Alkermes (ALKS) 10-Q 24 Jul 24 2024 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2024	Jul. 19, 2024
Cover [Abstract]
Entity Registrant Name	Alkermes plc.
Entity Central Index Key	0001520262
Document Type	10-Q
Document Period End Date	Jun. 30, 2024
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		164,668,329
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Trading Symbol	ALKS
Entity File Number	001-35299
Entity Incorporation, State or Country Code	L2
Entity Tax Identification Number	98-1007018
Entity Address, Address Line One	Connaught House
Entity Address, Address Line Two	1 Burlington Road
Entity Address, City or Town	Dublin 4
Entity Address, Country	IE
Entity Address, Postal Zip Code	D04 C5Y6
City Area Code	353
Local Phone Number	1-772-8000
Document Quarterly Report	true
Document Transition Report	false
Title of 12(b) Security	Ordinary shares, $0.01 par value
Security Exchange Name	NASDAQ

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
CURRENT ASSETS:
Cash and cash equivalents	$ 535,150	$ 457,469
Receivables, net	366,415	332,477
Investments—short-term	340,967	316,022
Inventory	194,731	186,406
Contract assets	3,492	706
Prepaid expenses and other current assets	101,435	98,166
Assets held for sale		94,260
Total current assets	1,542,190	1,485,506
PROPERTY, PLANT AND EQUIPMENT, NET	222,738	226,943
RIGHT-OF-USE ASSETS	87,889	91,460
INVESTMENTS—LONG-TERM	86,402	39,887
INTANGIBLE ASSETS, NET AND GOODWILL	83,945	85,018
DEFERRED TAX ASSETS	167,382	195,888
OTHER ASSETS	16,296	11,521
TOTAL ASSETS	2,206,842	2,136,223
CURRENT LIABILITIES:
Accounts payable and accrued expenses	239,774	240,561
Accrued sales discounts, allowances and reserves	263,457	263,641
Operating lease liabilities—short-term	6,007	5,746
Contract liabilities—short-term	3,311	2,730
Current portion of long-term debt	3,000	3,000
Liabilities related to discontinued operations		4,542
Total current liabilities	515,549	520,220
LONG-TERM DEBT	286,459	287,730
OPERATING LEASE LIABILITIES—LONG-TERM	72,535	75,709
OTHER LONG-TERM LIABILITIES	48,294	49,878
Total liabilities	922,837	933,537
COMMITMENTS AND CONTINGENT LIABILITIES (Note 17)
SHAREHOLDERS’ EQUITY:
Preferred shares, par value, $0.01 per share; 50,000,000 shares authorized; and zero issued and outstanding at June 30, 2024 and December 31, 2023
Ordinary shares, par value, $0.01 per share; 450,000,000 shares authorized; 175,959,272 and 172,569,051 shares issued; and 165,886,689 and 166,979,833 shares outstanding at June 30, 2024 and December 31, 2023, respectively	1,760	1,726
Treasury shares, at cost (10,072,583 and 5,589,218 shares at June 30, 2024 and December 31, 2023, respectively)	(303,025)	(189,336)
Additional paid-in capital	2,804,202	2,736,934
Accumulated other comprehensive loss	(3,590)	(3,110)
Accumulated deficit	(1,215,342)	(1,343,528)
Total shareholders’ equity	1,284,005	1,202,686
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 2,206,842	$ 2,136,223

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (unaudited) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock shares, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock shares, authorized	50,000,000	50,000,000
Preferred stock shares, issued	0	0
Preferred stock shares, outstanding	0	0
Ordinary shares, par value (in dollars per share)	$ 0.01	$ 0.01
Ordinary shares, shares authorized	450,000,000	450,000,000
Ordinary shares, shares issued	175,959,272	172,569,051
Ordinary shares, shares outstanding	165,886,689	166,979,833
Treasury shares	10,072,583	5,589,218

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
REVENUES:
Total revenues	$ 399,131	$ 617,397	$ 749,503	$ 904,992
EXPENSES:
Cost of goods manufactured and sold (exclusive of amortization of acquired intangible assets shown below)	61,472	63,249	120,116	121,413
Research and development	59,649	68,225	127,260	131,995
Selling, general and administrative	168,113	195,756	347,862	363,589
Amortization of acquired intangible assets	14	8,898	1,073	17,698
Total expenses	289,248	336,128	596,311	634,695
OPERATING INCOME FROM CONTINUING OPERATIONS	109,883	281,269	153,192	270,297
OTHER INCOME, NET:
Interest income	10,735	6,769	20,134	11,735
Interest expense	(5,952)	(5,684)	(11,930)	(10,972)
Other income (expense), net	2,053	(525)	2,235	(564)
Total other income, net	6,836	560	10,439	199
INCOME BEFORE INCOME TAXES	116,719	281,829	163,631	270,496
INCOME TAX PROVISION	22,061	2,728	30,025	3,445
NET INCOME FROM CONTINUING OPERATIONS	94,658	279,101	133,606	267,051
DISCONTINUED OPERATIONS, NET OF TAX	(3,300)	(42,036)	(5,420)	(71,831)
NET INCOME	$ 91,358	$ 237,065	$ 128,186	$ 195,220
EARNINGS (LOSS) PER ORDINARY SHARE:
Earnings per ordinary share from continuing operations - basic	$ 0.56	$ 1.68	$ 0.79	$ 1.61
Loss per ordinary share from discontinued operations - basic	(0.02)	(0.25)	(0.03)	(0.43)
Earnings per ordinary share - basic	0.54	1.43	0.76	1.18
Earnings per ordinary share from continuing operations - diluted	0.55	1.63	0.78	1.56
Loss per ordinary share from discontinued operations - diluted	(0.02)	(0.25)	(0.03)	(0.42)
Earnings per ordinary share - diluted	$ 0.53	$ 1.38	$ 0.75	$ 1.14
WEIGHTED AVERAGE NUMBER OF ORDINARY SHARES OUTSTANDING:
Basic	168,321	166,279	168,152	165,686
Diluted	170,977	171,553	171,960	170,747
COMPREHENSIVE INCOME:
Net income	$ 91,358	$ 237,065	$ 128,186	$ 195,220
Holding gain (loss), net of a tax (benefit) provision of $(8), $99, $(83) and $587, respectively	11	692	(480)	3,452
COMPREHENSIVE INCOME	91,369	237,757	127,706	198,672
Product sales, net
REVENUES:
Total revenues	269,273	231,477	502,809	446,204
Manufacturing and royalty revenues
REVENUES:
Total revenues	$ 129,858	385,913	246,691	458,775
Research and development revenue
REVENUES:
Total revenues		$ 7	$ 3	$ 13

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Tax provision (benefit)	$ (8)	$ (75)	$ 99	$ 488	$ (83)	$ 587

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 128,186	$ 195,220
Adjustments to reconcile net income to cash flows from operating activities:
Depreciation and amortization	14,714	37,725
Share-based compensation expense	53,356	51,147
Deferred income taxes	21,724	(38,137)
Gain on sale of the Athlone Facility	(1,462)
Other non-cash charges	2,136	691
Changes in assets and liabilities:
Receivables	(33,939)	(46,511)
Contract assets	(2,786)	8,929
Inventory	(9,538)	(6,879)
Prepaid expenses and other assets	(1,206)	(774)
Right-of-use assets	3,571	8,498
Accounts payable and accrued expenses	(1,930)	19,995
Accrued sales discounts, allowances and reserves	(185)	(29,347)
Contract liabilities	(1,463)	(5,032)
Operating lease liabilities	(5,049)	(8,471)
Other long-term liabilities	1,009	7,354
Cash flows provided by operating activities	167,138	194,408
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions of property, plant and equipment	(15,453)	(16,565)
Proceeds from the sale of equipment	434	3
Proceeds from the sale of the Athlone Facility	97,933
Purchases of investments	(209,962)	(30,284)
Sales and maturities of investments	138,947	240,544
Cash flows provided by investing activities	11,899	193,698
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from the issuance of ordinary shares under share-based compensation arrangements	13,833	12,000
Employee taxes paid related to net share settlement of equity awards	(29,000)	(25,284)
Payment for the repurchase of ordinary shares	(84,689)
Principal payments of long-term debt	(1,500)	(1,500)
Cash flows used in financing activities	(101,356)	(14,784)
NET INCREASE IN CASH AND CASH EQUIVALENTS	77,681	373,322
CASH AND CASH EQUIVALENTS—Beginning of period	457,469	292,473
CASH AND CASH EQUIVALENTS—End of period	535,150	665,795
Non-cash investing and financing activities:
Purchased capital expenditures included in accounts payable and accrued expenses	$ 1,649	$ 4,863

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (unaudited) - USD ($) $ in Thousands	Total	Ordinary Shares	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit	Treasury Stock
BALANCE at Dec. 31, 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' ordinary 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' ordinary 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 benefit	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 benefit	3,452
Net Income (Loss)	195,220
BALANCE at Jun. 30, 2023	1,280,437	$ 1,720	2,976,365	(7,437)	(1,504,065)	$ (186,146)
BALANCE (in shares) at Jun. 30, 2023		171,975,901				(5,477,613)
BALANCE at Mar. 31, 2023	1,005,576	$ 1,715	2,938,726	(8,129)	(1,741,130)	$ (185,606)
BALANCE (in shares) at Mar. 31, 2023		171,518,796				(5,459,836)
Issuance of ordinary shares under employee stock plans	9,126	$ 5	9,121
Issuance of ordinary shares under employee stock plans (in shares)		457,105
Receipt of Alkermes' ordinary shares for the exercise of stock options or to satisfy minimum tax withholding obligations related to share-based awards	(540)					$ (540)
Receipt of Alkermes' ordinary 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 benefit	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)
BALANCE at Dec. 31, 2023	1,202,686	$ 1,726	2,736,934	(3,110)	(1,343,528)	$ (189,336)
BALANCE (in shares) at Dec. 31, 2023		172,569,051				(5,589,218)
Issuance of ordinary shares under employee stock plans	11,226	$ 31	11,195
Issuance of ordinary shares under employee stock plans (in shares)		3,165,169
Receipt of Alkermes' ordinary shares for the exercise of stock options or to satisfy minimum tax withholding obligations related to share-based awards	(28,349)					$ (28,349)
Receipt of Alkermes' ordinary shares for the exercise of stock options or to satisfy minimum tax withholding obligations related to share-based awards (in shares)						(960,486)
Share-based compensation	32,863		32,863
Unrealized gain (loss) on marketable securities, net of tax benefit	(491)			(491)
Net Income (Loss)	36,828				36,828
BALANCE at Mar. 31, 2024	1,254,763	$ 1,757	2,780,992	(3,601)	(1,306,700)	$ (217,685)
BALANCE (in shares) at Mar. 31, 2024		175,734,220				(6,549,704)
BALANCE at Dec. 31, 2023	1,202,686	$ 1,726	2,736,934	(3,110)	(1,343,528)	$ (189,336)
BALANCE (in shares) at Dec. 31, 2023		172,569,051				(5,589,218)
Repurchase of Alkermes' ordinary shares	$ (84,700)
Repurchase of Alkermes' ordinary shares (in shares)	(3,500,000)
Unrealized gain (loss) on marketable securities, net of tax benefit	$ (480)
Net Income (Loss)	128,186
BALANCE at Jun. 30, 2024	1,284,005	$ 1,760	2,804,202	(3,590)	(1,215,342)	$ (303,025)
BALANCE (in shares) at Jun. 30, 2024		175,959,272				(10,072,583)
BALANCE at Mar. 31, 2024	1,254,763	$ 1,757	2,780,992	(3,601)	(1,306,700)	$ (217,685)
BALANCE (in shares) at Mar. 31, 2024		175,734,220				(6,549,704)
Issuance of ordinary shares under employee stock plans	2,607	$ 3	2,604
Issuance of ordinary shares under employee stock plans (in shares)		225,052
Receipt of Alkermes' ordinary shares for the exercise of stock options or to satisfy minimum tax withholding obligations related to share-based awards	(651)					$ (651)
Receipt of Alkermes' ordinary shares for the exercise of stock options or to satisfy minimum tax withholding obligations related to share-based awards (in shares)						(26,692)
Repurchase of Alkermes' ordinary shares	(84,689)					$ (84,689)
Repurchase of Alkermes' ordinary shares (in shares)						(3,496,187)
Share-based compensation	20,606		20,606
Unrealized gain (loss) on marketable securities, net of tax benefit	11			11
Net Income (Loss)	91,358				91,358
BALANCE at Jun. 30, 2024	$ 1,284,005	$ 1,760	$ 2,804,202	$ (3,590)	$ (1,215,342)	$ (303,025)
BALANCE (in shares) at Jun. 30, 2024		175,959,272				(10,072,583)

