EX-99.1 2 alks-ex99_1.htm EX-99.1 EX-99.1

Exhibit 99.1

 

Alkermes Contacts:

 

 

For Investors:

Sandy Coombs +1 781 609 6377

 

For Media:

Katie Joyce +1 781 249 8927

 

Alkermes plc Reports Financial Results for the Fourth Quarter and Year Ended Dec. 31, 2024 and Provides Financial Expectations for 2025

— Total Revenues of $1.56 Billion in 2024; Net Sales of Proprietary Products Increased Approximately 18% Year-Over-Year —

— GAAP Net Income from Continuing Operations of $372 Million and Diluted GAAP Earnings per Share from Continuing Operations of $2.20 for 2024 —

— ALKS 2680 Phase 2 Studies in Narcolepsy Type 1 and Type 2 Ongoing With Data Expected in H2 2025 —

 

DUBLIN, Feb. 12, 2025 — Alkermes plc (Nasdaq: ALKS) today reported financial results for the quarter and year ended Dec. 31, 2024 and provided financial expectations for 2025.

 

“2024 marked the completion of a multi-year effort to transition the business into a highly profitable, pure-play neuroscience company. We enter 2025 with a diversified portfolio of proprietary commercial products generating substantial profitability and an advancing development pipeline that represents a significant value creation opportunity in one of the most exciting potential new therapeutic categories in neuroscience,” said Richard Pops, Chief Executive Officer of Alkermes. “Looking ahead, we are well positioned to deliver on our financial goals and advance the development programs for our portfolio of orexin 2 receptor agonists. This year, we have clear objectives for our pipeline as we complete the phase 2 studies for ALKS 2680 in narcolepsy, with data expected in the second half of the year, and prepare to initiate the ALKS 2680 phase 2 study in idiopathic hypersomnia and advance ALKS 4510 and ALKS 7290 into planned phase 1 studies in disease areas beyond central disorders of hypersomnolence. Each of these initiatives is an important element of our strategy to unlock what we believe is a multi-billion-dollar market opportunity for this category.”

 

“2024 was Alkermes’ strongest year of financial and operational performance to date. Financially, we generated more than $1 billion in revenue from our proprietary commercial product portfolio, delivered EBITDA from continuing operations of approximately $452 million, repurchased $200 million of the company’s ordinary shares, retired approximately $290 million of debt and ended the year debt-free with approximately $825 million of cash and investments on the balance sheet. Operationally, we completed the sale of our manufacturing business in Ireland and made significant progress advancing our neuroscience development pipeline,” said Blair Jackson, Chief Operating Officer of Alkermes. “We will continue to manage the business with a sharp focus on efficiency and profitability as we invest in the programs that we believe will drive the company’s next phase of growth.”

 

Key Financial Highlights

Revenues

 

Three Months Ended

December 31,

 

Twelve Months Ended

December 31,

(In millions)

2024

2023

 

2024

2023

Total Revenues

$

430.0

$

377.5

 

$

1,557.6

$

1,663.4*

Total Proprietary Net Sales

$

307.7

$

242.0

 

$

1,083.5

$

920.0

     VIVITROL®

$

134.1

$

102.4

 

$

457.3

$

400.4

     ARISTADA®i

$

96.6

$

83.4

 

$

346.2

$

327.7

     LYBALVI®

$

77.0

$

56.2

 

$

280.0

$

191.9

 

1

 

Profitability

 

Three Months Ended

December 31,

 

Twelve Months Ended

December 31,

(In millions)

2024

2023

 

2024

2023*

GAAP Net Income From Continuing Operations

$

145.7

$

160.6

 

$

372.1

$

519.2

GAAP Net Income (Loss) From Discontinued Operations

$

0.8

$

(47.8)

 

$

(5.1)

$

(163.4)

GAAP Net Income

$

146.5

$

112.8

 

$

367.1

$

355.8

 

 

 

 

 

 

 

 

 

 

Non-GAAP Net Income From Continuing Operations

$

173.4

$

81.8

 

$

494.4

$

396.5

Non-GAAP Net Income (Loss) From Discontinued Operations

$

0.8

$

(44.4)

 

$

(5.1)

$

(152.9)

Non-GAAP Net Income

$

174.2

$

37.4

 

