Alkermes (ALKS) 10-Q 26 Jul 23 2023 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2023	Jul. 21, 2023
Cover [Abstract]
Entity Registrant Name	Alkermes plc.
Entity Central Index Key	0001520262
Document Type	10-Q
Document Period End Date	Jun. 30, 2023
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		166,558,735
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Trading Symbol	ALKS
Entity File Number	001-35299
Entity Incorporation, State or Country Code	L2
Entity Tax Identification Number	98-1007018
Entity Address, Address Line One	Connaught House
Entity Address, Address Line Two	1 Burlington Road
Entity Address, City or Town	Dublin 4
Entity Address, Country	IE
Entity Address, Postal Zip Code	D04 C5Y6
City Area Code	353
Local Phone Number	1-772-8000
Document Quarterly Report	true
Document Transition Report	false
Title of 12(b) Security	Ordinary shares, $0.01 par value
Security Exchange Name	NASDAQ

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
CURRENT ASSETS:
Cash and cash equivalents	$ 665,795	$ 292,473
Receivables, net	334,478	287,967
Investments—short-term	163,254	315,992
Inventory	189,372	181,418
Contract assets		8,929
Prepaid expenses and other current assets	44,452	43,527
Total current assets	1,397,351	1,130,306
PROPERTY, PLANT AND EQUIPMENT, NET	323,801	325,361
INVESTMENTS—LONG-TERM	78,127	131,610
RIGHT-OF-USE ASSETS	107,356	115,855
INTANGIBLE ASSETS, NET	19,982	37,680
GOODWILL	92,873	92,873
DEFERRED TAX ASSETS	153,152	115,602
OTHER ASSETS	14,542	14,691
TOTAL ASSETS	2,187,184	1,963,978
CURRENT LIABILITIES:
Accounts payable and accrued expenses	242,923	220,089
Accrued sales discounts, allowances and reserves	222,768	252,115
Operating lease liabilities—short-term	15,192	15,722
Contract liabilities—short-term	3,302	6,816
Current portion of long-term debt	3,000	3,000
Total current liabilities	487,185	497,742
LONG-TERM DEBT	289,001	290,270
OPERATING LEASE LIABILITIES—LONG-TERM	82,342	89,829
OTHER LONG-TERM LIABILITIES	48,219	42,384
Total liabilities	906,747	920,225
COMMITMENTS AND CONTINGENT LIABILITIES
SHAREHOLDERS’ EQUITY:
Preferred shares, par value, $0.01 per share; 50,000,000 shares authorized; zero issued and outstanding at June 30, 2023 and December 31, 2022, respectively
Ordinary shares, par value, $0.01 per share; 450,000,000 shares authorized; 171,975,901 and 168,951,193 shares issued; 166,498,288 and 164,377,009 shares outstanding at June 30, 2023 and December 31, 2022, respectively	1,720	1,690
Treasury shares, at cost (5,477,613 and 4,574,184 shares at June 30, 2023 and December 31, 2022, respectively)	(186,146)	(160,862)
Additional paid-in capital	2,976,365	2,913,099
Accumulated other comprehensive loss	(7,437)	(10,889)
Accumulated deficit	(1,504,065)	(1,699,285)
Total shareholders’ equity	1,280,437	1,043,753
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 2,187,184	$ 1,963,978

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (unaudited) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock shares, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock shares, authorized	50,000,000	50,000,000
Preferred stock shares, issued	0	0
Preferred stock shares, outstanding	0	0
Ordinary shares, par value (in dollars per share)	$ 0.01	$ 0.01
Ordinary shares, shares authorized	450,000,000	450,000,000
Ordinary shares, shares issued	171,975,901	168,951,193
Ordinary shares, shares outstanding	166,498,288	164,377,009
Treasury shares	5,477,613	4,574,184

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
REVENUES:
Total revenues	$ 617,397	$ 276,219	$ 904,992	$ 554,764
EXPENSES:
Cost of goods manufactured and sold (exclusive of amortization of acquired intangible assets shown below)	63,260	58,360	121,435	113,519
Research and development	100,788	92,873	194,425	188,826
Selling, general and administrative	205,258	150,377	379,735	295,429
Amortization of acquired intangible assets	8,898	9,066	17,698	18,032
Total expenses	378,204	310,676	713,293	615,806
OPERATING INCOME (LOSS)	239,193	(34,457)	191,699	(61,042)
OTHER INCOME (EXPENSE), NET:
Interest income	6,769	896	11,735	1,469
Interest expense	(5,684)	(2,369)	(10,972)	(4,719)
Change in the fair value of contingent consideration		870		(18,197)
Other (expense) income, net	(525)	1,810	(564)	4,241
Total other income (expense), net	560	1,207	199	(17,206)
INCOME (LOSS) BEFORE INCOME TAXES	239,753	(33,250)	191,898	(78,248)
INCOME TAX PROVISION (BENEFIT)	2,688	(3,114)	(3,322)	(12,209)
NET INCOME (LOSS)	$ 237,065	$ (30,136)	$ 195,220	$ (66,039)
EARNINGS (LOSS) PER ORDINARY SHARE:
Basic	$ 1.43	$ (0.18)	$ 1.18	$ (0.4)
Diluted	$ 1.38	$ (0.18)	$ 1.14	$ (0.4)
WEIGHTED AVERAGE NUMBER OF ORDINARY SHARES OUTSTANDING:
Basic	166,279	163,839	165,686	163,165
Diluted	171,553	163,839	170,747	163,165
COMPREHENSIVE INCOME (LOSS):
Net income (loss)	$ 237,065	$ (30,136)	$ 195,220	$ (66,039)
Holding gain (loss), net of a tax provision (benefit) of $99, $326, $587 and $(1,055), respectively	692	(2,254)	3,452	(6,765)
COMPREHENSIVE INCOME (LOSS)	237,757	(32,390)	198,672	(72,804)
Product sales, net
REVENUES:
Total revenues	231,477	190,787	446,204	362,055
Manufacturing and royalty revenues
REVENUES:
Total revenues	385,913	85,326	458,775	190,496
License revenue
REVENUES:
Total revenues				2,000
Research and development revenue
REVENUES:
Total revenues	$ 7	$ 106	$ 13	$ 213

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Tax provision (benefit)	$ 99	$ 488	$ 326	$ (1,382)	$ 587	$ (1,055)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 195,220	$ (66,039)
Adjustments to reconcile net income (loss) to cash flows from operating activities:
Depreciation and amortization	37,725	38,588
Share-based compensation expense	51,147	41,720
Deferred income taxes	(38,137)	(40,815)
Change in the fair value of contingent consideration		18,197
Other non-cash charges	691	637
Changes in assets and liabilities:
Receivables	(46,511)	67,382
Contract assets	8,929	(3,123)
Inventory	(6,879)	(4,569)
Prepaid expenses and other assets	(774)	(1,986)
Right-of-use assets	8,498	8,331
Accounts payable and accrued expenses	19,995	(20,802)
Accrued sales discounts, allowances and reserves	(29,347)	(8,243)
Contract liabilities	(5,032)	(4,071)
Operating lease liabilities	(8,471)	(8,911)
Other long-term liabilities	7,354	3,076
Cash flows provided by operating activities	194,408	19,372
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions of property, plant and equipment	(16,565)	(17,753)
Proceeds from the sale of equipment	3
Proceeds from contingent consideration		1,043
Return of Fountain Healthcare Partners II, L.P. investment		485
Purchases of investments	(30,284)	(194,879)
Sales and maturities of investments	240,544	109,925
Cash flows provided by (used in) investing activities	193,698	(101,179)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from the issuance of ordinary shares under share-based compensation arrangements	12,000	17,992
Employee taxes paid related to net share settlement of equity awards	(25,284)	(17,583)
Principal payments of long-term debt	(1,500)	(1,500)
Cash flows used in financing activities	(14,784)	(1,091)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	373,322	(82,898)
CASH AND CASH EQUIVALENTS—Beginning of period	292,473	337,544
CASH AND CASH EQUIVALENTS—End of period	665,795	254,646
Non-cash investing and financing activities:
Purchased capital expenditures included in accounts payable and accrued expenses	$ 4,863	$ 4,863

