Alkermes (ALKS) 10-Q 25 Oct 23 2023 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2023	Oct. 20, 2023
Cover [Abstract]
Entity Registrant Name	Alkermes plc.
Entity Central Index Key	0001520262
Document Type	10-Q
Document Period End Date	Sep. 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		166,881,286
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
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	Sep. 30, 2023	Dec. 31, 2022
CURRENT ASSETS:
Cash and cash equivalents	$ 647,711	$ 292,473
Receivables, net	337,697	287,967
Investments—short-term	241,439	315,992
Inventory	192,186	181,418
Contract assets	2,766	8,929
Prepaid expenses and other current assets	42,982	43,527
Total current assets	1,464,781	1,130,306
PROPERTY, PLANT AND EQUIPMENT, NET	327,517	325,361
INVESTMENTS—LONG-TERM	106,431	131,610
RIGHT-OF-USE ASSETS	103,170	115,855
INTANGIBLE ASSETS, NET	10,987	37,680
GOODWILL	92,873	92,873
DEFERRED TAX ASSETS	162,184	115,602
OTHER ASSETS	11,288	14,691
TOTAL ASSETS	2,279,231	1,963,978
CURRENT LIABILITIES:
Accounts payable and accrued expenses	243,263	220,089
Accrued sales discounts, allowances and reserves	238,467	252,115
Operating lease liabilities—short-term	15,058	15,722
Contract liabilities—short-term	3,319	6,816
Current portion of long-term debt	3,000	3,000
Total current liabilities	503,107	497,742
LONG-TERM DEBT	288,366	290,270
OPERATING LEASE LIABILITIES—LONG-TERM	78,552	89,829
OTHER LONG-TERM LIABILITIES	53,623	42,384
Total liabilities	923,648	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; 172,218,651 and 168,951,193 shares issued; 166,714,095 and 164,377,009 shares outstanding at September 30, 2023 and December 31, 2022, respectively	1,722	1,690
Treasury shares, at cost (5,504,556 and 4,574,184 shares at September 30, 2023 and December 31, 2022, respectively)	(186,942)	(160,862)
Additional paid-in capital	3,003,184	2,913,099
Accumulated other comprehensive loss	(6,074)	(10,889)
Accumulated deficit	(1,456,307)	(1,699,285)
Total shareholders’ equity	1,355,583	1,043,753
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 2,279,231	$ 1,963,978

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (unaudited) - $ / shares	Sep. 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	172,218,651	168,951,193
Ordinary shares, shares outstanding	166,714,095	164,377,009
Treasury shares	5,504,556	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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
REVENUES:
Total revenues	$ 380,938	$ 252,357	$ 1,285,930	$ 807,121
EXPENSES:
Cost of goods manufactured and sold (exclusive of amortization of acquired intangible assets shown below)	61,509	50,625	182,944	164,144
Research and development	97,140	100,430	291,565	289,256
Selling, general and administrative	169,446	152,777	549,181	448,206
Amortization of acquired intangible assets	8,995	9,166	26,693	27,198
Total expenses	337,090	312,998	1,050,383	928,804
OPERATING INCOME (LOSS)	43,848	(60,641)	235,547	(121,683)
OTHER INCOME (EXPENSE), NET:
Interest income	9,370	2,239	21,105	3,708
Interest expense	(6,006)	(3,552)	(16,978)	(8,271)
Change in the fair value of contingent consideration		(3,553)		(21,750)
Other income (expense), net	149	(1,861)	(415)	2,380
Total other income (expense), net	3,513	(6,727)	3,712	(23,933)
INCOME (LOSS) BEFORE INCOME TAXES	47,361	(67,368)	239,259	(145,616)
INCOME TAX BENEFIT	(397)	(3,394)	(3,719)	(15,603)
NET INCOME (LOSS)	$ 47,758	$ (63,974)	$ 242,978	$ (130,013)
EARNINGS (LOSS) PER ORDINARY SHARE:
Basic	$ 0.29	$ (0.39)	$ 1.46	$ (0.79)
Diluted	$ 0.28	$ (0.39)	$ 1.42	$ (0.79)
WEIGHTED AVERAGE NUMBER OF ORDINARY SHARES OUTSTANDING:
Basic	166,607	164,282	165,996	163,541
Diluted	171,903	164,282	170,981	163,541
COMPREHENSIVE INCOME (LOSS):
Net income (loss)	$ 47,758	$ (63,974)	$ 242,978	$ (130,013)
Holding gain (loss), net of a tax provision (benefit) of $216, $(188), $803 and $(1,242), respectively	1,363	(2,349)	4,815	(9,114)
COMPREHENSIVE INCOME (LOSS)	49,121	(66,323)	247,793	(139,127)
Product sales, net
REVENUES:
Total revenues	231,822	199,380	678,026	561,435
Manufacturing and royalty revenues
REVENUES:
Total revenues	149,113	52,941	607,888	243,437
License revenue
REVENUES:
Total revenues				2,000
Research and development revenue
REVENUES:
Total revenues	$ 3	$ 36	$ 16	$ 249

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Tax provision (benefit)	$ 216	$ 99	$ 488	$ (188)	$ 326	$ (1,382)	$ 803	$ (1,242)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 242,978	$ (130,013)
Adjustments to reconcile net income (loss) to cash flows from operating activities:
Depreciation and amortization	56,386	58,185
Share-based compensation expense	75,062	67,771
Deferred income taxes	(47,385)	(54,073)
Change in the fair value of contingent consideration		21,750
Other non-cash charges	1,394	3,746
Changes in assets and liabilities:
Receivables	(49,730)	56,045
Contract assets	6,163	3,258
Inventory	(9,866)	(15,646)
Prepaid expenses and other assets	3,947	1,872
Right-of-use assets	12,685	12,470
Accounts payable and accrued expenses	20,958	6,386
Accrued sales discounts, allowances and reserves	(13,649)	(1,576)
Contract liabilities	(5,724)	(9,191)
Operating lease liabilities	(12,569)	(13,411)
Other long-term liabilities	13,466	12,424
Cash flows provided by operating activities	294,116	19,997
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions of property, plant and equipment	(31,018)	(28,227)
Proceeds from the sale of equipment	6
Proceeds from contingent consideration		1,273
Return of Fountain Healthcare Partners II, L.P. investment		485
Purchases of investments	(186,593)	(256,806)
Sales and maturities of investments	291,944	190,994
Cash flows provided by (used in) investing activities	74,339	(92,281)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from the issuance of ordinary shares under share-based compensation arrangements	15,113	18,850
Employee taxes paid related to net share settlement of equity awards	(26,080)	(17,903)
Principal payments of long-term debt	(2,250)	(2,250)
Cash flows used in financing activities	(13,217)	(1,303)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	355,238	(73,587)
CASH AND CASH EQUIVALENTS—Beginning of period	292,473	337,544
CASH AND CASH EQUIVALENTS—End of period	647,711	263,957
Non-cash investing and financing activities:
Purchased capital expenditures included in accounts payable and accrued expenses	$ 4,209	$ 2,690