$

489.3

$

243.7

 

 

 

 

 

 

 

 

 

 

EBITDA From Continuing Operations

$

170.0

$

72.8

 

$

452.4

$

486.3

EBITDA From Discontinued Operations

$

1.1

$

(40.5)

 

$

(5.8)

$

(162.5)

EBITDA

$

171.1

$

32.3

 

$

446.6

$

323.8

 

*As a result of the successful resolution of the arbitration with Janssen Pharmaceutica N.V., the twelve months ended December 31, 2023 included approximately $195.4 million of back royalties (and related interest) related to U.S. net sales of long-acting INVEGA® products that would ordinarily have been recognized in prior periods.

 

Revenue Highlights

LYBALVI

•
Revenues for the fourth quarter were $77.0 million.
•
Fourth quarter revenues and total prescriptions grew 37% and 30%, respectively, compared to the fourth quarter of 2023.
•
During the quarter, the company recorded LYBALVI® revenue of approximately $4 million related to year-end inventory fluctuations.

ARISTADAi

•
Revenues for the fourth quarter were $96.6 million.
•
Fourth quarter revenues grew 16% compared to the fourth quarter of 2023.
•
During the quarter, the company recorded ARISTADA® revenue of approximately $9 million related to year-end inventory fluctuations and gross-to-net favorability, primarily driven by Medicaid utilization adjustments.

VIVITROL

•
Revenues for the fourth quarter were $134.1 million.
•
Fourth quarter revenues grew 31% compared to the fourth quarter of 2023.
•
During the quarter, the company recorded VIVITROL® revenue of approximately $23 million related to year-end inventory fluctuations and gross-to-net favorability, primarily driven by Medicaid utilization adjustments.

Manufacturing & Royalty Revenues

•
Royalty revenues from XEPLION®, INVEGA TRINZA®/TREVICTA® and INVEGA HAFYERA®/BYANNLI® for the fourth quarter were $36.5 million.
•
VUMERITY® manufacturing and royalty revenues for the fourth quarter were $35.0 million.

2

 

•
FAMPYRA® manufacturing and royalty revenues for the fourth quarter were $22.9 million. The company does not expect to record any FAMPYRA revenue going forward.
•
RISPERDAL CONSTA® manufacturing revenues for the fourth quarter were $14.7 million.

 

Key Operating Expenses

Please see Note 1 below for details regarding discontinued operations.

 

 

Three Months Ended

December 31,

 

Twelve Months Ended

December 31,

(In millions)

2024

2023

 

2024

2023

R&D Expense – Continuing Operations

$

58.2

$

73.9

 

$

245.3

$

270.8

R&D Expense – Discontinued Operations

$

(1.1)

$

21.5

 

$

5.8

$

116.2

 

 

 

 

 

 

 

 

 

 

SG&A Expense – Continuing Operations

$

147.0

$

169.8

 

$

645.2

$

689.8

SG&A Expense – Discontinued Operations

$

—

$

19.4

 

$

—

$

48.6

 

Balance Sheet

•
At Dec. 31, 2024, the company recorded cash, cash equivalents and total investments of $824.8 million, compared to $813.4 million at Dec. 31, 2023.
•
In December 2024, the company prepaid and retired in full all of its outstanding long-term debt in the amount of approximately $290 million.

Financial Expectations for 2025

All line items are according to GAAP, except as otherwise noted.

In millions

2025 Expectations

Total Revenues

$1,340 – $1,430

VIVITROL Net Sales

$440 – $460

ARISTADAi Net Sales

$335 – $355

LYBALVI Net Sales

$320 – $340

Cost of Goods Sold

$185 – $205

R&D Expenses

$305 – $335

SG&A Expenses

$655 – $685

GAAP Net Income a

$175 – $205

EBITDA

$215 – $245

Adjusted EBITDA

 $310 – $340

Effective Tax Rate

~17%

a Expected 2025 weighted average basic share count of approximately 165.5 million shares outstanding and a weighted average diluted share count of approximately 169.5 million shares outstanding.

Notes and Explanations

1.
The company determined that upon the separation of its former oncology business, completed on Nov. 15, 2023, the oncology business met the criteria for discontinued operations in accordance with Financial Accounting Standards Board Accounting Standards Codification 205, Discontinued Operations. Accordingly, the accompanying selected financial information has been updated to present the results of the oncology business as discontinued operations for the three and twelve months ended Dec. 31, 2023.