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Stockholders' Equity [Abstract]
Tax provision (benefit)	$ (8)	$ (75)	$ 99	$ 488	$ (83)	$ 587

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 91,358	$ 36,828	$ 237,065	$ (41,845)	$ 128,186	$ 195,220

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b5-1 Arrangement Modified	false
Non-Rule 10b5-1 Arrangement Modified	false

The Company

The Company	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
The Company	1. THE COMPANY Alkermes plc is a global biopharmaceutical company that seeks to develop innovative medicines in the field of neuroscience. Alkermes has a portfolio of proprietary commercial products for the treatment of alcohol dependence, opioid dependence, schizophrenia and bipolar I disorder and a pipeline of clinical and preclinical candidates in development for neurological disorders, including narcolepsy. Headquartered in Ireland, Alkermes also has a corporate office and research and development (“R&D”) center in Massachusetts and a manufacturing facility in Ohio. On May 1, 2024, the Company completed the previously announced sale of its development and manufacturing facility in Athlone, Ireland (the “Athlone Facility”) to Novo Nordisk (“Novo”). The Company and Novo also entered into subcontracting arrangements to continue certain development and manufacturing activities currently performed at the Athlone Facility for a period of time after the closing of the transaction; these activities may continue through the end of 2025. In connection with the sale of the Athlone Facility, the Company received approximately $ 97.9 million from Novo, which included a payment of approximately $ 91.0 million for the facility and certain related assets, and recorded a gain of approximately $ 1.5 million within “ Other income (expense), net ” in the accompanying condensed consolidated statements of operations and comprehensive income for the three and six months ended June 30, 2024. At December 31, 2023, the Company classified the assets described under the asset purchase agreement for the sale as “Assets held for sale” in the accompanying condensed consolidated balance sheets.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying condensed consolidated financial statements of the Company for the three and six months ended June 30, 2024 and 2023 are unaudited and have been prepared on a basis substantially consistent with the audited financial statements for the year ended December 31, 2023. 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 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 Annual Report. Intercompany accounts and transactions have been eliminated. Columns and rows within tables may not sum due to rounding. Reclassification The Company has presented operations from its former oncology business as discontinued operations in its accompanying condensed consolidated statement of operations and comprehensive income for the three and six months ended June 30, 2023. See Note 3, Discontinued Operations in these “Notes to Condensed Consolidated Financial Statements” in this Form 10-Q for additional information. Discontinued Operations The Company determined that the separation of its oncology business in November 2023 met the criteria for classification of the oncology business as discontinued operations in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 205, Discontinued Operations (“Topic 205”). Accordingly, the financial statements have been updated to present the results of the oncology business as discontinued operations for the three and six months ended June 30, 2023 in the accompanying condensed consolidated statement of operations and comprehensive income. Assets Held for Sale In connection with the sale of the Athlone Facility, the Company reviewed FASB ASC 805, Business Combinations (“Topic 805”) and, based on the definitions therein, determined that the Athlone Facility constituted a business. Accordingly, the assets associated with the sale of the Athlone Facility were classified as “Assets held for sale” in the accompanying condensed consolidated balance sheets as of December 31, 2023. 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 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 FASB or other standard-setting bodies that are adopted by the Company on or prior to the specified effective date. Unless otherwise described in this Form 10-Q, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on its financial position or results of operations upon adoption. In November 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosure , which requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items to reconcile to segment profit or loss and the title and position of the Company’s chief operating decision maker. The amendments in this guidance also expand the interim segment disclosure requirements. All disclosure requirements under this guidance are required for public entities with a single reportable segment. This ASU became effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted and the amendments in this guidance are required to be applied on a retrospective basis. The Company elected to early adopt this guidance and determined this ASU did not have an impact on its consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , to enhance the transparency and decision usefulness of income tax disclosures in order to provide information to assist key stakeholders in better assessing how the Company’s operations and related tax risks and tax planning and operational opportunities affect the Company’s tax rate and prospects for future cash flows. This ASU becomes effective for public companies for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. This guidance will be applied on a prospective basis. The Company is currently evaluating the impact this ASU will have on its consolidated financial statements and related disclosures.

Discontinued Operations

Discontinued Operations	6 Months Ended
	Jun. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	3. DISCONTINUED OPERATIONS Mural Oncology Separation On November 15, 2023 (the “Separation Date”), the Company completed the separation of its oncology business into Mural Oncology plc (“Mural”), a new, independent, publicly-traded company (the “Separation”). The Separation was effected by means of a distribution of all of the outstanding ordinary shares of Mural to the Company’s shareholders (the “Distribution”), in which each of the Company’s shareholders received one ordinary share, nominal value $ 0.01 per share, of Mural for every ten ordinary shares, par value $ 0.01 per share, of the Company (the “Distribution Ratio”) held by such shareholder as of the close of business on November 6, 2023, the record date for the Distribution. The historical results of the oncology business have been reflected as discontinued operations in the Company’s accompanying condensed consolidated financial statements for the three and six months ended June 30, 2023 and as of December 31, 2023. In connection with the Separation, the Company entered into a separation agreement with Mural, dated as of November 13, 2023 (the “Separation Agreement”), that, among other things, sets forth the Company’s agreements with Mural regarding the principal actions taken or to be taken in connection with the Separation, including the Distribution. The Separation Agreement identified those assets to be transferred to, liabilities to be assumed by, and contracts to be assigned to Mural, including the operating lease for the office and laboratory space at 852 Winter Street in Waltham, Massachusetts, and it provided for when and how such transfers, assumptions and assignments were to occur. The purpose of the Separation Agreement was to provide Mural and the Company with those assets necessary to operate their respective businesses and to retain or assume the respective liabilities related to those assets. Under the terms of the Separation Agreement, the Company granted Mural a perpetual, worldwide, non-exclusive, royalty-free, fully paid-up license (or, as the case may be, sublicense) to certain IP controlled by the Company as of the date of the Distribution to allow Mural to use such IP for the oncology business, and Mural granted the Company a perpetual, worldwide, non-exclusive, royalty-free, fully paid-up license (or, as the case may be, sublicense) to the IP transferred to Mural as part of the Separation for the Company’s use outside of the oncology business. Each of Mural and the Company agreed to releases with respect to pre-Distribution claims, and cross-indemnities with respect to post-Distribution claims, that are principally designed to place financial responsibility for the obligations and liabilities allocated to Mural under the Separation Agreement, and financial responsibility for the obligations and liabilities allocated to the Company under the Separation Agreement. The Company and Mural are also each subject to certain confidentiality restrictions and information sharing obligations. The transfer of assets and liabilities to Mural was effected through a contribution in accordance with the Separation Agreement, as summarized below: (In thousands) November 15, 2023 ASSETS Current Assets: Cash and cash equivalents $ 275,000 Total current assets 275,000 Property, plant and equipment, net 10,096 Right-of-use assets 14,513 Goodwill 7,800 Deferred tax asset 1,799 Total assets $ 309,208 LIABILITIES Current Liabilities Operating lease liabilities—short-term $ 6,036 Total current liabilities 6,036 Operating lease liabilities—long-term 9,412 Total liabilities 15,448 Net assets transferred to Mural $ 293,760 The Company determined that the Separation and the Distribution qualified as tax-free for U.S. federal income tax purposes, which required significant judgment by management. In making such determination, the Company applied U.S. federal tax law to relevant facts and circumstances and obtained: (i) a favorable private letter ruling from the Internal Revenue Service; (ii) a tax opinion; and (iii) other external tax advice related to the concluded tax treatment. If the Separation and Distribution were to ultimately fail to qualify for tax-free treatment for U.S. federal income tax purposes, the Company and/or its shareholders could be subject to significant liabilities, which could have material adverse impacts on the Company’s business, financial condition, results of operations and cash flows in future reporting periods. Furthermore, other than taxes recorded on the transfer of IP, the Company determined that the Separation and related Distribution qualified as tax-free for Irish tax purposes, which required significant judgment by management. In making such determination, the Company applied Irish tax law to relevant facts and circumstances and obtained: (i) a tax opinion; and (ii) other external tax advice related to the concluded tax treatment. If the Separation and Distribution were to ultimately fail to qualify for tax-free treatment for Irish tax purposes, the Company and/or its shareholders could be subject to significant liabilities, which could have material adverse impacts on the Company’s business, financial condition, results of operations and cash flows in future reporting periods. In connection with the Separation, the Company also entered into a tax matters agreement with Mural, dated as of November 13, 2023 . The tax matters agreement governs the Company’s and Mural’s respective rights, responsibilities and obligations with respect to taxes (including taxes arising in the ordinary course of business and taxes, if any, incurred as a result of any failure of the Distribution, together with certain related transactions, to qualify as tax-free for U.S. federal income tax purposes), tax attributes, the preparation and filing of tax returns, the control of audits and other tax proceedings, and assistance and cooperation in respect of tax matters. In connection with the Separation, the Company also entered into an employee matters agreement with Mural, dated as of November 13, 2023 (as amended, the “Employee Matters Agreement”). The Employee Matters Agreement governs the Company’s, Mural’s and their respective subsidiaries’ and affiliates’ rights, responsibilities and obligations after the Separation with respect to, employment, benefits and compensation matters relating to employees and former employees (and their respective dependents and beneficiaries) who are or were associated with the Company, including those who became employees of Mural in connection with the Separation; the allocation of assets and liabilities generally relating to employees, employment or service-related matters and employee benefit plans; other human resources, employment and employee benefits matters; and the treatment of equity-based awards granted by the Company prior to the Separation. The Company entered into two transition services agreements with Mural. On November 13, 2023, Alkermes, Inc., a wholly-owned subsidiary of the Company (“Alkermes US”), and Mural Oncology, Inc., a wholly-owned subsidiary of Mural (“Mural US”), entered into one transition services agreement, pursuant to which the Company and its subsidiaries will provide, on an interim, transitional basis, various services to Mural and its subsidiaries, and a second transition services agreement, pursuant to which Mural and its subsidiaries will provide certain services to the Company and its subsidiaries, in each case for a term of two years , unless earlier terminated in accordance with the terms of the applicable agreement. Discontinued Operations The Company determined that the Separation met the criteria for classification of the oncology business as discontinued operations in accordance with Topic 205.  The following summarizes the loss from discontinued operations for the three and six months ended June 30, 2024 and 2023: Three Months Ended Six Months Ended June 30, June 30, (In thousands) 2024 2023 2024 2023 Operating expenses from discontinued operations Cost of goods manufactured $ — $ 11 $ — $ 22 Research and development 3,913 32,563 6,429 62,430 Selling, general and administrative — 9,502 — 16,146 Total operating expenses from discontinued operations 3,913 42,076 6,429 78,598 Operating loss from discontinued operations ( 3,913 ) ( 42,076 ) ( 6,429 ) ( 78,598 ) Income tax benefit from discontinued operations ( 613 ) ( 40 ) ( 1,009 ) ( 6,767 ) Net loss and comprehensive loss from discontinued operations $ ( 3,300 ) $ ( 42,036 ) $ ( 5,420 ) $ ( 71,831 ) There were no assets and $ 4.5 million of liabilities related to the Separation at December 31, 2023. All assets related to the Separation were transferred to Mural as of the Separation Date. The $ 4.5 million of liabilities classified as “Liabilities related to discontinued operations” in the accompanying condensed consolidated balance sheet related to bonus amounts accrued for employees that transferred to Mural during 2023 and through the Separation Date that were paid by the Company in the first quarter of 2024, in accordance with the terms of the Employee Matters Agreement. The following table summarizes the significant non-cash items and capital expenditures of the discontinued operations that are included in the accompanying condensed consolidated statements of cash flows for the six months ended June 30, 2023: Six Months Ended (In thousands) June 30, 2023 OPERATING ACTIVITIES: Depreciation $ 240 Share-based compensation expense 2,937 Right-of-use assets 4,364 Operating lease liabilities ( 2,927 ) INVESTING ACTIVITIES: Additions of property, plant and equipment $ ( 173 )