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (unaudited) - USD ($) $ in Thousands	Total	Ordinary Shares	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit	Treasury Stock
BALANCE at Dec. 31, 2021	$ 1,112,584	$ 1,658	$ 2,798,325	$ (3,723)	$ (1,541,018)	$ (142,658)
BALANCE (in shares) at Dec. 31, 2021		165,790,549				(3,853,222)
Issuance of ordinary shares under employee stock plans	1,795	$ 19	1,776
Issuance of ordinary shares under employee stock plans (in shares)		1,953,293
Receipt of Alkermes' shares for the exercise of stock options or to satisfy minimum tax withholding obligations related to share-based awards	(17,069)					$ (17,069)
Receipt of Alkermes' shares for the exercise of stock options or to satisfy minimum tax withholding obligations related to share-based awards (in shares)						(678,209)
Share-based compensation	18,494		18,494
Unrealized gain (loss) on marketable securities, net of tax provision	(4,511)			(4,511)
Net income (loss)	(35,903)				(35,903)
BALANCE at Mar. 31, 2022	1,075,390	$ 1,677	2,818,595	(8,234)	(1,576,921)	$ (159,727)
BALANCE (in shares) at Mar. 31, 2022		167,743,842				(4,531,431)
BALANCE at Dec. 31, 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)
Unrealized gain (loss) on marketable securities, net of tax provision	(6,765)
Net income (loss)	(66,039)
BALANCE at Jun. 30, 2022	1,082,324	$ 1,688	2,858,422	(10,488)	(1,607,057)	$ (160,241)
BALANCE (in shares) at Jun. 30, 2022		168,782,701				(4,549,997)
BALANCE at Mar. 31, 2022	1,075,390	$ 1,677	2,818,595	(8,234)	(1,576,921)	$ (159,727)
BALANCE (in shares) at Mar. 31, 2022		167,743,842				(4,531,431)
Issuance of ordinary shares under employee stock plans	16,197	$ 11	16,186
Issuance of ordinary shares under employee stock plans (in shares)		1,038,859
Receipt of Alkermes' shares for the exercise of stock options or to satisfy minimum tax withholding obligations related to share-based awards	(514)					$ (514)
Receipt of Alkermes' shares for the exercise of stock options or to satisfy minimum tax withholding obligations related to share-based awards (in shares)						(18,566)
Share-based compensation	23,641		23,641
Unrealized gain (loss) on marketable securities, net of tax provision	(2,254)			(2,254)
Net income (loss)	(30,136)				(30,136)
BALANCE at Jun. 30, 2022	1,082,324	$ 1,688	2,858,422	(10,488)	(1,607,057)	$ (160,241)
BALANCE (in shares) at Jun. 30, 2022		168,782,701				(4,549,997)
BALANCE at Dec. 31, 2022	1,043,753	$ 1,690	2,913,099	(10,889)	(1,699,285)	$ (160,862)
BALANCE (in shares) at Dec. 31, 2022		168,951,193				(4,574,184)
Issuance of ordinary shares under employee stock plans	2,874	$ 25	2,849
Issuance of ordinary shares under employee stock plans (in shares)		2,567,603
Receipt of Alkermes' shares for the exercise of stock options or to satisfy minimum tax withholding obligations related to share-based awards	(24,744)					$ (24,744)
Receipt of Alkermes' shares for the exercise of stock options or to satisfy minimum tax withholding obligations related to share-based awards (in shares)						(885,652)
Share-based compensation	22,778		22,778
Unrealized gain (loss) on marketable securities, net of tax provision	2,760			2,760
Net income (loss)	(41,845)				(41,845)
BALANCE at Mar. 31, 2023	1,005,576	$ 1,715	2,938,726	(8,129)	(1,741,130)	$ (185,606)
BALANCE (in shares) at Mar. 31, 2023		171,518,796				(5,459,836)
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)
Unrealized gain (loss) on marketable securities, net of tax provision	3,452
Net income (loss)	195,220
BALANCE at Jun. 30, 2023	1,280,437	$ 1,720	2,976,365	(7,437)	(1,504,065)	$ (186,146)
BALANCE (in shares) at Jun. 30, 2023		171,975,901				(5,477,613)
BALANCE at Mar. 31, 2023	1,005,576	$ 1,715	2,938,726	(8,129)	(1,741,130)	$ (185,606)
BALANCE (in shares) at Mar. 31, 2023		171,518,796				(5,459,836)
Issuance of ordinary shares under employee stock plans	9,126	$ 5	9,121
Issuance of ordinary shares under employee stock plans (in shares)		457,105
Receipt of Alkermes' shares for the exercise of stock options or to satisfy minimum tax withholding obligations related to share-based awards	(540)					$ (540)
Receipt of Alkermes' shares for the exercise of stock options or to satisfy minimum tax withholding obligations related to share-based awards (in shares)						(17,777)
Share-based compensation	28,518		28,518
Unrealized gain (loss) on marketable securities, net of tax provision	692			692
Net income (loss)	237,065				237,065
BALANCE at Jun. 30, 2023	$ 1,280,437	$ 1,720	$ 2,976,365	$ (7,437)	$ (1,504,065)	$ (186,146)
BALANCE (in shares) at Jun. 30, 2023		171,975,901				(5,477,613)

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Stockholders' Equity [Abstract]
Tax provision (benefit)	$ 99	$ 488	$ 326	$ (1,382)	$ 587	$ (1,055)

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 237,065	$ (41,845)	$ (30,136)	$ (35,903)	$ 195,220	$ (66,039)

Insider Trading Arrangements

Insider Trading Arrangements	6 Months Ended
	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false

The Company

The Company	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
The Company	1. THE COMPANY Alkermes plc is a fully-integrated, global biopharmaceutical company that applies its scientific expertise and proprietary technologies to research, develop and commercialize, both with partners and on its own, pharmaceutical products that are designed to address unmet medical needs of patients in the fields of neuroscience and oncology. Alkermes has a portfolio of proprietary commercial products focused on alcohol dependence, opioid dependence, schizophrenia and bipolar I disorder and a pipeline of product candidates in development for neurological disorders and cancer. Headquartered in Dublin, Ireland, the Company has a research and development (“R&D”) center in Waltham, Massachusetts; an R&D and manufacturing facility in Athlone, Ireland; and a manufacturing facility in Wilmington, Ohio. On November 2, 2022, the Company announced its intent, as approved by its board of directors, to separate its neuroscience business and oncology business. The Company is planning a separation of the oncology business into an independent, publicly-traded company (referred to herein as “Mural Oncology”) following a review of strategic alternatives for the oncology business. Following the planned separation, the Company would retain its focus on driving growth of its proprietary commercial products: LYBALVI, ARISTADA/ARISTADA INITIO and VIVITROL, and advancing the development of pipeline programs focused on neurological disorders. The Company also expects to retain manufacturing and royalty revenues, including those related to its licensed products and third-party products using its proprietary technologies under license. Mural Oncology would focus on the discovery and development of cancer therapies, including the continued development of nemvaleukin alfa and the Company’s portfolio of novel, preclinical engineered cytokines. The separation, if consummated, is expected to be completed in the second half of 2023 and is subject to customary closing conditions, including final approval by the Company’s board of directors and receipt of a private letter ruling from the U.S. Internal Revenue Service and/or a tax opinion from the Company’s tax advisor. Subsequent to the planned separation, the historical results of the oncology business will be reflected as discontinued operations in the Company’s consolidated financial statements.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying condensed consolidated financial statements of the Company for the three and six months ended June 30, 2023 and 2022 are unaudited and have been prepared on a basis substantially consistent with the audited financial statements for the year ended December 31, 2022. The year-end condensed consolidated balance sheet data, which is presented for comparative purposes, was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the U.S. (commonly referred to as “GAAP”). In the opinion of management, the condensed consolidated financial statements include all adjustments of a normal recurring nature that are necessary to state fairly the results of operations for the reported periods. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto of the Company, which are contained in the Company’s Annual Report. The results of the Company’s operations for any interim period are not necessarily indicative of the results of the Company’s operations for any other interim period or for any full fiscal year. Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of Alkermes plc and its wholly-owned subsidiaries as disclosed in Note 2, Summary of Significant Accounting Policies, in the “Notes to Consolidated Financial Statements” accompanying the Company’s Annual Report. Intercompany accounts and transactions have been eliminated. Use of Estimates The preparation of the Company’s condensed consolidated financial statements in accordance with GAAP requires that Company management make estimates, judgments and assumptions that may affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. On an ongoing basis, the Company evaluates its estimates, judgments and methodologies, including, but not limited to, those related to revenue from contracts with its customers and related allowances, impairment and amortization of intangibles and long-lived assets, share-based compensation, income taxes including the valuation allowance for deferred tax assets, valuation of investments and litigation. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results may differ from these estimates under different conditions or using different assumptions. Segment Information The Company operates as one business segment, which is the business of developing, manufacturing and commercializing medicines designed to address unmet medical needs of patients in major therapeutic areas. The Company’s chief decision maker, its Chief Executive Officer and chairman of its board of directors, reviews the Company’s operating results on an aggregate basis and manages the Company’s operations as a single operating unit. New Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board or other standard-setting bodies that are adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that the impact of recently issued accounting pronouncements that are not yet effective will not have a material impact on its financial position or results of operations upon adoption.

Revenue from Contracts with Cus

Revenue from Contracts with Customers	6 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue from Contracts with Customers	3. REVENUE FROM CONTRACTS WITH CUSTOMERS Product Sales, Net The Company’s product sales, net consist of sales in the U.S. of VIVITROL, ARISTADA and ARISTADA INITIO and, following its commercial launch in October 2021, LYBALVI, primarily to wholesalers, specialty distributors and pharmacies. During the three and six months ended June 30, 2023 and 2022, the Company recorded product sales, net, as follows: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2023 2022 2023 2022 VIVITROL $ 102,071 $ 96,105 $ 198,730 $ 180,959 ARISTADA and ARISTADA INITIO 82,409 74,622 162,486 147,107 LYBALVI 46,997 20,060 84,988 33,989 Total product sales, net $ 231,477 $ 190,787 $ 446,204 $ 362,055 Manufacturing and Royalty Revenues During the three and six months ended June 30, 2023 and 2022, the Company recorded manufacturing and royalty revenues from its collaboration arrangements as follows: Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 (In thousands) Manufacturing Revenue Royalty Revenue Total Manufacturing Revenue Royalty Revenue Total Long-acting INVEGA products (1) $ — $ 321,239 $ 321,239 $ — $ 334,801 $ 334,801 VUMERITY 10,369 21,926 32,295 23,018 38,151 61,169 RISPERDAL CONSTA 4,901 240 5,141 15,317 806 16,123 Other 16,628 10,610 27,238 32,003 14,679 46,682 $ 31,898 $ 354,015 $ 385,913 $ 70,338 $ 388,437 $ 458,775 Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 (In thousands) Manufacturing Revenue Royalty Revenue Total Manufacturing Revenue Royalty Revenue Total Long-acting INVEGA products (1) $ — $ 26,648 $ 26,648 $ — $ 63,702 $ 63,702 VUMERITY 5,650 20,520 26,170 17,045 39,720 56,765 RISPERDAL CONSTA 8,571 1,820 10,391 24,149 3,668 27,817 Other 11,353 10,764 22,117 23,207 19,005 42,212 $ 25,574 $ 59,752 $ 85,326 $ 64,401 $ 126,095 $ 190,496 (1) “Long-acting INVEGA products”: INVEGA SUSTENNA/XEPLION (paliperidone palmitate), INVEGA TRINZA/TREVICTA (paliperidone palmitate) and INVEGA HAFYERA/BYANNLI (paliperidone palmitate) In November 2021, the Company received notice of partial termination of an exclusive license agreement with Janssen Pharmaceutica N.V., a subsidiary of Johnson & Johnson (“Janssen Pharmaceutica”). Under this license agreement, the Company provided Janssen Pharmaceutica with rights to, and know-how, training and technical assistance in respect of, the Company’s small particle pharmaceutical compound technology, known as NanoCrystal technology, which was used to develop the Long-acting INVEGA products. When the partial termination became effective in February 2022, Janssen Pharmaceutica ceased paying royalties related to sales of INVEGA SUSTENNA, INVEGA TRINZA and INVEGA HAFYERA in the U.S. Accordingly, the Company ceased recognizing royalty revenue related to U.S. sales of these products in February 2022. In April 2022, the Company commenced binding arbitration proceedings related to, among other things, Janssen Pharmaceutica’s partial termination of this license agreement and its royalty and other obligations under the agreement. On May 31, 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 Pharmaceutica in the second quarter of 2023, and is entitled to 2023 and future royalty revenues from Janssen Pharmaceutica 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 the three months ended June 30, 2023, the Company recorded $ 195.4 million in royalty revenue related to the back royalties, $ 50.2 million in royalty revenue related to U.S. net sales of the Long-acting INVEGA products earned during the first quarter of 2023 and $ 75.7 million in royalty revenue related to worldwide net sales of the Long-acting INVEGA products earned during the second quarter of 2023. Refer to Note 15, Commitments and Contingent Liabilities within the “Notes to Condensed Consolidated Financial Statements” in this Form 10-Q for additional information regarding the arbitration proceedings with Janssen Pharmaceutica. Contract Assets Contract assets include unbilled amounts resulting from sales under certain of the Company’s manufacturing contracts where revenue is recognized over time. The amounts included in the contract assets table below are classified as “Current assets” in the accompanying condensed consolidated balance sheets, as they relate to manufacturing processes that are completed in ten days to eight weeks . Total contract assets at June 30, 2023 were as follows: (In thousands) Contract Assets Contract assets at December 31, 2022 $ 8,929 Additions 10,115 Transferred to receivables, net ( 19,044 ) Contract assets at June 30, 2023 $ — Contract Liabilities Contract liabilities consist of contractual obligations related to deferred revenue. At June 30, 2023 and December 31, 2022, $ 3.3 million and $ 6.8 million of the contract liabilities, respectively, were classified as “Contract liabilities–short-term” in the accompanying condensed consolidated balance sheets and $ 2.4 million and $ 3.9 million of the contract liabilities, respectively, were classified as “Other long-term liabilities” in the accompanying condensed consolidated balance sheets. Total contract liabilities at June 30, 2023 were as follows: (In thousands) Contract Liabilities Contract liabilities at December 31, 2022 $ 10,701 Additions ( 932 ) Amounts recognized into revenue ( 4,101 ) Contract liabilities at June 30, 2023 $ 5,668