3

 

 

Conference Call

Alkermes will host a conference call and webcast presentation with accompanying slides at 8:00 a.m. EST (1:00 p.m. GMT) on Wednesday, Feb. 12, 2025, to discuss these financial results and provide an update on the company. The webcast may be accessed on the Investors section of Alkermes’ website at www.alkermes.com. The conference call may be accessed by dialing +1 877 407 2988 for U.S. callers and +1 201 389 0923 for international callers. In addition, a replay of the conference call may be accessed by visiting Alkermes’ website.

 

About Alkermes plc

Alkermes plc is a global biopharmaceutical company that seeks to develop innovative medicines in the field of neuroscience. The company has a portfolio of proprietary commercial products for the treatment of alcohol dependence, opioid dependence, schizophrenia and bipolar I disorder, and a pipeline of clinical and preclinical candidates in development for neurological disorders, including narcolepsy and idiopathic hypersomnia. Headquartered in Ireland, Alkermes also has a corporate office and research and development center in Massachusetts and a manufacturing facility in Ohio. For more information, please visit Alkermes’ website at www.alkermes.com.

 

Non-GAAP Financial Measures

This press release includes information about certain financial measures that are not prepared in accordance with generally accepted accounting principles in the U.S. (GAAP), including non-GAAP net income, EBITDA and Adjusted EBITDA. These non-GAAP measures are not based on any standardized methodology prescribed by GAAP and are not necessarily comparable to similar measures presented by other companies.

Non-GAAP net income adjusts for certain one-time and non-cash charges by excluding from GAAP results: share-based compensation expense; amortization; depreciation; non-cash net interest expense; change in the fair value of contingent consideration; certain other one-time or non-cash items; and the income tax effect of these reconciling items. EBITDA represents earnings before interest, tax, depreciation and amortization. Adjusted EBITDA excludes share-based compensation expense in addition to the components of EBITDA from earnings.

The company’s management and board of directors utilize these non-GAAP financial measures to evaluate the company’s performance. The company provides these non-GAAP financial measures of the company’s performance to investors because management believes that these non-GAAP financial measures, when viewed with the company’s results under GAAP and the accompanying reconciliations, are useful in identifying underlying trends in ongoing operations. However, non-GAAP net income, EBITDA and Adjusted EBITDA are not measures of financial performance under GAAP and, accordingly, should not be considered as alternatives to GAAP measures as indicators of operating performance. Further, non-GAAP net income, EBITDA and Adjusted EBITDA should not be considered measures of the company’s liquidity.

A reconciliation of GAAP to non-GAAP financial measures has been provided in the tables included in this press release.

 

Note Regarding Forward-Looking Statements

Certain statements set forth in this press release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including, but not limited to, statements concerning: the company’s expectations concerning its future financial and operating performance, business plans or prospects, including expected drivers of growth, value creation and profitability; and the company’s expectations regarding development plans, activities and timelines for, and the potential therapeutic and commercial value of, ALKS 2680 and the company’s other orexin portfolio candidates. The company cautions that forward-looking statements are inherently uncertain. The

4

 

forward-looking statements are neither promises nor guarantees and they are necessarily subject to a high degree of uncertainty and risk. Actual performance and results may differ materially from those expressed or implied in the forward-looking statements due to various risks and uncertainties. These risks and uncertainties include, among others: whether the company is able to achieve its financial expectations, including those related to profitability; clinical development activities may not be completed on time or at all; the results of the company’s development activities may not be positive, or predictive of final results from such activities, results of future development activities or real-world results; the unfavorable outcome of arbitration, litigation, or other proceedings or disputes related to the company’s products or products using the company’s proprietary technologies; the U.S. Food and Drug Administration (FDA) or regulatory authorities outside the U.S. may make adverse decisions regarding the company’s products; the company and its licensees may not be able to continue to successfully commercialize their products or support revenue growth from such products; there may be a reduction in payment rate or reimbursement for the company’s products or an increase in the company’s financial obligations to government payers; the company’s products may prove difficult to manufacture, be precluded from commercialization by the proprietary rights of third parties, or have unintended side effects, adverse reactions or incidents of misuse; and those risks and uncertainties described under the heading “Risk Factors” in the company’s most recent Annual Report on Form 10-K and in subsequent filings made by the company with the U.S. Securities and Exchange Commission (SEC), which are available on the SEC’s website at www.sec.gov. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Except as required by law, the company disclaims any intention or responsibility for updating or revising any forward-looking statements contained in this press release.