Revenue from Contracts with Cus

Revenue from Contracts with Customers	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenue from Contracts with Customers	4. REVENUE FROM CONTRACTS WITH CUSTOMERS Product Sales, Net During the three and six months ended June 30, 2024 and 2023, the Company recorded product sales, net, as follows: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2024 2023 2024 2023 VIVITROL $ 111,873 $ 102,071 $ 209,532 $ 198,730 ARISTADA and ARISTADA INITIO 86,049 82,409 164,919 162,486 LYBALVI 71,351 46,997 128,358 84,988 Total product sales, net $ 269,273 $ 231,477 $ 502,809 $ 446,204 Manufacturing and Royalty Revenues During the three and six months ended June 30, 2024 and 2023, the Company recorded manufacturing and royalty revenues from its collaboration arrangements as follows: Three Months Ended June 30, 2024 Six Months Ended June 30, 2024 (In thousands) Manufacturing Royalty Total Manufacturing Royalty Total Long-acting INVEGA products (1) $ — $ 78,739 $ 78,739 $ — $ 141,412 $ 141,412 VUMERITY 9,863 25,371 35,234 21,987 44,501 66,488 Other 10,417 5,468 15,885 28,323 10,468 38,791 $ 20,280 $ 109,578 $ 129,858 $ 50,310 $ 196,381 $ 246,691 Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 (In thousands) Manufacturing Royalty Total Manufacturing Royalty Total Long-acting INVEGA products (1) $ — $ 321,239 $ 321,239 $ — $ 334,801 $ 334,801 VUMERITY 10,369 21,926 32,295 23,018 38,151 61,169 Other 21,529 10,850 32,379 47,320 15,485 62,805 $ 31,898 $ 354,015 $ 385,913 $ 70,338 $ 388,437 $ 458,775 (1) “long-acting INVEGA products”: INVEGA SUSTENNA/XEPLION (paliperidone palmitate), INVEGA TRINZA/TREVICTA (paliperidone palmitate) and INVEGA HAFYERA/BYANNLI (paliperidone palmitate). In November 2021, the Company received notice of partial termination of an exclusive license agreement with Janssen Pharmaceutica N.V., a subsidiary of Johnson & Johnson (“Janssen Pharmaceutica”). Under this license agreement, the Company provided Janssen Pharmaceutica with rights to, and know-how, training and technical assistance in respect of, the Company’s small particle pharmaceutical compound technology, known as NanoCrystal technology, which was used to develop the long-acting INVEGA products. When the partial termination became effective in February 2022, Janssen Pharmaceutica ceased paying royalties related to sales of INVEGA SUSTENNA, INVEGA TRINZA and INVEGA HAFYERA. 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. In May 2023, the arbitral tribunal (the “Tribunal”) in the arbitration proceedings issued a final award (the “Final Award”) which concluded the arbitration proceedings. The Final Award provided, among other things, that the Company was due back royalties and late-payment interest related to 2022 U.S. net sales of the long-acting INVEGA products 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 and receipt in June 2023 of back royalties of $ 195.4 million, inclusive of $ 8.1 million in late-payment interest, the Company recognized such back royalties and resumed recognizing royalty revenue related to ongoing U.S. sales of the long-acting INVEGA products. Contract Assets Contract assets include unbilled amounts related to the manufacture of a product that, once complete, will be sold under certain of the Company’s manufacturing contracts. The amounts included in the contract assets table below are classified as “Current assets” in the accompanying condensed consolidated balance sheets, as they relate to manufacturing processes that are completed in ten days to eight weeks . Total contract assets at June 30, 2024 were as follows: (In thousands) Contract Assets Contract assets at December 31, 2023 $ 706 Additions 4,721 Transferred to receivables, net ( 1,935 ) Contract assets at June 30, 2024 $ 3,492 Contract Liabilities Contract liabilities consist of contractual obligations related to deferred revenue. At June 30, 2024 and December 31, 2023, $ 3.3 million and $ 2.7 million of the contract liabilities, respectively, were classified as “Contract liabilities–short-term” in the accompanying condensed consolidated balance sheets and no ne and $ 2.1 million of the contract liabilities, respectively, were classified as “Other long-term liabilities” in the accompanying condensed consolidated balance sheets. Total contract liabilities at June 30, 2024 were as follows: (In thousands) Contract Liabilities Contract liabilities at December 31, 2023 $ 4,775 Additions 34 Amounts recognized into revenue ( 1,498 ) Contract liabilities at June 30, 2024 $ 3,311

Investments

Investments	6 Months Ended
	Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Investments	. INVESTMENTS Investments consisted of the following (in thousands): Gross Unrealized Losses Amortized Less than Greater than Estimated June 30, 2024 Cost Gains One Year One Year Fair Value Short-term investments: Available-for-sale securities: U.S. government and agency debt securities $ 214,637 $ 97 $ ( 69 ) $ ( 340 ) $ 214,325 Corporate debt securities 126,865 132 ( 52 ) ( 303 ) 126,642 Total short-term investments 341,502 229 ( 121 ) ( 643 ) 340,967 Long-term investments: Available-for-sale securities: U.S. government and agency debt securities 42,808 — ( 107 ) ( 99 ) 42,602 Corporate debt securities 43,853 — ( 136 ) ( 62 ) 43,655 86,661 — ( 243 ) ( 161 ) 86,257 Held-to-maturity securities: Certificates of deposit 145 — — — 145 Total long-term investments 86,806 — ( 243 ) ( 161 ) 86,402 Total investments $ 428,308 $ 229 $ ( 364 ) $ ( 804 ) $ 427,369 December 31, 2023 Short-term investments: Available-for-sale securities: U.S. government and agency debt securities $ 199,708 $ 758 $ ( 36 ) $ ( 611 ) $ 199,819 Corporate debt securities 112,055 703 ( 15 ) ( 536 ) 112,207 Non-U.S. government debt securities 4,004 — — ( 8 ) 3,996 Total short-term investments 315,767 1,461 ( 51 ) ( 1,155 ) 316,022 Long-term investments: Available-for-sale securities: U.S. government and agency debt securities 19,392 — ( 27 ) ( 315 ) 19,050 Corporate debt securities 19,306 — — ( 289 ) 19,017 38,698 — ( 27 ) ( 604 ) 38,067 Held-to-maturity securities: Certificates of deposit 1,820 — — — 1,820 Total long-term investments 40,518 — ( 27 ) ( 604 ) 39,887 Total investments $ 356,285 $ 1,461 $ ( 78 ) $ ( 1,759 ) $ 355,909 At June 30, 2024, the Company reviewed its investment portfolio to assess whether the unrealized losses on its available-for-sale investments were temporary. Investments with unrealized losses consisted of corporate debt securities and debt securities issued and backed by U.S. agencies and the U.S. government. At June 30, 2024 , 175 of the Company’s 272 investment securities were in an unrealized loss position and had an aggregate estimated fair value of $ 286.1 million. The Company’s corporate debt securities investments have a minimum rating of A2 (Moody’s)/A (Standard and Poor’s). 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: Six Months Ended June 30, (In thousands) 2024 2023 Proceeds from the sales and maturities of investments $ 138,947 $ 240,544 Realized gains $ — $ — Realized losses $ — $ — The Company’s available-for-sale and held-to-maturity securities at June 30, 2024 had contractual maturities in the following periods: Available-for-sale Held-to-maturity Amortized Estimated Amortized Estimated (In thousands) Cost Fair Value Cost Fair Value Within 1 year $ 244,162 $ 243,407 $ 145 $ 145 After 1 year through 5 years 184,001 183,817 — — Total $ 428,163 $ 427,224 $ 145 $ 145

Fair Value

Fair Value	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value	6. FAIR VALUE The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis and indicates the fair value hierarchy and the valuation techniques that the Company utilized to determine such fair value: June 30, (In thousands) 2024 Level 1 Level 2 Level 3 Assets: U.S. government and agency debt securities $ 256,927 $ 224,306 $ 32,621 $ — Corporate debt securities 170,297 — 170,297 — Total $ 427,224 $ 224,306 $ 202,918 $ — December 31, 2023 Level 1 Level 2 Level 3 Assets: Cash equivalents $ 34,316 $ 34,316 $ — $ — U.S. government and agency debt securities 218,869 181,041 37,828 — Corporate debt securities 131,224 — 131,224 — Non-U.S. government debt securities 3,996 — 3,996 — Total $ 388,405 $ 215,357 $ 173,048 $ — The Company transfers its financial assets and liabilities, measured at fair value on a recurring basis, between the fair value hierarchies at the end of each reporting period. There were no transfers of any securities between levels during the six months ended June 30, 2024. At June 30, 2024 , the Company had no investments with fair values that were determined using Level 3 inputs. The Company’s investments 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. 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 $ 290.3 million and $ 291.0 million at June 30, 2024 and December 31, 2023 , respectively.