Investments

Investments	6 Months Ended
	Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Investments	4. INVESTMENTS Investments consisted of the following (in thousands): Gross Unrealized Losses Amortized Less than Greater than Estimated June 30, 2023 Cost Gains One Year One Year Fair Value Short-term investments: Available-for-sale securities: Corporate debt securities $ 77,279 $ — $ ( 82 ) $ ( 1,106 ) $ 76,091 U.S. government and agency debt securities 73,188 1 ( 116 ) ( 991 ) 72,082 Non-U.S. government debt securities 15,359 — — ( 278 ) 15,081 Total short-term investments 165,826 1 ( 198 ) ( 2,375 ) 163,254 Long-term investments: Available-for-sale securities: Corporate debt securities 38,825 — ( 529 ) ( 765 ) 37,531 U.S. government and agency debt securities 40,219 — ( 463 ) ( 980 ) 38,776 79,044 — ( 992 ) ( 1,745 ) 76,307 Held-to-maturity securities: Certificates of deposit 1,820 — — — 1,820 Total long-term investments 80,864 — ( 992 ) ( 1,745 ) 78,127 Total investments $ 246,690 $ 1 $ ( 1,190 ) $ ( 4,120 ) $ 241,381 December 31, 2022 Short-term investments: Available-for-sale securities: Corporate debt securities $ 141,418 $ — $ ( 424 ) $ ( 2,054 ) $ 138,940 U.S. government and agency debt securities 143,710 16 ( 266 ) ( 1,289 ) 142,171 Non-U.S. government debt securities 35,455 — ( 28 ) ( 546 ) 34,881 Total short-term investments 320,583 16 ( 718 ) ( 3,889 ) 315,992 Long-term investments: Available-for-sale securities: Corporate debt securities 68,229 — ( 1,550 ) ( 676 ) 66,003 U.S. government and agency debt securities 62,220 — ( 917 ) ( 1,424 ) 59,879 Non-U.S. government debt securities 4,099 — — ( 191 ) 3,908 134,548 — ( 2,467 ) ( 2,291 ) 129,790 Held-to-maturity securities: Certificates of deposit 1,820 — — — 1,820 Total long-term investments 136,368 — ( 2,467 ) ( 2,291 ) 131,610 Total investments $ 456,951 $ 16 $ ( 3,185 ) $ ( 6,180 ) $ 447,602 At June 30, 2023, the Company reviewed its investment portfolio to assess whether the unrealized losses on its available-for-sale investments were temporary. Investments with unrealized losses consisted primarily of corporate debt securities and debt securities issued and backed by U.S. agencies and the U.S. government. At June 30, 2023 , 156 of the Company’s 163 investment securities were in an unrealized loss position and had an aggregate estimated fair value of $ 231.1 million. Approximately 46 % of the Company’s investment securities at June 30, 2023 are in each of 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. In a rising interest rate environment, the Company expects its fixed-rate investment securities will carry unrealized losses. In making the determination whether the decline in fair value of these securities was 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: Six Months Ended June 30, (In thousands) 2023 2022 Proceeds from the sales and maturities of investments $ 240,544 $ 109,925 Realized gains $ — $ — Realized losses $ — $ — The Company’s available-for-sale and held-to-maturity securities at June 30, 2023 had contractual maturities in the following periods: Available-for-sale Held-to-maturity Amortized Estimated Amortized Estimated (In thousands) Cost Fair Value Cost Fair Value Within 1 year $ 165,826 $ 163,254 $ 1,820 $ 1,820 After 1 year through 5 years 79,044 76,307 — — Total $ 244,870 $ 239,561 $ 1,820 $ 1,820

Fair Value

Fair Value	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value	5. FAIR VALUE The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis and indicates the fair value hierarchy and the valuation techniques that the Company utilized to determine such fair value: June 30, (In thousands) 2023 Level 1 Level 2 Level 3 Assets: Cash equivalents $ 42,386 $ 42,386 $ — $ — U.S. government and agency debt securities 110,858 83,270 27,588 — Corporate debt securities 113,622 — 113,622 — Non-U.S. government debt securities 15,081 — 15,081 — Total $ 281,947 $ 125,656 $ 156,291 $ — December 31, 2022 Level 1 Level 2 Level 3 Assets: Cash equivalents $ 19,857 $ 19,857 $ — $ — U.S. government and agency debt securities 202,050 168,639 33,411 — Corporate debt securities 204,943 — 204,943 — Non-U.S. government debt securities 38,789 — 38,789 — Total $ 465,639 $ 188,496 $ 277,143 $ — The Company transfers its financial assets and liabilities, measured at fair value on a recurring basis, between the fair value hierarchies at the end of each reporting period. There were no transfers of any securities between levels during the six months ended June 30, 2023. At June 30, 2023 , the Company had no investments with fair values that were determined using Level 3 inputs. The Company’s investments in U.S. government and agency debt securities, non-U.S. government agency debt securities and corporate debt securities classified as Level 2 within the fair value hierarchy were initially valued at the transaction price and subsequently valued, at the end of each reporting period, utilizing market-observable data. The market-observable data included reportable trades, benchmark yields, credit spreads, broker/dealer quotes, bids, offers, current spot rates and other industry and economic events. The Company validated the prices developed using the market-observable data by obtaining market values from other pricing sources, analyzing pricing data in certain instances and confirming that the relevant markets are active. In April 2015, the Company sold its Gainesville, GA manufacturing facility, the related manufacturing and royalty revenue associated with certain products manufactured at the facility, and the rights to intravenous/intramuscular (“IV/IM”) and parenteral forms of Meloxicam to Recro Pharma, Inc. (“Recro”) and Recro Gainesville LLC (such transaction the “Gainesville Transaction”). The Gainesville Transaction included in the purchase price contingent consideration, including milestone payments and royalties on net sales of the IV/IM and parenteral forms of Meloxicam and other products covered under the relevant agreements (such products, the “Meloxicam Products”). In November 2019, Recro spun out its acute care segment to Baudax Bio, Inc. (“Baudax”), a publicly-traded pharmaceutical company. As part of this transaction, Recro’s obligations to pay certain contingent consideration from the Gainesville Transaction were assigned and/or transferred to Baudax. In March 2022, Baudax reduced its workforce by approximately 80 %, which was designed to reduce its operational expenses and conserve its cash resources. As a result of these events and the fact that, at March 31, 2022, Baudax had only paid $ 0.5 million of the $ 6.4 million that was due to the Company in March 2022, the Company recorded a reduction in the fair value of the contingent consideration of $ 19.1 million within “Change in the fair value of contingent consideration” in the accompanying condensed consolidated statements of operations and comprehensive loss in the six months ended June 30, 2022. In September 2022, the Company determined that it was unlikely to collect any further proceeds under this arrangement and reduced the fair value of the contingent consideration to zero. In December 2022, Baudax announced that it would discontinue sales of ANJESO, the first approved Meloxicam Product, and on December 28, 2022, the U.S. Food and Drug Administration (“FDA”) acknowledged the discontinuation of sales of ANJESO via listing in the Orange Book. In March 2023, the Company and Baudax entered into an agreement pursuant to which Baudax transferred to the Company the rights to certain patents, trademarks, equipment, data and other rights related to ANJESO and agreed to the termination of all prior agreements between the parties and any and all financial and other obligations thereunder. The carrying amounts reflected in the accompanying condensed consolidated balance sheets for cash and cash equivalents, accounts receivable, contract assets, other current assets, accounts payable and accrued expenses approximate fair value due to their short-term nature. The estimated fair value of the Company’s long-term debt under its amended and restated credit agreement (such debt, the “2026 Term Loans”), which was based on quoted market price indications (Level 2 in the fair value hierarchy) and which may not be representative of actual values that could have been, or will be, realized in the future, was $ 281.5 million and $ 278.9 million at June 30, 2023 and December 31, 2022 , respectively.