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	(9,114)
Net income (loss)	(130,013)
BALANCE at Sep. 30, 2022	1,042,854	$ 1,689	2,885,594	(12,837)	(1,671,031)	$ (160,561)
BALANCE (in shares) at Sep. 30, 2022		168,864,804				(4,561,575)
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)
Issuance of ordinary shares under employee stock plans	858	$ 1	857
Issuance of ordinary shares under employee stock plans (in shares)		82,103
Receipt of Alkermes' shares for the exercise of stock options or to satisfy minimum tax withholding obligations related to share-based awards	(320)					$ (320)
Receipt of Alkermes' shares for the exercise of stock options or to satisfy minimum tax withholding obligations related to share-based awards (in shares)						(11,578)
Share-based compensation	26,315		26,315
Unrealized gain (loss) on marketable securities, net of tax provision	(2,349)			(2,349)
Net income (loss)	(63,974)				(63,974)
BALANCE at Sep. 30, 2022	1,042,854	$ 1,689	2,885,594	(12,837)	(1,671,031)	$ (160,561)
BALANCE (in shares) at Sep. 30, 2022		168,864,804				(4,561,575)
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	4,815
Net income (loss)	242,978
BALANCE at Sep. 30, 2023	1,355,583	$ 1,722	3,003,184	(6,074)	(1,456,307)	$ (186,942)
BALANCE (in shares) at Sep. 30, 2023		172,218,651				(5,504,556)
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)
Issuance of ordinary shares under employee stock plans	3,113	$ 2	3,111
Issuance of ordinary shares under employee stock plans (in shares)		242,750
Receipt of Alkermes' shares for the exercise of stock options or to satisfy minimum tax withholding obligations related to share-based awards	(796)					$ (796)
Receipt of Alkermes' shares for the exercise of stock options or to satisfy minimum tax withholding obligations related to share-based awards (in shares)						(26,943)
Share-based compensation	23,708		23,708
Unrealized gain (loss) on marketable securities, net of tax provision	1,363			1,363
Net income (loss)	47,758				47,758
BALANCE at Sep. 30, 2023	$ 1,355,583	$ 1,722	$ 3,003,184	$ (6,074)	$ (1,456,307)	$ (186,942)
BALANCE (in shares) at Sep. 30, 2023		172,218,651				(5,504,556)

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Stockholders' Equity [Abstract]
Tax provision (benefit)	$ 216	$ 99	$ 488	$ (188)	$ 326	$ (1,382)	$ 803	$ (1,242)

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 47,758	$ 237,065	$ (41,845)	$ (63,974)	$ (30,136)	$ (35,903)	$ 242,978	$ (130,013)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

The Company

The Company	9 Months Ended
	Sep. 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. In November 2022, the Company announced its intent, as approved by its board of directors, to explore the separation of its oncology business. Following a review of strategic alternatives for the 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 the planned separation, the Company would 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 November 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 (the “IRS”) 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	9 Months Ended
	Sep. 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 nine months ended September 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 (the “FASB”) or other standard-setting bodies that are adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that the impact of recently issued 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	9 Months Ended
	Sep. 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 nine months ended September 30, 2023 and 2022, the Company recorded product sales, net, as follows: Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2023 2022 2023 2022 VIVITROL $ 99,305 $ 96,534 $ 298,035 $ 277,493 ARISTADA and ARISTADA INITIO 81,834 75,719 244,320 222,826 LYBALVI 50,683 27,127 135,671 61,116 Total product sales, net $ 231,822 $ 199,380 $ 678,026 $ 561,435 Manufacturing and Royalty Revenues During the three and nine months ended September 30, 2023 and 2022, the Company recorded manufacturing and royalty revenues from its collaboration arrangements as follows: Three Months Ended September 30, 2023 Nine Months Ended September 30, 2023 (In thousands) Manufacturing Revenue Royalty Revenue Total Manufacturing Revenue Royalty Revenue Total Long-acting INVEGA products (1) $ — $ 76,109 $ 76,109 $ — $ 410,910 $ 410,910 VUMERITY 9,733 24,828 34,561 32,751 62,979 95,730 RISPERDAL CONSTA 14,732 151 14,883 30,049 957 31,006 Other 16,157 7,403 23,560 48,160 22,082 70,242 $ 40,622 $ 108,491 $ 149,113 $ 110,960 $ 496,928 $ 607,888 Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 (In thousands) Manufacturing Revenue Royalty Revenue Total Manufacturing Revenue Royalty Revenue Total Long-acting INVEGA products (1) $ — $ 26,737 $ 26,737 $ — $ 90,439 $ 90,439 VUMERITY 5,584 20,666 26,250 22,629 60,386 83,015 RISPERDAL CONSTA 8,380 1,848 10,228 32,529 5,516 38,045 Other 3,265 ( 13,539 ) ( 10,274 ) 26,472 5,466 31,938 $ 17,229 $ 35,712 $ 52,941 $ 81,630 $ 161,807 $ 243,437 (1) “Long-acting INVEGA products”: INVEGA SUSTENNA/XEPLION (paliperidone palmitate), INVEGA TRINZA/TREVICTA (paliperidone palmitate) and INVEGA HAFYERA/BYANNLI (paliperidone palmitate). In October 2022 and November 2022, an arbitration panel found that the Company must return to Acorda Therapeutics, Inc. (“Acorda”) $ 16.5 million (inclusive of prejudgment interest and administrative fees) and $ 1.8 million (inclusive of prejudgment interest), respectively, previously paid by Acorda under a license agreement between the Company and Acorda. These amounts represented a portion of the royalty revenue paid to the Company by Acorda since July 2020 related to AMPYRA. The Company paid Acorda the aggregate $ 18.3 million in the fourth quarter of 2022. In addition, during the three months ended June 30, 2022, the Company had recorded $ 3.2 million of royalty revenue related to AMPYRA as the Company believed that it had met the necessary revenue recognition criteria under the FASB Accounting Standards Codification 606, Revenue from Contracts with Customers . However, as a result of the arbitration ruling, the Company reversed the $ 3.2 million as the panel found that the Company was no longer entitled to be paid those royalties. During the three months ended September 30, 2022, the Company recorded both the $ 18.3 million in repayments and the $ 3.2 million reversal as reversals of royalty revenue within “Manufacturing and royalty revenue” in the accompanying consolidated statements of operations and comprehensive loss. As a result of the arbitration ruling, the Company has no contractual obligation to manufacture and supply AMPYRA or contractual right to receive future manufacturing or royalty revenue related to AMPYRA. Refer to Note 16, Commitments and Contingent Liabilities within the “Notes to Condensed Consolidated Financial Statements” in this Form 10-Q for information regarding additional legal proceedings related to the arbitration with Acorda. 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. Accordingly, the Company ceased recognizing royalty revenue related to sales of these products in February 2022. In April 2022, the Company commenced binding arbitration proceedings related to, among other things, Janssen Pharmaceutica’s partial termination of this license agreement and Janssen Pharmaceutica’s 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 nine months ended September 30, 2023, the Company recorded $ 410.9 million in royalty revenue from sales of the Long-acting INVEGA products, including $ 195.4 million related to back royalties and associated interest related to net sales of the Long-acting INVEGA products in 2022. 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 September 30, 2023 were as follows: (In thousands) Contract Assets Contract assets at December 31, 2022 $ 8,929 Additions 12,881 Transferred to receivables, net ( 19,044 ) Contract assets at September 30, 2023 $ 2,766 Contract Liabilities Contract liabilities consist of contractual obligations related to deferred revenue. At September 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 $ 1.7 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 September 30, 2023 were as follows: (In thousands) Contract Liabilities Contract liabilities at December 31, 2022 $ 10,701 Additions ( 931 ) Amounts recognized into revenue ( 4,794 ) Contract liabilities at September 30, 2023 $ 4,976