Inventory

Inventory	6 Months Ended
	Jun. 30, 2024
Inventory Disclosure [Abstract]
Inventory	7. INVENTORY Inventory is stated at the lower of cost and net realizable value. Cost is determined using the first-in, first-out method. Inventory consisted of the following: June 30, December 31, (In thousands) 2024 2023 Raw materials $ 76,117 $ 71,416 Work in process 69,093 68,843 Finished goods (1) 49,521 46,147 Total inventory $ 194,731 $ 186,406 (1) At June 30, 2024 and December 31, 2023 , the Company had $ 37.8 million and $ 33.9 million, respectively, of finished goods inventory located at its third-party warehouse and shipping service provider.

Property, Plant and Equipment

Property, Plant and Equipment	6 Months Ended
	Jun. 30, 2024
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	8. PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment consisted of the following: June 30, December 31, (In thousands) 2024 2023 (1) Land $ 957 $ 957 Building and improvements 131,819 132,735 Furniture, fixtures and equipment 242,823 237,728 Leasehold improvements 39,971 39,893 Construction in progress 49,354 45,791 Subtotal 464,924 457,104 Less: accumulated depreciation ( 242,186 ) ( 230,161 ) Total property, plant and equipment, net $ 222,738 $ 226,943 (1) In connection with the sale of the Athlone Facility, $ 92.2 million of the Company’s property, plant and equipment was classified as “Assets held for sale” in the accompanying condensed consolidated balance sheet at December 31, 2023 and was not included in these amounts.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	9. GOODWILL AND INTANGIBLE ASSETS Goodwill and intangible assets consisted of the following: June 30, 2024 (In thousands) Weighted Amortizable Life (Years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Goodwill $ 83,027 $ — $ 83,027 Finite-lived intangible assets: Collaboration agreements 12 $ 465,590 $ ( 465,590 ) $ — Capitalized IP 11 - 13 118,160 ( 117,242 ) 918 Total $ 583,750 $ ( 582,832 ) $ 918 In connection with the sale of the Athlone Facility, the Company reviewed Topic 805 and determined that the Athlone Facility constituted a business and, accordingly, $ 2.0 million of the Company’s goodwill was allocated to the Athlone Facility and was classified as “Assets held for sale” in the accompanying condensed consolidated balance sheet as of December 31, 2023.

Leases

Leases	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
Leases	10. LEASES Future lease payments under non-cancelable leases at June 30, 2024 consisted of the following: June 30, (In thousands) 2024 2024 $ 5,070 2025 10,217 2026 10,288 2027 9,507 2028 9,574 Thereafter 59,695 Total operating lease payments $ 104,351 Less: imputed interest ( 25,809 ) Total operating lease liabilities $ 78,542 At June 30, 2024 , the weighted average incremental borrowing rate and the weighted average remaining lease term for all operating leases held by the Company were 4.2 % and 7.9 years, respectively. Cash paid for lease liabilities was $ 2.5 million and $ 5.0 million during the three and six months ended June 30, 2024, respectively, as compared to $ 2.5 million and $ 5.3 million during the three and six months ended June 30, 2023, respectively. The Company recorded operating lease expense from continuing operations of $ 1.8 million and $ 3.6 million during the three and six months ended June 30, 2024, respectively, as compared to $ 2.8 million and $ 5.6 million during the three and six months ended June 30, 2023, respectively.

Accounts Payable and Accrued Ex

Accounts Payable and Accrued Expenses	6 Months Ended
	Jun. 30, 2024
Payables and Accruals [Abstract]
Accounts Payable and Accrued Expenses	11. ACCOUNTS PAYABLE AND ACCRUED EXPENSES Accounts payable and accrued expenses consisted of the following: June 30, December 31, (In thousands) 2024 2023 Accounts payable $ 104,747 $ 65,649 Accrued compensation 49,390 83,107 Accrued other 85,637 91,805 Total accounts payable and accrued expenses $ 239,774 $ 240,561 A summary of the Company’s current provision for sales discounts, allowances and reserves was as follows: June 30, December 31, (In thousands) 2024 2023 Medicaid rebates $ 212,995 $ 213,845 Product discounts 16,207 15,121 Medicare Part D 18,246 20,569 Other 16,009 14,106 Total accrued sales discounts, allowances and reserves $ 263,457 $ 263,641 Included in accounts payable was approximately $ 50.3 million and $ 34.5 million of amounts payable related to state U.S. Medicaid rebates as of June 30, 2024 and December 31, 2023, respectively.

Long-term Debt

Long-term Debt	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Long-term Debt	12. LONG-TERM DEBT Long-term debt consisted of the following: June 30, December 31, (In thousands) 2024 2023 2026 Term Loans, due March 12, 2026 $ 289,459 $ 290,730 Less: current portion ( 3,000 ) ( 3,000 ) Long-term debt $ 286,459 $ 287,730 The 2026 Term Loans mature on March 12, 2026 . The 2026 Term Loans bear interest at the Secured Overnight Financing Rate plus a credit spread adjustment applicable to the interest period and an applicable margin of 2.50 % with a floor of 0.5 %. The 2026 Term Loans have an incremental facility capacity in the amount of $ 175.0 million plus additional amounts, provided that the Company meets certain conditions, including a specified leverage ratio. The Company was in compliance with its debt covenants at June 30, 2024 .

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Jun. 30, 2024
Stockholders' Equity Note [Abstract]
SHAREHOLDERS' EQUITY	13. SHAREHOLDERS’ EQUITY In February 2024, the Company announced approval by its board of directors of a new share repurchase program authorizing the Company to repurchase its ordinary shares in an aggregate amount of up to $ 400.0 million (exclusive of any fees, commissions or other expenses related to such repurchases) from time to time (the “Repurchase Program”). The specific timing and amounts of repurchases under the Repurchase Program will depend on a variety of factors, including but not limited to ongoing assessments of the Company’s needs, alternative investment opportunities, the market price of its ordinary shares and general market conditions. The Repurchase Program has no set expiration date and may be suspended or discontinued at any time. During the six months ended June 30, 2024, the Company repurchased approximately 3.5 million of its ordinary shares under the Repurchase Program at an average purchase price of $ 24.22 per share, resulting in a total cost of $ 84.7 million. All ordinary shares repurchased were returned to treasury. As of June 30, 2024, the remaining amount authorized under the Repurchase Program was $ 315.3 million.

Share-based Compensation

Share-based Compensation	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Share-based Compensation	14. SHARE-BASED COMPENSATION The following table presents share-based compensation expense from continuing and discontinued operations included in the accompanying condensed consolidated statements of operations and comprehensive income: Three Months Ended Six Months Ended June 30, June 30, (In thousands) 2024 2023 2024 2023 Cost of goods manufactured and sold $ ( 279 ) $ 2,921 $ 2,627 $ 5,603 Research and development 6,021 6,687 16,299 12,451 Selling, general and administrative 14,859 17,579 34,430 30,156 Share-based compensation expense from continuing operations 20,601 27,187 53,356 48,210 Cost of goods manufactured and sold — — — — Research and development — 819 — 1,962 Selling, general and administrative — 498 — 975 Share-based compensation expense from discontinued operations — 1,317 — 2,937 Total share-based compensation expense $ 20,601 $ 28,504 $ 53,356 $ 51,147 At June 30, 2024 and December 31, 2023 , $ 3.3 million and $ 3.2 million, respectively, of share-based compensation expense was capitalized and recorded as “Inventory” in the accompanying condensed consolidated balance sheets. In February 2021, the compensation committee of the Company’s board of directors approved the grant of performance-based restricted stock unit awards to employees of the Company at the Senior Vice President level and above, in each case subject to vesting based on the achievement of certain financial, commercial and R&D performance criteria to be assessed over a performance period of three years, and subject, following the end of such three-year performance period, to upward or downward adjustment based on a market condition tied to relative share price performance over the three-year performance period. On February 8, 2024, the compensation committee of the Company’s board of directors determined that the Company partially achieved the financial performance criteria. This was considered a modification in accordance with FASB ASC 718, Compensation—Stock Compensation (“Topic 718”) and resulted in a modification charge of approximately $ 6.8 million. On February 8, 2024, the compensation committee of the Company’s board of directors also determined that the Company achieved the pipeline performance criteria for these awards, resulting in a $ 2.6 million incremental share-based compensation expense, as it was deemed such pipeline performance criteria had been met. The share-based compensation expense related to these achievements was recognized in the first quarter of 2024.

Earnings (Loss) Per _Ordinary_

Earnings (Loss) Per [Ordinary] Share	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Earnings (Loss) Per [Ordinary] Share	15. 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 Six Months Ended June 30, June 30, (In thousands) 2024 2023 (1) 2024 2023 (1) Numerator: Net income from continuing operations $ 94,658 $ 279,101 $ 133,606 $ 267,051 Net loss from discontinued operations ( 3,300 ) ( 42,036 ) ( 5,420 ) ( 71,831 ) Net income $ 91,358 $ 237,065 $ 128,186 $ 195,220 Denominator: Weighted average number of ordinary shares outstanding 168,321 166,279 168,152 165,686 Effect of dilutive securities: Stock options 839 1,896 1,284 1,634 Restricted stock unit awards 1,817 3,378 2,524 3,427 Dilutive ordinary share equivalents 2,656 5,274 3,808 5,061 Shares used in calculating diluted earnings (loss) per ordinary share 170,977 171,553 171,960 170,747 (1) Prior period amounts have been retrospectively adjusted to reflect the effects of the Separation. The following potential ordinary share equivalents were not included in the net earnings (loss) per ordinary share calculation because the effect would have been anti-dilutive: Three Months Ended Six Months Ended June 30, June 30, (In thousands) 2024 2023 2024 2023 Stock options 14,049 12,138 12,339 12,288 Restricted stock unit awards 2,765 1,180 2,507 3,024 Total 16,814 13,318 14,846 15,312

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	16. 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 income tax provisions of $ 22.1 million and $ 30.0 million during the three and six months ended June 30, 2024, respectively, and of $ 2.7 million and $ 3.4 million during the three and six months ended June 30, 2023, respectively. The income tax provisions during the three and six months ended June 30, 2024 were primarily attributable to taxes on income earned in Ireland. The income tax provisions during the three and six months ended June 30, 2023 were primarily due to U.S. federal and state taxes on income earned in the U.S. As of June 30, 2023, the Company maintained a valuation allowance against its Irish deferred tax assets and did no t record an income tax provision in connection with the utilization of its net operating losses to offset the income earned in Ireland during the three and six months ended June 30, 2023. The Company’s effective tax rate during the six months ended June 30, 2024 was 18.3 %, which exceeds the Irish statutory tax rate of 12.5 %, primarily due to non-deductible expenses and income that was taxable at rates higher than the Irish statutory tax rate. The income tax provision recorded as of June 30, 2024 took into account the estimated impact of the global minimum tax rate component, known as Pillar Two, of the Organization for Economic Co-operation and Development’s two-pillar plan on global tax reform, which became effective in Ireland as of January 1, 2024 for multinational companies with consolidated annual revenue of at least € 750.0 million. The Company does not expect Pillar Two to have a material impact for the current year.

