Alkermes (ALKS) 10-Q 23 Oct 18 2018 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2018	Oct. 19, 2018
Document And Entity Information [Abstract]
Entity Registrant Name	Alkermes plc.
Entity Central Index Key	1,520,262
Document Type	10-Q
Document Period End Date	Sep. 30, 2018
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Small Business	false
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Ordinary shares		155,382,787
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q3
Trading Symbol	ALKS

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
CURRENT ASSETS:
Cash and cash equivalents	$ 216,041	$ 191,296
Investments—short-term	251,046	242,208
Receivables, net	250,913	233,590
Contract assets	13,476	0
Inventory	88,018	93,275
Prepaid expenses and other current assets	50,265	48,475
Total current assets	869,759	808,844
PROPERTY, PLANT AND EQUIPMENT, NET	303,087	284,736
INTANGIBLE ASSETS, NET	207,426	256,168
INVESTMENTS—LONG-TERM	111,456	157,212
GOODWILL	92,873	92,873
CONTINGENT CONSIDERATION	67,500	84,800
DEFERRED TAX ASSETS	92,279	98,560
OTHER ASSETS	16,330	14,034
TOTAL ASSETS	1,760,710	1,797,227
CURRENT LIABILITIES:
Accounts payable and accrued expenses	295,029	286,166
Contract liabilities—short-term	6,916	1,956
Long-term debt—short-term	2,843	3,000
Total current liabilities	304,788	291,122
LONG-TERM DEBT	277,007	278,436
OTHER LONG-TERM LIABILITIES	23,190	19,204
CONTRACT LIABILITIES—LONG-TERM	5,010	5,657
Total liabilities	609,995	594,419
COMMITMENTS AND CONTINGENCIES (Note 14)
SHAREHOLDERS’ EQUITY:
Preferred shares, par value, $0.01 per share; 50,000,000 shares authorized; zero issued and outstanding at September 30, 2018 and December 31, 2017, respectively
Ordinary shares, par value, $0.01 per share; 450,000,000 shares authorized; 157,674,736 and 156,057,632 shares issued; 155,363,980 and 154,009,456 shares outstanding at September 30, 2018 and December 31, 2017, respectively	1,574	1,557
Treasury shares, at cost (2,310,756 and 2,048,176 shares at September 30, 2018 and December 31, 2017, respectively)	(105,132)	(89,347)
Additional paid-in capital	2,433,594	2,338,755
Accumulated other comprehensive loss	(3,666)	(3,792)
Accumulated deficit	(1,175,655)	(1,044,365)
Total shareholders’ equity	1,150,715	1,202,808
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 1,760,710	$ 1,797,227

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2018	Dec. 31, 2017
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	157,674,736	156,057,632
Ordinary shares, shares outstanding	155,363,980	154,009,456
Treasury shares	2,310,756	2,048,176

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
REVENUES:
Total revenues	$ 248,720	$ 217,385	$ 778,512	$ 628,004
EXPENSES:
Cost of goods manufactured and sold (exclusive of amortization of acquired intangible assets shown below)	39,410	36,054	127,303	116,241
Research and development	101,265	104,411	316,434	308,399
Selling, general and administrative	128,777	99,633	385,181	310,682
Amortization of acquired intangible assets	16,426	15,643	48,742	46,417
Total expenses	285,878	255,741	877,660	781,739
OPERATING LOSS	(37,158)	(38,356)	(99,148)	(153,735)
OTHER (EXPENSE) INCOME, NET:
Interest income	2,561	1,173	5,946	3,287
Interest expense	(3,346)	(3,129)	(11,959)	(8,816)
Change in the fair value of contingent consideration	4,200	13,600	(17,300)	15,900
Other expense, net	(90)	(9,078)	(2,815)	(10,696)
Total other (expense) income, net	3,325	2,566	(26,128)	(325)
LOSS BEFORE INCOME TAXES	(33,833)	(35,790)	(125,276)	(154,060)
INCOME TAX PROVISION (BENEFIT)	611	486	4,322	(5,904)
NET LOSS	$ (34,444)	$ (36,276)	$ (129,598)	$ (148,156)
LOSS PER ORDINARY SHARE:
Basic and diluted (in dollars loss per ordinary share)	$ (0.22)	$ (0.24)	$ (0.84)	$ (0.97)
WEIGHTED AVERAGE NUMBER OF ORDINARY SHARES OUTSTANDING:
Basic and diluted (in shares)	155,328	153,684	154,979	153,263
COMPREHENSIVE LOSS:
Net loss	$ (34,444)	$ (36,276)	$ (129,598)	$ (148,156)
Holding gain, net of a tax provision (benefit) of $95, $35, $42 and $(14), respectively	314	83	126	22
COMPREHENSIVE LOSS	(34,130)	(36,193)	(129,472)	(148,134)
Manufacturing and royalty revenues
REVENUES:
Total revenues	116,411	122,677	359,253	366,608
Product sales, net
REVENUES:
Total revenues	116,035	93,681	317,684	258,893
Research and development revenue
REVENUES:
Total revenues	$ 16,274	$ 1,027	53,325	$ 2,503
License revenue
REVENUES:
Total revenues			$ 48,250

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Income Statement [Abstract]
Tax (benefit) provision	$ 95	$ 35	$ 42	$ (14)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (129,598)	$ (148,156)
Adjustments to reconcile net loss to cash flows from operating activities:
Depreciation and amortization	77,758	73,305
Share-based compensation expense	76,043	63,336
Deferred income taxes	3,879	(11,919)
Change in the fair value of contingent consideration	17,300	(15,900)
Impairment of investment in Reset Therapeutics, Inc.		10,471
Loss on debt refinancing	2,298
Payment made for debt refinancing	(2,251)
Other non-cash charges	1,209	3,357
Changes in assets and liabilities:
Receivables	(17,322)	(16,434)
Contract assets	(4,366)
Inventory	(2,596)	(21,843)
Prepaid expenses and other assets	(3,291)	(1,944)
Accounts payable and accrued expenses	12,899	43,430
Contract liabilities	2,485	(1,102)
Other long-term liabilities	4,321	6,680
Cash flows provided by (used in) operating activities	38,768	(16,719)
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions of property, plant and equipment	(51,841)	(33,482)
Proceeds from the sale of equipment	428	50
Purchases of investments	(307,603)	(289,226)
Sales and maturities of investments	344,624	318,492
Cash flows used in investing activities	(14,392)	(4,166)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from the issuance of ordinary shares under share-based compensation arrangements	18,318	18,298
Employee taxes paid related to net share settlement of equity awards	(15,785)	(16,418)
Payment made for debt refinancing	(743)
Principal payments of long-term debt	(1,421)	(2,250)
Cash flows provided by (used in) financing activities	369	(370)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	24,745	(21,255)
CASH AND CASH EQUIVALENTS—Beginning of period	191,296	186,378
CASH AND CASH EQUIVALENTS—End of period	216,041	165,123
Non-cash investing and financing activities:
Purchased capital expenditures included in accounts payable and accrued expenses	$ 7,117	$ 5,321