Investments

Investments	9 Months Ended
	Sep. 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 September 30, 2023 Cost Gains One Year One Year Fair Value Short-term investments: Available-for-sale securities: U.S. government and agency debt securities $ 137,689 $ 7 $ ( 19 ) $ ( 985 ) $ 136,692 Corporate debt securities 94,150 12 ( 32 ) ( 1,068 ) 93,062 Non-U.S. government debt securities 11,784 — — ( 99 ) 11,685 Total short-term investments 243,623 19 ( 51 ) ( 2,152 ) 241,439 Long-term investments: Available-for-sale securities: U.S. government and agency debt securities 67,979 — ( 159 ) ( 738 ) 67,082 Corporate debt securities 38,179 — ( 44 ) ( 606 ) 37,529 106,158 — ( 203 ) ( 1,344 ) 104,611 Held-to-maturity securities: Certificates of deposit 1,820 — — — 1,820 Total long-term investments 107,978 — ( 203 ) ( 1,344 ) 106,431 Total investments $ 351,601 $ 19 $ ( 254 ) $ ( 3,496 ) $ 347,870 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 September 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 September 30, 2023 , 179 of the Company’s 219 investment securities were in an unrealized loss position and had an aggregate estimated fair value of $ 280.3 million. Approximately 37 % and 59 % of the Company’s investment securities at September 30, 2023 were in corporate debt securities, with a minimum rating of A2 (Moody’s)/A (Standard and Poor’s), and debt securities issued by the U.S. government or its agencies, respectively. The primary reason for the unrealized losses in the Company’s investment portfolio is that its investments are fixed-rate securities acquired in a rising interest rate environment. In making the determination whether the decline in fair value of these securities was temporary, the Company evaluated whether it intended to sell the security and whether it was more likely than not that the Company would be required to sell the security before recovering its amortized cost basis. The Company has the intent and ability to hold these investments until recovery, which may be at maturity. Realized gains and losses on the sales and maturities of investments, which were identified using the specific identification method, were as follows: Nine Months Ended September 30, (In thousands) 2023 2022 Proceeds from the sales and maturities of investments $ 291,944 $ 190,994 Realized gains $ — $ — Realized losses $ — $ 529 The Company’s available-for-sale and held-to-maturity securities at September 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 $ 214,322 $ 212,122 $ 1,820 $ 1,820 After 1 year through 5 years 135,459 133,928 — — Total $ 349,781 $ 346,050 $ 1,820 $ 1,820

Fair Value

Fair Value	9 Months Ended
	Sep. 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: September 30, (In thousands) 2023 Level 1 Level 2 Level 3 Assets: Cash equivalents $ 37,132 $ 37,132 $ — $ — U.S. government and agency debt securities 203,774 166,427 37,347 — Corporate debt securities 130,591 — 130,591 — Non-U.S. government debt securities 11,685 — 11,685 — Total $ 383,182 $ 203,559 $ 179,623 $ — 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 nine months ended September 30, 2023. At September 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 September 30, 2022, Baudax had only paid $ 1.2 million of the $ 6.4 million that was due to the Company in March 2022, the Company determined that it was unlikely to collect any further proceeds under this arrangement and reduced the fair value of the contingent consideration to zero. Accordingly, the Company recorded a $ 3.6 million and $ 21.8 million charge within “Change in the fair value of contingent consideration” in the accompanying condensed consolidated statements of operations and comprehensive income (loss) in the three and nine months ended September 30, 2022, respectively. In addition, during the three months ended September 30, 2022, the Company determined that certain construction in progress related to the manufacturing of the approved Meloxicam Product had no future value. See Note 7, Property, Plant and Equipment , within the “Notes to Condensed Consolidated Financial Statements” in this Form 10-Q for details related to such construction in progress. In December 2022, Baudax announced that it would discontinue sales of ANJESO, the first approved Meloxicam Product, and 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, sales discounts, allowances and reserves 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 $ 281.9 million and $ 278.9 million at September 30, 2023 and December 31, 2022 , respectively.

Inventory

Inventory	9 Months Ended
	Sep. 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: September 30, December 31, (In thousands) 2023 2022 Raw materials $ 68,315 $ 61,064 Work in process 73,457 76,228 Finished goods (1) 50,414 44,126 Total inventory $ 192,186 $ 181,418 (1) At September 30, 2023 and December 31, 2022 , the Company had $ 33.7 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	9 Months Ended
	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	7. PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment consisted of the following: September 30, December 31, (In thousands) 2023 2022 Land $ 6,570 $ 6,560 Building and improvements 195,766 195,144 Furniture, fixtures and equipment 436,392 418,448 Leasehold improvements 58,051 54,152 Construction in progress 93,434 84,715 Subtotal 790,213 759,019 Less: accumulated depreciation ( 462,696 ) ( 433,658 ) Total property, plant and equipment, net $ 327,517 $ 325,361 As of September 30, 2022, the Company determined that $ 8.7 million of its construction in progress that related to the manufacturing of the approved Meloxicam Product had no future value. In addition, the Company had previously received $ 6.4 million from Baudax related to such equipment which it had recorded as contract liabilities within “Other long-term liabilities” in the accompanying condensed consolidated balance sheets. These amounts were recognized through “other income (expense), net” in the accompanying condensed consolidated statements of operations and comprehensive income (loss).

Goodwill and Intangible Assets

Goodwill and Intangible Assets	9 Months Ended
	Sep. 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: September 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 $ ( 458,226 ) $ 7,364 Capitalized IP 11 - 13 118,160 ( 114,537 ) 3,623 Total $ 583,750 $ ( 572,763 ) $ 10,987 Based on the Company’s most recent analysis, amortization of intangible assets included in the accompanying condensed consolidated balance sheet at September 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 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	9 Months Ended
	Sep. 30, 2023
Leases [Abstract]
Leases	9. LEASES Future lease payments under non-cancelable leases at September 30, 2023 consisted of the following: September 30, (In thousands) 2023 Remaining 2023 $ 4,103 2024 16,601 2025 16,848 2026 12,760 2027 9,505 Thereafter 69,474 Total operating lease payments $ 129,291 Less: imputed interest ( 35,681 ) Total operating lease liabilities $ 93,610 At September 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 8.1 years, respectively. Cash paid for lease liabilities was $ 4.1 million and $ 12.6 million during the three and nine months ended September 30, 2023, respectively, as compared to $ 4.5 million and $ 13.4 million during the three and nine months ended September 30, 2022, respectively. The Company recorded operating lease expense of $ 4.2 million and $ 12.7 million during the three and nine months ended September 30, 2023, respectively, as compared to $ 4.1 million and $ 12.5 million during the three and nine months ended September 30, 2022, respectively.

Accounts Payable and Accrued Ex

Accounts Payable and Accrued Expenses	9 Months Ended
	Sep. 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: September 30, December 31, (In thousands) 2023 2022 Accounts payable $ 87,036 $ 32,843 Accrued compensation 67,773 79,085 Accrued other 88,454 108,161 Total accounts payable and accrued expenses $ 243,263 $ 220,089 A summary of the Company’s current provision for sales discounts, allowances and reserves was as follows: September 30, December 31, (In thousands) 2023 2022 Medicaid rebates $ 192,749 $ 208,332 Product discounts 16,508 13,204 Medicare Part D 16,095 18,409 Other 13,115 12,170 Total accrued sales discounts, allowances and reserves $ 238,467 $ 252,115 Included in accounts payable was approximately $ 36.4 million and $ 0.8 million of amounts payable related to state Medicaid rebates as of September 30, 2023 and December 31, 2022, respectively.

Long-term Debt

Long-term Debt	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Long-term Debt	11. LONG-TERM DEBT Long-term debt consisted of the following: September 30, December 31, (In thousands) 2023 2022 2026 Term Loans, due March 12, 2026 $ 291,366 $ 293,270 Less: current portion ( 3,000 ) ( 3,000 ) Long-term debt $ 288,366 $ 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 September 30, 2023 .