Commitments and Contingent Liab

Commitments and Contingent Liabilities	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingent Liabilities	17. COMMITMENTS AND CONTINGENT LIABILITIES Litigation From time to time, the Company may be subject to legal proceedings and claims in the ordinary course of business. On a quarterly basis, the Company reviews the status of each significant matter and assesses its potential financial exposure. If the potential loss from any claim, asserted or unasserted, or legal proceeding is considered probable and the amount can be reasonably estimated, the Company would accrue a liability for the estimated loss. Because of uncertainties related to claims and litigation, accruals are based on the Company’s best estimates, utilizing all available information. On a periodic basis, as additional information becomes available, or based on specific events such as the outcome of litigation or settlement of claims, the Company may reassess the potential liability related to these matters and may revise these estimates, which could result in material adverse adjustments to the Company’s operating results. At June 30, 2024 , there were no potential material losses from claims, asserted or unasserted, or legal proceedings that the Company determined were probable of occurring. 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”), in February 2022 against Accord Healthcare, Inc., Accord Healthcare, Ltd. and Intas Pharmaceuticals, Ltd (“Accord” and such lawsuit, the “Accord Lawsuit”), and in June 2024 against Qilu Pharmaceutical Co., Ltd. and Qilu Pharma, Inc. (together, “Qilu”), 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, Qilu 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 (“Federal Circuit Court”), which were consolidated in January 2022 (the “Teva Appeal”). The Pharmascience Lawsuit and the Accord Lawsuit were administratively terminated in July 2022, pending the outcome of the Teva Appeal. In March 2024, the DE District Court issued a decision in the Tolmar Lawsuit, following which both parties filed notices of appeal with the Federal Circuit Court. On April 1, 2024, the Federal Circuit Court issued a decision in the Teva Appeal, affirming in part and vacating and remanding in part the NJ District Court’s judgment, and on June 14, 2024, opening briefs were filed with the NJ District Court for the remanded matters. 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. VUMERITY ANDA Litigation In July 2023, Biogen Inc., Biogen Swiss Manufacturing GmbH and Alkermes Pharma Ireland Limited filed a patent infringement lawsuit in the DE District Court against Zydus Worldwide DMCC, Zydus Pharmaceuticals (USA) Inc. and Zydus Lifesciences Limited (collectively, “Zydus”) following the filing by Zydus of an ANDA seeking approval from the FDA to engage in the commercial manufacture, use or sale of a generic version of VUMERITY (diroximel fumarate) delayed-release capsules for oral use, 231 mg, before expiration of the Company’s U.S. Patent Nos. 8,669,281; 9,090,558; and 10,080,733. The filing of the lawsuit triggered a stay of FDA approval of the ANDA for up to 30 months in accordance with the U.S. Drug Price Competition and Patent Term Restoration Act of 1984 (the “Hatch-Waxman Act”). A bench trial is scheduled to begin on July 28, 2025. Government Matters The Company has received a subpoena and civil investigative demands from U.S. state and federal governmental authorities for documents related to VIVITROL. The Company is cooperating with the investigations. Product Liability and Other Legal Proceedings The Company is involved in litigation and other legal proceedings incidental to its normal business activities, including a product liability case alleging that the FDA-approved VIVITROL labeling was inadequate and that VIVITROL caused the individual to suffer from opioid overdose and death. The Company intends to vigorously defend itself in these matters. In addition, in January 2023, Acorda filed a petition with the U.S. District Court for the Southern District of New York (the “NY Southern District Court”) asking the court to confirm in part and modify in part the final arbitral award rendered by an arbitration panel in October 2022 and, as part of the requested modification, seeking an additional approximately $ 66.0 million in damages. In August 2023, the NY Southern District Court confirmed the final arbitral award and declined to modify the final award to increase the damages awarded thereunder. In September 2023, Acorda filed a notice of appeal of the NY Southern District Court decision to the Federal Circuit Court, and the Company filed a motion to transfer the appeal to the U.S. Court of Appeals for the Second Circuit. In January 2024, the Federal Circuit Court denied without prejudice the Company’s motion to transfer the appeal and instructed the parties to brief the jurisdictional question as part of the merits appeal. Briefing in the Federal Circuit Court is complete, and the matter is pending decision. 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. Guarantees In connection with the Separation, the Company entered into an assignment and assumption of lease agreement (the “Assignment”) pursuant to which Alkermes US assigned to Mural US an operating lease for approximately 180,000 square feet of corporate office space, administrative areas and laboratories located at 852 Winter Street in Waltham, Massachusetts (the “852 Winter Street Lease”), which is described in more detail in Note 10, Leases in the “Notes to Consolidated Financial Statements” in the Annual Report. Although all of the rights, title and interest in, to and under the 852 Winter Street Lease were transferred to Mural US as of November 15, 2023 pursuant to the Assignment, the Company ratified and reaffirmed for the remainder of the lease term its guarantor obligations in respect of the lease under that certain Guaranty dated as of May 16, 2014 . This lease expires in 2026 and includes a tenant option to extend the term for an additional five-year period. Upon completion of the Separation, the Assignment was accounted for as a termination of the original lease and the Company de-recognized the right-of-use asset and lease liability related to the 852 Winter Street Lease. At June 30, 2024, the fair value of the guarantee was no t material to the Company.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements of the Company for the three and six months ended June 30, 2024 and 2023 are unaudited and have been prepared on a basis substantially consistent with the audited financial statements for the year ended December 31, 2023. 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 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 Annual Report. Intercompany accounts and transactions have been eliminated. Columns and rows within tables may not sum due to rounding.
Reclassification	Reclassification The Company has presented operations from its former oncology business as discontinued operations in its accompanying condensed consolidated statement of operations and comprehensive income for the three and six months ended June 30, 2023. See Note 3, Discontinued Operations in these “Notes to Condensed Consolidated Financial Statements” in this Form 10-Q for additional information.
Discontinued Operations	Discontinued Operations The Company determined that the separation of its oncology business in November 2023 met the criteria for classification of the oncology business as discontinued operations in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 205, Discontinued Operations (“Topic 205”). Accordingly, the financial statements have been updated to present the results of the oncology business as discontinued operations for the three and six months ended June 30, 2023 in the accompanying condensed consolidated statement of operations and comprehensive income.
Assets Held for Sale	Assets Held for Sale In connection with the sale of the Athlone Facility, the Company reviewed FASB ASC 805, Business Combinations (“Topic 805”) and, based on the definitions therein, determined that the Athlone Facility constituted a business. Accordingly, the assets associated with the sale of the Athlone Facility were classified as “Assets held for sale” in the accompanying condensed consolidated balance sheets as of December 31, 2023.
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 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 FASB or other standard-setting bodies that are adopted by the Company on or prior to the specified effective date. Unless otherwise described in this Form 10-Q, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on its financial position or results of operations upon adoption. In November 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosure , which requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items to reconcile to segment profit or loss and the title and position of the Company’s chief operating decision maker. The amendments in this guidance also expand the interim segment disclosure requirements. All disclosure requirements under this guidance are required for public entities with a single reportable segment. This ASU became effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted and the amendments in this guidance are required to be applied on a retrospective basis. The Company elected to early adopt this guidance and determined this ASU did not have an impact on its consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , to enhance the transparency and decision usefulness of income tax disclosures in order to provide information to assist key stakeholders in better assessing how the Company’s operations and related tax risks and tax planning and operational opportunities affect the Company’s tax rate and prospects for future cash flows. This ASU becomes effective for public companies for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. This guidance will be applied on a prospective basis. The Company is currently evaluating the impact this ASU will have on its consolidated financial statements and related disclosures.

Discontinued Operations (Tables

Discontinued Operations (Tables)	6 Months Ended
	Jun. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Transfer of Assets and Liabilities Effected in Accordance with Separation Agreements	The transfer of assets and liabilities to Mural was effected through a contribution in accordance with the Separation Agreement, as summarized below: (In thousands) November 15, 2023 ASSETS Current Assets: Cash and cash equivalents $ 275,000 Total current assets 275,000 Property, plant and equipment, net 10,096 Right-of-use assets 14,513 Goodwill 7,800 Deferred tax asset 1,799 Total assets $ 309,208 LIABILITIES Current Liabilities Operating lease liabilities—short-term $ 6,036 Total current liabilities 6,036 Operating lease liabilities—long-term 9,412 Total liabilities 15,448 Net assets transferred to Mural $ 293,760
Summary of Discontinued Operations	The following summarizes the loss from discontinued operations for the three and six months ended June 30, 2024 and 2023: Three Months Ended Six Months Ended June 30, June 30, (In thousands) 2024 2023 2024 2023 Operating expenses from discontinued operations Cost of goods manufactured $ — $ 11 $ — $ 22 Research and development 3,913 32,563 6,429 62,430 Selling, general and administrative — 9,502 — 16,146 Total operating expenses from discontinued operations 3,913 42,076 6,429 78,598 Operating loss from discontinued operations ( 3,913 ) ( 42,076 ) ( 6,429 ) ( 78,598 ) Income tax benefit from discontinued operations ( 613 ) ( 40 ) ( 1,009 ) ( 6,767 ) Net loss and comprehensive loss from discontinued operations $ ( 3,300 ) $ ( 42,036 ) $ ( 5,420 ) $ ( 71,831 )
Summary of Significant Non-cash Items and Capital Expenditures of Discontinued Operations	The following table summarizes the significant non-cash items and capital expenditures of the discontinued operations that are included in the accompanying condensed consolidated statements of cash flows for the six months ended June 30, 2023: Six Months Ended (In thousands) June 30, 2023 OPERATING ACTIVITIES: Depreciation $ 240 Share-based compensation expense 2,937 Right-of-use assets 4,364 Operating lease liabilities ( 2,927 ) INVESTING ACTIVITIES: Additions of property, plant and equipment $ ( 173 )

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	6 Months Ended
	Jun. 30, 2024
Schedule of Contract Assets and Contract Liabilities	Total contract assets at June 30, 2024 were as follows: (In thousands) Contract Assets Contract assets at December 31, 2023 $ 706 Additions 4,721 Transferred to receivables, net ( 1,935 ) Contract assets at June 30, 2024 $ 3,492 Total contract liabilities at June 30, 2024 were as follows: (In thousands) Contract Liabilities Contract liabilities at December 31, 2023 $ 4,775 Additions 34 Amounts recognized into revenue ( 1,498 ) Contract liabilities at June 30, 2024 $ 3,311
Product sales, net
Schedule of Disaggregation of Revenues	During the three and six months ended June 30, 2024 and 2023, the Company recorded product sales, net, as follows: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2024 2023 2024 2023 VIVITROL $ 111,873 $ 102,071 $ 209,532 $ 198,730 ARISTADA and ARISTADA INITIO 86,049 82,409 164,919 162,486 LYBALVI 71,351 46,997 128,358 84,988 Total product sales, net $ 269,273 $ 231,477 $ 502,809 $ 446,204
Manufacturing and royalty revenues
Schedule of Disaggregation of Revenues	During the three and six months ended June 30, 2024 and 2023, the Company recorded manufacturing and royalty revenues from its collaboration arrangements as follows: Three Months Ended June 30, 2024 Six Months Ended June 30, 2024 (In thousands) Manufacturing Royalty Total Manufacturing Royalty Total Long-acting INVEGA products (1) $ — $ 78,739 $ 78,739 $ — $ 141,412 $ 141,412 VUMERITY 9,863 25,371 35,234 21,987 44,501 66,488 Other 10,417 5,468 15,885 28,323 10,468 38,791 $ 20,280 $ 109,578 $ 129,858 $ 50,310 $ 196,381 $ 246,691 Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 (In thousands) Manufacturing Royalty Total Manufacturing Royalty Total Long-acting INVEGA products (1) $ — $ 321,239 $ 321,239 $ — $ 334,801 $ 334,801 VUMERITY 10,369 21,926 32,295 23,018 38,151 61,169 Other 21,529 10,850 32,379 47,320 15,485 62,805 $ 31,898 $ 354,015 $ 385,913 $ 70,338 $ 388,437 $ 458,775 (1) “long-acting INVEGA products”: INVEGA SUSTENNA/XEPLION (paliperidone palmitate), INVEGA TRINZA/TREVICTA (paliperidone palmitate) and INVEGA HAFYERA/BYANNLI (paliperidone palmitate).