The Company

The Company	9 Months Ended
	Sep. 30, 2018
Organization Consolidation And Presentation Of Financial Statements [Abstract]
The Company	1. THE COMPANY Alkermes plc is a fully integrated, global biopharmaceutical company that applies its scientific expertise and proprietary technologies to research, develop and commercialize, both with partners and on its own, pharmaceutical products that are designed to address unmet medical needs of patients in major therapeutic areas. The Company has a diversified portfolio of marketed drug products and a clinical pipeline of product candidates that address CNS disorders such as schizophrenia, depression, addiction and MS. Headquartered in Dublin, Ireland, Alkermes has a research and development (“R&D”) center in Waltham, Massachusetts; an R&D and manufacturing facility in Athlone, Ireland; and a manufacturing facility in Wilmington, Ohio.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2018
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying condensed consolidated financial statements of the Company for the three and nine months ended September 30, 2018 and 2017 are unaudited and have been prepared on a basis substantially consistent with the audited financial statements for the year ended December 31, 2017. 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, which are of a normal recurring nature, that are necessary to state fairly the results of operations for the reported periods. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto of the Company, which are contained in the Company’s Annual Report that has been filed with the SEC. 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 a full fiscal year. Principles of Consolidation The 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, Use of Estimates The preparation of the Company’s condensed consolidated financial statements in accordance with GAAP requires management to 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 those related to revenue recognition and related allowances, its collaborative relationships, clinical trial expenses, the valuation of inventory, impairment and amortization of intangibles and long-lived assets, share-based compensation, income taxes including the valuation allowance for deferred tax assets, valuation of investments, contingent consideration 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 assumptions or conditions. Segment Information The Company operates as one business segment, which is the business of developing, manufacturing and commercializing medicines. The Company’s chief decision maker, the Chairman of the Board and Chief Executive Officer, reviews the Company’s operating results on an aggregate basis and manages the Company’s operations as a single operating unit. Income Taxes The Company’s income tax provision (benefit) in the three and nine months ended September 30, 2018 and 2017 primarily related to U.S. federal and state taxes. The Company records a deferred tax asset or liability based on the difference between the financial statement and tax basis of its assets and liabilities, as measured by enacted jurisdictional tax rates assumed to be in effect when these differences reverse. At September 30, 2018, the Company maintained a valuation allowance against certain of its U.S. and foreign deferred tax assets. The Company evaluates, at each reporting period, the need for a valuation allowance on its deferred tax assets on a jurisdiction-by-jurisdiction basis. As of September 30, 2018, the Company has not modified its position with respect to provisional amounts recorded to its financial statements as a result of the Tax Cuts and Jobs Act (“Tax Reform”) that was enacted in December 2017. The Company will continue to analyze the impact of Tax Reform. For additional information, please refer to Note 2, Summary of Significant Accounting Policies New Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or other standard-setting bodies that are adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that the impact of recently issued guidance that are not yet effective will not have a material impact on its financial position or results of operations upon adoption. In May 2014, the FASB issued guidance that outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The guidance (“Topic 606”) is based on the principle that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to fulfill a contract. Numerous updates have been issued subsequent to the initial guidance that provide clarification on a number of specific issues and require additional disclosures. The two permitted transition methods under the new guidance are the full retrospective method, in which case the guidance would be applied to each prior reporting period presented and the cumulative effect of applying the guidance would be recognized at the earliest period shown, or the modified retrospective method, in which case the cumulative effect of applying the guidance would be recognized at the date of initial application. In July 2015, the FASB approved the deferral of the new guidance's effective date by one year. The new guidance became effective for annual reporting periods beginning after December 15, 2017. Effective January 1, 2018, the Company adopted the requirements of Topic 606 using the modified retrospective method. As part of the adoption, the Company reviewed all contracts that were not yet completed as of the date of initial application in determining the cumulative-effect impact related to the adoption of Topic 606. The cumulative-effect impact recorded to retained earnings resulted in an adjustment of approximately $0.8 million, which was primarily due to the acceleration of manufacturing revenue, offset by an adjustment to deferred revenue for license and milestone payments that will now be recognized over time. The following balance sheet accounts were impacted: Topic 606 Adjustment (In thousands) Contract assets $ 9,110 Inventory (8,209) Deferred tax asset 109 Contract liabilities—short-term (1,104) Contract liabilities—long-term (724) Accumulated deficit 818 $ — For additional information regarding how the Company is accounting for revenue under the updated guidance, refer to Note 3, Revenue from Contracts with Customers In January 2016, the FASB issued guidance that enhances the reporting model for financial instruments by addressing certain aspects of recognition, measurement, presentation and disclosure of financial instruments. The amendments in this guidance include: requiring equity securities to be measured at fair value with changes in fair value recognized through the income statement; simplifying the impairment assessment of equity instruments without readily determinable fair values by requiring a qualitative assessment to identify impairment; eliminating the requirement to disclose the fair value of financial instruments measured at amortized cost for entities that are not public business entities; eliminating the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet; requiring public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; requiring an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments; requiring separate presentation of financial assets and financial liabilities by measurement category and form of financial asset; and clarifying that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity’s other deferred tax assets. This guidance is effective for the Company in this year ending December 31, 2018, and the Company has determined that the adoption of this guidance will not have a material impact on its consolidated financial statements. In February 2016, the FASB issued guidance to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. Numerous updates have been issued subsequent to the initial guidance that provide clarification on a number of specific issues. The main difference between previous GAAP and this guidance is the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases under previous GAAP. This guidance becomes effective for the Company in the year ending December 31, 2019 and the Company continues to assess the impact that this guidance will have on its consolidated financial statements. At this time, the Company cannot conclude as to the total expected impact the adoption of this new guidance will have on its consolidated financial statements, but does believe that the adoption will have a material impact on the Company’s balance sheet as it currently has, among other operating leases, two operating leases for 67,000 and 175,000 square feet of office and laboratory space in two separate locations in Waltham, Massachusetts that expire in 2020 and 2021, respectively, and an operating lease for 14,600 square feet of corporate office space in Dublin, Ireland that expires in 2022. In addition, during the three months ended March 31, 2018, the Company entered into a lease for approximately 220,000 square feet of office and laboratory space to be constructed in Waltham, Massachusetts with a delivery date of January 2020. In June 2016, the FASB issued guidance to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. To achieve this objective, the amendments in this guidance replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. This guidance becomes effective for the Company in the year ending December 31, 2020, with early adoption permitted for the Company in the year ending December 31, 2019. The Company is currently assessing the impact that this guidance will have on its consolidated financial statements. In October 2016, the FASB issued guidance to simplify and improve accounting on transfers of assets between affiliated entities. The updated guidance eliminates the prohibition for all intra-entity asset transfers, except for inventory. Effective January 1, 2018, the Company adopted this guidance and recorded a cumulative-effect adjustment of $0.9 million to retained earnings. In July 2017, the FASB issued guidance that addresses narrow issues identified as a result of the complexity associated with applying GAAP for certain financial instruments with characteristics of liabilities and equity. The guidance becomes effective for the Company in the year ending December 31, 2019 and early adoption is permitted. The Company is currently assessing the impact that this guidance will have on its consolidated financial statements. In June 2018, the FASB issued guidance that addresses the accounting for nonemployee share-based payment transactions resulting from expanding the scope of Topic 718, Compensation – Stock Compensation In August 2018, the FASB issued amendments that aim to improve the effectiveness of fair value measurement disclosures. The amendments in this guidance modify the disclosure requirements on fair value measurements based on the concepts in FASB Concepts Statement, Conceptual Framework for Financial Reporting - Chapter 8: Notes to Financial Statements In August 2018, the FASB issued guidance that aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). The guidance also requires the entity to expense the capitalized implementation costs of a hosting arrangement that is a service contract over the term of the hosting arrangement, which includes reasonably certain renewals. The guidance becomes effective for the Company in the year ending December 31, 2020 and early adoption is permitted. The Company is currently assessing the impact that this guidance will have on its consolidated financial statements.

