10-Q 1 alks-20240930.htm 10-Q 10-Q
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 10-Q

 

(Mark One)

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended September 30, 2024

 

OR

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

Commission File Number 001-35299

img77523168_0.jpg

ALKERMES PUBLIC LIMITED COMPANY

(Exact name of registrant as specified in its charter)

 

 

 

 

Ireland

 

98-1007018

(State or other jurisdiction of incorporation or organization)

 

(I.R.S. Employer Identification No.)

 

Connaught House

1 Burlington Road

Dublin 4, Ireland, D04 C5Y6

(Address of principal executive offices)

 

+ 353-1-772-8000

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

Ordinary shares, $0.01 par value

 

ALKS

 

Nasdaq Global Select Market

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

 

 

 

Large accelerated filer

 

Accelerated filer

Non-accelerated filer

 

Smaller reporting company

 

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

 

The number of the registrant’s ordinary shares, $0.01 par value, outstanding as of October 18, 2024 was 161,802,508 shares.

 

 

 

 


 

ALKERMES PLC AND SUBSIDIARIES

QUARTERLY REPORT ON FORM 10-Q

FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2024

 

 

 

 

 

Page No.

PART I - FINANCIAL INFORMATION

 

Item 1.

Condensed Consolidated Financial Statements (unaudited):

 

 

Condensed Consolidated Balance Sheets — September 30, 2024 and December 31, 2023

5

 

Condensed Consolidated Statements of Operations and Comprehensive Income — For the Three and Nine Months Ended September 30, 2024 and 2023

6

 

Condensed Consolidated Statements of Cash Flows — For the Nine Months Ended September 30, 2024 and 2023

7

 

Condensed Consolidated Statements of Shareholders’ Equity — For the Three and Nine Months Ended September 30, 2024 and 2023

8

 

Notes to Condensed Consolidated Financial Statements

10

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

24

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

35

Item 4.

Controls and Procedures

36

 

 

PART II - OTHER INFORMATION

 

Item 1.

Legal Proceedings

37

Item 1A.

Risk Factors

37

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

37

Item 5.

Other Information

37

Item 6.

Exhibits

38

Signatures

39

 

2


 

Cautionary Note Concerning Forward-Looking Statements

This document contains and incorporates by reference “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). In some cases, these statements can be identified by the use of forward-looking terminology such as “may,” “will,” “could,” “should,” “would,” “expect,” “anticipate,” “continue,” “believe,” “plan,” “estimate,” “intend,” or other similar words. These statements discuss future expectations and contain projections of results of operations or of financial condition, or state trends and known uncertainties or other forward-looking information. Forward-looking statements in this Quarterly Report on Form 10-Q (this “Form 10-Q”) may include, without limitation, statements regarding:

our expectations regarding our financial performance, including revenues, expenses, liquidity, capital expenditures, income taxes and profitability;
our expectations regarding our products, including expectations related to product development, regulatory filings, approvals and timelines; therapeutic and commercial value, scope and potential; and the costs and expenses related to such activities and expectations;
our expectations regarding the initiation, timing and results of clinical trials of our products;
our expectations regarding the competitive, payer, legislative, regulatory and policy landscape, and changes therein, related to our products, including competition from generic forms of our products or competitive products and development programs; barriers to access or coverage of our products and potential changes in reimbursement of our products; and legislation, regulations, executive orders, guidance or other measures that may impact pricing and reimbursement of, and access to, our products;
our expectations regarding the financial impact of currency exchange rate fluctuations and valuations;
our expectations regarding acquisitions, collaborations, licensing arrangements and other significant agreements with third parties, including those related to our products, development programs and other business development opportunities;
our expectations regarding the impacts of new legislation, rules and regulations, the adoption of new accounting pronouncements, potential government shutdowns, or other global, political or economic instability or disruptions;
our expectations regarding near-term changes in the nature of our market risk exposures or in our management’s objectives and strategies with respect to managing such exposures;
our expectations regarding our ability to comply with restrictive covenants of our indebtedness and our ability to fund our debt service obligations;
our expectations regarding future capital requirements and expenditures for our operations and our ability to finance such capital requirements and expenditures;
our expectations regarding the timing, outcome and impact of administrative, regulatory, legal and other proceedings related to our products and intellectual property (“IP”), including our patents, know-how, and related rights or obligations;
our expectations regarding the tax treatment and other anticipated benefits of the separation of our oncology business; and
other expectations discussed elsewhere in this Form 10-Q.