Share-based Compensation

Share-based Compensation	9 Months Ended
	Sep. 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 income (loss): Three Months Ended Nine Months Ended September 30, September 30, (In thousands) 2023 2022 2023 2022 Cost of goods manufactured and sold $ 2,939 $ 2,623 $ 8,542 $ 7,406 Research and development 7,208 6,858 21,621 19,688 Selling, general and administrative 13,768 16,570 44,899 40,677 Total share-based compensation expense $ 23,915 $ 26,051 $ 75,062 $ 67,771 At September 30, 2023 and December 31, 2022 , $ 3.2 million and $ 3.3 million, respectively, of share-based compensation expense was capitalized and recorded as “Inventory” in the accompanying condensed consolidated balance sheets. On June 29, 2023, the Company’s shareholders approved an amended version of the Alkermes plc 2018 Stock Option and Incentive Plan that served to, among other things, increase the number of ordinary shares authorized for issuance thereunder by 6,500,000 .

Earnings (Loss) Per Share

Earnings (Loss) Per Share	9 Months Ended
	Sep. 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 utilizes the treasury stock method and 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 Nine Months Ended September 30, September 30, (In thousands) 2023 2022 2023 2022 Numerator: Net income (loss) $ 47,758 $ ( 63,974 ) $ 242,978 $ ( 130,013 ) Denominator: Weighted average number of ordinary shares outstanding 166,607 164,282 165,996 163,541 Effect of dilutive securities: Stock options 1,682 — 1,643 — Restricted stock unit awards 3,614 — 3,342 — Dilutive ordinary share equivalents 5,296 — 4,985 — Shares used in calculating diluted earnings (loss) per ordinary share 171,903 164,282 170,981 163,541 The following potential ordinary share equivalents were not included in the net earnings (loss) per ordinary share calculation because the effect would have been anti-dilutive: Three Months Ended Nine Months Ended September 30, September 30, (In thousands) 2023 2022 2023 2022 Stock options 12,029 13,031 12,422 12,784 Restricted stock unit awards 1,317 4,922 2,389 5,459 Total 13,346 17,953 14,811 18,243

Income Taxes

Income Taxes	9 Months Ended
	Sep. 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 benefit of $ 0.4 million and $ 3.7 million during the three and nine months ended September 30, 2023, respectively, primarily due 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. On a quarterly basis, the Company reassesses the valuation allowance on its deferred tax assets, weighing positive and negative evidence to determine the recoverability of such deferred tax assets. In the fourth quarter of 2022, the Company reassessed the valuation allowance and considered all positive and negative evidence, including its cumulative losses over the years ended December 31, 2022, 2021 and 2020 and concluded that it should maintain the valuation allowance on its Irish net operating losses and other deferred tax assets as of December 31, 2022. The Company may release a significant portion of the valuation allowance upon completion of the planned separation of its oncology business; however, the release of the valuation allowance, as well as the exact timing and the amount of such release, continue to be subject to, among other things, the Company’s level of profitability, revenue growth, clinical program progression, the successful completion of the planned separation of the oncology business and expectations regarding future profitability. The Company’s Irish defe rred tax asset balance subject to the valuation allowance was approximately $ 245.8 million at December 31, 2022.

Restructuring

Restructuring	9 Months Ended
	Sep. 30, 2023
Restructuring and Related Activities [Abstract]
Restructuring	15. RESTRUCTURING In July 2023 , in conjunction with the Company’s ongoing review of operations and the planned separation of its oncology business, the Company implemented a restructuring plan, which included the elimination of approximately 60 positions across the Company (the “Restructuring”). The Company recorded a charge of $ 6.0 million during the three and nine months ended September 30, 2023 as a result of the Restructuring, which consisted of one-time termination benefits for employee severance, benefits and related costs, all of which are expected to result in cash expenditures, and all of which are expected to be paid within 12 months of the Restructuring. During the three and nine months ended September 30, 2023, the Company recognized $ 4.5 million and $ 1.5 million of this expense in R&D expense and SG&A expense, respectively, in the accompanying condensed consolidated statements of comprehensive income (loss). Activity related to the Restructuring during the three months ended September 30, 2023 was as follows: (In thousands) Balance, December 31, 2022 $ — Restructuring charge 5,969 Amounts paid during the period: Severance ( 2,098 ) Benefits ( 319 ) Outplacement services ( 178 ) Balance, September 30, 2023 $ 3,374 At September 30, 2023 and December 31, 2022, $ 3.4 million and no ne, respectively, of the restructuring accrual was included within “Accounts payable and accrued expenses” in the accompanying condensed consolidated balance sheets.