Revenue from Contracts with Cus

Revenue from Contracts with Customers	9 Months Ended
	Sep. 30, 2018
Revenue From Contract With Customer [Abstract]
Revenue from Contracts with Customers	3. REVENUE FROM CONTRACTS WITH CUSTOMERS Under Topic 606, the Company recognizes revenues when its customer obtains control of promised goods or services, in an amount that reflects the consideration the Company expects to receive in exchange for those goods or services. The Company recognizes revenues following the five-step model prescribed under Topic 606: (i) identify contract(s) with a customer; (ii) identify the performance obligation(s) in the contract(s); (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligation(s) in the contract(s); and (v) recognize revenues when (or as) the Company satisfies the performance obligation(s). Collaboration Arrangements The Company has entered into collaboration and/or license agreements with pharmaceutical companies including Janssen for INVEGA SUSTENNA/XEPLION and INVEGA TRINZA/TREVICTA as well as RISPERDAL CONSTA; Acorda for AMPYRA/FAMPYRA; AstraZeneca for BYDUREON; and Biogen for BIIB098 (Diroximel Fumarate, formerly ALKS 8700). Substantially all of the products developed under these arrangements, except for BIIB098, are currently being marketed as approved products for which the Company receives payments for manufacturing services and/or royalties on net product sales. During the three and nine months ended September 30, 2018 and 2017, the Company recorded manufacturing and royalty revenues from its collaboration arrangements as follows: Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 (In thousands) Manufacturing Revenue Royalty Revenue Total Manufacturing Revenue Royalty Revenue Total INVEGA SUSTENNA/XEPLION & INVEGA TRINZA/TREVICTA $ — $ 65,620 $ 65,620 $ — $ 174,956 $ 174,956 AMPYRA/FAMPYRA 12,894 7,445 20,339 38,000 30,276 68,276 RISPERDAL CONSTA 7,267 4,316 11,583 42,296 13,922 56,218 BYDUREON — 11,944 11,944 — 35,202 35,202 Other 5,036 1,889 6,925 19,420 5,181 24,601 $ 25,197 $ 91,214 $ 116,411 $ 99,716 $ 259,537 $ 359,253 Three Months Ended September 30, 2017 Nine Months Ended September 30, 2017 (In thousands) Manufacturing Revenue Royalty Revenue Total Manufacturing Revenue Royalty Revenue Total INVEGA SUSTENNA/XEPLION & INVEGA TRINZA/TREVICTA $ — $ 57,912 $ 57,912 $ — $ 153,736 $ 153,736 AMPYRA/FAMPYRA 11,527 12,951 24,478 37,596 41,357 78,953 RISPERDAL CONSTA 16,838 4,693 21,531 52,858 15,021 67,879 BYDUREON — 10,095 10,095 — 33,996 33,996 Other 6,384 2,277 8,661 23,581 8,463 32,044 $ 34,749 $ 87,928 $ 122,677 $ 114,035 $ 252,573 $ 366,608 Manufacturing revenues — The Company recognizes manufacturing revenues from the sale of products it manufactures, which is its one performance obligation under such arrangements, for resale by its licensees. Manufacturing revenues for the Company’s partnered products, with the exception of those from Janssen related to RISPERDAL CONSTA, are recognized over time as products move through the manufacturing process, using a standard cost-based model as a measure of progress, which represents a faithful depiction of the transfer of control of the goods. The Company recognizes manufacturing revenue from these products over time as it determined, in each instance, that it has a right to payment for performance completed to date if its customer were to terminate the manufacturing agreement for reasons other than the Company’s non-performance and the products have no alternative use. The Company invoices its licensees upon shipment with payment terms between 30 to 90 days. Prior to the adoption of Topic 606, the Company recorded manufacturing revenue from the sale of products it manufactures for resale by its partners after the Company had shipped such products and risk of loss had passed to the Company’s partner, assuming persuasive evidence of an arrangement existed, the sales price was fixed or determinable and collectability was reasonably assured. The Company is the exclusive manufacturer of RISPERDAL CONSTA for commercial sale under its manufacturing and supply agreement with Janssen. The Company determined that it is appropriate to record revenue under this agreement at the point in time when control of the product passes to Janssen, which is determined to be when the product has been fully manufactured, since Janssen does not control the product during the manufacturing process and, in the event Janssen terminates the manufacturing and supply agreement, it is uncertain whether, and at what amount, the Company would be reimbursed for performance completed to date for product not yet fully manufactured. The manufacturing process is considered fully complete once the finished goods have been approved for shipment by both the Company and Janssen. The sales price for certain of the Company’s manufacturing revenues is based on the end-market sales price earned by its licensees. As end-market sales generally occur after the Company has recorded manufacturing revenue, the Company estimates the sales price for such products based on information supplied to it by the Company’s licensees, its historical transaction experience and other third-party data. Differences between actual manufacturing revenues and estimated manufacturing revenues are reconciled and adjusted for in the period in which they become known, which is generally within the same quarter. The difference between the Company’s actual and estimated manufacturing revenues has not been material. Royalty revenues —The Company recognizes royalty revenues related to the sale of products by its licensees that incorporate the Company's technologies. Royalties, with the exception of those earned on sales of AMPYRA as set forth below, qualify for the sales-and-usage exemption under Topic 606 as (i) royalties are based strictly on the sales-and-usage by the licensee; and (ii) a license of IP is the sole or predominant item to which such royalties relate. Based on this exemption, these royalties are earned under the terms of a license agreement in the period the products are sold by the Company's partner and the Company has a present right to payment. Royalties on AMPYRA manufactured under our license and supply agreements with Acorda are incorporated into the standard cost-based model described in the manufacturing revenues section, above, as the terms of such agreements entitle the Company to royalty revenue as the product is being manufactured, which represents a faithful depiction of the transfer of goods, and not based on the actual end-market sales of the licensee. Certain of the Company's royalty revenues are recognized by the Company based on information supplied to the Company by its partners and require estimates to be made. Differences between actual royalty revenues and estimated royalty revenues are reconciled and adjusted for in the period in which they become known, which is generally within the same quarter. The difference between the Company’s actual and estimated royalty revenues has not been material. Multiple Element Arrangements When entering into multiple element arrangements, the Company identifies whether its performance obligations under the arrangement represent a distinct good or service or a series of distinct goods or services. A series of distinct goods or services is required to be accounted for as a single performance obligation provided that (i) each distinct good or service in the series promised would meet the criteria to be a performance obligation satisfied over time; and (ii) the same method would be used to measure the Company’s progress toward complete satisfaction of the performance obligation to transfer each distinct good or service in the series to the customer. If a contract is separated into more than one performance obligation, the Company allocates the total transaction price to each performance obligation in an amount based on the estimated relative standalone selling prices of the promised goods or services underlying each performance obligation. The fair value of performance obligations under the arrangement may be derived using a “best estimate of selling price” if the Company does not sell the goods or services separately. The Company recognizes revenue when or as it satisfies a performance obligation by transferring an asset to a customer. An asset is transferred when or as the customer obtains control of that asset. Significant management judgment is required in determining the consideration to be earned under an arrangement and the period over which the Company is expected to complete its performance obligations under an arrangement. Steering committee services that are not inconsequential or perfunctory and that are determined to be performance obligations are combined with other research services or performance obligations required under an arrangement, if any, in determining the level of effort required in an arrangement and the period over which the Company expects to complete its aggregate performance obligations. In November 2017, the Company granted Biogen, under a license and collaboration agreement, a worldwide, exclusive, sublicensable license to develop, manufacture and commercialize BIIB098 and other products covered by patents licensed to Biogen under the agreement. Upon entering into the agreement in November 2017, the Company received an up-front cash payment of $28.0 million. In June 2018, the Company received an additional cash payment of $50.0 million following Biogen’s review of preliminary gastrointestinal tolerability data from the ongoing clinical development program for BIIB098. The Company is also eligible to receive an additional payment of $150.0 million upon an approval by the FDA on or before December 31, 2021 of a 505(b)(2) new drug application (“NDA”) (or, in certain circumstances, a 505(b)(1) NDA) for BIIB098. The Company is also eligible to receive additional payments upon achievement of developmental milestones with respect to the first two products, other than BIIB098, covered by patents licensed to Biogen under the agreement. In addition, the Company will receive a mid-teens percentage royalty on worldwide net sales of BIIB098, subject to, under certain circumstances, minimum annual payments for the first five years following FDA approval of BIIB098. The Company will also receive royalties on net sales of products, other than BIIB098, covered by patents licensed to Biogen under the agreement, at tiered royalty rates calculated as percentages of net sales ranging from high-single digits to low double-digits. All royalties are payable on a product-by-product and country-by-country basis until the later of (i) the last-to-expire patent right covering the applicable product in the applicable country and (ii) a specified period of time from the first commercial sale of the applicable product in the applicable country. Royalties for all such products and the minimum annual payments for BIIB098 are subject to reductions as set forth in the agreement. Biogen paid a portion of the BIIB098 development costs the Company incurred in 2017 and, since January 1, 2018, Biogen is responsible for all BIIB098 development costs the Company incurs, subject to annual budget limitations. The Company has retained the right to manufacture clinical supplies and commercial supplies of BIIB098 and all other products covered by patents licensed to Biogen under the agreement, subject to Biogen’s right to manufacture or have manufactured commercial supplies as a back-up manufacturer and subject to good faith agreement by the parties on the terms of such manufacturing arrangements. The Company evaluated the agreement under Topic 606 and determined that it had four initial performance obligations: (i) the grant of a distinct, right-to-use license of intellectual property to Biogen; (ii) future development services; (iii) clinical supply; and (iv) participation on a joint steering committee with Biogen. The Company’s participation on the joint steering committee was considered to be perfunctory and thus not recognized as a performance obligation. The performance obligations, aside from the participation in the joint steering committee which was considered to be perfunctory, were determined to be separate performance obligations as the license is separately identifiable from the development services and clinical supply, and the development services are not expected to significantly modify or customize the IP. The Company allocated the arrangement consideration to each performance obligation using the relative selling price method based on its best estimate of selling price for the license and other deliverables. The Company used a discounted cash flow model to estimate the standalone selling price of the license in order to allocate the consideration to the performance obligations. To estimate the standalone selling price of the license, the Company assessed the likelihood of the FDA’s approval of BIIB098 and estimated the expected future cash flows assuming FDA approval and the maintenance of the IP protecting BIIB098. The Company then discounted these cash flows using a discount rate of 8.0%, which it believes captures a market participant’s view of the risk associated with the expected cash flows. The best estimate of selling price of the development services and clinical supply were determined through third-party evidence. The Company believes that a change in the assumptions used to determine its best estimate of selling price for the license most likely would not have a significant effect on the allocation of consideration transferred. As the license was delivered to Biogen, under Topic 