Inventory

Inventory	6 Months Ended
	Jun. 30, 2023
Inventory Disclosure [Abstract]
Inventory	6. INVENTORY Inventory is stated at the lower of cost and net realizable value. Cost is determined using the first-in, first-out method. Inventory consisted of the following: June 30, December 31, (In thousands) 2023 2022 Raw materials $ 57,867 $ 61,064 Work in process 78,934 76,228 Finished goods (1) 52,571 44,126 Total inventory $ 189,372 $ 181,418 (1) At June 30, 2023 and December 31, 2022 , the Company had $ 37.4 million and $ 30.9 million, respectively, of finished goods inventory located at its third-party warehouse and shipping service provider.

Property, Plant and Equipment

Property, Plant and Equipment	6 Months Ended
	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	7. PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment consisted of the following: June 30, December 31, (In thousands) 2023 2022 Land $ 6,570 $ 6,560 Building and improvements 195,685 195,144 Furniture, fixtures and equipment 431,774 418,448 Leasehold improvements 52,811 54,152 Construction in progress 90,591 84,715 Subtotal 777,431 759,019 Less: accumulated depreciation ( 453,630 ) ( 433,658 ) Total property, plant and equipment, net $ 323,801 $ 325,361

Goodwill and Intangible Assets

Goodwill and Intangible Assets	6 Months Ended
	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	8. GOODWILL AND INTANGIBLE ASSETS Goodwill and intangible assets consisted of the following: June 30, 2023 (In thousands) Weighted Amortizable Life (Years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Goodwill $ 92,873 $ — $ 92,873 Finite-lived intangible assets: Collaboration agreements 12 $ 465,590 $ ( 450,698 ) $ 14,892 Capitalized IP 11 - 13 118,160 ( 113,070 ) 5,090 Total $ 583,750 $ ( 563,768 ) $ 19,982 Based on the Company’s most recent analysis, amortization of intangible assets included in the accompanying condensed consolidated balance sheet at June 30, 2023 is expected to be approximately $ 35.0 million and $ 1.0 million in the years ending December 31, 2023 and 2024, respectively. Although the Company believes that such analysis, and the available information and assumptions underlying such analysis, are reasonable, given the inherent risks and uncertainties underlying its expectations regarding such future revenues, there is the potential for the Company’s actual results to vary significantly from such expectations. If revenues are projected to change, the related amortization of the intangible assets will change in proportion to the change in revenues.

Leases

Leases	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Leases	9. LEASES Future lease payments under non-cancelable leases at June 30, 2023 and December 31, 2022 consisted of the following: June 30, December 31, (In thousands) 2023 2022 2023 $ 8,213 $ 16,665 2024 16,626 16,608 2025 16,873 16,855 2026 12,785 12,767 2027 9,507 9,506 Thereafter 69,474 69,474 Total operating lease payments $ 133,478 $ 141,875 Less: imputed interest ( 35,944 ) ( 36,324 ) Total operating lease liabilities $ 97,534 $ 105,551 At June 30, 2023 , the weighted average incremental borrowing rate and the weighted average remaining lease term for all operating leases held by the Company were 5.3 % and 8.3 years, respectively. Cash paid for lease liabilities was $ 4.1 million and $ 8.5 million during the three and six months ended June 30, 2023, respectively, compared to $ 4.5 million and $ 8.9 million during the three and six months ended June 30, 2022, respectively. The Company recorded operating lease expense of $ 4.2 million and $ 8.5 million during the three and six months ended June 30, 2023, respectively, as compared to $ 4.2 million and $ 8.3 million during the three and six months ended June 30, 2022, respectively.

Accounts Payable and Accrued Ex

Accounts Payable and Accrued Expenses	6 Months Ended
	Jun. 30, 2023
Payables and Accruals [Abstract]
Accounts Payable and Accrued Expenses	10. ACCOUNTS PAYABLE AND ACCRUED EXPENSES Accounts payable and accrued expenses consisted of the following: June 30, December 31, (In thousands) 2023 2022 Accounts payable $ 84,616 $ 32,843 Accrued compensation 59,959 79,085 Accrued other 98,348 108,161 Total accounts payable and accrued expenses $ 242,923 $ 220,089 A summary of the Company’s current provision for sales discounts, allowances and reserves is as follows: June 30, December 31, (In thousands) 2023 2022 Medicaid rebates $ 177,487 $ 208,332 Product discounts 16,679 13,204 Medicare Part D 17,181 18,409 Other 11,421 12,170 Total accrued sales discounts, allowances and reserves $ 222,768 $ 252,115 Included in accounts payable was approximately $ 27.4 million and $ 0.8 million of amounts payable related to state Medicaid rebates as of June 30, 2023 and December 31, 2022, respectively.

Long-term Debt

Long-term Debt	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Long-term Debt	11. LONG-TERM DEBT Long-term debt consisted of the following: June 30, December 31, (In thousands) 2023 2022 2026 Term Loans, due March 12, 2026 $ 292,001 $ 293,270 Less: current portion ( 3,000 ) ( 3,000 ) Long-term debt $ 289,001 $ 290,270 The 2026 Term Loans mature on March 12, 2026 . In June 2023, the Company amended the 2026 Terms Loans to transition the interest rate available for borrowings thereunder from a London Interbank Offered Rate (“LIBOR”)-based interest rate to an interest rate based on the Secured Overnight Financing Rate (“SOFR”) and to make other conforming and mechanical changes. The 2026 Term Loans bear interest at SOFR plus a credit spread adjustment applicable to the interest period and an applicable margin of 2.50 % with a floor of 0.5 %. The 2026 Term Loans have an incremental facility capacity in the amount of $ 175.0 million plus additional amounts, provided that the Company meets certain conditions, including a specified leverage ratio. The Company was in compliance with its debt covenants at June 30, 2023 .

Share-based Compensation

Share-based Compensation	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Share-based Compensation	12. SHARE-BASED COMPENSATION The following table presents share-based compensation expense included in the accompanying condensed consolidated statements of operations and comprehensive loss: Three Months Ended Six Months Ended June 30, June 30, (In thousands) 2023 2022 2023 2022 Cost of goods manufactured and sold $ 2,921 $ 2,401 $ 5,603 $ 4,783 Research and development 7,506 7,222 14,413 12,830 Selling, general and administrative 18,077 13,754 31,131 24,107 Total share-based compensation expense $ 28,504 $ 23,377 $ 51,147 $ 41,720 At June 30, 2023 and December 31, 2022 , $ 3.4 million and $ 3.3 million, respectively, of share-based compensation expense was capitalized and recorded as “Inventory” in the accompanying condensed consolidated balance sheets.

Earnings (Loss) Per Share

Earnings (Loss) Per Share	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	13. EARNINGS (LOSS) PER SHARE Basic earnings (loss) per ordinary share is calculated based upon net income (loss) 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, the Company adjusts the weighted average number of ordinary shares outstanding for the effect of outstanding ordinary share equivalents such as stock options and restricted stock unit awards. Three Months Ended Six Months Ended June 30, June 30, (In thousands) 2023 2022 2023 2022 Numerator: Net income (loss) $ 237,065 $ ( 30,136 ) $ 195,220 $ ( 66,039 ) Denominator: Weighted average number of ordinary shares outstanding 166,279 163,839 165,686 163,165 Effect of dilutive securities: Stock options 1,896 — 1,634 — Restricted stock unit awards 3,378 — 3,427 — Dilutive ordinary share equivalents 5,274 — 5,061 — Shares used in calculating diluted earnings (loss) per share 171,553 163,839 170,747 163,165 The following potential ordinary share equivalents were not included in the net earnings (loss) per share calculation because the effect would have been anti-dilutive: Three Months Ended Six Months Ended June 30, June 30, (In thousands) 2023 2022 2023 2022 Stock options 12,138 12,781 12,288 12,677 Restricted stock unit awards 1,180 4,718 3,024 6,251 Total 13,318 17,499 15,312 18,928

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	14. 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 determining future taxable income, the Company is responsible for assumptions that it utilizes, 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 uses to manage the underlying business. The Company recorded an income tax provision of $ 2.7 million and an income tax benefit of $ 3.3 million during the three and six months ended June 30, 2023, respectively. The income tax provision in was related to U.S. federal and state taxes, due primarily to a $ 2.0 million discrete tax expense related to employee equity activity. The income tax benefit primarily related to enhanced foreign derived intangible income (“FDII”) deductions arising from the capitalization of research and development expenses in accordance with Section 174 of the U.S. Internal Revenue Code of 1986, as amended. At December 31, 2022, the Company maintained a valuation allowance of $ 245.8 million against Irish deferred tax assets. During the three and six months ended June 30, 2023, the Company recorded a profit. Should the Company continue to demonstrate profitability in the future, the evaluation of the recoverability of such deferred tax assets may change and a portion of the valuation allowance could be released.