Commitments and Contingent Liab

Commitments and Contingent Liabilities	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingent Liabilities	16. 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 September 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 (the “NY Southern District Court”), and on June 30, 2023, Janssen Pharmaceutica filed a notice of non-opposition to such petition. On August 18, 2023, the NY Southern District Court granted the Company’s motion to confirm the Final Award. INVEGA SUSTENNA ANDA Litigation Janssen Pharmaceutica and Janssen Pharmaceuticals, Inc. initiated patent infringement lawsuits in the U.S. District Court for the District of New Jersey (the “NJ District Court”) in January 2018 against Teva Pharmaceuticals USA, Inc. (“Teva”) and Teva Pharmaceuticals Industries, Ltd. (“Teva PI”) (such lawsuit, the “Teva Lawsuit”), in August 2019 against Mylan Laboratories Limited (“Mylan Labs”) and other Mylan entities (the “Mylan Lawsuit”), in December 2019 against Pharmascience, Inc. (“Pharmascience”), Mallinckrodt plc, and SpecGX LLC (the “Pharmascience Lawsuit”), and in February 2022 against Accord Healthcare, Inc., Accord Healthcare, Ltd. and Intas Pharmaceuticals, Ltd (“Accord” and such lawsuit, the “Accord Lawsuit”), and in the U.S. District Court for the District of Delaware (the “DE District Court”) in December 2021 against Tolmar Holding, Inc., Tolmar Pharmaceuticals, Inc., Tolmar Therapeutics, Inc., and Tolmar, Inc. (“Tolmar” and such lawsuit, the “Tolmar Lawsuit”), following the respective filings by each of Teva, Mylan Labs, Pharmascience, Accord and Tolmar of an Abbreviated New Drug Application (“ANDA”) seeking approval from the FDA to market a generic version of INVEGA SUSTENNA before the expiration of U.S. Patent No. 9,439,906. In October 2021, the NJ District Court entered a judgment in favor of the Janssen entities in the Teva Lawsuit. In December 2021, the NJ District Court entered a judgment in favor of the Janssen entities in the Mylan Lawsuit, based on the parties’ prior stipulation to be bound by the judgment in the Teva Lawsuit. The Teva entities and Mylan Labs each filed notices of appeal of their respective judgments with the U.S. Court of Appeals for the Federal Circuit, which were consolidated in January 2022 (the “Teva Appeal”). A trial was held in the Tolmar Lawsuit in October 2023. The Pharmascience Lawsuit and the Accord Lawsuit were administratively terminated in July 2022, pending the outcome of the Teva Appeal. The Company is not a party to any of these proceedings. INVEGA TRINZA ANDA Litigation In September 2020, Janssen Pharmaceutica, Janssen Pharmaceuticals, Inc., and Janssen Research & Development, LLC initiated a patent infringement lawsuit in the NJ District Court against Mylan Labs, Mylan, and Mylan Institutional LLC following the filing by Mylan Labs of an ANDA seeking approval from the FDA to market a generic version of INVEGA TRINZA before the expiration of U.S. Patent No. 10,143,693 (the “’693 Patent”). Requested judicial remedies include recovery of litigation costs and injunctive relief. In May 2023, the NJ District Court issued an opinion in favor of the Janssen entities on the issues of infringement and validity of the ’693 Patent and the Mylan entities filed a notice of appeal of the decision. The Company is not a party to this proceeding. 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. On August 29, 2023, Alkermes, Inc. and Alkermes Pharma Ireland Limited entered into a confidential settlement and license agreement (the “Settlement Agreement”) with Teva to resolve the proceedings between the parties. Pursuant to the terms of the Settlement Agreement, the Company has granted Teva a non-exclusive, royalty-free, non-transferable, non-sublicensable limited license to make, have made, use, import, sell and offer for sale Teva’s product made under Teva’s ANDA in the U.S. beginning on January 15, 2027, or earlier under certain circumstances. The Company and the Teva entities have submitted the Settlement Agreement for review to the U.S. Federal Trade Commission and the U.S. Department of Justice. Pursuant to the Settlement Agreement, on August 30, 2023, the Company and Teva filed a joint proposed Stipulated Consent Judgment and Injunction with the NJ District Court requesting that the court dismiss the pending litigation proceedings between the parties. On September 18, 2023, the NJ District Court approved such Stipulated Consent Judgment and Injunction. 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”). On October 11, 2023, Zydus filed an answer to the complaint. Government Matters The Company has received a subpoena and civil investigative demands from U.S. state and federal governmental authorities for documents related to VIVITROL. The Company is cooperating with the investigations. Product Liability and Other Legal Proceedings The Company is involved in litigation and other legal proceedings incidental to its normal business activities, including product liability cases alleging that the FDA-approved VIVITROL labeling was inadequate and caused the users of the product to suffer from opioid overdose and death. The Company intends to vigorously defend itself in these matters. In addition, in January 2023, Acorda filed a petition with the NY Southern District Court asking the court to confirm in part and modify in part the final arbitral award rendered by an arbitration panel in October 2022 and, as part of the requested modification, seeking an additional approximately $ 66.0 million in damages. On August 4, 2023, the NY Southern District Court confirmed the final arbitral award but declined to modify the final award to increase the damages awarded thereunder. On September 1, 2023, Acorda filed a notice of appeal of the NY Southern District Court decision to the U.S. Court of Appeals for the Federal Circuit. On September 22, 2023, the Company filed a motion to transfer the appeal to the U.S. Court of Appeals for the Second Circuit and on October 10, 2023, Acorda filed an opposition to such motion. 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.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements of the Company for the three and nine months ended September 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 (the “FASB”) or other standard-setting bodies that are adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that the impact of recently issued 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)	9 Months Ended
	Sep. 30, 2023
Schedule of Contract Assets and Contract Liabilities	Total contract assets at September 30, 2023 were as follows: (In thousands) Contract Assets Contract assets at December 31, 2022 $ 8,929 Additions 12,881 Transferred to receivables, net ( 19,044 ) Contract assets at September 30, 2023 $ 2,766 Total contract liabilities at September 30, 2023 were as follows: (In thousands) Contract Liabilities Contract liabilities at December 31, 2022 $ 10,701 Additions ( 931 ) Amounts recognized into revenue ( 4,794 ) Contract liabilities at September 30, 2023 $ 4,976
Product sales, net
Schedule of Disaggregation of Revenues	During the three and nine months ended September 30, 2023 and 2022, the Company recorded product sales, net, as follows: Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2023 2022 2023 2022 VIVITROL $ 99,305 $ 96,534 $ 298,035 $ 277,493 ARISTADA and ARISTADA INITIO 81,834 75,719 244,320 222,826 LYBALVI 50,683 27,127 135,671 61,116 Total product sales, net $ 231,822 $ 199,380 $ 678,026 $ 561,435
Manufacturing and royalty revenues
Schedule of Disaggregation of Revenues	During the three and nine months ended September 30, 2023 and 2022, the Company recorded manufacturing and royalty revenues from its collaboration arrangements as follows: Three Months Ended September 30, 2023 Nine Months Ended September 30, 2023 (In thousands) Manufacturing Revenue Royalty Revenue Total Manufacturing Revenue Royalty Revenue Total Long-acting INVEGA products (1) $ — $ 76,109 $ 76,109 $ — $ 410,910 $ 410,910 VUMERITY 9,733 24,828 34,561 32,751 62,979 95,730 RISPERDAL CONSTA 14,732 151 14,883 30,049 957 31,006 Other 16,157 7,403 23,560 48,160 22,082 70,242 $ 40,622 $ 108,491 $ 149,113 $ 110,960 $ 496,928 $ 607,888 Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 (In thousands) Manufacturing Revenue Royalty Revenue Total Manufacturing Revenue Royalty Revenue Total Long-acting INVEGA products (1) $ — $ 26,737 $ 26,737 $ — $ 90,439 $ 90,439 VUMERITY 5,584 20,666 26,250 22,629 60,386 83,015 RISPERDAL CONSTA 8,380 1,848 10,228 32,529 5,516 38,045 Other 3,265 ( 13,539 ) ( 10,274 ) 26,472 5,466 31,938 $ 17,229 $ 35,712 $ 52,941 $ 81,630 $ 161,807 $ 243,437 (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)	9 Months Ended
	Sep. 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 September 30, 2023 Cost Gains One Year One Year Fair Value Short-term investments: Available-for-sale securities: U.S. government and agency debt securities $ 137,689 $ 7 $ ( 19 ) $ ( 985 ) $ 136,692 Corporate debt securities 94,150 12 ( 32 ) ( 1,068 ) 93,062 Non-U.S. government debt securities 11,784 — — ( 99 ) 11,685 Total short-term investments 243,623 19 ( 51 ) ( 2,152 ) 241,439 Long-term investments: Available-for-sale securities: U.S. government and agency debt securities 67,979 — ( 159 ) ( 738 ) 67,082 Corporate debt securities 38,179 — ( 44 ) ( 606 ) 37,529 106,158 — ( 203 ) ( 1,344 ) 104,611 Held-to-maturity securities: Certificates of deposit 1,820 — — — 1,820 Total long-term investments 107,978 — ( 203 ) ( 1,344 ) 106,431 Total investments $ 351,601 $ 19 $ ( 254 ) $ ( 3,496 ) $ 347,870 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: Nine Months Ended September 30, (In thousands) 2023 2022 Proceeds from the sales and maturities of investments $ 291,944 $ 190,994 Realized gains $ — $ — Realized losses $ — $ 529
Schedule of Contractual Maturities of Available-for-Sale and Held-to-Maturity Securities	The Company’s available-for-sale and held-to-maturity securities at September 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 $ 214,322 $ 212,122 $ 1,820 $ 1,820 After 1 year through 5 years 135,459 133,928 — — Total $ 349,781 $ 346,050 $ 1,820 $ 1,820

Fair Value (Tables)

Fair Value (Tables)	9 Months Ended
	Sep. 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: September 30, (In thousands) 2023 Level 1 Level 2 Level 3 Assets: Cash equivalents $ 37,132 $ 37,132 $ — $ — U.S. government and agency debt securities 203,774 166,427 37,347 — Corporate debt securities 130,591 — 130,591 — Non-U.S. government debt securities 11,685 — 11,685 — Total $ 383,182 $ 203,559 $ 179,623 $ — 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)	9 Months Ended
	Sep. 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: September 30, December 31, (In thousands) 2023 2022 Raw materials $ 68,315 $ 61,064 Work in process 73,457 76,228 Finished goods (1) 50,414 44,126 Total inventory $ 192,186 $ 181,418 (1) At September 30, 2023 and December 31, 2022 , the Company had $ 33.7 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)	9 Months Ended
	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant and Equipment	Property, plant and equipment consisted of the following: September 30, December 31, (In thousands) 2023 2022 Land $ 6,570 $ 6,560 Building and improvements 195,766 195,144 Furniture, fixtures and equipment 436,392 418,448 Leasehold improvements 58,051 54,152 Construction in progress 93,434 84,715 Subtotal 790,213 759,019 Less: accumulated depreciation ( 462,696 ) ( 433,658 ) Total property, plant and equipment, net $ 327,517 $ 325,361