 

VIVITROL® is a registered trademark of Alkermes, Inc.; ARISTADA®, ARISTADA INITIO® and LYBALVI® are registered trademarks of Alkermes Pharma Ireland Limited, used by Alkermes, Inc. under license; BYANNLI®, INVEGA®, INVEGA HAFYERA®, INVEGA TRINZA®, RISPERDAL CONSTA®, TREVICTA® and XEPLION® are registered trademarks of Johnson & Johnson or its affiliated companies; FAMPYRATM is a trademark of Merz Pharmaceuticals, LLC; and VUMERITY® is a registered trademark of Biogen MA Inc., used by Alkermes under license.

 

 

(tables follow)

i

 The term “ARISTADA” as used in this press release refers to ARISTADA and ARISTADA INITIO®, unless the context indicates otherwise.

 

 

5

 

Alkermes plc and Subsidiaries

 

Selected Financial Information (Unaudited)

 

 

 

 

 

 

 

 

Condensed Consolidated Statements of Operations - GAAP

 

Three Months Ended

 

 

Three Months Ended

 

(In thousands, except per share data)

 

December 31, 2024

 

 

December 31, 2023

 

Revenues:

 

 

 

 

Product sales, net

 

$

307,726

 

 

$

241,972

 

Manufacturing and royalty revenues

 

 

122,260

 

 

 

135,500

 

Research and development revenue

 

 

—

 

 

 

3

 

Total Revenues

 

 

429,986

 

 

 

377,475

 

Expenses:

 

 

 

 

Cost of goods manufactured and sold

 

 

62,116

 

 

 

70,126

 

Research and development

 

 

58,174

 

 

 

73,933

 

Selling, general and administrative

 

 

146,994

 

 

 

169,789

 

Amortization of acquired intangible assets

 

 

14

 

 

 

8,996

 

Total Expenses

 

 

267,298

 

 

 

322,844

 

Operating Income

 

 

162,688

 

 

 

54,631

 

Other Income, net:

 

 

 

 

 

 

Interest income

 

 

11,400

 

 

 

9,749

 

Interest expense

 

 

(4,648

)

 

 

(6,054

)

Other income (expense), net

 

 

449

 

 

 

(10

)

Total Other Income, net

 

 

7,201

 

 

 

3,685

 

Income Before Income Taxes

 

 

169,889

 

 

 

58,316

 

Income Tax Provision (Benefit)

 

 

24,152

 

 

 

(102,236

)

Net Income From Continuing Operations

 

 

145,737

 

 

 

160,552

 

Income (Loss) From Discontinued Operations — Net of Tax

 

 

766

 

 

 

(47,773

)

Net Income — GAAP

 

$

146,503

 

 

$

112,779

 

 

 

 

 

 

 

GAAP Earnings (Loss) Per Ordinary Share - Basic:

 

 

 

 

 

 

From continuing operations

 

$

0.90

 

 

$

0.96

 

From discontinued operations

 

$

0.00

 

 

$

(0.29

)

From net income

 

$

0.90

 

 

$

0.68

 

 

 

 

 

 

 

GAAP Earnings (Loss) Per Ordinary Share - Diluted:

 

 

 

 

 

 

From continuing operations

 

$

0.88

 

 

$

0.94

 

From discontinued operations

 

$

0.00

 

 

$

(0.28

)

From net income

 

$

0.88

 

 

$

0.66

 

 

 

 

 

 

 

Weighted Average Number of Ordinary Shares Outstanding:

 

 

 

 

 

 

Basic — GAAP and Non-GAAP

 

 

161,956

 

 

 

166,898

 

Diluted — GAAP and Non-GAAP

 

 

166,554

 

 

 

170,138

 

 

 

 

 

Condensed Consolidated Statements of Operations - GAAP (Continued)

 

Three Months Ended

 

 

Three Months Ended

 