606, the Company allocated $27.0 million to the delivery of the license, $0.9 million to future development services and $0.1 million to clinical supply. The amounts allocated to the development services and clinical supply will be recognized over the course of the development work and as clinical supply is delivered to Biogen, which is expected to continue through 2019. The Company determined that the future milestones it is entitled to receive, including the $150.0 million payment upon approval by the FDA on or before December 31, 2021 of a 505(b)(2) NDA (or, in certain circumstances, a 505(b)(1) NDA) for BIIB098, and sales-based royalties, are variable consideration. The Company is using the most likely amount method for estimating the variable consideration to be received related to the milestones under this arrangement. Given the challenges inherent in developing and obtaining approval for pharmaceutical and biologic products, there was substantial uncertainty as to whether these milestones would be achieved at the time the license and collaboration agreement was entered into. Accordingly, the Company has not included these milestones in the transaction price as it is not probable that a significant reversal in the amount of cumulative revenue recognized will not occur. The royalties are subject to the sales-based exception and will be recorded when the subsequent sale occurs. In June 2018, the Company recognized $48.3 million in license revenue related to the license and collaboration agreement with Biogen for BIIB098, which was triggered by Biogen’s decision to pay the $50.0 million option payment following Biogen’s review of preliminary gastrointestinal tolerability data from the ongoing clinical development program for BIIB098, including certain data from the long-term safety clinical trial and part A of the elective, randomized, head-to-head phase 3 gastrointestinal tolerability clinical trial comparing BIIB098 and dimethyl fumarate. The Company previously determined that this $50.0 million milestone payment was variable consideration, as described above, and was not included in the initial transaction price as it was not probable that a significant reversal in the amount of cumulative revenue recognized would not occur. Upon receipt of the $50.0 million payment, the constraint preventing revenue recognition from previously occurring was removed and the payment was included in the transaction price and allocated to the performance obligations, as previously described. The Company recognized the transaction price allocated to the license upon receipt of the $50.0 million payment as the license had already been delivered to Biogen. The remaining $1.7 million of the $50.0 million payment was allocated to future development services and clinical supply, and, as of September 30, 2018, an additional $0.9 million of the $1.7 million was recognized and accounted for as R&D revenue. Research and development revenue —R&D revenue consists of funding that compensates the Company for formulation, pre‑clinical and clinical testing under R&D arrangements with its partners. The Company generally bills its partners under R&D arrangements using a full‑time equivalent (“FTE”) or hourly rate, plus direct external costs, if any. Revenue is recognized as the obligations under the R&D arrangements are performed. The research and development revenue recorded during the three and nine months ended September 30, 2018 primarily related to revenue earned under the Company’s license and collaboration agreement with Biogen for BIIB098. Product Sales, Net The Company’s product sales, net consist of sales of VIVITROL and ARISTADA in the U.S. primarily to wholesalers, specialty distributors and pharmacies. Product sales, net are recognized when the customer obtains control of the product, which is when the product has been received by the customer. Revenues from product sales are recorded net of reserves established for applicable discounts and allowances that are offered within contracts with the Company’s customers, health care providers or payers. The Company’s process for estimating reserves established for these variable consideration components does not differ materially from historical practices. The transaction price, which includes variable consideration reflecting the impact of discounts and allowances, may be subject to constraint and is included in the net sales price only to the extent that it is probable that a significant reversal of the amount of the cumulative revenues recognized will not occur in a future period. Actual amounts may ultimately differ from the Company’s estimates. If actual results vary, the Company adjusts these estimates, which could have an effect on earnings in the period of adjustment. The following are the Company’s significant categories of sales discounts and allowances: • Medicaid Rebates —the Company records accruals for rebates to states under the Medicaid Drug Rebate Program as a reduction of sales when the product is shipped into the distribution channel using the most likely amount method. The Company rebates individual states for all eligible units purchased under the Medicaid program based on a rebate per unit calculation, which is based on the Company’s average manufacturer prices. The Company estimates expected unit sales and rebates per unit under the Medicaid program and adjusts its rebate based on actual unit sales and rebates per unit. To date, actual Medicaid rebates have not differed materially from the Company’s estimates; • Chargebacks —discounts that occur when contracted indirect customers purchase directly from wholesalers and specialty distributors. Contracted customers generally purchase a product at its contracted price. The wholesaler or specialty distributor, in turn, then generally charges back to the Company the difference between the wholesale acquisition cost and the contracted price paid to the wholesaler or specialty distributor by the customer. The allowance for chargebacks is made using the most likely amount method and is based on actual and expected utilization of these programs. Chargebacks could exceed historical experience and the Company’s estimates of future participation in these programs. To date, actual chargebacks have not differed materially from the Company’s estimates; • Product Discounts —cash consideration, including sales incentives, given by the Company under agreements with a number of wholesaler, distributor, pharmacy, and treatment provider customers that provide them with a discount on the purchase price of products. The reserve is made using the most likely amount method and to date, actual product discounts have not differed materially from the Company’s estimates; and • Product Returns —the Company records an estimate for product returns at the time its customers take control of the Company’s product. The Company estimates this liability using the most likely amount method based on its historical return levels and specifically identified anticipated returns due to known business conditions and product expiry dates. Return amounts are recorded as a deduction to arrive at product sales, net. Once product is returned, it is destroyed. During the three and nine months ended September 30, 2018 and 2017, the Company recorded product sales, net, as follows: Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2018 2017 2018 2017 VIVITROL $ 79,893 $ 69,177 $ 218,778 $ 193,704 ARISTADA 36,142 24,504 98,906 65,189 Total product sales, net $ 116,035 $ 93,681 $ 317,684 $ 258,893 Receivables, Net —Receivables, net, include amounts billed and currently unconditionally due from customers. The amounts due are stated at their net estimated realizable value. The Company maintains an allowance for doubtful accounts to provide for the estimated amount of receivables that will not be collected. The allowance is based upon an assessment of customer creditworthiness, historical payment experience, the age of outstanding receivables and collateral to the extent applicable. The Company’s allowance for doubtful accounts was $0.2 million at September 30, 2018 and December 31, 2017. Contract Assets —Contract assets include unbilled amounts resulting from sales under certain of the Company’s manufacturing contracts where revenue is recognized over time. The products included in the contract assets table below complete the manufacturing process in ten days to eight weeks. As such, the Company availed itself of the practical expedient to not disclose the transaction price allocated to the remaining performance obligations as the only performance obligation is completing the manufacturing of such products, and the time remaining to manufacture the products is generally less than eight weeks. Contract assets are classified as current. Contract assets consisted of the following: (In thousands) Contract Assets Contract assets at January 1, 2018 $ 9,110 Additions 49,387 Transferred to receivables, net (45,021) Contract assets at September 30, 2018 $ 13,476 Contract Liabilities —The Company’s contract liabilities consist of contractual obligations related to deferred revenue. Contract liabilities consisted of the following: (In thousands) Contract Liabilities Contract liabilities at January 1, 2018 $ 9,442 Additions 5,793 Amounts recognized into revenue (3,309) Contract liabilities at September 30, 2018 $ 11,926 The Company adopted Topic 606 using the modified retrospective method. As such, the Company recognized the cumulative effect of initially applying Topic 606 as an adjustment to the opening balance of shareholders’ equity at January 1, 2018. Therefore, the comparative information has not been adjusted and continues to be reported under the old revenue recognition guidance (“Topic 605”). The quantitative impacts of the changes are set out below for each of the condensed consolidated balance sheet and the condensed consolidated statement of operations for the current reporting period. ADJUSTED CONDENSED CONSOLIDATED BALANCE SHEET September 30, 2018 (In thousands) As Reported Adjustment Balances Without Adoption of Topic 606 ASSETS Contract assets $ 13,476 $ (13,476) (1) $ — Inventory 88,018 8,772 (2) 96,790 Deferred tax asset 92,279 (120) (3) 92,159 LIABILITIES Contract liabilities—short-term $ 6,916 $ (6,916) (4) $ — Deferred revenue—short-term — 5,428 (4) 5,428 Contract liabilities—long-term 5,010 (5,010) (4) — Deferred revenue—long-term — 4,681 (4) 4,681 SHAREHOLDERS' EQUITY Accumulated deficit $ (1,175,655) $ (3,007) (5) $ (1,178,662) The adjustments are a result of the following: (1) Adjustment to contract assets to reverse revenue recognized over time under Topic 606. (2) Adjustment to inventory to add back the cost of goods manufactured related to the revenue transactions summarized in item (1), above. (3) Adjustment to deferred tax asset to apply the tax impact of the revenue transactions summarized in item (1), above. (4) Adjustments to contract liabilities—short-term and contract liabilities—long-term is to reclassify amounts previously classified as deferred revenue—short-term and deferred revenue—long-term under Topic 605. (5) Adjustment to accumulated deficit for the net impact of the transactions noted in items (1) through (4) above. ADJUSTED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 (In thousands, except per share amounts) As Reported Adjustment Balances Without Adoption of Topic 606 As Reported Adjustment Balances Without Adoption of Topic 606 REVENUES: Manufacturing and royalty revenues $ 116,411 $ 1,106 (1) $ 117,517 $ 359,253 $ (4,366) (1) $ 354,887 Product sales, net 116,035 — 116,035 317,684 — 317,684 Research and development revenue 16,274 (1,100) (2) 15,174 53,325 48,541 (2) 101,866 License revenue — — — 48,250 (48,250) (3) — Total revenues 248,720 6 248,726 778,512 (4,075) 774,437 EXPENSES: Cost of goods manufactured and sold 39,410 574 (4) 39,984 127,303 (565) (4) 126,738 Research and development 101,265 — 101,265 316,434 — 316,434 Selling, general and administrative 128,777 — 128,777 385,181 — 385,181 Amortization of acquired intangible assets 16,426 — 16,426 48,742 — 48,742 Total expenses 285,878 574 286,452 877,660 (565) 877,095 Operating (loss) income (37,158) (568) (37,726) (99,148) (3,510) (102,658) Other income (expense), net 3,325 — 3,325 (26,128) — (26,128) Loss before income taxes (33,833) (568) (34,401) (125,276) (3,510) (128,786) Income tax provision (benefit) 611 (104) 507 4,322 11 4,333 Net (loss) income $ (34,444) $ (464) $ (34,908) $ (129,598) $ (3,521) $ (133,119) Loss per ordinary share — basic and diluted $ (0.22) $ (0.00) $ (0.22) $ (0.84) $ (0.04) $ (0.88) The adjustments are a result of the following: (1) Adjustments to manufacturing and royalty revenues to recognize revenue under Topic 605 in the three and nine months ended September 30, 2018 that was recognized under Topic 606. ( 2 ) Adjustments to research and development revenue during the three and nine months ended September 30, 2018 to recognize revenue under Topic 605 that was recognized under Topic 606. (3) Adjustments to license revenue during the nine months ended September 30, 2018 to recognize revenue under Topic 605 that was recognized under Topic 606. (4) Adjustments to cost of goods manufactured and sold to recognize the cost from the transactions noted in item (1) above. The Company’s changes in assets and liabilities within its condensed consolidated statement of cash flows changed as a result of the differences in the condensed consolidated balance sheet and changes in net loss in the condensed consolidated statement of operations, but the overall cash flows used in operating activities did not change.