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill and Intangible Assets	Goodwill and intangible assets consisted of the following: September 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 $ ( 458,226 ) $ 7,364 Capitalized IP 11 - 13 118,160 ( 114,537 ) 3,623 Total $ 583,750 $ ( 572,763 ) $ 10,987

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2023
Leases [Abstract]
Summary of Future Lease Payments Under Non-Cancelable Leases	Future lease payments under non-cancelable leases at September 30, 2023 consisted of the following: September 30, (In thousands) 2023 Remaining 2023 $ 4,103 2024 16,601 2025 16,848 2026 12,760 2027 9,505 Thereafter 69,474 Total operating lease payments $ 129,291 Less: imputed interest ( 35,681 ) Total operating lease liabilities $ 93,610

Accounts Payable and Accrued _2

Accounts Payable and Accrued Expenses (Tables)	9 Months Ended
	Sep. 30, 2023
Payables and Accruals [Abstract]
Schedule of Accounts Payable and Accrued Expenses	Accounts payable and accrued expenses consisted of the following: September 30, December 31, (In thousands) 2023 2022 Accounts payable $ 87,036 $ 32,843 Accrued compensation 67,773 79,085 Accrued other 88,454 108,161 Total accounts payable and accrued expenses $ 243,263 $ 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 was as follows: September 30, December 31, (In thousands) 2023 2022 Medicaid rebates $ 192,749 $ 208,332 Product discounts 16,508 13,204 Medicare Part D 16,095 18,409 Other 13,115 12,170 Total accrued sales discounts, allowances and reserves $ 238,467 $ 252,115

Long-term Debt (Tables)

Long-term Debt (Tables)	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Schedule of Long-term Debt	Long-term debt consisted of the following: September 30, December 31, (In thousands) 2023 2022 2026 Term Loans, due March 12, 2026 $ 291,366 $ 293,270 Less: current portion ( 3,000 ) ( 3,000 ) Long-term debt $ 288,366 $ 290,270

Share-based Compensation (Table

Share-based Compensation (Tables)	9 Months Ended
	Sep. 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 income (loss): Three Months Ended Nine Months Ended September 30, September 30, (In thousands) 2023 2022 2023 2022 Cost of goods manufactured and sold $ 2,939 $ 2,623 $ 8,542 $ 7,406 Research and development 7,208 6,858 21,621 19,688 Selling, general and administrative 13,768 16,570 44,899 40,677 Total share-based compensation expense $ 23,915 $ 26,051 $ 75,062 $ 67,771

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	9 Months Ended
	Sep. 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 utilizes the treasury stock method and 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 Nine Months Ended September 30, September 30, (In thousands) 2023 2022 2023 2022 Numerator: Net income (loss) $ 47,758 $ ( 63,974 ) $ 242,978 $ ( 130,013 ) Denominator: Weighted average number of ordinary shares outstanding 166,607 164,282 165,996 163,541 Effect of dilutive securities: Stock options 1,682 — 1,643 — Restricted stock unit awards 3,614 — 3,342 — Dilutive ordinary share equivalents 5,296 — 4,985 — Shares used in calculating diluted earnings (loss) per ordinary share 171,903 164,282 170,981 163,541
Schedule of Anti-Dilutive Outstanding Common Share Equivalent Excluded from Calculation of Net Earnings (Loss) Per Ordinary Share	The following potential ordinary share equivalents were not included in the net earnings (loss) per ordinary share calculation because the effect would have been anti-dilutive: Three Months Ended Nine Months Ended September 30, September 30, (In thousands) 2023 2022 2023 2022 Stock options 12,029 13,031 12,422 12,784 Restricted stock unit awards 1,317 4,922 2,389 5,459 Total 13,346 17,953 14,811 18,243

Restructuring (Tables)

Restructuring (Tables)	9 Months Ended
	Sep. 30, 2023
Restructuring and Related Activities [Abstract]
Schedule of Restructuring Activity	Activity related to the Restructuring during the three months ended September 30, 2023 was as follows: (In thousands) Balance, December 31, 2022 $ — Restructuring charge 5,969 Amounts paid during the period: Severance ( 2,098 ) Benefits ( 319 ) Outplacement services ( 178 ) Balance, September 30, 2023 $ 3,374

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details)	9 Months Ended
	Sep. 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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation Of Revenue [Line Items]
Total revenues	$ 380,938	$ 252,357	$ 1,285,930	$ 807,121
VIVITROL
Disaggregation Of Revenue [Line Items]
Total revenues	99,305	96,534	298,035	277,493
ARISTADA and ARISTADA INITIO
Disaggregation Of Revenue [Line Items]
Total revenues	81,834	75,719	244,320	222,826
LYBALVI
Disaggregation Of Revenue [Line Items]
Total revenues	50,683	27,127	135,671	61,116
Product sales, net
Disaggregation Of Revenue [Line Items]
Total revenues	$ 231,822	$ 199,380	$ 678,026	$ 561,435

Revenue from Contracts with C_4

Revenue from Contracts with Customers - Schedule of Manufacturing and Royalty Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation Of Revenue [Line Items]
Total revenues	$ 380,938	$ 252,357	$ 1,285,930	$ 807,121
Long-Acting INVEGA Products
Disaggregation Of Revenue [Line Items]
Total revenues			410,900
Manufacturing Revenue
Disaggregation Of Revenue [Line Items]
Total revenues	40,622	17,229	110,960	81,630
Manufacturing Revenue | VUMERITY
Disaggregation Of Revenue [Line Items]
Total revenues	9,733	5,584	32,751	22,629
Manufacturing Revenue | RISPERDAL CONSTA
Disaggregation Of Revenue [Line Items]
Total revenues	14,732	8,380	30,049	32,529
Manufacturing Revenue | Other
Disaggregation Of Revenue [Line Items]
Total revenues	16,157	3,265	48,160	26,472
Royalty
Disaggregation Of Revenue [Line Items]
Total revenues	108,491	35,712	496,928	161,807
Royalty | Long-Acting INVEGA Products
Disaggregation Of Revenue [Line Items]
Total revenues	76,109	26,737	410,910	90,439
Royalty | VUMERITY
Disaggregation Of Revenue [Line Items]
Total revenues	24,828	20,666	62,979	60,386
Royalty | RISPERDAL CONSTA
Disaggregation Of Revenue [Line Items]
Total revenues	151	1,848	957	5,516
Royalty | Other
Disaggregation Of Revenue [Line Items]
Total revenues	7,403	(13,539)	22,082	5,466
Manufacturing and royalty revenues
Disaggregation Of Revenue [Line Items]
Total revenues	149,113	52,941	607,888	243,437
Manufacturing and royalty revenues | Long-Acting INVEGA Products
Disaggregation Of Revenue [Line Items]
Total revenues	76,109	26,737	410,910	90,439
Manufacturing and royalty revenues | VUMERITY
Disaggregation Of Revenue [Line Items]
Total revenues	34,561	26,250	95,730	83,015
Manufacturing and royalty revenues | RISPERDAL CONSTA
Disaggregation Of Revenue [Line Items]
Total revenues	14,883	10,228	31,006	38,045
Manufacturing and royalty revenues | Other
Disaggregation Of Revenue [Line Items]
Total revenues	$ 23,560	$ (10,274)	$ 70,242	$ 31,938