(In thousands, except per share data)

 

December 31, 2024

 

 

December 31, 2023

 

An itemized reconciliation between net income from continuing operations on a GAAP basis and EBITDA is as follows:

 

 

 

 

 

 

Net Income from Continuing Operations

 

$

145,737

 

 

$

160,552

 

Adjustments:

 

 

 

 

 

 

Depreciation expense

 

 

6,833

 

 

 

9,225

 

Amortization expense

 

 

14

 

 

 

8,996

 

Interest income

 

 

(11,400

)

 

 

(9,749

)

Interest expense

 

 

4,648

 

 

 

6,054

 

Income tax provision (benefit)

 

 

24,152

 

 

 

(102,236

)

EBITDA from Continuing Operations

 

 

169,984

 

 

 

72,842

 

EBITDA from Discontinued Operations

 

 

1,120

 

 

 

(40,537

)

EBITDA

 

$

171,104

 

 

$

32,305

 

 

 

 

 

 

 

An itemized reconciliation between net income from continuing operations on a GAAP basis and non-GAAP net income is as follows:

 

 

 

 

 

 

Net Income from Continuing Operations

 

$

145,737

 

 

$

160,552

 

Adjustments:

 

 

 

 

 

 

Share-based compensation expense

 

 

20,747

 

 

 

22,776

 

Depreciation expense

 

 

6,833

 

 

 

9,225

 

Amortization expense

 

 

14

 

 

 

8,996

 

Loss on debt extinguishment

 

 

719

 

 

 

—

 

Income tax effect related to reconciling items

 

 

(629

)

 

 

22,011

 

Separation expense

 

 

—

 

 

 

19,084

 

Non-cash net interest expense

 

 

—

 

 

 

115

 

Deferred tax valuation release

 

 

—

 

 

 

(160,953

)

Non-GAAP Net Income from Continuing Operations

 

 

173,421

 

 

 

81,806

 

Non-GAAP Net Income (Loss) from Discontinued Operations

 

 

766

 

 

 

(44,383

)

Non-GAAP Net Income

 

$

174,187

 

 

$

37,423

 

 

 

 

 

 

 

Non-GAAP diluted earnings per ordinary share from continuing operations

 

$

1.04

 

 

$

0.48

 

Non-GAAP diluted loss per ordinary share from discontinued operations

 

$

0.00

 

 

$

(0.26

)

Non-GAAP diluted earnings per ordinary share from net income

 

$

1.05

 

 

$

0.22

 

 

 

 

Alkermes plc and Subsidiaries

 

Selected Financial Information (Unaudited)

 

 

 

 

 

 

 

 

Condensed Consolidated Statements of Operations - GAAP

 

Year Ended

 

 

Year Ended

 

(In thousands, except per share data)

 

December 31, 2024

 

 

December 31, 2023

 

Revenues:

 

 

 

 

Product sales, net

 

$

1,083,534

 

 

$

919,998

 

Manufacturing and royalty revenues

 

 

474,095

 

 

 

743,388

 

Research and development revenue

 

 

3

 

 

 

19

 

Total Revenues

 

 

1,557,632

 

 

 

1,663,405

 

Expenses:

 

 

 

 

Cost of goods manufactured and sold

 

 

245,331

 

 

 

253,037

 

Research and development

 

 

245,326

 

 

 

270,806

 

Selling, general and administrative

 

 

645,238

 

 

 

689,751

 

Amortization of acquired intangible assets

 

 

1,101

 

 

 

35,689

 

Total Expenses

 

 

1,136,996

 

 

 

1,249,283

 

Operating Income

 

 

420,636

 

 

 

414,122

 

Other Income, net:

 

 

 

 

 

 

  Interest income

 

 

42,450

 

 

 

30,854

 

  Interest expense

 

 

(22,578

)

 

 

(23,032

)

  Other income (expense), net

 

 

3,242

 

 

 

(425

)

Total Other Income, net

 

 

23,114

 

 

 

7,397

 

Income Before Income Taxes

 

 

443,750

 

 

 

421,519

 

Income Tax Provision (Benefit)

 

 

71,612

 

 

 

(97,638

)

Net Income From Continuing Operations

 

 

372,138

 

 

 

519,157

 

Loss From Discontinued Operations — Net of Tax

 

