
Adjustments relating to prior years		(8,921	)		—			2,841			—			(6,080	)
Payments/credits relating to sales in current year		(308,353	)		(293,785	)		—			(56,224	)		(658,362	)
Payments/credits relating to sales in prior years		(184,833	)		(30,560	)		(24,860	)		(12,999	)		(253,252	)
Ending balance — December 31, 2023	$	234,414		$	28,690		$	41,064		$	10,164		$	314,332


	December 31, 2022
(In thousands)	Contractual Adjustments (1)			Discounts (2)			Product Returns			Other			Total
Beginning balance — December 31, 2021	$	209,760		$	24,150		$	24,313		$	9,585		$	267,808
Current provisions relating to sales in current year		434,143			281,308			15,851			58,788			790,090
Adjustments relating to prior years		(22,019	)		—			3,294			—			(18,725	)
Payments/credits relating to sales in current year		(237,521	)		(252,896	)		—			(48,834	)		(539,251	)
Payments/credits relating to sales in prior years		(157,622	)		(26,387	)		(13,792	)		(11,601	)		(209,402	)
Ending balance — December 31, 2022	$	226,741		$	26,175		$	29,666		$	7,938		$	290,520

(1)

“Contractual Adjustments” include “Medicaid Rebates” and “Medicare Part D” accruals

(2)

“Discounts” include “Chargebacks” and “Product Discounts”

Schedule of Revenue Related Reserves Included in Consolidated Balance Sheets

Total revenue-related reserves as of December 31, 2024 and 2023, included in our consolidated balance sheets, are summarized as follows:


	Year Ended December 31,
(In thousands)	2024		2023
Reduction of accounts receivable	$	22,031	$	11,510
Components of accrued sales discounts, allowances and reserves		272,452		263,641
Components of other long-term liabilities		41,944		39,181
Total revenue-related reserves	$	336,427	$	314,332

Schedule of Contract Assets and Contract Liabilities

Contract assets consisted of the following:


(In thousands)	Contract Assets
Contract assets at January 1, 2023	$	8,929
Additions		13,606
Transferred to receivables, net		(21,829	)
Contract assets at December 31, 2023	$	706
Additions		6,615
Transferred to receivables, net		(2,331	)
Contract assets at December 31, 2024	$	4,990

Contract liabilities consisted of the following:


(In thousands)	Contract Liabilities
Contract liabilities at January 1, 2023	$	10,701
Additions		(931	)
Amounts recognized into revenue		(4,995	)
Contract liabilities at December 31, 2023	$	4,775
Additions		34
Amounts recognized into revenue		(3,560	)
Contract liabilities at December 31, 2024	$	1,249

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, 2024, 2023 and 2022:


	Year Ended December 31,
	2024				2023				2022
Customer	Receivables		Revenue		Receivables		Revenue		Receivables		Revenue
McKesson	36	%	25	%	14	%	14	%	12	%	16	%
Cencora	17	%	15	%	16	%	12	%	18	%	14	%
Cardinal Health	16	%	19	%	24	%	20	%	24	%	24	%
Janssen	14	%	17	%	23	%	31	%	*		15	%
Biogen	*		11	%	*		11	%	19	%	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, 2024, 2023 and 2022, 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, 2024, 2023 and 2022, as determined by the location of the customer, are as follows:


	Year Ended December 31,
(In thousands)	2024		2023		2022
Revenue by region:
U.S.	$	1,410,159	$	1,491,939	$	931,991
Ireland		1,294		1,179		1,829
Rest of world		146,179		170,287		177,975

Summary of Location of the Assets

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


	December 31,
(In thousands)	2024		2023
Assets by region:
Current assets:
U.S.:
Cash and cash equivalents	$	70,303	$	317,850
Investments—short-term		203,631		187,574
Receivables, net		306,259		218,747
Other current assets		129,332		143,417
Ireland:
Cash and cash equivalents	$	220,843	$	139,619
Investments—short-term		256,891		128,448
Receivables, net		78,269		113,730
Assets held for sale		—		94,260
Other current assets		149,827		141,861
Long-term assets:
U.S.:
Property, plant and equipment, net	$	226,646	$	225,578
Investments—long-term		24,629		17,957
Other		210,792		189,335
Ireland:
Property, plant and equipment, net	$	918	$	1,365
Investments—long-term		48,519		21,930
Intangible assets, net and goodwill		83,917		85,018
Other		44,791		109,534

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,
	2024	2023	2022
Expected option term	5 - 7 years	5 - 8 years	5 - 8 years
Expected stock volatility	38 % - 42 %	40 % - 44 %	43 % - 51 %
Risk-free interest rate	3.64 % - 4.60 %	3.34 % - 4.75 %	1.83 % - 4.26 %
Expected annual dividend yield	—	—	—

Accounts Payable and Accrued Expenses - Summary of Current Provision for Sales, Discounts, Allowances and Reserves (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Accrued Sales Discount Allowances And Reserves [Line Items]
Total accrued sales discounts, allowances and reserves	$ 272,452	$ 263,641
Medicaid Rebate
Accrued Sales Discount Allowances And Reserves [Line Items]
Total accrued sales discounts, allowances and reserves	202,044	213,845
Product Discounts
Accrued Sales Discount Allowances And Reserves [Line Items]
Total accrued sales discounts, allowances and reserves	19,351	15,121
Medicare Part D
Accrued Sales Discount Allowances And Reserves [Line Items]
Total accrued sales discounts, allowances and reserves	26,933	20,569
Other
Accrued Sales Discount Allowances And Reserves [Line Items]
Total accrued sales discounts, allowances and reserves	$ 24,124	$ 14,106