Revenue from Contracts with C_5

Revenue from Contracts with Customers - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended			9 Months Ended
	Nov. 30, 2022	Oct. 31, 2022	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Disaggregation Of Revenue [Line Items]
Contract assets			$ 2,766			$ 2,766		$ 8,929
Contract liabilities			4,976			4,976		10,701
Royalty revenue			380,938	$ 252,357		1,285,930	$ 807,121
Janssen Pharmaceutica N.V.
Disaggregation Of Revenue [Line Items]
Royalty revenue related to back royalties						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			1,700			1,700		$ 3,900
Long-Acting INVEGA Products
Disaggregation Of Revenue [Line Items]
Royalty revenue						410,900
Royalty
Disaggregation Of Revenue [Line Items]
Royalty revenue			108,491	35,712		496,928	161,807
Royalty | AMPYRA
Disaggregation Of Revenue [Line Items]
Royalty revenue		$ 16,500		(3,200)	$ 3,200
Additional award paid	$ 1,800
Arbitration award amount paid		$ 18,300
Repayment of royalty revenue				18,300
Royalty | VUMERITY
Disaggregation Of Revenue [Line Items]
Royalty revenue			24,828	20,666		62,979	60,386
Royalty | Long-Acting INVEGA Products
Disaggregation Of Revenue [Line Items]
Royalty revenue			$ 76,109	$ 26,737		$ 410,910	$ 90,439
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	9 Months Ended
	Sep. 30, 2023 USD ($)
Contract Asset [Abstract]
Contract assets at beginning of period	$ 8,929
Additions	12,881
Transferred to receivables, net	(19,044)
Contract assets at end of period	2,766
Contract Liabilities [Abstract]
Contract liabilities at beginning of the period	10,701
Additions	(931)
Amounts recognized into revenue	(4,794)
Contract liabilities at end of the period	$ 4,976

Investments - Schedule of Inves

Investments - Schedule of Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Available-for-sale securities:
Short-term investments, Amortized Cost	$ 243,623	$ 320,583
Short-term investments, Gross Unrealized Gains	19	16
Short-term investments, Gross Unrealized Losses, Less than One Year	(51)	(718)
Short-term investments, Gross Unrealized Losses, Greater than One Year	(2,152)	(3,889)
Short-term investments, Estimated Fair Value	241,439	315,992
Long-term investments, Amortized Cost	106,158	134,548
Long-term investments, Gross Unrealized Losses, Less than One Year	(203)	(2,467)
Long-term investments, Gross Unrealized Losses, Greater than One Year	(1,344)	(2,291)
Long-term investments, Estimated Fair Value	104,611	129,790
Held-to-maturity securities:
Long Term Investment Securities Continuous Unrealized Loss Position More Than12 Months Aggregate Losses	1,344	2,291
Estimated Fair Value	1,820
Long-term Investments
Amortized Cost	107,978	136,368
Gross Unrealized Losses, Less than One Year	(203)	(2,467)
Gross Unrealized Losses, Greater than One Year	(1,344)	(2,291)
Total long-term investments	106,431	131,610
Total investments
Amortized Cost	351,601	456,951
Gross Unrealized Gains	19	16
Gross Unrealized Losses, Less than One Year	(254)	(3,185)
Gross Unrealized Losses, Greater than One Year	(3,496)	(6,180)
Estimated Fair Value	347,870	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	94,150	141,418
Short-term investments, Gross Unrealized Gains	12
Short-term investments, Gross Unrealized Losses, Less than One Year	(32)	(424)
Short-term investments, Gross Unrealized Losses, Greater than One Year	(1,068)	(2,054)
Short-term investments, Estimated Fair Value	93,062	138,940
Long-term investments, Amortized Cost	38,179	68,229
Long-term investments, Gross Unrealized Losses, Less than One Year	(44)	(1,550)
Long-term investments, Gross Unrealized Losses, Greater than One Year	(606)	(676)
Long-term investments, Estimated Fair Value	37,529	66,003
U.S. government and agency debt securities
Available-for-sale securities:
Short-term investments, Amortized Cost	137,689	143,710
Short-term investments, Gross Unrealized Gains	7	16
Short-term investments, Gross Unrealized Losses, Less than One Year	(19)	(266)
Short-term investments, Gross Unrealized Losses, Greater than One Year	(985)	(1,289)
Short-term investments, Estimated Fair Value	136,692	142,171
Long-term investments, Amortized Cost	67,979	62,220
Long-term investments, Gross Unrealized Losses, Less than One Year	(159)	(917)
Long-term investments, Gross Unrealized Losses, Greater than One Year	(738)	(1,424)
Long-term investments, Estimated Fair Value	67,082	59,879
Non-U.S. government debt securities
Available-for-sale securities:
Short-term investments, Amortized Cost	11,784	35,455
Short-term investments, Gross Unrealized Losses, Less than One Year		(28)
Short-term investments, Gross Unrealized Losses, Greater than One Year	(99)	(546)
Short-term investments, Estimated Fair Value	$ 11,685	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	9 Months Ended
	Sep. 30, 2023 USD ($) Investmentsecurity
Summary of Investment Holdings [Line Items]
Number of investment securities	219
Number of unrealized investment securities	179
Aggregate estimated fair value of investments in unrealized loss position | $	$ 280.3
Corporate debt securities
Summary of Investment Holdings [Line Items]
Percentage of investment securities available for sale unrealized loss position	37%
U.S. government and agency debt securities
Summary of Investment Holdings [Line Items]
Percentage of investment securities available for sale unrealized loss position	59%

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	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Proceeds from the sales and maturities of investments	$ 291,944	$ 190,994
Realized losses		$ 529

Investments - Schedule of Contr

Investments - Schedule of Contractual Maturities of Available-for-Sale and Held-to-Maturity Securities (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Available-for-sale, Amortized Cost
Within 1 year	$ 214,322
After 1 year through 5 years	135,459
Amortized Cost	349,781
Available-for-sale, Estimated Fair Value
Within 1 year	212,122
After 1 year through 5 years	133,928
Total	346,050
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	Sep. 30, 2023	Dec. 31, 2022
Fair value
Debt securities	$ 346,050
Recurring Basis
Fair value
Cash equivalents	37,132	$ 19,857
Assets, Total	383,182	465,639
Recurring Basis | Level 1
Fair value
Cash equivalents	37,132	19,857
Assets, Total	203,559	188,496
Recurring Basis | Level 2
Fair value
Assets, Total	179,623	277,143
U.S. government and agency debt securities | Recurring Basis
Fair value
Debt securities	203,774	202,050
U.S. government and agency debt securities | Recurring Basis | Level 1
Fair value
Debt securities	166,427	168,639
U.S. government and agency debt securities | Recurring Basis | Level 2
Fair value
Debt securities	37,347	33,411
Corporate debt securities | Recurring Basis
Fair value
Debt securities	130,591	204,943
Corporate debt securities | Recurring Basis | Level 2
Fair value
Debt securities	130,591	204,943
Non-U.S. government debt securities | Recurring Basis
Fair value
Debt securities	11,685	38,789
Non-U.S. government debt securities | Recurring Basis | Level 2
Fair value
Debt securities	$ 11,685	$ 38,789

Fair Value - Additional Informa

Fair Value - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended	9 Months Ended
	Mar. 31, 2022	Sep. 30, 2022	Sep. 30, 2023	Sep. 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		$ (3,553,000)		$ (21,750,000)
2026 Term Loans
Fair Value
Amount to be realized in future			$ 281,900,000		$ 278,900,000
Baudax
Fair Value
Milestone payments received	$ 1,200,000
Milestone payment receivable	$ 6,400,000
Increase (decrease) in fair value of contingent consideration		$ (3,600,000)		$ (21,800,000)
Percentage of reduction in work force	80%

Inventory - Schedule of Invento

Inventory - Schedule of Inventories (Details) - USD ($) $ in Thousands		Sep. 30, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials		$ 68,315	$ 61,064
Work in process		73,457	76,228
Finished goods	[1]	50,414	44,126
Total inventory		$ 192,186	$ 181,418
[1] At September 30, 2023 and December 31, 2022 , the Company had $ 33.7 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	Sep. 30, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Finished goods inventory located at third-party warehouse and shipping service provider	$ 33.7	$ 30.9