Actual results might differ materially from those expressed or implied by these forward-looking statements because these forward-looking statements are subject to risks, assumptions and uncertainties. In light of these risks, assumptions and uncertainties, the forward-looking expectations discussed in this Form 10-Q might not occur. You are cautioned not to place undue reliance on the forward-looking statements in this Form 10-Q, which speak only as of the date of this Form 10-Q. All subsequent written and oral forward-looking statements concerning the matters addressed in this Form 10-Q and attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Except as required by applicable law or regulation, we do not undertake any obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise. For information about the risks, assumptions and uncertainties of our business, see “Part I, Item 1A—Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the United States (“U.S.”) Securities and Exchange Commission (the “SEC”) on February 21, 2024 (our “Annual Report”).

3


 

This Form 10-Q may include data that we obtained from industry publications and third-party research, surveys and studies. Industry publications and third-party research, surveys and studies generally indicate that their information has been obtained from sources believed to be reliable, although they do not guarantee the accuracy or completeness of such information. While we believe that any industry publications and third-party research, surveys and studies from which data is included in this Form 10-Q are reliable, we have not independently verified any such data. This Form 10-Q may also include data based on our own internal estimates and research. Our internal estimates and research have not been verified by any independent source and are necessarily subject to a high degree of uncertainty and risk due to a variety of factors, including those described in “Part I, Item 1A—Risk Factors” in our Annual Report. These and other factors could cause our results to differ materially from those expressed or implied in this Form 10-Q.

Note Regarding Company and Product References

Alkermes plc is a global biopharmaceutical company that seeks to develop innovative medicines in the field of neuroscience. We have a portfolio of proprietary commercial products for the treatment of alcohol dependence, opioid dependence, schizophrenia and bipolar I disorder, and a pipeline of clinical and preclinical candidates in development for neurological disorders, including narcolepsy and idiopathic hypersomnia. Use of terms such as “us,” “we,” “our,” “Alkermes” or the “Company” in this Form 10-Q is meant to refer to Alkermes plc and its consolidated subsidiaries. Except as otherwise suggested by the context, (a) references to “products” or “our products” in this Form 10-Q include our marketed products, marketed products using our proprietary technologies, our licensed products, our product candidates and product candidates using our proprietary technologies, (b) references to the “biopharmaceutical industry” in this Form 10-Q are intended to include reference to the “biotechnology industry” and/or the “pharmaceutical industry” and (c) references to “licensees” in this Form 10-Q are used interchangeably with references to “partners.”

Note Regarding Trademarks

We are the owner of various U.S. federal trademark registrations (“®”) and other trademarks (“TM”), including ALKERMES®, ARISTADA®, ARISTADA INITIO®, LinkeRx®, LYBALVI®, NanoCrystal® and VIVITROL®.

The following are trademarks of the respective companies listed: BYANNLI®, INVEGA®, INVEGA HAFYERA®, INVEGA SUSTENNA®, INVEGA TRINZA®, TREVICTA®, and XEPLION®—Johnson & Johnson or its affiliated companies; and VUMERITY®—Biogen MA Inc. (together with its affiliates, “Biogen”). Other trademarks, trade names and service marks appearing in this Form 10-Q are the property of their respective owners. Solely for convenience, the trademarks and trade names in this Form 10-Q may be referred to without the ® or TM symbol, but such references should not be construed as any indicator that their respective owners will not assert, to the fullest extent under applicable law, their rights thereto.

4


 

PART I. FINANCIAL INFORMATION

Item 1. Condensed Consolidated Financial Statements:

ALKERMES PLC AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited)

 

 

 

September 30, 2024

 

 

December 31, 2023

 

 

 

(In thousands, except share and per share amounts)

 

ASSETS

 

 

 

 

 

 

CURRENT ASSETS:

 

 

 

 

 

 

Cash and cash equivalents

 

$

396,293

 

 

$

457,469

 

Receivables, net

 

 

367,211

 

 

 

332,477

 

Investments—short-term

 

 

512,571

 

 

 

316,022

 

Inventory

 

 

191,087

 

 

 

186,406

 