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, 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)
Issuance of ordinary shares under employee stock plans	27,572	$ 41	27,531
Issuance of ordinary shares under employee stock plans (in shares)		4,101,734
Receipt of Alkermes' shares for the exercise of stock options or to satisfy minimum tax withholding obligations related to share-based awards	(29,637)					$ (29,637)
Receipt of Alkermes' shares for the exercise of stock options or to satisfy minimum tax withholding obligations related to share-based awards (in shares)						(1,010,156)
Repurchase of Alkermes' ordinary shares	$ (200,282)					$ (200,282)
Repurchase of Alkermes' ordinary shares (in shares)	(7,900,000)					(7,894,417)
Share-based compensation	$ 96,425		96,425
Unrealized gain (loss) on marketable securities, net of tax provision (benefit)	1,143			1,143
Net Income (Loss)	367,070				367,070
BALANCE at Dec. 31, 2024	$ 1,464,977	$ 1,767	$ 2,860,890	$ (1,967)	$ (976,458)	$ (419,255)
BALANCE (in shares) at Dec. 31, 2024		176,670,785				(14,493,791)

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
OPERATING ACTIVITIES:
Depreciation	$ 2,319	$ 1,539
Share-based compensation expense	8,188	6,577
Right-of-use assets	3,803	5,909
Operating lease liabilities	(3,938)	(5,920)
INVESTING ACTIVITIES:
Additions of property, plant and equipment	$ (1,798)	$ (5,510)

Discontinued Operations - Summary of Expenses of Discontinued Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total operating expenses from discontinued operations	$ 5,790	$ 164,803	$ 136,176
Disposal Group, Including Discontinued Operation, Operating Income (Loss), Total	(5,790)	(164,803)	(136,176)
Income tax benefit from discontinued operations	(722)	(1,403)	(11,061)
Net loss and comprehensive loss from discontinued operations	(5,068)	(163,400)	(125,115)
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
Research and development
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total operating expenses from discontinued operations	$ 5,790	116,177	121,140
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

- 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

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

- 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

Earnings (Loss) Per Share - Schedule of Basic Earnings (Loss) Per Ordinary Share (Details) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Numerator:
Net income (loss) from continuing operations	$ 372,138	$ 519,157	$ (33,152)
Net loss from discontinued operations	(5,068)	(163,400)	(125,115)
Net income (loss)	$ 367,070	$ 355,757	$ (158,267)
Denominator:
Basic	165,392	166,223	163,742
Dilutive ordinary share equivalents	3,806	3,507
Shares used in calculating diluted earnings (loss) per ordinary share	169,198	169,730	163,742
Stock Options
Denominator:
Dilutive ordinary share equivalents	1,377	1,093
Restricted Stock Unit Awards
Denominator:
Dilutive ordinary share equivalents	2,429	2,414

Income Taxes - Schedule of Provision (Benefit) for Income Taxes from Continuing Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current income tax provision (benefit) :
U.S. federal	$ 25,640	$ (981)	$ 11,169
U.S. state	4,259	722	4,401
Ireland	1,192
Deferred income tax provision (benefit):
U.S. federal	(19,870)	10,192	(10,536)
U.S. state	(1,392)	(507)	(3,010)
Ireland	61,783	(107,064)
Total tax provision (benefit)	$ 71,612	$ (97,638)	$ 2,024

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.7)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (a)
-SubTopic 20
-Topic 740
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Leases - Summary of Future Lease Payments Under Non-Cancelable Leases (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Leases [Abstract]
2025	$ 10,189
2026	10,259
2027	9,505
2028	9,574
Thereafter	59,695
Total operating lease payments	99,222
Less: imputed interest	(23,684)
Total operating lease liabilities	$ 75,538

Share-based Compensation - Stock Options - Additional Information (Details) - Stock Options - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based compensation Expense
Weighted average grant-date fair value of stock options granted (in dollars per share)	$ 14.08	$ 13.74	$ 12.62
Aggregate intrinsic value of stock options exercised	$ 10,900,000	$ 6,000,000	$ 11,600,000
Stock options expected to vest (in shares)	6,300,000
Weighted average exercise price (in dollars per share)	$ 26.91
Weighted average contractual remaining life	7 years 10 months 24 days
Aggregate intrinsic value of stock options exercisable	$ 38,500,000
Weighted average remaining contractual term of stock options exercisable	4 years 4 months 24 days
Unrecognized share-based compensation expense	$ 32,300,000
Weighted average period for unrecognized share-based compensation expense expected to be recognized	1 year 10 months 24 days
Outstanding stock option	17,478,619	18,139,903
Maximum
Share-based compensation Expense
Aggregate intrinsic value	$ 15,400,000

Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2024

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, 2024, 2023 and 2022:


	Year Ended December 31,
(In thousands)	2024			2023			2022
Operating expenses from discontinued operations
Cost of goods manufactured	$	—		$	39		$	40
Research and development		5,790			116,177			121,140
Selling, general and administrative		—			48,587			14,996
Total operating expenses from discontinued operations		5,790			164,803			136,176
Operating loss from discontinued operations		(5,790	)		(164,803	)		(136,176	)
Income tax benefit from discontinued operations		(722	)		(1,403	)		(11,061	)
Net loss and comprehensive loss from discontinued operations	$	(5,068	)	$	(163,400	)	$	(125,115	)

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


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

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

- 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

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+ Details