Commitments and Contingent Liab

Commitments and Contingent Liabilities	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingent Liabilities	15. 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 June 30, 2023 , there were no potential material losses from claims, asserted or unasserted, or legal proceedings that the Company determined were probable of occurring. Janssen Arbitration Proceedings In April 2022, Alkermes Pharma Ireland Limited commenced binding arbitration proceedings to settle, among other things, whether, notwithstanding Janssen Pharmaceutica’s partial termination of two license agreements with the Company, Janssen Pharmaceutica has a continuing obligation to pay royalties on sales in the U.S. of INVEGA SUSTENNA, INVEGA TRINZA, INVEGA HAFYERA and CABENUVA. On May 31, 2023, the Company received a Final Award from the Tribunal in these arbitration proceedings. The Final Award reiterated the Tribunal’s findings from, and incorporated by reference, the first interim award and second interim award issued by the Tribunal on December 21, 2022 and April 19, 2023, respectively. As a result of the Final Award, in June 2023 the Company received payment for back royalties, including certain late-payment interest, related to 2022 U.S. net sales of INVEGA SUSTENNA, INVEGA TRINZA, INVEGA HAFYERA and CABENUVA and is entitled to 2023 and future royalty revenues from Janssen Pharmaceutica 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 applicable license agreement expires), INVEGA HAFYERA through May 2030 (when the applicable license agreement expires) and CABENUVA through December 31, 2036. Refer to Note 3, Revenue from Contracts with Customers within the “Notes to Condensed Consolidated Financial Statements” in this Form 10-Q for additional information regarding royalty revenue recognized following the issuance of the Final Award. The arbitration was conducted pursuant to the Institute for Conflict Prevention and Resolution (CPR) Rules for Non-Administered Arbitration before a panel of three arbitrators. On June 28, 2023, the Company filed an unopposed petition to confirm the Final Award and enter judgment thereon with the U.S. District Court for the Southern District of New York, and on June 30, 2023, Janssen filed a notice of non-opposition to such petition. INVEGA SUSTENNA ANDA Litigation Janssen Pharmaceutica and Janssen Pharmaceuticals, Inc. initiated patent infringement lawsuits in the U.S. District Court for the District of New Jersey (the “NJ District Court”) in January 2018 against Teva Pharmaceuticals USA, Inc. (“Teva”) and Teva Pharmaceuticals Industries, Ltd. (“Teva PI”) (such lawsuit, the “Teva Lawsuit”), in August 2019 against Mylan Laboratories Limited (“Mylan Labs”) and other Mylan entities (the “Mylan Lawsuit”), in December 2019 against Pharmascience, Inc. (“Pharmascience”), Mallinckrodt plc, and SpecGX LLC (the “Pharmascience Lawsuit”), and in February 2022 against Accord Healthcare, Inc., Accord Healthcare, Ltd. and Intas Pharmaceuticals, Ltd (“Accord” and such lawsuit, the “Accord Lawsuit”), and in the U.S. District Court for the District of Delaware (the “DE District Court”) in December 2021 against Tolmar Holding, Inc., Tolmar Pharmaceuticals, Inc., Tolmar Therapeutics, Inc., and Tolmar, Inc. (“Tolmar” and such lawsuit, the “Tolmar Lawsuit”), following the respective filings by each of Teva, Mylan Labs, Pharmascience, Accord and Tolmar of an Abbreviated New Drug Application (“ANDA”) seeking approval from the FDA to market a generic version of INVEGA SUSTENNA before the expiration of U.S. Patent No. 9,439,906. In October 2021, the NJ District Court entered a judgment in favor of the Janssen entities in the Teva Lawsuit. In December 2021, the NJ District Court entered a judgment in favor of the Janssen entities in the Mylan Lawsuit, based on the parties’ prior stipulation to be bound by the judgment in the Teva Lawsuit. The Teva entities and Mylan Labs each filed notices of appeal of their respective judgments with the U.S. Court of Appeals for the Federal Circuit, which were consolidated in January 2022 (the “Teva Appeal”). A trial has been scheduled in the Tolmar Lawsuit for October 2023. The Pharmascience Lawsuit and the Accord Lawsuit were administratively terminated in July 2022, pending the outcome of the Teva Appeal. The Company is not a party to any of these proceedings. INVEGA TRINZA ANDA Litigation In September 2020, Janssen Pharmaceutica, Janssen Pharmaceuticals, Inc., and Janssen Research & Development, LLC initiated a patent infringement lawsuit in the NJ District Court against Mylan Labs, Mylan, and Mylan Institutional LLC following the filing by Mylan Labs of an ANDA seeking approval from the FDA to market a generic version of INVEGA TRINZA before the expiration of U.S. Patent No. 10,143,693 (the “’693 Patent”). Requested judicial remedies include recovery of litigation costs and injunctive relief. On May 15, 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. On May 23, 2023, the Mylan entities filed a notice of appeal of the decision. The Company is not a party to this proceeding. VIVITROL ANDA Litigation In September 2020, Alkermes, Inc. and Alkermes Pharma Ireland Limited filed a patent infringement lawsuit in the NJ District Court against Teva and Teva PI following the filing by Teva of an ANDA seeking approval from the FDA to engage in the commercial manufacture, use or sale of a generic version of VIVITROL (naltrexone for extended-release injectable suspension) before the expiration of the Company’s U.S. Patent No. 7,919,499. A bench trial was held in February 2023 and closing arguments were heard in June 2023. The Company anticipates a decision in the third quarter of 2023. The Company intends to continue to vigorously defend its IP. VUMERITY ANDA Litigation On July 6, 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”). Government Matters The Company has received a subpoena and civil investigative demands from U.S. state and federal governmental authorities for documents related to VIVITROL. The Company is cooperating with the investigations. Product Liability and Other Legal Proceedings The Company is involved in litigation and other legal proceedings incidental to its normal business activities, including product liability cases alleging that the FDA-approved VIVITROL labeling was inadequate and caused the users of the product to suffer from opioid overdose and death. The Company intends to vigorously defend itself in these matters. In addition, on January 10, 2023, Acorda Therapeutics, Inc. filed a petition with the U.S. District Court for the Southern District of New York asking the court to confirm in part and modify in part the final arbitral award rendered by an arbitration panel in October 2022 and, as part of the requested modification, seeking an additional approximately $ 66.0 million in damages. The Company believes the petition is without merit and filed opposition papers asking the court to deny the petition and confirm the final arbitration award unchanged. While the outcome of any of these proceedings cannot be accurately predicted, the Company does not believe the ultimate resolution of any of these existing proceedings would have a material adverse effect on the Company’s business or financial condition.

Subsequent Event

Subsequent Event	6 Months Ended
	Jun. 30, 2023
Subsequent Events [Abstract]
Subsequent Event	16. SUBSEQUENT EVENT On July 12, 2023, in conjunction with the Company’s ongoing review of operations and the planned separation of the oncology business, the Company executed a restructuring plan, which included the elimination of approximately 60 positions across the Company (the “Restructuring”). The Company expects to record a charge of approximately $ 6.5 million in the third quarter of 2023 as a result of the Restructuring, consisting of one-time termination benefits for employee severance, benefits and related costs, all of which are expected to result in cash expenditures, and substantially all of which will be paid out over the next 12 months.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements of the Company for the three and six months ended June 30, 2023 and 2022 are unaudited and have been prepared on a basis substantially consistent with the audited financial statements for the year ended December 31, 2022. The year-end condensed consolidated balance sheet data, which is presented for comparative purposes, was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the U.S. (commonly referred to as “GAAP”). In the opinion of management, the condensed consolidated financial statements include all adjustments of a normal recurring nature that are necessary to state fairly the results of operations for the reported periods. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto of the Company, which are contained in the Company’s Annual Report. The results of the Company’s operations for any interim period are not necessarily indicative of the results of the Company’s operations for any other interim period or for any full fiscal year.
Principles of Consolidation	Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of Alkermes plc and its wholly-owned subsidiaries as disclosed in Note 2, Summary of Significant Accounting Policies, in the “Notes to Consolidated Financial Statements” accompanying the Company’s Annual Report. Intercompany accounts and transactions have been eliminated.
Use of Estimates	Use of Estimates The preparation of the Company’s condensed consolidated financial statements in accordance with GAAP requires that Company management make estimates, judgments and assumptions that may affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. On an ongoing basis, the Company evaluates its estimates, judgments and methodologies, including, but not limited to, those related to revenue from contracts with its customers and related allowances, impairment and amortization of intangibles and long-lived assets, share-based compensation, income taxes including the valuation allowance for deferred tax assets, valuation of investments and litigation. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results may differ from these estimates under different conditions or using different assumptions.
Segment Information	Segment Information The Company operates as one business segment, which is the business of developing, manufacturing and commercializing medicines designed to address unmet medical needs of patients in major therapeutic areas. The Company’s chief decision maker, its Chief Executive Officer and chairman of its board of directors, reviews the Company’s operating results on an aggregate basis and manages the Company’s operations as a single operating unit.
New Accounting Pronouncements	New Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board or other standard-setting bodies that are adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that the impact of recently issued accounting pronouncements that are not yet effective will not have a material impact on its financial position or results of operations upon adoption.

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	6 Months Ended
	Jun. 30, 2023
Schedule of Contract Assets and Contract Liabilities	Total contract assets at June 30, 2023 were as follows: (In thousands) Contract Assets Contract assets at December 31, 2022 $ 8,929 Additions 10,115 Transferred to receivables, net ( 19,044 ) Contract assets at June 30, 2023 $ — Total contract liabilities at June 30, 2023 were as follows: (In thousands) Contract Liabilities Contract liabilities at December 31, 2022 $ 10,701 Additions ( 932 ) Amounts recognized into revenue ( 4,101 ) Contract liabilities at June 30, 2023 $ 5,668
Product sales, net
Schedule of Disaggregation of Revenues	During the three and six months ended June 30, 2023 and 2022, the Company recorded product sales, net, as follows: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2023 2022 2023 2022 VIVITROL $ 102,071 $ 96,105 $ 198,730 $ 180,959 ARISTADA and ARISTADA INITIO 82,409 74,622 162,486 147,107 LYBALVI 46,997 20,060 84,988 33,989 Total product sales, net $ 231,477 $ 190,787 $ 446,204 $ 362,055
Manufacturing and royalty revenues
Schedule of Disaggregation of Revenues	During the three and six months ended June 30, 2023 and 2022, the Company recorded manufacturing and royalty revenues from its collaboration arrangements as follows: Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 (In thousands) Manufacturing Revenue Royalty Revenue Total Manufacturing Revenue Royalty Revenue Total Long-acting INVEGA products (1) $ — $ 321,239 $ 321,239 $ — $ 334,801 $ 334,801 VUMERITY 10,369 21,926 32,295 23,018 38,151 61,169 RISPERDAL CONSTA 4,901 240 5,141 15,317 806 16,123 Other 16,628 10,610 27,238 32,003 14,679 46,682 $ 31,898 $ 354,015 $ 385,913 $ 70,338 $ 388,437 $ 458,775 Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 (In thousands) Manufacturing Revenue Royalty Revenue Total Manufacturing Revenue Royalty Revenue Total Long-acting INVEGA products (1) $ — $ 26,648 $ 26,648 $ — $ 63,702 $ 63,702 VUMERITY 5,650 20,520 26,170 17,045 39,720 56,765 RISPERDAL CONSTA 8,571 1,820 10,391 24,149 3,668 27,817 Other 11,353 10,764 22,117 23,207 19,005 42,212 $ 25,574 $ 59,752 $ 85,326 $ 64,401 $ 126,095 $ 190,496 (1) “Long-acting INVEGA products”: INVEGA SUSTENNA/XEPLION (paliperidone palmitate), INVEGA TRINZA/TREVICTA (paliperidone palmitate) and INVEGA HAFYERA/BYANNLI (paliperidone palmitate)