Prepaid expenses and other current assets

 

 

94,047

 

 

 

98,166

 

Contract assets

 

 

2,969

 

 

 

706

 

Assets held for sale

 

 

 

 

 

94,260

 

Total current assets

 

 

1,564,178

 

 

 

1,485,506

 

PROPERTY, PLANT AND EQUIPMENT, NET

 

 

225,422

 

 

 

226,943

 

INVESTMENTS—LONG-TERM

 

 

18,920

 

 

 

39,887

 

RIGHT-OF-USE ASSETS

 

 

86,076

 

 

 

91,460

 

INTANGIBLE ASSETS, NET AND GOODWILL

 

 

83,931

 

 

 

85,018

 

DEFERRED TAX ASSETS

 

 

159,960

 

 

 

195,888

 

OTHER ASSETS

 

 

16,804

 

 

 

11,521

 

TOTAL ASSETS

 

$

2,155,291

 

 

$

2,136,223

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

CURRENT LIABILITIES:

 

 

 

 

 

 

Accounts payable and accrued expenses

 

$

160,198

 

 

$

240,561

 

Accrued sales discounts, allowances and reserves

 

 

282,018

 

 

 

263,641

 

Operating lease liabilities—short-term

 

 

6,150

 

 

 

5,746

 

Contract liabilities—short-term

 

 

2,339

 

 

 

2,730

 

Current portion of long-term debt

 

 

3,000

 

 

 

3,000

 

Liabilities related to discontinued operations

 

 

 

 

 

4,542

 

Total current liabilities

 

 

453,705

 

 

 

520,220

 

LONG-TERM DEBT

 

 

285,823

 

 

 

287,730

 

OPERATING LEASE LIABILITIES—LONG-TERM

 

 

71,030

 

 

 

75,709

 

OTHER LONG-TERM LIABILITIES

 

 

52,627

 

 

 

49,878

 

Total liabilities

 

 

863,185

 

 

 

933,537

 

COMMITMENTS AND CONTINGENT LIABILITIES (Note 17)

 

 

 

 

 

 

SHAREHOLDERS’ EQUITY:

 

 

 

 

 

 

Preferred shares, par value, $0.01 per share; 50,000,000 shares authorized; and zero issued and outstanding at September 30, 2024 and December 31, 2023

 

 

 

 

 

 

Ordinary shares, par value, $0.01 per share; 450,000,000 shares authorized; 176,258,170 and 172,569,051 shares issued; and 161,776,205 and 166,979,833 shares outstanding at September 30, 2024 and December 31, 2023, respectively

 

 

1,763

 

 

 

1,726

 

Treasury shares, at cost (14,481,965 and 5,589,218 shares at September 30, 2024 and December 31, 2023, respectively)

 

 

(418,911

)

 

 

(189,336

)

Additional paid-in capital

 

 

2,831,790

 

 

 

2,736,934

 

Accumulated other comprehensive income (loss)

 

 

425

 

 

 

(3,110

)

Accumulated deficit

 

 

(1,122,961

)

 

 

(1,343,528

)

Total shareholders’ equity

 

 

1,292,106

 

 

 

1,202,686

 

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

 

$

2,155,291

 

 

$

2,136,223

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

5


 

ALKERMES PLC AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(unaudited)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

 

(In thousands, except per share amounts)

 

REVENUES:

 

 

 

 

 

 

 

 

 

 

 

 

Product sales, net

 

$

272,999

 

 

$

231,822

 

 

$

775,808

 

 

$

678,026

 

Manufacturing and royalty revenues

 

 

105,144

 

 

 

149,113

 

 

 

351,835

 

 

 

607,888

 

Research and development revenue

 

 

 

 

 

3

 

 

 

3

 

 

 

16

 

Total revenues

 

 

378,143

 

 

 

380,938

 

 

 

1,127,646

 

 

 

1,285,930

 

EXPENSES:

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

63,099

 

 

 

61,498

 

 

 

183,215

 

 

 

182,911

 

Research and development

 

 

59,892

 

 

 

64,878

 

 

 

187,152

 

 

 

196,873

 

Selling, general and administrative

 

 

150,382

 

 

 

156,373

 

 

 

498,244

 

 

 

519,962

 

Amortization of acquired intangible assets

 

 

14

 

 

 