Investments

Investments	9 Months Ended
	Sep. 30, 2018
Investments Debt And Equity Securities [Abstract]
Investments	4. INVESTMENT S Investments consisted of the following (in thousands): Gross Unrealized Losses Amortized Less than Greater than Estimated September 30, 2018 Cost Gains One Year One Year Fair Value Short-term investments: Available-for-sale securities: U.S. government and agency debt securities $ 119,406 $ 2 $ (87) $ (92) $ 119,229 Corporate debt securities 95,744 12 (99) (73) 95,584 International government agency debt securities 36,305 3 (18) (57) 36,233 Total short-term investments 251,455 17 (204) (222) 251,046 Long-term investments: Available-for-sale securities: Corporate debt securities 53,225 — (297) (110) 52,818 U.S. government and agency debt securities 31,054 — (140) — 30,914 International government agency debt securities 24,245 — (131) (33) 24,081 108,524 — (568) (143) 107,813 Held-to-maturity securities: Fixed term deposit account 1,667 156 — — 1,823 Certificates of deposit 1,820 — — — 1,820 3,487 156 — — 3,643 Total long-term investments 112,011 156 (568) (143) 111,456 Total investments $ 363,466 $ 173 $ (772) $ (365) $ 362,502 December 31, 2017 Short-term investments: Available-for-sale securities: U.S. government and agency debt securities $ 150,673 $ 1 $ (130) $ (233) $ 150,311 Corporate debt securities 56,552 3 (48) (10) 56,497 International government agency debt securities 35,478 1 (54) (25) 35,400 Total short-term investments 242,703 5 (232) (268) 242,208 Long-term investments: Available-for-sale securities: Corporate debt securities 83,924 — (300) (34) 83,590 U.S. government and agency debt securities 48,948 — (270) (71) 48,607 International government agency debt securities 21,453 — (118) — 21,335 154,325 — (688) (105) 153,532 Held-to-maturity securities: Fixed term deposit account 1,667 222 — — 1,889 Certificates of deposit 1,791 — — — 1,791 3,458 222 — — 3,680 Total long-term investments 157,783 222 (688) (105) 157,212 Total investments $ 400,486 $ 227 $ (920) $ (373) $ 399,420 The proceeds from the sales and maturities of marketable securities, which were identified using the specific identification method, and were primarily reinvested, were as follows: Nine Months Ended September 30, (In thousands) 2018 2017 Proceeds from the sales and maturities of marketable securities $ 344,624 $ 318,492 Realized gains $ 4 $ 9 Realized losses $ 268 $ 3 The Company’s available-for-sale and held-to-maturity securities at September 30, 2018 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 $ 212,497 $ 212,078 $ 1,820 $ 1,820 After 1 year through 5 years 147,482 146,781 1,667 1,823 Total $ 359,979 $ 358,859 $ 3,487 $ 3,643 At September 30, 2018, the Company believed that the unrealized losses on its available-for-sale investments were temporary. The investments with unrealized losses consisted primarily of corporate debt securities. In making the determination that the decline in fair value of these securities was temporary, the Company considered various factors, including, but not limited to: the length of time each security was in an unrealized loss position; the extent to which fair value was less than cost; financial condition and near-term prospects of the issuers; the Company’s intent not to sell these securities; and the assessment that it is more likely than not that the Company would not be required to sell these securities before the recovery of their amortized cost basis. In May 2014, the Company entered into an agreement whereby it is committed to provide up to €7.4 million to a partnership, Fountain Healthcare Partners II, L.P. of Ireland (“Fountain”), which was created to carry on the business of investing exclusively in companies and businesses engaged in the healthcare, pharmaceutical and life sciences sectors. As of September 30, 2018, the Company’s total contribution in Fountain was equal to €4.9 million. The Company’s commitment represents approximately 7% of the partnership’s total funding. The Company is accounting for its investment in Fountain under the equity method. During the three and nine months ended September 30, 2018, the Company recorded an increase in its investment in Fountain of less than $0.1 million and a decrease in its investment in Fountain of $0.4 million, respectively. During the three and nine months ended September 30, 2017, the Company recorded an increase in its investment in Fountain of less than $0.1 million and a decrease of $0.6 million, respectively . The changes recorded 4.2

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2018
Fair Value Disclosures [Abstract]
Fair Value Measurements	5. FAIR VALUE MEASUREMENTS 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 of the valuation techniques the Company utilized to determine such fair value: September 30, (In thousands) 2018 Level 1 Level 2 Level 3 Assets: Cash equivalents $ 71,059 $ 71,059 $ — $ — U.S. government and agency debt securities 150,143 111,417 38,726 — Corporate debt securities 148,402 — 147,910 492 International government agency debt securities 60,314 — 60,314 — Contingent consideration 67,500 — — 67,500 Common stock warrants 795 — — 795 Total $ 498,213 $ 182,476 $ 246,950 $ 68,787 December 31, 2017 Level 1 Level 2 Level 3 Assets: Cash equivalents $ 1,889 $ 1,889 $ — $ — U.S. government and agency debt securities 198,918 124,958 73,960 — Corporate debt securities 140,087 — 140,087 — International government agency debt securities 56,735 — 56,735 — Contingent consideration 84,800 — — 84,800 Common stock warrants 1,395 — — 1,395 Total $ 483,824 $ 126,847 $ 270,782 $ 86,195 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 the fair value hierarchies during the nine months ended September 30, 2018. The following table is a rollforward of the fair value of the Company’s assets whose fair values were determined using Level 3 inputs at September 30, 2018: (In thousands) Fair Value Balance, January 1, 2018 $ 86,195 Purchase of corporate debt security 492 Change in the fair value of contingent consideration (17,300) Decrease in the fair value of warrants (600) Balance, September 30, 2018 $ 68,787 The Company’s investments in U.S. government and agency debt securities, international government agency debt securities and corporate debt securities classified as Level 2 within the fair value hierarchy were initially valued at the transaction price and subsequently valued, at the end of each reporting period, utilizing market-observable data. The market-observable data included reportable trades, benchmark yields, credit spreads, broker/dealer quotes, bids, offers, current spot rates and other industry and economic events. The Company validated the prices developed using the market-observable data by obtaining market values from other pricing sources, analyzing pricing data in certain instances and confirming that the relevant markets are active. The Company’s contingent consideration relates to the divestiture of its Gainesville, GA facility (the “Gainesville Transaction”), as summarized in Note 15, Divestiture , in the “Notes to Consolidated Financial Statements” of the Company’s Annual Report. • The Company is entitled to receive $45.0 million upon regulatory approval of the first NDA for IV/IM and parenteral forms of Meloxicam or any other product with the same active ingredient as Meloxicam IV/IM that is discovered or identified using certain of the Company’s IP to which Recro Pharma, Inc. (“Recro”) was provided a right of use, through license or transfer (the “Meloxicam Product(s)”). The fair value of the regulatory milestone was estimated based on the likelihood of achieving this regulatory milestone and applying a discount rate from the expected time the milestone occurs to the balance sheet date. The Company expects the regulatory milestone event to occur in the first quarter of 2019 and used a discount rate of 3.9%; • The Company is entitled to receive future royalties on net sales of Meloxicam Products. To estimate the fair value of the future royalties, the Company assessed the likelihood of a Meloxicam Product being approved for sale and estimated the expected future sales of such Meloxicam Product assuming approval and IP protection. The Company then discounted these expected payments using a discount rate of 15.0%, which it believes captures a market participant’s view of the risk associated with the expected payments; and • The Company is entitled to receive payments of up to $80.0 million upon achieving certain sales milestones on future sales of the Meloxicam Products. The sales milestones were determined through the use of a real options approach, where net sales are simulated in a risk-neutral world. To employ this methodology, the Company used a risk-adjusted expected growth rate based on its assessments of expected growth in net sales of the approved Meloxicam Product, adjusted by an appropriate factor capturing their respective correlation with the market. A resulting expected (probability-weighted) milestone payment was then discounted at a cost of debt, which ranged from 3.7% to 5.7%. At September 30, 2018 and December 31, 2017, the Company determined that the value of the contingent consideration was $67.5 million and $84.8 million, respectively. The Company recorded an increase of $4.2 million and a decrease of $17.3 million during the three and nine months ended September 30, 2018, respectively, and an increase of $13.6 million and $15.9 million during the three and nine months ended September 30, 2017, respectively, within “Change in the fair value of contingent consideration” in the accompanying condensed consolidated statements of operations and comprehensive loss. As part of the Gainesville Transaction, the Company also received warrants to purchase 350,000 shares of Recro common stock at a per share exercise price of $19.46. The Company used a Black-Scholes model with the following assumptions to determine the fair value of these warrants at September 30, 2018: Closing stock price at September 30, 2018 $ 7.11 Warrant strike price $ 19.46 Expected term (years) 3.52 Risk-free rate 2.91 % Volatility 77.0 % During the three and nine months ended September 30, 2018, the Company determined that the fair value of the warrants, recorded within “Other assets” in the accompanying condensed consolidated balance sheets, increased by $0.4 million and decreased by $0.6 million, respectively, and during the three and nine months ended September 30, 2017, increased by $0.3 million and $0.1 million, respectively. The change in the fair value of the warrants was recorded within “Other (expense) income, net” in the accompanying condensed consolidated statements of operations and comprehensive loss. The carrying amounts reflected in the consolidated balance sheets for cash and cash equivalents, accounts receivable, contract assets, other current assets, accounts payable and accrued expenses approximate fair value due to their short-term nature.

Inventory

Inventory	9 Months Ended
	Sep. 30, 2018
Inventory Disclosure [Abstract]
Inventory	6. INVENTORY Inventory is stated at the lower of cost and net realizable value. Cost is determined using the first-in, first-out method. Inventory consisted of the following: September 30, December 31, (In thousands) 2018 2017 Raw materials $ 29,859 $ 29,883 Work in process 34,872 38,964 Finished goods ( 1) 23,287 24,428 Total inventory $ 88,018 $ 93,275 (1) At September 30, 2018 and December 31, 2017, the Company had $16.2 million and $8.7 million, respectively, of finished goods inventory located at its third-party warehouse and shipping service provider.