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Schedule of Investments	Investments consisted of the following (in thousands): Gross Unrealized Losses Amortized Less than Greater than Estimated June 30, 2023 Cost Gains One Year One Year Fair Value Short-term investments: Available-for-sale securities: Corporate debt securities $ 77,279 $ — $ ( 82 ) $ ( 1,106 ) $ 76,091 U.S. government and agency debt securities 73,188 1 ( 116 ) ( 991 ) 72,082 Non-U.S. government debt securities 15,359 — — ( 278 ) 15,081 Total short-term investments 165,826 1 ( 198 ) ( 2,375 ) 163,254 Long-term investments: Available-for-sale securities: Corporate debt securities 38,825 — ( 529 ) ( 765 ) 37,531 U.S. government and agency debt securities 40,219 — ( 463 ) ( 980 ) 38,776 79,044 — ( 992 ) ( 1,745 ) 76,307 Held-to-maturity securities: Certificates of deposit 1,820 — — — 1,820 Total long-term investments 80,864 — ( 992 ) ( 1,745 ) 78,127 Total investments $ 246,690 $ 1 $ ( 1,190 ) $ ( 4,120 ) $ 241,381 December 31, 2022 Short-term investments: Available-for-sale securities: Corporate debt securities $ 141,418 $ — $ ( 424 ) $ ( 2,054 ) $ 138,940 U.S. government and agency debt securities 143,710 16 ( 266 ) ( 1,289 ) 142,171 Non-U.S. government debt securities 35,455 — ( 28 ) ( 546 ) 34,881 Total short-term investments 320,583 16 ( 718 ) ( 3,889 ) 315,992 Long-term investments: Available-for-sale securities: Corporate debt securities 68,229 — ( 1,550 ) ( 676 ) 66,003 U.S. government and agency debt securities 62,220 — ( 917 ) ( 1,424 ) 59,879 Non-U.S. government debt securities 4,099 — — ( 191 ) 3,908 134,548 — ( 2,467 ) ( 2,291 ) 129,790 Held-to-maturity securities: Certificates of deposit 1,820 — — — 1,820 Total long-term investments 136,368 — ( 2,467 ) ( 2,291 ) 131,610 Total investments $ 456,951 $ 16 $ ( 3,185 ) $ ( 6,180 ) $ 447,602
Schedule of Proceeds from Sales and Maturities of Marketable Securities Plus Resulting Realized Gains and Losses	Realized gains and losses on the sales and maturities of investments, which were identified using the specific identification method, were as follows: Six Months Ended June 30, (In thousands) 2023 2022 Proceeds from the sales and maturities of investments $ 240,544 $ 109,925 Realized gains $ — $ — Realized losses $ — $ —
Schedule of Contractual Maturities of Available-for-Sale and Held-to-Maturity Securities	The Company’s available-for-sale and held-to-maturity securities at June 30, 2023 had contractual maturities in the following periods: Available-for-sale Held-to-maturity Amortized Estimated Amortized Estimated (In thousands) Cost Fair Value Cost Fair Value Within 1 year $ 165,826 $ 163,254 $ 1,820 $ 1,820 After 1 year through 5 years 79,044 76,307 — — Total $ 244,870 $ 239,561 $ 1,820 $ 1,820

Fair Value (Tables)

Fair Value (Tables)	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Summary of the Company's Assets and Liabilities Measured at Fair Value on a Recurring Basis	The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis and indicates the fair value hierarchy and the valuation techniques that the Company utilized to determine such fair value: June 30, (In thousands) 2023 Level 1 Level 2 Level 3 Assets: Cash equivalents $ 42,386 $ 42,386 $ — $ — U.S. government and agency debt securities 110,858 83,270 27,588 — Corporate debt securities 113,622 — 113,622 — Non-U.S. government debt securities 15,081 — 15,081 — Total $ 281,947 $ 125,656 $ 156,291 $ — December 31, 2022 Level 1 Level 2 Level 3 Assets: Cash equivalents $ 19,857 $ 19,857 $ — $ — U.S. government and agency debt securities 202,050 168,639 33,411 — Corporate debt securities 204,943 — 204,943 — Non-U.S. government debt securities 38,789 — 38,789 — Total $ 465,639 $ 188,496 $ 277,143 $ —

Inventory (Tables)

Inventory (Tables)	6 Months Ended
	Jun. 30, 2023
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventory is stated at the lower of cost and net realizable value. Cost is determined using the first-in, first-out method. Inventory consisted of the following: June 30, December 31, (In thousands) 2023 2022 Raw materials $ 57,867 $ 61,064 Work in process 78,934 76,228 Finished goods (1) 52,571 44,126 Total inventory $ 189,372 $ 181,418 (1) At June 30, 2023 and December 31, 2022 , the Company had $ 37.4 million and $ 30.9 million, respectively, of finished goods inventory located at its third-party warehouse and shipping service provider.

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	6 Months Ended
	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant and Equipment	Property, plant and equipment consisted of the following: June 30, December 31, (In thousands) 2023 2022 Land $ 6,570 $ 6,560 Building and improvements 195,685 195,144 Furniture, fixtures and equipment 431,774 418,448 Leasehold improvements 52,811 54,152 Construction in progress 90,591 84,715 Subtotal 777,431 759,019 Less: accumulated depreciation ( 453,630 ) ( 433,658 ) Total property, plant and equipment, net $ 323,801 $ 325,361

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill and Intangible Assets	Goodwill and intangible assets consisted of the following: June 30, 2023 (In thousands) Weighted Amortizable Life (Years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Goodwill $ 92,873 $ — $ 92,873 Finite-lived intangible assets: Collaboration agreements 12 $ 465,590 $ ( 450,698 ) $ 14,892 Capitalized IP 11 - 13 118,160 ( 113,070 ) 5,090 Total $ 583,750 $ ( 563,768 ) $ 19,982

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Summary of Future Lease Payments Under Non-Cancelable Leases	Future lease payments under non-cancelable leases at June 30, 2023 and December 31, 2022 consisted of the following: June 30, December 31, (In thousands) 2023 2022 2023 $ 8,213 $ 16,665 2024 16,626 16,608 2025 16,873 16,855 2026 12,785 12,767 2027 9,507 9,506 Thereafter 69,474 69,474 Total operating lease payments $ 133,478 $ 141,875 Less: imputed interest ( 35,944 ) ( 36,324 ) Total operating lease liabilities $ 97,534 $ 105,551

Accounts Payable and Accrued _2

Accounts Payable and Accrued Expenses (Tables)	6 Months Ended
	Jun. 30, 2023
Payables and Accruals [Abstract]
Schedule of Accounts Payable and Accrued Expenses	Accounts payable and accrued expenses consisted of the following: June 30, December 31, (In thousands) 2023 2022 Accounts payable $ 84,616 $ 32,843 Accrued compensation 59,959 79,085 Accrued other 98,348 108,161 Total accounts payable and accrued expenses $ 242,923 $ 220,089
Summary of Current Provision for Sales, Discounts, Allowances and Reserves	A summary of the Company’s current provision for sales discounts, allowances and reserves is as follows: June 30, December 31, (In thousands) 2023 2022 Medicaid rebates $ 177,487 $ 208,332 Product discounts 16,679 13,204 Medicare Part D 17,181 18,409 Other 11,421 12,170 Total accrued sales discounts, allowances and reserves $ 222,768 $ 252,115

Long-term Debt (Tables)

Long-term Debt (Tables)	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Schedule of Long-term Debt	Long-term debt consisted of the following: June 30, December 31, (In thousands) 2023 2022 2026 Term Loans, due March 12, 2026 $ 292,001 $ 293,270 Less: current portion ( 3,000 ) ( 3,000 ) Long-term debt $ 289,001 $ 290,270

Share-based Compensation (Table

Share-based Compensation (Tables)	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Share-based Compensation Expense	The following table presents share-based compensation expense included in the accompanying condensed consolidated statements of operations and comprehensive loss: Three Months Ended Six Months Ended June 30, June 30, (In thousands) 2023 2022 2023 2022 Cost of goods manufactured and sold $ 2,921 $ 2,401 $ 5,603 $ 4,783 Research and development 7,506 7,222 14,413 12,830 Selling, general and administrative 18,077 13,754 31,131 24,107 Total share-based compensation expense $ 28,504 $ 23,377 $ 51,147 $ 41,720

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Schedule of Basic Earnings (Loss) Per Ordinary Share	Basic earnings (loss) per ordinary share is calculated based upon net income (loss) 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, the Company adjusts the weighted average number of ordinary shares outstanding for the effect of outstanding ordinary share equivalents such as stock options and restricted stock unit awards. Three Months Ended Six Months Ended June 30, June 30, (In thousands) 2023 2022 2023 2022 Numerator: Net income (loss) $ 237,065 $ ( 30,136 ) $ 195,220 $ ( 66,039 ) Denominator: Weighted average number of ordinary shares outstanding 166,279 163,839 165,686 163,165 Effect of dilutive securities: Stock options 1,896 — 1,634 — Restricted stock unit awards 3,378 — 3,427 — Dilutive ordinary share equivalents 5,274 — 5,061 — Shares used in calculating diluted earnings (loss) per share 171,553 163,839 170,747 163,165
Schedule of Anti-Dilutive Outstanding Common Share Equivalent Excluded from Calculation of Net Earnings (Loss) Per Share	The following potential ordinary share equivalents were not included in the net earnings (loss) per share calculation because the effect would have been anti-dilutive: Three Months Ended Six Months Ended June 30, June 30, (In thousands) 2023 2022 2023 2022 Stock options 12,138 12,781 12,288 12,677 Restricted stock unit awards 1,180 4,718 3,024 6,251 Total 13,318 17,499 15,312 18,928

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details)	6 Months Ended
	Jun. 30, 2023 Segment
Accounting Policies [Abstract]
Number of business segments	1