8,995

 

 

 

1,087

 

 

 

26,693

 

Total expenses

 

 

273,387

 

 

 

291,744

 

 

 

869,698

 

 

 

926,439

 

OPERATING INCOME FROM CONTINUING OPERATIONS

 

 

104,756

 

 

 

89,194

 

 

 

257,948

 

 

 

359,491

 

OTHER INCOME, NET:

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

10,916

 

 

 

9,370

 

 

 

31,050

 

 

 

21,105

 

Interest expense

 

 

(6,000

)

 

 

(6,006

)

 

 

(17,930

)

 

 

(16,978

)

Other income (expense), net

 

 

558

 

 

 

149

 

 

 

2,793

 

 

 

(415

)

Total other income, net

 

 

5,474

 

 

 

3,513

 

 

 

15,913

 

 

 

3,712

 

INCOME BEFORE INCOME TAXES

 

 

110,230

 

 

 

92,707

 

 

 

273,861

 

 

 

363,203

 

INCOME TAX PROVISION

 

 

17,435

 

 

 

1,153

 

 

 

47,460

 

 

 

4,598

 

NET INCOME FROM CONTINUING OPERATIONS

 

 

92,795

 

 

 

91,554

 

 

 

226,401

 

 

 

358,605

 

LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX

 

 

(414

)

 

 

(43,796

)

 

 

(5,834

)

 

 

(115,627

)

NET INCOME

 

$

92,381

 

 

$

47,758

 

 

$

220,567

 

 

$

242,978

 

 

 

 

 

 

 

 

 

 

 

 

 

EARNINGS (LOSS) PER ORDINARY SHARE:

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per ordinary share from continuing operations - basic

 

$

0.57

 

 

$

0.55

 

 

$

1.36

 

 

$

2.16

 

Loss per ordinary share from discontinued operations - basic

 

$

(0.00

)

 

$

(0.26

)

 

$

(0.04

)

 

$

(0.70

)

Earnings per ordinary share - basic

 

$

0.57

 

 

$

0.29

 

 

$

1.32

 

 

$

1.46

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per ordinary share from continuing operations - diluted

 

$

0.56

 

 

$

0.53

 

 

$

1.33

 

 

$

2.10

 

Loss per ordinary share from discontinued operations - diluted

 

$

(0.00

)

 

$

(0.25

)

 

$

(0.03

)

 

$

(0.68

)

Earnings per ordinary share - diluted

 

$

0.55

 

 

$

0.28

 

 

$

1.30

 

 

$

1.42

 

WEIGHTED AVERAGE NUMBER OF ORDINARY SHARES OUTSTANDING:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

163,368

 

 

 

166,607

 

 

 

166,546

 

 

 

165,996

 

Diluted

 

 

167,025

 

 

 

171,903

 

 

 

170,196

 

 

 

170,981

 

COMPREHENSIVE INCOME:

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

92,381

 

 

$

47,758

 

 

$

220,567

 

 

$

242,978

 

Holding gain, net of a tax provision of $376, $216, $293 and $803, respectively

 

 

4,015

 

 

 

1,363

 

 

 

3,535

 

 

 

4,815

 

COMPREHENSIVE INCOME

 

$

96,396

 

 

$

49,121

 

 

$

224,102

 

 

$

247,793

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

6


 

ALKERMES PLC AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

 

 

 

Nine Months Ended

 

 

 

September 30,

 

 

 

2024

 

 

2023

 

 

 

(In thousands)

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

Net income

 

$

220,567

 

 

$

242,978

 

Adjustments to reconcile net income to cash flows from operating activities:

 

 

 

 

 

 

Depreciation and amortization

 

 

21,686

 

 

 

56,386

 

Share-based compensation expense

 

 

75,889

 

 

 

75,062

 

Deferred income taxes

 

 

32,313

 

 

 

(47,385

)

Gain on sale of the Athlone Facility

 

 

(1,462

)

 

 

 

Other non-cash charges

 

 

4,794

 

 

 

1,394

 

Changes in assets and liabilities:

 

 

 

 

 

 

Receivables

 

 

(34,734

)

 

 

(49,730

)

Contract assets

 

 

(2,263

)

 

 

6,163

 

Inventory

 

 

(6,051

)

 

 

(9,866

)

Prepaid expenses and other assets

 