 

(5,068

)

 

 

(163,400

)

Net Income — GAAP

 

$

367,070

 

 

$

355,757

 

 

 

 

 

 

 

GAAP Earnings (Loss) Per Ordinary Share - Basic:

 

 

 

 

 

 

From continuing operations

 

$

2.25

 

 

$

3.12

 

From discontinued operations

 

$

(0.03

)

 

$

(0.98

)

From net income

 

$

2.22

 

 

$

2.14

 

 

 

 

 

 

 

GAAP Earnings (Loss) Per Ordinary Share - Diluted:

 

 

 

 

 

 

From continuing operations

 

$

2.20

 

 

$

3.06

 

From discontinued operations

 

$

(0.03

)

 

$

(0.96

)

From net income

 

$

2.17

 

 

$

2.10

 

 

 

 

 

 

 

Weighted Average Number of Ordinary Shares Outstanding:

 

 

 

 

 

 

Basic — GAAP and Non-GAAP

 

 

165,392

 

 

 

166,223

 

Diluted — GAAP and Non-GAAP

 

 

169,198

 

 

 

169,730

 

 

 

 

Condensed Consolidated Statements of Operations - GAAP (Continued)

 

Year Ended

 

 

Year Ended

 

(In thousands, except per share data)

 

December 31, 2024

 

 

December 31, 2023

 

An itemized reconciliation between net income from continuing operations on a GAAP basis and EBITDA is as follows:

 

 

 

 

 

 

Net Income from Continuing Operations

 

$

372,138

 

 

$

519,157

 

Adjustments:

 

 

 

 

 

 

Depreciation expense

 

 

27,432

 

 

 

36,921

 

Amortization expense

 

 

1,101

 

 

 

35,689

 

Interest income

 

 

(42,450

)

 

 

(30,854

)

Interest expense

 

 

22,578

 

 

 

23,032

 

Income tax provision (benefit)

 

 

71,612

 

 

 

(97,638

)

EBITDA from Continuing Operations

 

 

452,411

 

 

 

486,307

 

EBITDA from Discontinued Operations

 

 

(5,790

)

 

 

(162,484

)

EBITDA

 

$

446,621

 

 

$

323,823

 

 

 

 

 

 

 

An itemized reconciliation between net income from continuing operations on a GAAP basis and non-GAAP net income is as follows:

 

 

 

 

 

 

Net Income from Continuing Operations

 

$

372,138

 

 

$

519,157

 

Adjustments:

 

 

 

 

 

 

Share-based compensation expense

 

 

96,636

 

 

 

92,719

 

Depreciation expense

 

 

27,432

 

 

 

36,921

 

Amortization expense

 

 

1,101

 

 

 

35,689

 

Separation expense

 

 

1,446

 

 

 

38,364

 

Loss on debt extinguishment

 

 

719

 

 

 

—

 

Gain on sale of Athlone manufacturing facility

 

 

(1,462

)

 

 

—

 

Income tax effect related to reconciling items

 

 

(3,945

)

 

 

25,343

 

Deferred tax valuation release

 

 

—

 

 

 

(160,953

)

Restructuring expense

 

 

—

 

 

 

5,938

 

Final award in the Janssen arbitration (2022 back royalties and interest)

 

 

—

 

 

 

(197,092

)

Non-cash net interest expense

 

 

342

 

 

 

461

 

Non-GAAP Net Income from Continuing Operations

 

 

494,407

 

 

 

396,547

 

Non-GAAP Net Loss from Discontinued Operations

 

 

(5,068

)

 

 

(152,894

)

Non-GAAP Net Income

 

$

489,339

 

 

$

243,653

 

 

 

 

 

 

 

Non-GAAP diluted earnings per ordinary share from continuing operations

 

$

2.92

 

 

$

2.34

 

Non-GAAP diluted loss per ordinary share from discontinued operations

 

$

(0.03

)

 

$

(0.90

)

Non-GAAP diluted earnings per ordinary share from net income

 

$

2.89

 

 

$

1.44

 

 

 

 

Alkermes plc and Subsidiaries

 

Selected Financial Information (Unaudited)

 

 

 

 

 

 

 

Condensed Consolidated Balance Sheets

 

December 31,

 

 

December 31,

 