Revenue from Contracts with C_3

Revenue from Contracts with Customers - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation Of Revenue [Line Items]
Total revenues	$ 617,397	$ 276,219	$ 904,992	$ 554,764
VIVITROL
Disaggregation Of Revenue [Line Items]
Total revenues	102,071	96,105	198,730	180,959
ARISTADA and ARISTADA INITIO
Disaggregation Of Revenue [Line Items]
Total revenues	82,409	74,622	162,486	147,107
LYBALVI
Disaggregation Of Revenue [Line Items]
Total revenues	46,997	20,060	84,988	33,989
Product sales, net
Disaggregation Of Revenue [Line Items]
Total revenues	$ 231,477	$ 190,787	$ 446,204	$ 362,055

Revenue from Contracts with C_4

Revenue from Contracts with Customers - Schedule of Manufacturing and Royalty Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation Of Revenue [Line Items]
Total revenues	$ 617,397	$ 276,219	$ 904,992	$ 554,764
Manufacturing Revenue
Disaggregation Of Revenue [Line Items]
Total revenues	31,898	25,574	70,338	64,401
Manufacturing Revenue | VUMERITY
Disaggregation Of Revenue [Line Items]
Total revenues	10,369	5,650	23,018	17,045
Manufacturing Revenue | RISPERDAL CONSTA
Disaggregation Of Revenue [Line Items]
Total revenues	4,901	8,571	15,317	24,149
Manufacturing Revenue | Other
Disaggregation Of Revenue [Line Items]
Total revenues	16,628	11,353	32,003	23,207
Royalty
Disaggregation Of Revenue [Line Items]
Total revenues	354,015	59,752	388,437	126,095
Royalty | Long-Acting INVEGA Products
Disaggregation Of Revenue [Line Items]
Total revenues	321,239	26,648	334,801	63,702
Royalty | VUMERITY
Disaggregation Of Revenue [Line Items]
Total revenues	21,926	20,520	38,151	39,720
Royalty | RISPERDAL CONSTA
Disaggregation Of Revenue [Line Items]
Total revenues	240	1,820	806	3,668
Royalty | Other
Disaggregation Of Revenue [Line Items]
Total revenues	10,610	10,764	14,679	19,005
Manufacturing and royalty revenues
Disaggregation Of Revenue [Line Items]
Total revenues	385,913	85,326	458,775	190,496
Manufacturing and royalty revenues | Long-Acting INVEGA Products
Disaggregation Of Revenue [Line Items]
Total revenues	321,239	26,648	334,801	63,702
Manufacturing and royalty revenues | VUMERITY
Disaggregation Of Revenue [Line Items]
Total revenues	32,295	26,170	61,169	56,765
Manufacturing and royalty revenues | RISPERDAL CONSTA
Disaggregation Of Revenue [Line Items]
Total revenues	5,141	10,391	16,123	27,817
Manufacturing and royalty revenues | Other
Disaggregation Of Revenue [Line Items]
Total revenues	$ 27,238	$ 22,117	$ 46,682	$ 42,212

Revenue from Contracts with C_5

Revenue from Contracts with Customers - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Disaggregation Of Revenue [Line Items]
Contract assets						$ 8,929
Contract liabilities	$ 5,668			$ 5,668		10,701
Royalty revenue	617,397		$ 276,219	904,992	$ 554,764
Janssen Pharmaceutica N.V.
Disaggregation Of Revenue [Line Items]
Royalty revenue related to back royalties	195,400			195,400
Back royalties late payment interest				8,100
Contract liabilities–short-term
Disaggregation Of Revenue [Line Items]
Contract liabilities	3,300			3,300		6,800
Other long-term liabilities
Disaggregation Of Revenue [Line Items]
Contract liabilities	2,400			2,400		$ 3,900
Royalty
Disaggregation Of Revenue [Line Items]
Royalty revenue	354,015		59,752	388,437	126,095
Royalty | VUMERITY
Disaggregation Of Revenue [Line Items]
Royalty revenue	21,926		20,520	38,151	39,720
Royalty | Long-Acting INVEGA Products
Disaggregation Of Revenue [Line Items]
Royalty revenue	321,239		$ 26,648	$ 334,801	$ 63,702
US Based Royalties | Long-Acting INVEGA Products
Disaggregation Of Revenue [Line Items]
Royalty revenue		$ 50,200
Worldwide Based Royalties | Long-Acting INVEGA Products
Disaggregation Of Revenue [Line Items]
Royalty revenue	$ 75,700
Minimum
Disaggregation Of Revenue [Line Items]
Manufacturing Process period				10 days
Maximum
Disaggregation Of Revenue [Line Items]
Manufacturing Process period				56 days

Revenue from Contracts with C_6

Revenue from Contracts with Customers - Schedule of Contract Assets and Contract Liabilities (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Contract Asset [Abstract]
Contract assets at beginning of period	$ 8,929
Additions	10,115
Transferred to receivables, net	(19,044)
Contract Liabilities [Abstract]
Contract liabilities at beginning of the period	10,701
Additions	(932)
Amounts recognized into revenue	(4,101)
Contract liabilities at end of the period	$ 5,668

Investments - Schedule of Inves

Investments - Schedule of Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Available-for-sale securities:
Short-term investments, Amortized Cost	$ 165,826	$ 320,583
Short-term investments, Gross Unrealized Gains	1	16
Short-term investments, Gross Unrealized Losses, Less than One Year	(198)	(718)
Short-term investments, Gross Unrealized Losses, Greater than One Year	(2,375)	(3,889)
Short-term investments, Estimated Fair Value	163,254	315,992
Long-term investments, Amortized Cost	79,044	134,548
Long-term investments, Gross Unrealized Losses, Less than One Year	(992)	(2,467)
Long-term investments, Gross Unrealized Losses, Greater than One Year	(1,745)	(2,291)
Long-term investments, Estimated Fair Value	76,307	129,790
Held-to-maturity securities:
Estimated Fair Value	1,820
Long-term Investments
Amortized Cost	80,864	136,368
Gross Unrealized Losses, Less than One Year	(992)	(2,467)
Gross Unrealized Losses, Greater than One Year	(1,745)	(2,291)
Total long-term investments	78,127	131,610
Total investments
Amortized Cost	246,690	456,951
Gross Unrealized Gains	1	16
Gross Unrealized Losses, Less than One Year	(1,190)	(3,185)
Gross Unrealized Losses, Greater than One Year	(4,120)	(6,180)
Estimated Fair Value	241,381	447,602
Certificates of deposit
Held-to-maturity securities:
Amortized Cost	1,820	1,820
Estimated Fair Value	1,820	1,820
Corporate debt securities
Available-for-sale securities:
Short-term investments, Amortized Cost	77,279	141,418
Short-term investments, Gross Unrealized Losses, Less than One Year	(82)	(424)
Short-term investments, Gross Unrealized Losses, Greater than One Year	(1,106)	(2,054)
Short-term investments, Estimated Fair Value	76,091	138,940
Long-term investments, Amortized Cost	38,825	68,229
Long-term investments, Gross Unrealized Losses, Less than One Year	(529)	(1,550)
Long-term investments, Gross Unrealized Losses, Greater than One Year	(765)	(676)
Long-term investments, Estimated Fair Value	37,531	66,003
U.S. government and agency debt securities
Available-for-sale securities:
Short-term investments, Amortized Cost	73,188	143,710
Short-term investments, Gross Unrealized Gains	1	16
Short-term investments, Gross Unrealized Losses, Less than One Year	(116)	(266)
Short-term investments, Gross Unrealized Losses, Greater than One Year	(991)	(1,289)
Short-term investments, Estimated Fair Value	72,082	142,171
Long-term investments, Amortized Cost	40,219	62,220
Long-term investments, Gross Unrealized Losses, Less than One Year	(463)	(917)
Long-term investments, Gross Unrealized Losses, Greater than One Year	(980)	(1,424)
Long-term investments, Estimated Fair Value	38,776	59,879
Non-U.S. government debt securities
Available-for-sale securities:
Short-term investments, Amortized Cost	15,359	35,455
Short-term investments, Gross Unrealized Losses, Less than One Year		(28)
Short-term investments, Gross Unrealized Losses, Greater than One Year	(278)	(546)
Short-term investments, Estimated Fair Value	$ 15,081	34,881
Long-term investments, Amortized Cost		4,099
Long-term investments, Gross Unrealized Losses, Greater than One Year		(191)
Long-term investments, Estimated Fair Value		$ 3,908

Investments - Additional Inform

Investments - Additional Information (Details) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($) Investmentsecurity
Summary of Investment Holdings [Line Items]
Number of investment securities	163
Number of unrealized investment securities	156
Aggregate estimated fair value of investments in unrealized loss position | $	$ 231.1
Corporate debt securities
Summary of Investment Holdings [Line Items]
Percentage of investment securities available for sale unrealized loss position	46%
U.S. government and agency debt securities
Summary of Investment Holdings [Line Items]
Percentage of investment securities available for sale unrealized loss position	46%

Investments - Schedule of Proce

Investments - Schedule of Proceeds from Sales and Maturities of Marketable Securities Plus Resulting Realized Gains and Losses (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Proceeds from the sales and maturities of investments	$ 240,544	$ 109,925

Investments - Schedule of Contr

Investments - Schedule of Contractual Maturities of Available-for-Sale and Held-to-Maturity Securities (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Available-for-sale, Amortized Cost
Within 1 year	$ 165,826
After 1 year through 5 years	79,044
Amortized Cost	244,870
Available-for-sale, Estimated Fair Value
Within 1 year	163,254
After 1 year through 5 years	76,307
Total	239,561
Held-to-maturity, Amortized Cost
Within 1 year	1,820
Total	1,820
Held-to-maturity, Estimated Fair Value
Within 1 year	1,820
Total	$ 1,820