Property, Plant and Equipment

Property, Plant and Equipment	9 Months Ended
	Sep. 30, 2018
Property Plant And Equipment [Abstract]
Property, Plant and Equipment	7. PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment consisted of the following: September 30, December 31, (In thousands) 2018 2017 Land $ 6,293 $ 6,293 Building and improvements 156,133 155,198 Furniture, fixtures and equipment 307,706 289,455 Leasehold improvements 19,953 19,578 Construction in progress 81,552 54,270 Subtotal 571,637 524,794 Less: accumulated depreciation (268,550) (240,058) Total property, plant and equipment, net $ 303,087 $ 284,736

Goodwill and Intangible Assets

Goodwill and Intangible Assets	9 Months Ended
	Sep. 30, 2018
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	8. GOODWILL AND INTANGIBLE ASSETS Goodwill and intangible assets consisted of the following: September 30, 2018 (In thousands) Weighted Amortizable Life (Years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Goodwill $ 92,873 $ — $ 92,873 Finite-lived intangible assets: Collaboration agreements 12 $ 465,590 $ (306,729) $ 158,861 NanoCrystal technology 13 74,600 (37,012) 37,588 OCR technologies 12 42,560 (31,583) 10,977 Total $ 582,750 $ (375,324) $ 207,426 Based on the Company’s most recent analysis, amortization of intangible assets included within its condensed consolidated balance sheet at September 30, 2018 is expected to be approximately $65.0 million, $55.0 million, $50.0 million, $40.0 million and $35.0 million in the years ending December 31, 2018 through 2022, respectively. Although the Company believes such available information and assumptions are reasonable, given the inherent risks and uncertainties underlying its expectations regarding such future revenues, there is the potential for the Company’s actual results to vary significantly from such expectations. If revenues are projected to change, the related amortization of the intangible assets will change in proportion to the change in revenues.

Accounts Payable and Accrued Ex

Accounts Payable and Accrued Expenses	9 Months Ended
	Sep. 30, 2018
Payables And Accruals [Abstract]
Accounts Payable and Accrued Expenses	9. ACCOUNTS PAYABLE AND ACCRUED EXPENSES Accounts payable and accrued expenses consisted of the following: September 30, December 31, (In thousands) 2018 2017 Accounts payable $ 44,114 $ 55,526 Accrued compensation 60,472 54,568 Accrued sales discounts, allowances and reserves 131,067 111,137 Accrued other 59,376 64,935 Total accounts payable and accrued expenses $ 295,029 $ 286,166

Long-term Debt

Long-term Debt	9 Months Ended
	Sep. 30, 2018
Debt Disclosure [Abstract]
Long-term Debt	10. LONG-TERM DEBT Long-term debt consisted of the following: September 30, December 31, (In thousands) 2018 2017 2023 Term Loans, due March 26, 2023 $ 279,850 $ 281,436 Less: current portion (2,843) (3,000) Long-term debt $ 277,007 $ 278,436 In March 2018, the Company amended and refinanced its existing term loan, referred to as Term Loan B-1 (as so amended and refinanced, the “2023 Term Loans”), in order to, among other things, extend the due date of the loan from September 25, 2021 to March 26, 2023, reduce the interest payable from LIBOR plus 2.75% with a LIBOR floor of 0.75% to LIBOR 2.25% no The Refinancing involved multiple lenders who were considered members of a loan syndicate. In determining whether the Refinancing was to be accounted for as a debt extinguishment or a debt modification, the Company considered whether creditors remained the same or changed and whether the changes in debt terms were substantial. A change in the debt terms was considered to be substantial if the present value of the remaining cash flows under the new terms of the 2023 Term Loans was at least 10% different from the present value of the remaining cash flows under the former Term Loan B-1 (commonly referred to as the “10% Test”). The Company performed a separate 10% Test for each individual creditor participating in the loan syndication. With the exception of one lender, who owned 1% of the total outstanding principal amount of Term Loan B-1 at the date of the Refinancing and was accounted for as a debt extinguishment, the Refinancing was accounted for as a debt modification. The Refinancing resulted in a $2.3 million charge in the three months ended March 31, 2018, which was included in “Interest expense” in the accompanying condensed consolidated statement of operations and comprehensive loss.

Restructuring

Restructuring	9 Months Ended
	Sep. 30, 2018
Restructuring And Related Activities [Abstract]
Restructuring	11. RESTRUCTURING On January 25, 2018, the Company’s management approved a restructuring plan at its Athlone, Ireland manufacturing facility designed to streamline future operational performance. The restructuring plan included a reduction in headcount of 24 employees. In connection with this restructuring plan, during the three months ended March 31, 2018, the Company recorded a restructuring charge of $3.2 million within cost of goods manufactured and sold and $0.4 million within R&D expense, which consisted of severance and outplacement services. At June 30, 2018, the Company had made all its severance and outplacement services payments related to this restructuring.

Share-based Compensation

Share-based Compensation	9 Months Ended
	Sep. 30, 2018
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Share-based Compensation	12. SHARE-BASED COMPENSATION Share-based compensation expense consisted of the following: Three Months Ended Nine Months Ended September 30, September 30, (In thousands) 2018 2017 2018 2017 Cost of goods manufactured and sold $ 2,140 $ 1,752 $ 6,012 $ 5,893 Research and development 7,937 5,497 23,203 16,752 Selling, general and administrative 14,991 12,239 46,828 40,691 Total share-based compensation expense $ 25,068 $ 19,488 $ 76,043 $ 63,336 At September 30, 2018 and December 31, 2017, $0.5 million and $0.4 million, respectively, of share-based compensation cost was capitalized and recorded as “Inventory” in the accompanying condensed consolidated balance sheets. In February 2017, the compensation committee of the Company’s board of directors approved awards of restricted stock units (“RSUs”) to all employees employed by the Company during 2017, in each case subject to vesting on the achievement of the following performance criteria: (i) FDA approval of the NDA for ALKS 5461, (ii) the achievement of the pre-specified primary efficacy endpoints in each of two phase 3 studies of ALKS 3831, and (iii) revenues equal to or greater than a pre-specified amount for the year ending December 31, 2019. These performance criteria are being assessed over a performance period of three years from the date of the grant. At September 30, 2018, there was $55.7 million of unrecognized compensation cost related to these performance-vesting RSUs, which would be recognized in accordance with the terms of the award when the Company deems it probable that the performance criteria will be met.

Loss Per Share

Loss Per Share	9 Months Ended
	Sep. 30, 2018
Earnings Per Share [Abstract]
Loss Per Share	13. LOSS PER SHARE Basic loss per ordinary share is calculated based upon net loss available to holders of ordinary shares divided by the weighted average number of shares outstanding. For the three and nine months ended September 30, 2018 and 2017, as the Company was in a net loss position, the diluted loss per share calculation did not assume conversion or exercise of stock options and awards as they would have had an anti-dilutive effect on loss per share. The following potential ordinary equivalent shares have not been included in the net loss per ordinary share calculation because the effect would have been anti-dilutive: Three Months Ended Nine Months Ended September 30, September 30, (In thousands) 2018 2017 2018 2017 Stock options 11,553 9,588 10,274 9,564 Restricted stock units 2,678 2,183 2,621 2,058 Total 14,231 11,771 12,895 11,622