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Schedule of Investments	Investments consisted of the following (in thousands): Gross Unrealized Losses Amortized Less than Greater than Estimated June 30, 2024 Cost Gains One Year One Year Fair Value Short-term investments: Available-for-sale securities: U.S. government and agency debt securities $ 214,637 $ 97 $ ( 69 ) $ ( 340 ) $ 214,325 Corporate debt securities 126,865 132 ( 52 ) ( 303 ) 126,642 Total short-term investments 341,502 229 ( 121 ) ( 643 ) 340,967 Long-term investments: Available-for-sale securities: U.S. government and agency debt securities 42,808 — ( 107 ) ( 99 ) 42,602 Corporate debt securities 43,853 — ( 136 ) ( 62 ) 43,655 86,661 — ( 243 ) ( 161 ) 86,257 Held-to-maturity securities: Certificates of deposit 145 — — — 145 Total long-term investments 86,806 — ( 243 ) ( 161 ) 86,402 Total investments $ 428,308 $ 229 $ ( 364 ) $ ( 804 ) $ 427,369 December 31, 2023 Short-term investments: Available-for-sale securities: U.S. government and agency debt securities $ 199,708 $ 758 $ ( 36 ) $ ( 611 ) $ 199,819 Corporate debt securities 112,055 703 ( 15 ) ( 536 ) 112,207 Non-U.S. government debt securities 4,004 — — ( 8 ) 3,996 Total short-term investments 315,767 1,461 ( 51 ) ( 1,155 ) 316,022 Long-term investments: Available-for-sale securities: U.S. government and agency debt securities 19,392 — ( 27 ) ( 315 ) 19,050 Corporate debt securities 19,306 — — ( 289 ) 19,017 38,698 — ( 27 ) ( 604 ) 38,067 Held-to-maturity securities: Certificates of deposit 1,820 — — — 1,820 Total long-term investments 40,518 — ( 27 ) ( 604 ) 39,887 Total investments $ 356,285 $ 1,461 $ ( 78 ) $ ( 1,759 ) $ 355,909
Schedule of Proceeds from Sales and Maturities of Marketable Securities Plus Resulting Realized Gains and Losses	Realized gains and losses on the sales and maturities of investments, which were identified using the specific identification method, were as follows: Six Months Ended June 30, (In thousands) 2024 2023 Proceeds from the sales and maturities of investments $ 138,947 $ 240,544 Realized gains $ — $ — Realized losses $ — $ —
Schedule of Contractual Maturities of Available-for-Sale and Held-to-Maturity Securities	The Company’s available-for-sale and held-to-maturity securities at June 30, 2024 had contractual maturities in the following periods: Available-for-sale Held-to-maturity Amortized Estimated Amortized Estimated (In thousands) Cost Fair Value Cost Fair Value Within 1 year $ 244,162 $ 243,407 $ 145 $ 145 After 1 year through 5 years 184,001 183,817 — — Total $ 428,163 $ 427,224 $ 145 $ 145

Fair Value (Tables)

Fair Value (Tables)	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Summary of the Company's Assets and Liabilities Measured at Fair Value on a Recurring Basis	The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis and indicates the fair value hierarchy and the valuation techniques that the Company utilized to determine such fair value: June 30, (In thousands) 2024 Level 1 Level 2 Level 3 Assets: U.S. government and agency debt securities $ 256,927 $ 224,306 $ 32,621 $ — Corporate debt securities 170,297 — 170,297 — Total $ 427,224 $ 224,306 $ 202,918 $ — December 31, 2023 Level 1 Level 2 Level 3 Assets: Cash equivalents $ 34,316 $ 34,316 $ — $ — U.S. government and agency debt securities 218,869 181,041 37,828 — Corporate debt securities 131,224 — 131,224 — Non-U.S. government debt securities 3,996 — 3,996 — Total $ 388,405 $ 215,357 $ 173,048 $ —

Inventory (Tables)

Inventory (Tables)	6 Months Ended
	Jun. 30, 2024
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventory is stated at the lower of cost and net realizable value. Cost is determined using the first-in, first-out method. Inventory consisted of the following: June 30, December 31, (In thousands) 2024 2023 Raw materials $ 76,117 $ 71,416 Work in process 69,093 68,843 Finished goods (1) 49,521 46,147 Total inventory $ 194,731 $ 186,406 (1) At June 30, 2024 and December 31, 2023 , the Company had $ 37.8 million and $ 33.9 million, respectively, of finished goods inventory located at its third-party warehouse and shipping service provider.

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	6 Months Ended
	Jun. 30, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant and Equipment	Property, plant and equipment consisted of the following: June 30, December 31, (In thousands) 2024 2023 (1) Land $ 957 $ 957 Building and improvements 131,819 132,735 Furniture, fixtures and equipment 242,823 237,728 Leasehold improvements 39,971 39,893 Construction in progress 49,354 45,791 Subtotal 464,924 457,104 Less: accumulated depreciation ( 242,186 ) ( 230,161 ) Total property, plant and equipment, net $ 222,738 $ 226,943 (1) In connection with the sale of the Athlone Facility, $ 92.2 million of the Company’s property, plant and equipment was classified as “Assets held for sale” in the accompanying condensed consolidated balance sheet at December 31, 2023 and was not included in these amounts.

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill and Intangible Assets	Goodwill and intangible assets consisted of the following: June 30, 2024 (In thousands) Weighted Amortizable Life (Years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Goodwill $ 83,027 $ — $ 83,027 Finite-lived intangible assets: Collaboration agreements 12 $ 465,590 $ ( 465,590 ) $ — Capitalized IP 11 - 13 118,160 ( 117,242 ) 918 Total $ 583,750 $ ( 582,832 ) $ 918

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
Summary of Future Lease Payments Under Non-Cancelable Leases	Future lease payments under non-cancelable leases at June 30, 2024 consisted of the following: June 30, (In thousands) 2024 2024 $ 5,070 2025 10,217 2026 10,288 2027 9,507 2028 9,574 Thereafter 59,695 Total operating lease payments $ 104,351 Less: imputed interest ( 25,809 ) Total operating lease liabilities $ 78,542

Accounts Payable and Accrued _2

Accounts Payable and Accrued Expenses (Tables)	6 Months Ended
	Jun. 30, 2024
Payables and Accruals [Abstract]
Schedule of Accounts Payable and Accrued Expenses	Accounts payable and accrued expenses consisted of the following: June 30, December 31, (In thousands) 2024 2023 Accounts payable $ 104,747 $ 65,649 Accrued compensation 49,390 83,107 Accrued other 85,637 91,805 Total accounts payable and accrued expenses $ 239,774 $ 240,561
Summary of Current Provision for Sales, Discounts, Allowances and Reserves	A summary of the Company’s current provision for sales discounts, allowances and reserves was as follows: June 30, December 31, (In thousands) 2024 2023 Medicaid rebates $ 212,995 $ 213,845 Product discounts 16,207 15,121 Medicare Part D 18,246 20,569 Other 16,009 14,106 Total accrued sales discounts, allowances and reserves $ 263,457 $ 263,641

Long-term Debt (Tables)

Long-term Debt (Tables)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule of Long-term Debt	Long-term debt consisted of the following: June 30, December 31, (In thousands) 2024 2023 2026 Term Loans, due March 12, 2026 $ 289,459 $ 290,730 Less: current portion ( 3,000 ) ( 3,000 ) Long-term debt $ 286,459 $ 287,730

Share-based Compensation (Table

Share-based Compensation (Tables)	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Share-based Compensation Expense from Continuing and Discontinued Operations	The following table presents share-based compensation expense from continuing and discontinued operations included in the accompanying condensed consolidated statements of operations and comprehensive income: Three Months Ended Six Months Ended June 30, June 30, (In thousands) 2024 2023 2024 2023 Cost of goods manufactured and sold $ ( 279 ) $ 2,921 $ 2,627 $ 5,603 Research and development 6,021 6,687 16,299 12,451 Selling, general and administrative 14,859 17,579 34,430 30,156 Share-based compensation expense from continuing operations 20,601 27,187 53,356 48,210 Cost of goods manufactured and sold — — — — Research and development — 819 — 1,962 Selling, general and administrative — 498 — 975 Share-based compensation expense from discontinued operations — 1,317 — 2,937 Total share-based compensation expense $ 20,601 $ 28,504 $ 53,356 $ 51,147

Earnings (Loss) Per _Ordinary_2

Earnings (Loss) Per [Ordinary] Share (Tables)	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Schedule of Basic Earnings (Loss) Per Ordinary Share	Three Months Ended Six Months Ended June 30, June 30, (In thousands) 2024 2023 (1) 2024 2023 (1) Numerator: Net income from continuing operations $ 94,658 $ 279,101 $ 133,606 $ 267,051 Net loss from discontinued operations ( 3,300 ) ( 42,036 ) ( 5,420 ) ( 71,831 ) Net income $ 91,358 $ 237,065 $ 128,186 $ 195,220 Denominator: Weighted average number of ordinary shares outstanding 168,321 166,279 168,152 165,686 Effect of dilutive securities: Stock options 839 1,896 1,284 1,634 Restricted stock unit awards 1,817 3,378 2,524 3,427 Dilutive ordinary share equivalents 2,656 5,274 3,808 5,061 Shares used in calculating diluted earnings (loss) per ordinary share 170,977 171,553 171,960 170,747 (1) Prior period amounts have been retrospectively adjusted to reflect the effects of the Separation.
Schedule of Anti-Dilutive Potential Common Share Equivalent Excluded from Calculation of 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 Six Months Ended June 30, June 30, (In thousands) 2024 2023 2024 2023 Stock options 14,049 12,138 12,339 12,288 Restricted stock unit awards 2,765 1,180 2,507 3,024 Total 16,814 13,318 14,846 15,312