 

1,892

 

 

 

3,947

 

Right-of-use assets

 

 

5,384

 

 

 

12,685

 

Accounts payable and accrued expenses

 

 

(82,978

)

 

 

20,958

 

Accrued sales discounts, allowances and reserves

 

 

18,377

 

 

 

(13,649

)

Contract liabilities

 

 

(2,435

)

 

 

(5,724

)

Operating lease liabilities

 

 

(7,594

)

 

 

(12,569

)

Other long-term liabilities

 

 

5,342

 

 

 

13,466

 

Cash flows provided by operating activities

 

 

248,727

 

 

 

294,116

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

 

Additions of property, plant and equipment

 

 

(23,711

)

 

 

(31,018

)

Proceeds from the sale of equipment

 

 

454

 

 

 

6

 

Proceeds from the sale of the Athlone Facility

 

 

97,933

 

 

 

 

Purchases of investments

 

 

(396,895

)

 

 

(186,593

)

Sales and maturities of investments

 

 

224,786

 

 

 

291,944

 

Cash flows (used in) provided by investing activities

 

 

(97,433

)

 

 

74,339

 

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

 

 

Proceeds from the issuance of ordinary shares under share-based compensation arrangements

 

 

19,354

 

 

 

15,113

 

Employee taxes paid related to net share settlement of equity awards

 

 

(29,293

)

 

 

(26,080

)

Payment for the repurchase of ordinary shares

 

 

(200,281

)

 

 

 

Principal payments of long-term debt

 

 

(2,250

)

 

 

(2,250

)

Cash flows used in financing activities

 

 

(212,470

)

 

 

(13,217

)

NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS

 

 

(61,176

)

 

 

355,238

 

CASH AND CASH EQUIVALENTS—Beginning of period

 

 

457,469

 

 

 

292,473

 

CASH AND CASH EQUIVALENTS—End of period

 

$

396,293

 

 

$

647,711

 

SUPPLEMENTAL CASH FLOW DISCLOSURE:

 

 

 

 

 

 

Non-cash investing and financing activities:

 

 

 

 

 

 

Purchased capital expenditures included in accounts payable and accrued expenses

 

$

3,053

 

 

$

4,209

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

7


 

ALKERMES PLC AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(unaudited)

 

 

 

 

Ordinary Shares

 

 

Additional
Paid-In

 

 

Accumulated Other Comprehensive

 

 

Accumulated

 

 

Treasury Stock

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

(Loss) Income

 

 

Deficit

 

 

Shares

 

 

Amount

 

 

Total

 

 

 

(In thousands, except share data)

 

BALANCE — December 31, 2023

 

 

172,569,051

 

 

$

1,726

 

 

$

2,736,934

 

 

$

(3,110

)

 

$

(1,343,528

)

 

 

(5,589,218

)

 

$

(189,336

)

 

$

1,202,686

 

Issuance of ordinary shares under employee stock plans

 

 

3,165,169

 

 

 

31

 

 

 

11,195

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11,226

 

Receipt of Alkermes' ordinary shares for the exercise of stock options or to satisfy minimum tax withholding obligations related to share-based awards

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(960,486

)

 

 

(28,349

)

 

 

(28,349

)

Share-based compensation

 

 

 

 

 

 

 

 

32,863

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

32,863

 

Unrealized loss on marketable securities, net of tax benefit of $75

 

 

 

 

 

 

 

 

 

 

 

(491

)

 

 

 

 

 

 

 

 

 

 

 

(491

)

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

36,828

 

 

 

 

 

 

 

 

 

36,828

 

BALANCE — March 31, 2024

 

 

175,734,220

 

 

$

1,757

 

 

$

2,780,992

 

 

$

(3,601

)

 

$

(1,306,700

)

 

 

(6,549,704

)

 

$

(217,685

)

 

$

1,254,763

 

Issuance of ordinary shares under employee stock plans

 

 

225,052

 

 

 

3

 

 

 

2,604

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,607

 

Receipt of Alkermes' ordinary shares for the exercise of stock options or to satisfy minimum tax withholding obligations related to share-based awards

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(26,692

)

 

 

(651

)

 

 

(651

)

Repurchase of Alkermes' ordinary shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,496,187

)

 

 

(84,689

)

 

 

(84,689

)