Property, Plant and Equipment -

Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Property, plant and equipment
Property, plant and equipment, gross	$ 790,213	$ 759,019
Less: accumulated depreciation	(462,696)	(433,658)
Total property, plant and equipment, net	327,517	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	195,766	195,144
Furniture, Fixtures and Equipment
Property, plant and equipment
Property, plant and equipment, gross	436,392	418,448
Leasehold Improvements
Property, plant and equipment
Property, plant and equipment, gross	58,051	54,152
Construction in Progress
Property, plant and equipment
Property, plant and equipment, gross	$ 93,434	$ 84,715

Property, Plant and Equipment_2

Property, Plant and Equipment - Additional Information (Details) $ in Millions	Sep. 30, 2022 USD ($)
Meloxicam Product
Property, Plant and Equipment [Line Items]
Construction in progress	$ 8.7
Baudax | Other Long-Term Liabilities
Property, Plant and Equipment [Line Items]
Contract liabilities	$ 6.4

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Schedule of Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 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	(572,763)
Net Carrying Amount	$ 10,987	$ 37,680
Collaboration agreements
Finite-lived intangible assets:
Weighted Amortizable Life	12 years
Gross Carrying Amount	$ 465,590
Accumulated Amortization	(458,226)
Net Carrying Amount	7,364
Capitalized IP
Finite-lived intangible assets:
Gross Carrying Amount	118,160
Accumulated Amortization	(114,537)
Net Carrying Amount	$ 3,623
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	Sep. 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) $ in Thousands	Sep. 30, 2023 USD ($)
Leases [Abstract]
Remaining 2023	$ 4,103
2024	16,601
2025	16,848
2026	12,760
2027	9,505
Thereafter	69,474
Total operating lease payments	129,291
Less: imputed interest	(35,681)
Total operating lease liabilities	$ 93,610

Leases - Additional Information

Leases - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Leases [Abstract]
Weighted average incremental borrowing rate	5.30%		5.30%
Payments for operating leases	$ 4.1	$ 4.5	$ 12.6	$ 13.4
Weighted average remaining lease term	8 years 1 month 6 days		8 years 1 month 6 days
Operating lease expense	$ 4.2	$ 4.1	$ 12.7	$ 12.5

Accounts Payable and Accrued _3

Accounts Payable and Accrued Expenses - Schedule of Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accounts payable	$ 87,036	$ 32,843
Accrued compensation	67,773	79,085
Accrued other	88,454	108,161
Total accounts payable and accrued expenses	$ 243,263	$ 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	Sep. 30, 2023	Dec. 31, 2022
Accounts Payable And Accrued Expenses [Line Items]
Total accrued sales discounts, allowances and reserves	$ 238,467	$ 252,115
Medicaid Rebate
Accounts Payable And Accrued Expenses [Line Items]
Total accrued sales discounts, allowances and reserves	192,749	208,332
Product Discounts
Accounts Payable And Accrued Expenses [Line Items]
Total accrued sales discounts, allowances and reserves	16,508	13,204
Medicare Part D
Accounts Payable And Accrued Expenses [Line Items]
Total accrued sales discounts, allowances and reserves	16,095	18,409
Other
Accounts Payable And Accrued Expenses [Line Items]
Total accrued sales discounts, allowances and reserves	$ 13,115	$ 12,170

Accounts Payable and Accrued _5

Accounts Payable and Accrued Expenses - Additional Information (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Accounts Payable And Accrued Expenses [Line Items]
Accounts payable	$ 87,036	$ 32,843
State Medicaid Rebates
Accounts Payable And Accrued Expenses [Line Items]
Accounts payable	$ 36,400	$ 800

Long-term Debt - Schedule of Lo

Long-term Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Long-term debt
Less: current portion	$ (3,000)	$ (3,000)
Long-term debt	288,366	290,270
2026 Term Loans, due March 12, 2026
Long-term debt
Term Loans	291,366	293,270
Less: current portion	(3,000)	(3,000)
Long-term debt	$ 288,366	$ 290,270

Long-term Debt - Additional Inf

Long-term Debt - Additional Information (Details) - 2026 Term Loans $ in Millions	9 Months Ended
	Sep. 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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based compensation Expense
Total share-based compensation expense	$ 23,915	$ 26,051	$ 75,062	$ 67,771
Cost of goods manufactured and sold
Share-based compensation Expense
Total share-based compensation expense	2,939	2,623	8,542	7,406
Research and development
Share-based compensation Expense
Total share-based compensation expense	7,208	6,858	21,621	19,688
Selling, general and administrative
Share-based compensation Expense
Total share-based compensation expense	$ 13,768	$ 16,570	$ 44,899	$ 40,677

Share-based Compensation - Addi

Share-based Compensation - Additional Information (Details) - USD ($) $ in Millions		9 Months Ended	12 Months Ended
	Jun. 29, 2023	Sep. 30, 2023	Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based compensation cost capitalized		$ 3.2	$ 3.3
2018 Stock Option and Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Increase in number of ordinary shares authorized	6,500,000

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						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Numerator:
Net income (loss)	$ 47,758	$ 237,065	$ (41,845)	$ (63,974)	$ (30,136)	$ (35,903)	$ 242,978	$ (130,013)
Denominator:
Basic	166,607			164,282			165,996	163,541
Dilutive ordinary share equivalents	5,296						4,985
Shares used in calculating diluted earnings (loss) per ordinary share	171,903			164,282			170,981	163,541
Stock Options
Denominator:
Dilutive ordinary share equivalents	1,682						1,643
Restricted Stock Unit Awards
Denominator:
Dilutive ordinary share equivalents	3,614						3,342

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 Ordinary Share (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Denominator:
Anti-dilutive potential common share equivalent excluded from calculation of net loss per ordinary share	13,346	17,953	14,811	18,243
Stock Options
Denominator:
Anti-dilutive potential common share equivalent excluded from calculation of net loss per ordinary share	12,029	13,031	12,422	12,784
Restricted Stock Unit Awards
Denominator:
Anti-dilutive potential common share equivalent excluded from calculation of net loss per ordinary share	1,317	4,922	2,389	5,459

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Income Taxes [Line Items]
Income tax provision (benefit)	$ (397)	$ (3,394)	$ (3,719)	$ (15,603)
Ireland
Income Taxes [Line Items]
Valuation allowance					$ 245,800

Restructuring - Schedule of Res

Restructuring - Schedule of Restructuring Activity (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023
Restructuring and Related Activities [Abstract]
Restructuring charge	$ 6,000	$ 5,969
Amounts paid during the period:
Severance		(2,098)
Benefits		(319)
Outplacement services		(178)
Restructuring Reserve, Ending Balance	$ 3,374	$ 3,374

Restructuring - Additional Info

Restructuring - Additional Information (Details)	1 Months Ended	3 Months Ended	9 Months Ended
	Jul. 31, 2023 Positions	Sep. 30, 2023 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring and related activities initiation month and year			2023-07
Number of positions eliminated | Positions	60
Restructuring charge		$ 6,000,000	$ 5,969,000
Restructuring accrual		3,374,000	3,374,000
Research and Development Expense
Restructuring Cost and Reserve [Line Items]
Restructuring charge		4,500,000	4,500,000
Selling, General and Administrative Expense
Restructuring Cost and Reserve [Line Items]
Restructuring charge		1,500,000	1,500,000
Accounts payable and accrued expenses
Restructuring Cost and Reserve [Line Items]
Restructuring accrual		$ 3,400,000	$ 3,400,000	$ 0

Commitments and Contingent Li_2

Commitments and Contingent Liabilities - Additional Information (Details)	1 Months Ended	9 Months Ended
	Jan. 31, 2023 USD ($)	Sep. 30, 2023 USD ($) 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