The Company - Additional Inform

The Company - Additional Information (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Procceds from sale of development and manufacturing facility	$ 97.9
Gain on sale of assets	$ 1.5
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)
Facility and Certain Related Assets [Member]
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Procceds from sale of development and manufacturing facility	$ 91

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details)	6 Months Ended
	Jun. 30, 2024 Segment
Accounting Policies [Abstract]
Number of business segments	1

Discontinued Operations - Addit

Discontinued Operations - Additional Information (Details)	6 Months Ended
	Jun. 30, 2024 Agreement $ / shares	Dec. 31, 2023 USD ($) $ / shares	Nov. 15, 2023 $ / shares
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Discontinued operation agreement date	Nov. 13, 2023
Number of transation service agreement | Agreement	2
Service agreement term	2 years
Assets | $		$ 0
Liabilities related to discontinued operations | $		$ 4,542,000
Ordinary shares, par value (in dollars per share) | $ / shares	$ 0.01	$ 0.01	$ 0.01
Mural Oncology plc
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ordinary shares, par value (in dollars per share) | $ / shares			$ 0.01

Discontinued Operations - Sched

Discontinued Operations - Schedule of Transfer of Assets and Liabilities Effected in Accordance with Separation Agreements (Details) - USD ($)	Dec. 31, 2023	Nov. 15, 2023
Current Assets:
Total assets	$ 0
Current Liabilities:
Total current liabilities	$ 4,542,000
Mural Oncology plc | Separation Agreement
Current Assets:
Cash and cash equivalents		$ 275,000,000
Total currents assets		275,000,000
Property, plant and equipment, net		10,096,000
Right-of-use assets		14,513,000
Goodwill		7,800,000
Deferred tax asset		1,799,000
Total assets		309,208,000
Current Liabilities:
Operating lease liabilities-short-term		6,036,000
Total current liabilities		6,036,000
Operating lease liabilities-long-term		9,412,000
Total liabilities		15,448,000
Disposal Group Including Discontinued Operation Assets and Liabilities Net, Total		$ 293,760,000

Discontinued Operations - Summa

Discontinued Operations - Summary of Expenses of Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total operating expenses from discontinued operations	$ 3,913	$ 42,076	$ 6,429	$ 78,598
Disposal Group, Including Discontinued Operation, Operating Income (Loss), Total	(3,913)	(42,076)	(6,429)	(78,598)
Income tax benefit from discontinued operations	(613)	(40)	(1,009)	(6,767)
Net loss and comprehensive loss from discontinued operations	(3,300)	(42,036)	(5,420)	(71,831)
Cost of goods manufactured
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total operating expenses from discontinued operations		11		22
Research and development
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total operating expenses from discontinued operations	$ 3,913	32,563	$ 6,429	62,430
Selling, general and administrative
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total operating expenses from discontinued operations		$ 9,502		$ 16,146

Discontinued Operations - Sum_2

Discontinued Operations - Summary of Significant Non-cash Items and Capital Expenditures of Discontinued Operations (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
OPERATING ACTIVITIES:
Depreciation	$ 240
Share-based compensation expense	2,937
Right-of-use assets	4,364
Operating lease liabilities	(2,927)
INVESTING ACTIVITIES:
Additions of property, plant and equipment	$ (173)

Revenue from Contracts with C_3

Revenue from Contracts with Customers - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation Of Revenue [Line Items]
Total revenues	$ 399,131	$ 617,397	$ 749,503	$ 904,992
VIVITROL
Disaggregation Of Revenue [Line Items]
Total revenues	111,873	102,071	209,532	198,730
ARISTADA and ARISTADA INITIO
Disaggregation Of Revenue [Line Items]
Total revenues	86,049	82,409	164,919	162,486
LYBALVI
Disaggregation Of Revenue [Line Items]
Total revenues	71,351	46,997	128,358	84,988
Product sales, net
Disaggregation Of Revenue [Line Items]
Total revenues	$ 269,273	$ 231,477	$ 502,809	$ 446,204

Revenue from Contracts with C_4

Revenue from Contracts with Customers - Schedule of Manufacturing and Royalty Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation Of Revenue [Line Items]
Total revenues	$ 399,131	$ 617,397	$ 749,503	$ 904,992
Manufacturing Revenue
Disaggregation Of Revenue [Line Items]
Total revenues	20,280	31,898	50,310	70,338
Manufacturing Revenue | VUMERITY
Disaggregation Of Revenue [Line Items]
Total revenues	9,863	10,369	21,987	23,018
Manufacturing Revenue | Other
Disaggregation Of Revenue [Line Items]
Total revenues	10,417	21,529	28,323	47,320
Royalty
Disaggregation Of Revenue [Line Items]
Total revenues	109,578	354,015	196,381	388,437
Royalty | Long-Acting INVEGA Products
Disaggregation Of Revenue [Line Items]
Total revenues	78,739	321,239	141,412	334,801
Royalty | VUMERITY
Disaggregation Of Revenue [Line Items]
Total revenues	25,371	21,926	44,501	38,151
Royalty | Other
Disaggregation Of Revenue [Line Items]
Total revenues	5,468	10,850	10,468	15,485
Manufacturing and royalty revenues
Disaggregation Of Revenue [Line Items]
Total revenues	129,858	385,913	246,691	458,775
Manufacturing and royalty revenues | Long-Acting INVEGA Products
Disaggregation Of Revenue [Line Items]
Total revenues	78,739	321,239	141,412	334,801
Manufacturing and royalty revenues | VUMERITY
Disaggregation Of Revenue [Line Items]
Total revenues	35,234	32,295	66,488	61,169
Manufacturing and royalty revenues | Other
Disaggregation Of Revenue [Line Items]
Total revenues	$ 15,885	$ 32,379	$ 38,791	$ 62,805

Revenue from Contracts with C_5

Revenue from Contracts with Customers - Additional Information (Details) - USD ($)	1 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024	Dec. 31, 2023
Disaggregation Of Revenue [Line Items]
Contract liabilities	$ 3,311,000	$ 3,311,000	$ 4,775,000
Janssen Pharmaceutica N.V.
Disaggregation Of Revenue [Line Items]
Royalty revenue related to back royalties	195,400,000
Back royalties late payment interest	8,100,000
Contract liabilities–short-term
Disaggregation Of Revenue [Line Items]
Contract liabilities	3,300,000	3,300,000	2,700,000
Other long-term liabilities
Disaggregation Of Revenue [Line Items]
Contract liabilities	$ 0	$ 0	$ 2,100,000
Minimum
Disaggregation Of Revenue [Line Items]
Manufacturing Process period		10 days
Maximum
Disaggregation Of Revenue [Line Items]
Manufacturing Process period		56 days

Revenue from Contracts with C_6

Revenue from Contracts with Customers - Schedule of Contract Assets and Contract Liabilities (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Contract Asset [Abstract]
Contract assets at beginning of period	$ 706
Additions	4,721
Transferred to receivables, net	(1,935)
Contract assets at end of period	3,492
Contract Liabilities [Abstract]
Contract liabilities at beginning of the period	4,775
Additions	34
Amounts recognized into revenue	(1,498)
Contract liabilities at end of the period	$ 3,311

Investments - Schedule of Inves

Investments - Schedule of Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Available-for-sale securities:
Short-term investments, Amortized Cost	$ 341,502	$ 315,767
Gross Unrealized Gains	229	1,461
Gross Unrealized Losses less than one year	(364)	(78)
Gross Unrealized Losses greater than one year	(804)	(1,759)
Short-term investments, Estimated Fair Value	340,967	316,022
Long-term investments, Amortized Cost	86,661	38,698
Total long-term investments	86,402	39,887
Long-term investments, Estimated Fair Value	86,257	38,067
Amortized Cost	428,308	356,285
Estimated Fair Value	427,369	355,909
Short-term investments
Available-for-sale securities:
Gross Unrealized Gains	229	1,461
Gross Unrealized Losses less than one year	(121)	(51)
Gross Unrealized Losses greater than one year	(643)	(1,155)
Long-term investments
Available-for-sale securities:
Gross Unrealized Losses less than one year	(243)	(27)
Gross Unrealized Losses greater than one year	(161)	(604)
Total long-term investments	86,402	39,887
Amortized Cost	86,806	40,518
Certificates of deposit
Available-for-sale securities:
Amortized Cost	145	1,820
Estimated Fair Value	145	1,820
Corporate debt securities
Available-for-sale securities:
Short-term investments, Amortized Cost	126,865	112,055
Short-term investments, Estimated Fair Value	126,642	112,207
Long-term investments, Amortized Cost	43,853	19,306
Long-term investments, Estimated Fair Value	43,655	19,017
Corporate debt securities | Short-term investments
Available-for-sale securities:
Gross Unrealized Gains	132	703
Gross Unrealized Losses less than one year	(52)	(15)
Gross Unrealized Losses greater than one year	(303)	(536)
Corporate debt securities | Long-term investments
Available-for-sale securities:
Gross Unrealized Losses less than one year	(136)
Gross Unrealized Losses greater than one year	(62)	(289)
U.S. government and agency debt securities
Available-for-sale securities:
Short-term investments, Amortized Cost	214,637	199,708
Short-term investments, Estimated Fair Value	214,325	199,819
Long-term investments, Amortized Cost	42,808	19,392
Long-term investments, Estimated Fair Value	42,602	19,050
U.S. government and agency debt securities | Short-term investments
Available-for-sale securities:
Gross Unrealized Gains	97	758
Gross Unrealized Losses less than one year	(69)	(36)
Gross Unrealized Losses greater than one year	(340)	(611)
U.S. government and agency debt securities | Long-term investments
Available-for-sale securities:
Gross Unrealized Losses less than one year	(107)	(27)
Gross Unrealized Losses greater than one year	$ (99)	(315)
Non-U.S. government debt securities
Available-for-sale securities:
Short-term investments, Amortized Cost		4,004
Short-term investments, Estimated Fair Value		3,996
Non-U.S. government debt securities | Short-term investments
Available-for-sale securities:
Gross Unrealized Losses greater than one year		$ (8)

Investments - Additional Inform

Investments - Additional Information (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($) Investmentsecurity
Summary of Investment Holdings [Line Items]
Number of investment securities	272
Number of investment securities in an unrealized loss position	175
Aggregate estimated fair value of investments in unrealized loss position | $	$ 286.1

Investments - Schedule of Proce

Investments - Schedule of Proceeds from Sales and Maturities of Marketable Securities Plus Resulting Realized Gains and Losses (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Proceeds from the sales and maturities of investments	$ 138,947	$ 240,544

Investments - Schedule of Contr

Investments - Schedule of Contractual Maturities of Available-for-Sale and Held-to-Maturity Securities (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Available-for-sale, Amortized Cost
Within 1 year	$ 244,162
After 1 year through 5 years	184,001
Total	428,163
Available-for-sale, Estimated Fair Value
Within 1 year	243,407
After 1 year through 5 years	183,817
Total	427,224
Held-to-maturity, Amortized Cost
Within 1 year	145
Total	145
Held-to-maturity, Estimated Fair Value
Within 1 year	145
Total	$ 145