(In thousands)

 

2024

 

 

2023

 

Cash, cash equivalents and total investments

 

$

824,816

 

 

$

813,378

 

Receivables

 

 

389,733

 

 

 

332,477

 

Inventory

 

 

182,887

 

 

 

186,406

 

Contract assets

 

 

4,990

 

 

 

706

 

Prepaid expenses and other current assets

 

 

86,077

 

 

 

98,166

 

Property, plant and equipment, net

 

 

227,564

 

 

 

226,943

 

Intangible assets, net and goodwill

 

 

83,917

 

 

 

85,018

 

Assets held for sale

 

 

—

 

 

 

94,260

 

Deferred tax assets

 

 

154,835

 

 

 

195,888

 

Other assets

 

 

100,748

 

 

 

102,981

 

Total Assets

 

$

2,055,567

 

 

$

2,136,223

 

Long-term debt — current portion

 

$

—

 

 

$

3,000

 

Other current liabilities

 

 

465,199

 

 

 

512,678

 

Long-term debt

 

 

—

 

 

 

287,730

 

Liabilities from discontinued operations

 

 

—

 

 

 

4,542

 

Other long-term liabilities

 

 

125,391

 

 

 

125,587

 

Total shareholders' equity

 

 

1,464,977

 

 

 

1,202,686

 

Total Liabilities and Shareholders' Equity

 

$

2,055,567

 

 

$

2,136,223

 

 

 

 

 

 

 

Ordinary shares outstanding (in thousands)

 

 

162,177

 

 

 

166,980

 

 

 

 

 

 

 

 

This selected financial information should be read in conjunction with the consolidated financial statements and notes thereto included in Alkermes plc's Annual Report on Form 10-K for the year ended December 31, 2024, which the company intends to file in February 2025.

 

 

 

 

 

 

Alkermes plc and Subsidiaries

 

Amounts Included in Discontinued Operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

 

Three Months
Ended
March 31,
2024

 

 

Three Months
Ended
June 30,
2024

 

 

Three Months
Ended
September 30,
2024

 

 

Three Months
Ended
December 31,
2024

 

 

Year Ended
December 31,
2024

 

Cost of goods manufactured and sold

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

-

 

Research and development

 

 

2,516

 

 

 

3,913

 

 

 

481

 

 

 

(1,120

)

 

 

5,790

 

Selling, general and administrative

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

-

 

Income tax (benefit) provision

 

 

(396

)

 

 

(613

)

 

 

(67

)

 

 

354

 

 

 

(722

)

(Income) Loss from discontinued operations, net of tax

 

$

2,120

 

 

$

3,300

 

 

$

414

 

 

$

(766

)

 

$

5,068

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

 

Three Months
Ended
March 31,
2023

 

 

Three Months
Ended
June 30,
2023

 

 

Three Months
Ended
September 30,
2023

 

 

Three Months
Ended
December 31,
2023

 

 

Year Ended
December 31,
2023

 

Cost of goods manufactured and sold

 

$

11

 

 

$

11

 

 

$

11

 

 

$

6

 

 

$

39

 

Research and development

 

 

29,867

 

 

 

32,563

 

 

 

32,262

 

 

 

21,485

 

 

 

116,177

 

Selling, general and administrative

 

 

6,644

 

 

 

9,502

 

 

 

13,073

 

 

 

19,368

 

 

 

48,587

 

Income tax (benefit) provision

 

 

(6,727

)

 

 

(40

)

 

 

(1,550

)

 

 

6,914

 

 

 

(1,403

)

Loss from discontinued operations, net of tax

 

$

29,795

 

 

$

42,036

 

 

$

43,796

 

 

$

47,773

 

 

$

163,400

 

 

 

 

Alkermes plc and Subsidiaries

 

Revenues for Calendar Year 2024 and 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

 

Three Months
Ended
March 31,
2024

 

 

Three Months
Ended
June 30,
2024

 

 

Three Months
Ended
September 30,
2024

 

 

Three Months
Ended
December 31,
2024

 

 

Year
Ended
December 31,
2024

 

Revenues:

 

 

 

 

 

 

 

 

 

 

VIVITROL

 

$

97,659

 

 

$

111,873

 

 

$

113,650

 

 

$

134,133

 

 