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2018
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	14. COMMITMENTS AND CONTINGENCIES Lease Commitments In March 2018, the Company entered into a lease agreement for approximately 220,000 square feet of office and laboratory space located in a building to be built at 900 Winter Street, Waltham, Massachusetts (“900 Winter Street”). The Company plans to occupy the premises in early 2020. The initial term of the lease shall commence on the earlier of: (i) the Delivery Date (defined as (a) the later of January 20, 2020, or (b) the date on which the landlord substantially completes its work in accordance with the terms of the lease), or (ii) the date the Company enters into possession of all or any substantial portion of 900 Winter Street for the conduct of its business (the “Commencement Date”). The initial lease term expires on the last day of the calendar month in which the fifteenth (15 th 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 based on available information. On a periodic basis, as additional information becomes available, or based on specific events such as the outcome of litigation or settlement of claims, the Company may reassess the potential liability related to these matters and may revise these estimates, which could result in material adverse adjustments to the Company’s operating results. At September 30, 2018, there were no potential material losses from claims, asserted or unasserted, or legal proceedings the Company determined were probable of occurring. INVEGA SUSTENNA ANDA Litigation In January 2018, Janssen Pharmaceuticals NV and Janssen Pharmaceuticals, Inc. initiated a patent infringement lawsuit in the United States District Court for the District of New Jersey against Teva Pharmaceuticals USA, Inc. (“Teva”), who filed an abbreviated new drug application (“ANDA”) seeking approval to market a generic version of INVEGA SUSTENNA before the expiration of United States Patent No. 9,439,906. Requested judicial remedies included recovery of litigation costs and injunctive relief. The Company is not a party to these proceedings. For information about risks relating to the INVEGA SUSTENNA Paragraph IV litigation, see “Part I, Item 1A—Risk Factors” of the Company’s Annual Report and specifically the section entitled “—We or our licensees may face claims against IP rights covering our products and competition from generic drug manufacturers.” AMPYRA ANDA Litigation Eleven separate Paragraph IV Certification Notices have been received by the Company and/or its partner Acorda from: Accord Healthcare, Inc. (“Accord”); Actavis Laboratories FL, Inc. (“Actavis”); Alkem Laboratories Ltd. (“Alkem”); Apotex Corporation and Apotex, Inc. (collectively, “Apotex”); Aurobindo Pharma Ltd. (“Aurobindo”); MicroLabs Limited (“MicroLabs”); Mylan Pharmaceuticals, Inc. (“Mylan”); Par Pharmaceutical, Inc. (“Par”); Roxane Laboratories, Inc. (“Roxane”); Sun Pharmaceutical Industries Limited and Sun Pharmaceuticals Industries Inc. (collectively, “Sun”); and Teva (collectively with Accord, Actavis, Alkem, Apotex, Aurobindo, MicroLabs, Mylan, Par, Roxane and Sun, the “ANDA Filers”) advising that each of the ANDA Filers had submitted an ANDA to the FDA seeking marketing approval for generic versions of AMPYRA (dalfampridine) Extended-Release Tablets, 10 mg. The ANDA Filers challenged the validity of one or more of the Orange Book-listed patents for AMPYRA, and they also asserted that their generic versions do not infringe certain claims of these patents. In response, the Company and/or Acorda filed lawsuits against the ANDA Filers asserting infringement of one or more of the Orange Book-listed patents for AMPYRA. Requested judicial remedies included recovery of litigation costs and injunctive relief. All lawsuits were filed within 45 days from the date of receipt of each of the Paragraph IV Certification Notices from the ANDA Filers. As a result, a 30-month statutory stay of approval period applied to each of the ANDA Filers’ ANDAs under the U.S. Drug Price Competition and Patent Term Restoration Act of 1984 (the “Hatch-Waxman Act”). The first 30-month stay restricted the FDA from approving the ANDA Filers’ ANDAs until July 2017 at the earliest, unless a Federal district court issued a decision adverse to all of the asserted Orange Book-listed patents prior to that date. Lawsuits with eight of the ANDA Filers have been consolidated into a single case. The Company and/or Acorda entered into a settlement agreement with each of Accord, Actavis, Alkem, Apotex, Aurobindo, MicroLabs, Par and Sun to resolve the patent litigation that the Company and/or Acorda brought against these settling ANDA Filers. The settlements with these settling ANDA Filers did not impact the patent litigation that the Company and Acorda brought against the remaining ANDA Filers, including as described below. In March 2017, after a bench trial, the U.S. District Court for the District of Delaware (the “Delaware Court”) issued an opinion (the “Delaware Court Decision”), which, among other things, invalidated U.S. Patent Nos. 8,007,826; 8,354,437; 8,440,703; and 8,663,685. The Delaware Court also upheld the validity of the U.S. Patent No. 5,540,938 (the “‘938 Patent”), which pertains to the formulation of AMPYRA, but that patent expired on July 30, 2018. In May 2017, Acorda filed an appeal with the Federal Circuit of the Delaware Court Decision with respect to the findings on U.S. Patent Nos. 8,007,826; 8,354,437; 8,440,703; and 8,663,685. On July 27, 2018, Acorda and the Company entered into a settlement agreement with Mylan, pursuant to which, among other things, Mylan was permitted to market an authorized generic version of AMPYRA in the U.S. in the event of an affirmance by the Federal Circuit of the Delaware Court Decision. On September 10, 2018, the Federal Circuit affirmed the Delaware Court Decision, which invalidated U.S. Patent Nos. 8,007,826; 8,354,437; 8,440,703; and 8,663,685. Acorda has until October 24, 2018 to file a petition for rehearing and rehearing en banc of the Federal Circuit’s decision. For information about risks relating to the AMPYRA Paragraph IV litigations and other proceedings see “Part I, Item 1A—Risk Factors” of the Company’s Annual Report and specifically the section entitled “—We or our licensees may face claims against IP rights covering our products and competition from generic drug manufacturers.” VIVITROL IPR Proceeding On April 20, 2018, Amneal Pharmaceuticals LLC filed an inter partes review (“IPR”) petition with the U.S. Patent and Trademark Office challenging U.S. Patent Number 7,919,499 (the “‘499 Patent”), which is an Orange Book-listed patent for VIVITROL. The Company’s Preliminary Patent Owner Response was filed on August 9, 2018. The Patent Trial and Appeal Board will decide whether to institute the IPR by November 9, 2018. If instituted, the Company will vigorously defend the ‘499 Patent in the IPR proceedings. For information about risks relating to the ‘499 Patent IPR proceedings see “Part I, Item 1A—Risk Factors” in the Company’s Annual Report and specifically the sections entitled “— Patent protection for our products is important and uncertain” and “— Uncertainty over intellectual property in the biopharmaceutical industry has been the source of litigation, which is inherently costly and unpredictable.” Government Matters On June 22, 2017, the Company received a subpoena from an Office of the U.S. Attorney for documents related to VIVITROL. The Company is cooperating with the government. Securities Litigation On November 22, 2017, a purported stockholder of the Company filed a putative class action against the Company and certain of its officers (collectively, the “Defendants”) in the United States District Court for the Southern District of New York captioned Gagnon v. Alkermes plc, et al., No. 1:17-cv-09178. This complaint has been amended twice since its initial filing. The second amended complaint was filed on behalf of a putative class of purchasers of Alkermes securities during the period of February 24, 2015 to November 14, 2017 and alleges violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended, based on allegedly false or misleading statements and omissions regarding the Company’s marketing practices related to VIVITROL. The lawsuit seeks, among other things, unspecified damages for alleged inflation in the price of securities, and reasonable costs and expenses, including attorneys’ fees. On June 29, 2018, Defendants filed a motion to dismiss the second amended complaint. Oral arguments on this motion are scheduled to be heard on October 23, 2018. For information about risks relating to this action, see “Part I, Item 1A—Risk Factors” of the Company’s Annual Report and specifically the section entitled “—Litigation or arbitration against Alkermes, including securities litigation, or citizen petitions filed with the FDA, may result in financial losses, harm our reputation, divert management resources, negatively impact the approval of our products, or otherwise negatively impact our business.”