Fair Value - Summary of the Com

Fair Value - Summary of the Company's Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair value
Debt securities	$ 427,224
Recurring Basis
Fair value
Cash equivalents		$ 34,316
Assets, Total	427,224	388,405
Recurring Basis | Level 1
Fair value
Cash equivalents		34,316
Assets, Total	224,306	215,357
Recurring Basis | Level 2
Fair value
Assets, Total	202,918	173,048
U.S. government and agency debt securities | Recurring Basis
Fair value
Debt securities	256,927	218,869
U.S. government and agency debt securities | Recurring Basis | Level 1
Fair value
Debt securities	224,306	181,041
U.S. government and agency debt securities | Recurring Basis | Level 2
Fair value
Debt securities	32,621	37,828
Corporate debt securities | Recurring Basis
Fair value
Debt securities	170,297	131,224
Corporate debt securities | Recurring Basis | Level 2
Fair value
Debt securities	$ 170,297	131,224
Non-U.S. government debt securities | Recurring Basis
Fair value
Debt securities		3,996
Non-U.S. government debt securities | Recurring Basis | Level 2
Fair value
Debt securities		$ 3,996

Fair Value - Additional Informa

Fair Value - Additional Information (Details) - USD ($)	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
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
2026 Term Loans
Fair Value
Amount to be realized in future	$ 290,300,000	$ 291,000,000

Inventory - Schedule of Invento

Inventory - Schedule of Inventories (Details) - USD ($) $ in Thousands		Jun. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials		$ 76,117	$ 71,416
Work in process		69,093	68,843
Finished goods	[1]	49,521	46,147
Total inventory		$ 194,731	$ 186,406
[1] At June 30, 2024 and December 31, 2023 , the Company had $ 37.8 million and $ 33.9 million, respectively, of finished goods inventory located at its third-party warehouse and shipping service provider.

Inventory - Schedule of Inven_2

Inventory - Schedule of Inventories (Parenthetical) (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Finished goods inventory located at third-party warehouse and shipping service provider	$ 37.8	$ 33.9

Property, Plant and Equipment -

Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Property, plant and equipment
Property, plant and equipment, gross	$ 464,924	$ 457,104
Less: accumulated depreciation	(242,186)	(230,161)
Total property, plant and equipment, net	222,738	226,943
Land
Property, plant and equipment
Property, plant and equipment, gross	957	957
Building and Improvements
Property, plant and equipment
Property, plant and equipment, gross	131,819	132,735
Furniture, Fixtures and Equipment
Property, plant and equipment
Property, plant and equipment, gross	242,823	237,728
Leasehold Improvements
Property, plant and equipment
Property, plant and equipment, gross	39,971	39,893
Construction in Progress
Property, plant and equipment
Property, plant and equipment, gross	$ 49,354	$ 45,791

Property, Plant and Equipment_2

Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Parenthetical) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 222,738	$ 226,943
Assets Held For Sale
Property, Plant and Equipment [Line Items]
Property, plant and equipment		$ 92,200

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Schedule of Goodwill and Intangible Assets (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Goodwill
Gross Carrying Amount	$ 83,027
Net Carrying Amount	83,027
Finite-lived intangible assets:
Gross Carrying Amount	583,750
Accumulated Amortization	(582,832)
Net Carrying Amount	$ 918
Collaboration agreements
Finite-lived intangible assets:
Weighted Amortizable Life	12 years
Gross Carrying Amount	$ 465,590
Accumulated Amortization	(465,590)
Capitalized IP
Finite-lived intangible assets:
Gross Carrying Amount	118,160
Accumulated Amortization	(117,242)
Net Carrying Amount	$ 918
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) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Goodwill [Line Items]
Goodwill	$ 83,027
Athlone Facility | Assets Held for Sale
Goodwill [Line Items]
Goodwill		$ 2,000

Leases - Summary of Future Leas

Leases - Summary of Future Lease Payments Under Non-Cancelable Leases (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Leases [Abstract]
2024	$ 5,070
2025	10,217
2026	10,288
2027	9,507
2028	9,574
Thereafter	59,695
Total operating lease payments	104,351
Less: imputed interest	(25,809)
Total operating lease liabilities	$ 78,542

Leases - Additional Information

Leases - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Lessee Lease Description [Line Items]
Weighted average incremental borrowing rate	4.20%		4.20%
Payments for operating leases	$ 2.5	$ 2.5	$ 5	$ 5.3
Weighted average remaining lease term	7 years 10 months 24 days		7 years 10 months 24 days
Operating lease expense from continuing operations	$ 1.8	$ 2.8	$ 3.6	$ 5.6

Accounts Payable and Accrued _3

Accounts Payable and Accrued Expenses - Schedule of Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accounts payable	$ 104,747	$ 65,649
Accrued compensation	49,390	83,107
Accrued other	85,637	91,805
Total accounts payable and accrued expenses	$ 239,774	$ 240,561

Accounts Payable and Accrued _4

Accounts Payable and Accrued Expenses - Summary of Current Provision for Sales, Discounts, Allowances and Reserves (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Accrued Sales Discount Allowances And Reserves [Line Items]
Total accrued sales discounts, allowances and reserves	$ 263,457	$ 263,641
Medicaid Rebate
Accrued Sales Discount Allowances And Reserves [Line Items]
Total accrued sales discounts, allowances and reserves	212,995	213,845
Product Discounts
Accrued Sales Discount Allowances And Reserves [Line Items]
Total accrued sales discounts, allowances and reserves	16,207	15,121
Medicare Part D
Accrued Sales Discount Allowances And Reserves [Line Items]
Total accrued sales discounts, allowances and reserves	18,246	20,569
Other
Accrued Sales Discount Allowances And Reserves [Line Items]
Total accrued sales discounts, allowances and reserves	$ 16,009	$ 14,106

Accounts Payable and Accrued _5

Accounts Payable and Accrued Expenses - Additional Information (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Accounts Payable And Accrued Expenses [Line Items]
Accounts payable	$ 104,747	$ 65,649
State U.S. Medicaid Rebates
Accounts Payable And Accrued Expenses [Line Items]
Accounts payable	$ 50,300	$ 34,500

Long-term Debt - Schedule of Lo

Long-term Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Long-term debt
Less: current portion	$ (3,000)	$ (3,000)
Long-term debt	286,459	287,730
2026 Term Loans, due March 12, 2026
Long-term debt
Term Loans	289,459	290,730
Less: current portion	(3,000)	(3,000)
Long-term debt	$ 286,459	$ 287,730

Long-term Debt - Additional Inf

Long-term Debt - Additional Information (Details) - 2026 Term Loans $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Long-term debt
Due date of loan	Mar. 12, 2026
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%

Shareholders' Equity (Additiona

Shareholders' Equity (Additional Information) (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024	Feb. 29, 2024
Stockholders' Equity Note [Abstract]
Share repurchase aggregate amount			$ 400,000
Shares repurchased		3.5
Shares repurchased price per share		$ 24.22
Shares repurchased value	$ 84,689	$ 84,700
Share repurchase program remaining authorized amount	$ 315,300	$ 315,300

Share-based Compensation - Sche

Share-based Compensation - Schedule of Share-based Compensation Expense from Continuing and Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based compensation Expense
Total share-based compensation expense	$ 20,601	$ 28,504	$ 53,356	$ 51,147
Continuing Operations
Share-based compensation Expense
Total share-based compensation expense	20,601	27,187	53,356	48,210
Continuing Operations | Cost of goods manufactured and sold
Share-based compensation Expense
Total share-based compensation expense	(279)	2,921	2,627	5,603
Continuing Operations | Research and development
Share-based compensation Expense
Total share-based compensation expense	6,021	6,687	16,299	12,451
Continuing Operations | Selling, general and administrative
Share-based compensation Expense
Total share-based compensation expense	$ 14,859	17,579	$ 34,430	30,156
Discontinued Operations
Share-based compensation Expense
Total share-based compensation expense		1,317		2,937
Discontinued Operations | Research and development
Share-based compensation Expense
Total share-based compensation expense		819		1,962
Discontinued Operations | Selling, general and administrative
Share-based compensation Expense
Total share-based compensation expense		$ 498		$ 975

Share-based Compensation - Addi

Share-based Compensation - Additional Information (Details) - USD ($) $ in Millions		6 Months Ended	12 Months Ended
	Feb. 08, 2024	Jun. 30, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based compensation cost capitalized		$ 3.3	$ 3.2
Share-based compensation, accounting modification charge	$ 6.8
Incremental share-based compensation expense due to achievement of performance criteria	$ 2.6

Earnings (Loss) Per _Ordinary_3

Earnings (Loss) Per [Ordinary] Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator:
Net income from continuing operations	$ 94,658		$ 279,101		$ 133,606	$ 267,051
Net loss from discontinued operations	(3,300)		(42,036)		(5,420)	(71,831)
NET INCOME	$ 91,358	$ 36,828	$ 237,065	$ (41,845)	$ 128,186	$ 195,220
Denominator:
Basic	168,321		166,279		168,152	165,686
Dilutive ordinary share equivalents	2,656		5,274		3,808	5,061
Shares used in calculating diluted earnings (loss) per ordinary share	170,977		171,553		171,960	170,747
Stock Options
Denominator:
Dilutive ordinary share equivalents	839		1,896		1,284	1,634
Restricted Stock Unit Awards
Denominator:
Dilutive ordinary share equivalents	1,817		3,378		2,524	3,427

Earnings (Loss) Per _Ordinary_4

Earnings (Loss) Per [Ordinary] Share - Schedule of Anti-Dilutive Potential Common Share Equivalent Excluded from Calculation of Net Earnings (Loss) Per Ordinary Share (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Denominator:
Anti-dilutive potential common share equivalent excluded from calculation of net loss per ordinary share	16,814	13,318	14,846	15,312
Stock Options
Denominator:
Anti-dilutive potential common share equivalent excluded from calculation of net loss per ordinary share	14,049	12,138	12,339	12,288
Restricted Stock Unit Awards
Denominator:
Anti-dilutive potential common share equivalent excluded from calculation of net loss per ordinary share	2,765	1,180	2,507	3,024

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) € in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2024 EUR (€)	Jun. 30, 2023 USD ($)
Income Taxes [Line Items]
Income tax provisions	$ 22,061,000	$ 2,728,000	$ 30,025,000		$ 3,445,000
Effective tax rate			18.30%	18.30%
Statutory tax rate			12.50%	12.50%
Ireland
Income Taxes [Line Items]
Income tax provisions		$ 0			$ 0
Minimum | Pillar Two
Income Taxes [Line Items]
Revenue | €				€ 750

Commitments and Contingent Li_2

Commitments and Contingent Liabilities - Additional Information (Details)	1 Months Ended	6 Months Ended
	Jan. 31, 2023 USD ($)	Jun. 30, 2024 USD ($) ft²
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
852 Winter Street Lease
Commitments And Contingencies [Line Items]
Area of real estate property | ft²		180,000
Guaranty date		May 16, 2014
Fair value of guarantee		$ 0
Option to extend, description		This lease expires in 2026 and includes a tenant option to extend the term for an additional five-year period.
Option to extend		true
Lease term of contract		5 years