Share-based compensation

 

 

 

 

 

 

 

 

20,606

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

20,606

 

Unrealized gain on marketable securities, net of tax benefit of $8

 

 

 

 

 

 

 

 

 

 

 

11

 

 

 

 

 

 

 

 

 

 

 

 

11

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

91,358

 

 

 

 

 

 

 

 

 

91,358

 

BALANCE — June 30, 2024

 

 

175,959,272

 

 

$

1,760

 

 

$

2,804,202

 

 

$

(3,590

)

 

$

(1,215,342

)

 

 

(10,072,583

)

 

$

(303,025

)

 

$

1,284,005

 

Issuance of ordinary shares under employee stock plans

 

 

298,898

 

 

 

3

 

 

 

5,518

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,521

 

Receipt of Alkermes' ordinary shares for the exercise of stock options or to satisfy minimum tax withholding obligations related to share-based awards

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(11,152

)

 

 

(293

)

 

 

(293

)

Repurchase of Alkermes' ordinary shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(4,398,230

)

 

 

(115,593

)

 

 

(115,593

)

Share-based compensation

 

 

 

 

 

 

 

 

22,070

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

22,070

 

Unrealized gain on marketable securities, net of tax provision of $376

 

 

 

 

 

 

 

 

 

 

 

4,015

 

 

 

 

 

 

 

 

 

 

 

 

4,015

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

92,381

 

 

 

 

 

 

 

 

 

92,381

 

BALANCE — September 30, 2024

 

 

176,258,170

 

 

$

1,763

 

 

$

2,831,790

 

 

$

425

 

 

$

(1,122,961

)

 

 

(14,481,965

)

 

$

(418,911

)

 

$

1,292,106

 

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

8


 

 

 

 

Ordinary Shares

 

 

Additional
Paid-In

 

 

Accumulated Other Comprehensive

 

 

Accumulated

 

 

Treasury Stock

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Loss

 

 

Deficit

 

 

Shares

 

 

Amount

 

 

Total

 

 

 

(In thousands, except share data)

 

BALANCE — December 31, 2022

 

 

168,951,193

 

 

$

1,690

 

 

$

2,913,099

 

 

$

(10,889

)

 

$

(1,699,285

)

 

 

(4,574,184

)

 

$

(160,862

)

 

$

1,043,753

 

Issuance of ordinary shares under employee stock plans

 

 

2,567,603

 

 

 

25

 

 

 

2,849

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,874

 

Receipt of Alkermes' ordinary shares for the exercise of stock options or to satisfy minimum tax withholding obligations related to share-based awards

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(885,652

)

 

 

(24,744

)

 

 

(24,744

)

Share-based compensation

 

 

 

 

 

 

 

 

22,778

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

22,778

 

Unrealized gain on marketable securities, net of tax provision of $488

 

 

 

 

 

 

 

 

 

 

 

2,760

 

 

 

 

 

 

 

 

 

 

 

 

2,760

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(41,845

)

 

 

 

 

 

 

 

 

(41,845

)

BALANCE — March 31, 2023

 

 

171,518,796

 

 

$

1,715

 

 

$

2,938,726

 

 

$

(8,129

)

 

$

(1,741,130

)

 

 

(5,459,836

)

 

$

(185,606

)

 

$

1,005,576

 

Issuance of ordinary shares under employee stock plans

 

 

457,105

 

 

 

5

 

 

 

9,121

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9,126

 

Receipt of Alkermes' ordinary shares for the exercise of stock options or to satisfy minimum tax withholding obligations related to share-based awards

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(17,777

)

 

 

(540

)

 

 

(540

)

Share-based compensation

 

 

 

 

 

 

 

 

28,518

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

28,518

 

Unrealized gain on marketable securities, net of tax provision of $99

 

 

 

 

 

 

 

 

 

 

 

692

 

 

 

 

 

 

 

 

 

 

 

 

692

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

237,065

 

 

 

 

 

 

 

 

 

237,065

 

BALANCE — June 30, 2023

 

 

171,975,901

 

 

$

1,720

 

 

$

2,976,365

 

 

$

(7,437

)

 

$

(1,504,065

)

 

 

(5,477,613

)

 

$

(186,146

)

 

$

1,280,437

 

Issuance of ordinary shares under employee stock plans