$

457,315

 

ARISTADA

 

 

78,870

 

 

 

86,049

 

 

 

84,652

 

 

 

96,616

 

 

 

346,187

 

LYBALVI

 

 

57,007

 

 

 

71,351

 

 

 

74,697

 

 

 

76,977

 

 

 

280,032

 

Total Proprietary Sales

 

 

233,536

 

 

 

269,273

 

 

 

272,999

 

 

 

307,726

 

 

 

1,083,534

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PARTNERED LONG-ACTING ANTIPSYCHOTICS (1)

 

 

65,391

 

 

 

82,297

 

 

 

60,876

 

 

 

51,267

 

 

 

259,831

 

VUMERITY

 

 

31,254

 

 

 

35,234

 

 

 

32,574

 

 

 

34,985

 

 

 

134,047

 

Key Commercial Product Revenues

 

 

330,181

 

 

 

386,804

 

 

 

366,449

 

 

 

393,978

 

 

 

1,477,412

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Legacy Product Revenues

 

 

20,188

 

 

 

12,327

 

 

 

11,694

 

 

 

36,008

 

 

 

80,217

 

Research and Development Revenues

 

 

3

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3

 

Total Revenues

 

$

350,372

 

 

$

399,131

 

 

$

378,143

 

 

$

429,986

 

 

$

1,557,632

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

 

Three Months
Ended
March 31,
2023

 

 

Three Months
Ended
June 30,
2023

 

 

Three Months
Ended
September 30,
2023

 

 

Three Months
Ended
December 31,
2023

 

 

Year
Ended
December 31,
2023

 

Revenues:

 

 

 

 

 

 

 

 

 

 

VIVITROL

 

$

96,659

 

 

$

102,070

 

 

$

99,305

 

 

$

102,385

 

 

$

400,419

 

ARISTADA

 

 

80,077

 

 

 

82,410

 

 

 

81,834

 

 

 

83,369

 

 

 

327,690

 

LYBALVI

 

 

37,991

 

 

 

46,997

 

 

 

50,683

 

 

 

56,218

 

 

 

191,889

 

Total Proprietary Sales

 

 

214,727

 

 

 

231,477

 

 

 

231,822

 

 

 

241,972

 

 

 

919,998

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PARTNERED LONG-ACTING ANTIPSYCHOTICS (1)

 

 

24,543

 

 

 

326,380

 

 

 

90,993

 

 

 

81,461

 

 

 

523,377

 

VUMERITY

 

 

28,874

 

 

 

32,295

 

 

 

34,561

 

 

 

33,596

 

 

 

129,326

 

Key Commercial Product Revenues

 

 

268,144

 

 

 

590,152

 

 

 

357,376

 

 

 

357,029

 

 

 

1,572,701

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Legacy Product Revenues

 

 

19,445

 

 

 

27,238

 

 

 

23,559

 

 

 

20,443

 

 

 

90,685

 

Research and Development Revenues

 

 

6

 

 

 

7

 

 

 

3

 

 

 

3

 

 

 

19

 

Total Revenues

 

$

287,595

 

 

$

617,397

 

 

$

380,938

 

 

$

377,475

 

 

$

1,663,405

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) - Includes RISPERDAL CONSTA, INVEGA SUSTENNA/XEPLION, INVEGA TRINZA/TREVICTA and INVEGA HAFYERA/BYANNLI.

 

 

 

 

Alkermes plc and Subsidiaries

 

2025 Guidance — GAAP to EBITDA and Adjusted EBITDA

 

 

 

 

 

An itemized reconciliation between projected net income on a GAAP basis, EBITDA and Adjusted EBITDA is as follows:

 

 

 

 

 

(In millions)

 

Amount

 

Projected Net Income — GAAP

 

$

190.0

 

   Adjustments:

 

 

 

Interest income

 

 

(30.0

)

Depreciation and amortization expense

 

 

30.0

 

Provision for income taxes

 

 

40.0

 

Projected EBITDA

 

$

230.0

 

Share-based compensation expense

 

 

95.0

 

Projected Adjusted EBITDA

 

$

325.0

 

 

 

 

Projected Net Income on a GAAP basis and Projected EBITDA and Projected Adjusted EBITDA reflect mid-points within ranges of estimated guidance.