Fair Value - Summary of the Com

Fair Value - Summary of the Company's Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair value
Debt securities	$ 239,561
Recurring Basis
Fair value
Cash equivalents	42,386	$ 19,857
Assets, Total	281,947	465,639
Recurring Basis | Level 1
Fair value
Cash equivalents	42,386	19,857
Assets, Total	125,656	188,496
Recurring Basis | Level 2
Fair value
Assets, Total	156,291	277,143
U.S. government and agency debt securities | Recurring Basis
Fair value
Debt securities	110,858	202,050
U.S. government and agency debt securities | Recurring Basis | Level 1
Fair value
Debt securities	83,270	168,639
U.S. government and agency debt securities | Recurring Basis | Level 2
Fair value
Debt securities	27,588	33,411
Corporate debt securities | Recurring Basis
Fair value
Debt securities	113,622	204,943
Corporate debt securities | Recurring Basis | Level 2
Fair value
Debt securities	113,622	204,943
Non-U.S. government debt securities | Recurring Basis
Fair value
Debt securities	15,081	38,789
Non-U.S. government debt securities | Recurring Basis | Level 2
Fair value
Debt securities	$ 15,081	$ 38,789

Fair Value - Additional Informa

Fair Value - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended	6 Months Ended
	Mar. 31, 2022	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Fair Value
Transfers between Level 1 to Level 2			$ 0
Transfers between Level 2 to Level 1			0
Investments determined using Level 3 inputs			0
Increase (decrease) in fair value of contingent consideration		$ 870,000		$ (18,197,000)
2026 Term Loans
Fair Value
Amount to be realized in future			$ 281,500,000		$ 278,900,000
Baudax
Fair Value
Milestone payments received	$ 500,000
Milestone payment receivable	$ 6,400,000
Increase (decrease) in fair value of contingent consideration				$ (19,100,000)
Percentage of reduction in work force	80%

Inventory - Schedule of Invento

Inventory - Schedule of Inventories (Details) - USD ($) $ in Thousands		Jun. 30, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials		$ 57,867	$ 61,064
Work in process		78,934	76,228
Finished goods	[1]	52,571	44,126
Total inventory		$ 189,372	$ 181,418
[1] At June 30, 2023 and December 31, 2022 , the Company had $ 37.4 million and $ 30.9 million, respectively, of finished goods inventory located at its third-party warehouse and shipping service provider.

Inventory - Schedule of Inven_2

Inventory - Schedule of Inventories (Parenthetical) (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Finished goods inventory located at third-party warehouse and shipping service provider	$ 37.4	$ 30.9

Property, Plant and Equipment -

Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Property, plant and equipment
Property, plant and equipment, gross	$ 777,431	$ 759,019
Less: accumulated depreciation	(453,630)	(433,658)
Total property, plant and equipment, net	323,801	325,361
Land
Property, plant and equipment
Property, plant and equipment, gross	6,570	6,560
Building and Improvements
Property, plant and equipment
Property, plant and equipment, gross	195,685	195,144
Furniture, Fixtures and Equipment
Property, plant and equipment
Property, plant and equipment, gross	431,774	418,448
Leasehold Improvements
Property, plant and equipment
Property, plant and equipment, gross	52,811	54,152
Construction in Progress
Property, plant and equipment
Property, plant and equipment, gross	$ 90,591	$ 84,715

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Schedule of Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Goodwill
Gross Carrying Amount	$ 92,873
Net Carrying Amount	92,873	$ 92,873
Finite-lived intangible assets:
Gross Carrying Amount	583,750
Accumulated Amortization	(563,768)
Net Carrying Amount	$ 19,982	$ 37,680
Collaboration agreements
Finite-lived intangible assets:
Weighted Amortizable Life	12 years
Gross Carrying Amount	$ 465,590
Accumulated Amortization	(450,698)
Net Carrying Amount	14,892
Capitalized IP
Finite-lived intangible assets:
Gross Carrying Amount	118,160
Accumulated Amortization	(113,070)
Net Carrying Amount	$ 5,090
Capitalized IP | Minimum
Finite-lived intangible assets:
Weighted Amortizable Life	11 years
Capitalized IP | Maximum
Finite-lived intangible assets:
Weighted Amortizable Life	13 years

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Additional Information (Details) $ in Millions	Jun. 30, 2023 USD ($)
Expected amortization of intangible assets
2023	$ 35
2024	$ 1

Leases - Summary of Future Leas

Leases - Summary of Future Lease Payments Under Non-Cancelable Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Leases [Abstract]
2023	$ 8,213	$ 16,665
2024	16,626	16,608
2025	16,873	16,855
2026	12,785	12,767
2027	9,507	9,506
Thereafter	69,474	69,474
Total operating lease payments	133,478	141,875
Less: imputed interest	(35,944)	(36,324)
Total operating lease liabilities	$ 97,534	$ 105,551

Leases - Additional Information

Leases - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Weighted average incremental borrowing rate	5.30%		5.30%
Payments for operating leases	$ 4.1	$ 4.5	$ 8.5	$ 8.9
Weighted average remaining lease term	8 years 3 months 18 days		8 years 3 months 18 days
Operating lease expense	$ 4.2	$ 4.2	$ 8.5	$ 8.3

Accounts Payable and Accrued _3

Accounts Payable and Accrued Expenses - Schedule of Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accounts payable	$ 84,616	$ 32,843
Accrued compensation	59,959	79,085
Accrued other	98,348	108,161
Total accounts payable and accrued expenses	$ 242,923	$ 220,089

Accounts Payable and Accrued _4

Accounts Payable and Accrued Expenses - Summary of Current Provision for Sales, Discounts, Allowances and Reserves (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Accounts Payable And Accrued Expenses [Line Items]
Total accrued sales discounts, allowances and reserves	$ 222,768	$ 252,115
Medicaid Rebate
Accounts Payable And Accrued Expenses [Line Items]
Total accrued sales discounts, allowances and reserves	177,487	208,332
Product Discounts
Accounts Payable And Accrued Expenses [Line Items]
Total accrued sales discounts, allowances and reserves	16,679	13,204
Medicare Part D
Accounts Payable And Accrued Expenses [Line Items]
Total accrued sales discounts, allowances and reserves	17,181	18,409
Other
Accounts Payable And Accrued Expenses [Line Items]
Total accrued sales discounts, allowances and reserves	$ 11,421	$ 12,170

Accounts Payable and Accrued _5

Accounts Payable and Accrued Expenses - Additional Information (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Accounts Payable And Accrued Expenses [Line Items]
Accounts payable	$ 84,616	$ 32,843
State Medicaid Rebates
Accounts Payable And Accrued Expenses [Line Items]
Accounts payable	$ 27,400	$ 800

Long-term Debt - Schedule of Lo

Long-term Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Long-term debt
Less: current portion	$ (3,000)	$ (3,000)
Long-term debt	289,001	290,270
2026 Term Loans, due March 12, 2026
Long-term debt
Term Loans	292,001	293,270
Less: current portion	(3,000)	(3,000)
Long-term debt	$ 289,001	$ 290,270

Long-term Debt - Additional Inf

Long-term Debt - Additional Information (Details) - 2026 Term Loans $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)
Long-term debt
Due date of loan	Mar. 12, 2026
Variable interest rate base	In June 2023, the Company amended the 2026 Terms Loans to transition the interest rate available for borrowings thereunder from a London Interbank Offered Rate (“LIBOR”)-based interest rate to an interest rate based on the Secured Overnight Financing Rate (“SOFR”) and to make other conforming and mechanical changes.
Interest rate, variable interest rate floor (as a percent)	0.50%
Incremental capacity	$ 175
SOFR
Long-term debt
Interest rate added to base rate (as a percent)	2.50%

Share-based Compensation - Sche

Share-based Compensation - Schedule of Share-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-based compensation Expense
Total share-based compensation expense	$ 28,504	$ 23,377	$ 51,147	$ 41,720
Cost of goods manufactured and sold
Share-based compensation Expense
Total share-based compensation expense	2,921	2,401	5,603	4,783
Research and development
Share-based compensation Expense
Total share-based compensation expense	7,506	7,222	14,413	12,830
Selling, general and administrative
Share-based compensation Expense
Total share-based compensation expense	$ 18,077	$ 13,754	$ 31,131	$ 24,107

Share-based Compensation - Addi

Share-based Compensation - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Dec. 31, 2022	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Share based compensation cost capitalized	$ 3.3	$ 3.4

Earnings (Loss) Per Share - Sch

Earnings (Loss) Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Numerator:
Net income (loss)	$ 237,065	$ (41,845)	$ (30,136)	$ (35,903)	$ 195,220	$ (66,039)
Denominator:
Basic	166,279		163,839		165,686	163,165
Dilutive ordinary share equivalents	5,274				5,061
Shares used in calculating diluted (loss) earnings per share	171,553		163,839		170,747	163,165
Stock Options
Denominator:
Dilutive ordinary share equivalents	1,896				1,634
Restricted Stock Unit Awards
Denominator:
Dilutive ordinary share equivalents	3,378				3,427

Earnings (Loss) Per Share - S_2

Earnings (Loss) Per Share - Schedule of Anti-Dilutive Outstanding Common Share Equivalent Excluded from Calculation of Net Earnings (Loss) Per Share (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Denominator:
Anti-dilutive potential common share equivalent excluded from calculation of net loss per ordinary share	13,318	17,499	15,312	18,928
Stock Options
Denominator:
Anti-dilutive potential common share equivalent excluded from calculation of net loss per ordinary share	12,138	12,781	12,288	12,677
Restricted Stock Unit Awards
Denominator:
Anti-dilutive potential common share equivalent excluded from calculation of net loss per ordinary share	1,180	4,718	3,024	6,251

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Income Taxes [Line Items]
Income tax provision (benefit)	$ 2,688	$ (3,114)	$ (3,322)	$ (12,209)
Discrete tax expense related to employee equity activity	$ 2,000
Ireland
Income Taxes [Line Items]
Valuation allowance					$ 245,800

Commitments and Contingent Li_2

Commitments and Contingent Liabilities - Additional Information (Details)		6 Months Ended
	Jan. 10, 2023 USD ($)	Jun. 30, 2023 USD ($) Agreement
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
Janssen Pharmaceutica N.V.
Commitments And Contingencies [Line Items]
Number of license agreements partially terminated | Agreement		2

Subsequent Event - Additional I

Subsequent Event - Additional Information (Details) - Subsequent Event $ in Millions	Jul. 12, 2023 USD ($) Positions
Subsequent Event [Line Items]
Number of positions eliminated | Positions	60
Expected restructuring charge in third quarter of 2023 | $	$ 6.5