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2018
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements of the Company for the three and nine months ended September 30, 2018 and 2017 are unaudited and have been prepared on a basis substantially consistent with the audited financial statements for the year ended December 31, 2017. 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, which are of a normal recurring nature, that are necessary to state fairly the results of operations for the reported periods. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto of the Company, which are contained in the Company’s Annual Report that has been filed with the SEC. 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 a full fiscal year.
Principles of Consolidation	Principles of Consolidation The 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,
Use of Estimates	Use of Estimates The preparation of the Company’s condensed consolidated financial statements in accordance with GAAP requires management to 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 those related to revenue recognition and related allowances, its collaborative relationships, clinical trial expenses, the valuation of inventory, impairment and amortization of intangibles and long-lived assets, share-based compensation, income taxes including the valuation allowance for deferred tax assets, valuation of investments, contingent consideration 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 assumptions or conditions.
Segment Information	Segment Information The Company operates as one business segment, which is the business of developing, manufacturing and commercializing medicines. The Company’s chief decision maker, the Chairman of the Board and Chief Executive Officer, reviews the Company’s operating results on an aggregate basis and manages the Company’s operations as a single operating unit.
Income Taxes	Income Taxes The Company’s income tax provision (benefit) in the three and nine months ended September 30, 2018 and 2017 primarily related to U.S. federal and state taxes. The Company records a deferred tax asset or liability based on the difference between the financial statement and tax basis of its assets and liabilities, as measured by enacted jurisdictional tax rates assumed to be in effect when these differences reverse. At September 30, 2018, the Company maintained a valuation allowance against certain of its U.S. and foreign deferred tax assets. The Company evaluates, at each reporting period, the need for a valuation allowance on its deferred tax assets on a jurisdiction-by-jurisdiction basis. As of September 30, 2018, the Company has not modified its position with respect to provisional amounts recorded to its financial statements as a result of the Tax Cuts and Jobs Act (“Tax Reform”) that was enacted in December 2017. The Company will continue to analyze the impact of Tax Reform. For additional information, please refer to Note 2, Summary of Significant Accounting Policies
New Accounting Pronouncements	New Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or other standard-setting bodies that are adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that the impact of recently issued guidance that are not yet effective will not have a material impact on its financial position or results of operations upon adoption. In May 2014, the FASB issued guidance that outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The guidance (“Topic 606”) is based on the principle that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to fulfill a contract. Numerous updates have been issued subsequent to the initial guidance that provide clarification on a number of specific issues and require additional disclosures. The two permitted transition methods under the new guidance are the full retrospective method, in which case the guidance would be applied to each prior reporting period presented and the cumulative effect of applying the guidance would be recognized at the earliest period shown, or the modified retrospective method, in which case the cumulative effect of applying the guidance would be recognized at the date of initial application. In July 2015, the FASB approved the deferral of the new guidance's effective date by one year. The new guidance became effective for annual reporting periods beginning after December 15, 2017. Effective January 1, 2018, the Company adopted the requirements of Topic 606 using the modified retrospective method. As part of the adoption, the Company reviewed all contracts that were not yet completed as of the date of initial application in determining the cumulative-effect impact related to the adoption of Topic 606. The cumulative-effect impact recorded to retained earnings resulted in an adjustment of approximately $0.8 million, which was primarily due to the acceleration of manufacturing revenue, offset by an adjustment to deferred revenue for license and milestone payments that will now be recognized over time. The following balance sheet accounts were impacted: Topic 606 Adjustment (In thousands) Contract assets $ 9,110 Inventory (8,209) Deferred tax asset 109 Contract liabilities—short-term (1,104) Contract liabilities—long-term (724) Accumulated deficit 818 $ — For additional information regarding how the Company is accounting for revenue under the updated guidance, refer to Note 3, Revenue from Contracts with Customers In January 2016, the FASB issued guidance that enhances the reporting model for financial instruments by addressing certain aspects of recognition, measurement, presentation and disclosure of financial instruments. The amendments in this guidance include: requiring equity securities to be measured at fair value with changes in fair value recognized through the income statement; simplifying the impairment assessment of equity instruments without readily determinable fair values by requiring a qualitative assessment to identify impairment; eliminating the requirement to disclose the fair value of financial instruments measured at amortized cost for entities that are not public business entities; eliminating the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet; requiring public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; requiring an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments; requiring separate presentation of financial assets and financial liabilities by measurement category and form of financial asset; and clarifying that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity’s other deferred tax assets. This guidance is effective for the Company in this year ending December 31, 2018, and the Company has determined that the adoption of this guidance will not have a material impact on its consolidated financial statements. In February 2016, the FASB issued guidance to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. Numerous updates have been issued subsequent to the initial guidance that provide clarification on a number of specific issues. The main difference between previous GAAP and this guidance is the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases under previous GAAP. This guidance becomes effective for the Company in the year ending December 31, 2019 and the Company continues to assess the impact that this guidance will have on its consolidated financial statements. At this time, the Company cannot conclude as to the total expected impact the adoption of this new guidance will have on its consolidated financial statements, but does believe that the adoption will have a material impact on the Company’s balance sheet as it currently has, among other operating leases, two operating leases for 67,000 and 175,000 square feet of office and laboratory space in two separate locations in Waltham, Massachusetts that expire in 2020 and 2021, respectively, and an operating lease for 14,600 square feet of corporate office space in Dublin, Ireland that expires in 2022. In addition, during the three months ended March 31, 2018, the Company entered into a lease for approximately 220,000 square feet of office and laboratory space to be constructed in Waltham, Massachusetts with a delivery date of January 2020. In June 2016, the FASB issued guidance to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. To achieve this objective, the amendments in this guidance replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. This guidance becomes effective for the Company in the year ending December 31, 2020, with early adoption permitted for the Company in the year ending December 31, 2019. The Company is currently assessing the impact that this guidance will have on its consolidated financial statements. In October 2016, the FASB issued guidance to simplify and improve accounting on transfers of assets between affiliated entities. The updated guidance eliminates the prohibition for all intra-entity asset transfers, except for inventory. Effective January 1, 2018, the Company adopted this guidance and recorded a cumulative-effect adjustment of $0.9 million to retained earnings. In July 2017, the FASB issued guidance that addresses narrow issues identified as a result of the complexity associated with applying GAAP for certain financial instruments with characteristics of liabilities and equity. The guidance becomes effective for the Company in the year ending December 31, 2019 and early adoption is permitted. The Company is currently assessing the impact that this guidance will have on its consolidated financial statements. In June 2018, the FASB issued guidance that addresses the accounting for nonemployee share-based payment transactions resulting from expanding the scope of Topic 718, Compensation – Stock Compensation In August 2018, the FASB issued amendments that aim to improve the effectiveness of fair value measurement disclosures. The amendments in this guidance modify the disclosure requirements on fair value measurements based on the concepts in FASB Concepts Statement, Conceptual Framework for Financial Reporting - Chapter 8: Notes to Financial Statements In August 2018, the FASB issued guidance that aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). The guidance also requires the entity to expense the capitalized implementation costs of a hosting arrangement that is a service contract over the term of the hosting arrangement, which includes reasonably certain renewals. The guidance becomes effective for the Company in the year ending December 31, 2020 and early adoption is permitted. The Company is currently assessing the impact that this guidance will have on its consolidated financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2018
Accounting Policies [Abstract]
Schedule of Adjusted Balance Sheet and Statement of Operations	The following balance sheet accounts were impacted: Topic 606 Adjustment (In thousands) Contract assets $ 9,110 Inventory (8,209) Deferred tax asset 109 Contract liabilities—short-term (1,104) Contract liabilities—long-term (724) Accumulated deficit 818 $ —

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	9 Months Ended
	Sep. 30, 2018
Schedule of Contract Assets and Contract Liabilities	Contract assets consisted of the following: (In thousands) Contract Assets Contract assets at January 1, 2018 $ 9,110 Additions 49,387 Transferred to receivables, net (45,021) Contract assets at September 30, 2018 $ 13,476 Contract Liabilities —The Company’s contract liabilities consist of contractual obligations related to deferred revenue. Contract liabilities consisted of the following: (In thousands) Contract Liabilities Contract liabilities at January 1, 2018 $ 9,442 Additions 5,793 Amounts recognized into revenue (3,309) Contract liabilities at September 30, 2018 $ 11,926
Schedule of Adjusted Balance Sheet and Statement of Operations	The following balance sheet accounts were impacted: Topic 606 Adjustment (In thousands) Contract assets $ 9,110 Inventory (8,209) Deferred tax asset 109 Contract liabilities—short-term (1,104) Contract liabilities—long-term (724) Accumulated deficit 818 $ —
ASU 2014-09
Schedule of Adjusted Balance Sheet and Statement of Operations	The quantitative impacts of the changes are set out below for each of the condensed consolidated balance sheet and the condensed consolidated statement of operations for the current reporting period. ADJUSTED CONDENSED CONSOLIDATED BALANCE SHEET September 30, 2018 (In thousands) As Reported Adjustment Balances Without Adoption of Topic 606 ASSETS Contract assets $ 13,476 $ (13,476) (1) $ — Inventory 88,018 8,772 (2) 96,790 Deferred tax asset 92,279 (120) (3) 92,159 LIABILITIES Contract liabilities—short-term $ 6,916 $ (6,916) (4) $ — Deferred revenue—short-term — 5,428 (4) 5,428 Contract liabilities—long-term 5,010 (5,010) (4) — Deferred revenue—long-term — 4,681 (4) 4,681 SHAREHOLDERS' EQUITY Accumulated deficit $ (1,175,655) $ (3,007) (5) $ (1,178,662) The adjustments are a result of the following: (1) Adjustment to contract assets to reverse revenue recognized over time under Topic 606. (2) Adjustment to inventory to add back the cost of goods manufactured related to the revenue transactions summarized in item (1), above. (3) Adjustment to deferred tax asset to apply the tax impact of the revenue transactions summarized in item (1), above. (4) Adjustments to contract liabilities—short-term and contract liabilities—long-term is to reclassify amounts previously classified as deferred revenue—short-term and deferred revenue—long-term under Topic 605. (5) Adjustment to accumulated deficit for the net impact of the transactions noted in items (1) through (4) above. ADJUSTED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 (In thousands, except per share amounts) As Reported Adjustment Balances Without Adoption of Topic 606 As Reported Adjustment Balances Without Adoption of Topic 606 REVENUES: Manufacturing and royalty revenues $ 116,411 $ 1,106 (1) $ 117,517 $ 359,253 $ (4,366) (1) $ 354,887 Product sales, net 116,035 — 116,035 317,684 — 317,684 Research and development revenue 16,274 (1,100) (2) 15,174 53,325 48,541 (2) 101,866 License revenue — — — 48,250 (48,250) (3) — Total revenues 248,720 6 248,726 778,512 (4,075) 774,437 EXPENSES: Cost of goods manufactured and sold 39,410 574 (4) 39,984 127,303 (565) (4) 126,738 Research and development 101,265 — 101,265 316,434 — 316,434 Selling, general and administrative 128,777 — 128,777 385,181 — 385,181 Amortization of acquired intangible assets 16,426 — 16,426 48,742 — 48,742 Total expenses 285,878 574 286,452 877,660 (565) 877,095 Operating (loss) income (37,158) (568) (37,726) (99,148) (3,510) (102,658) Other income (expense), net 3,325 — 3,325 (26,128) — (26,128) Loss before income taxes (33,833) (568) (34,401) (125,276) (3,510) (128,786) Income tax provision (benefit) 611 (104) 507 4,322 11 4,333 Net (loss) income $ (34,444) $ (464) $ (34,908) $ (129,598) $ (3,521) $ (133,119) Loss per ordinary share — basic and diluted $ (0.22) $ (0.00) $ (0.22) $ (0.84) $ (0.04) $ (0.88) The adjustments are a result of the following: (1) Adjustments to manufacturing and royalty revenues to recognize revenue under Topic 605 in the three and nine months ended September 30, 2018 that was recognized under Topic 606. ( 2 ) Adjustments to research and development revenue during the three and nine months ended September 30, 2018 to recognize revenue under Topic 605 that was recognized under Topic 606. (3) Adjustments to license revenue during the nine months ended September 30, 2018 to recognize revenue under Topic 605 that was recognized under Topic 606. (4) Adjustments to cost of goods manufactured and sold to recognize the cost from the transactions noted in item (1) above.
Product sales, net
Schedule of Disaggregation of Revenue	During the three and nine months ended September 30, 2018 and 2017, the Company recorded product sales, net, as follows: Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2018 2017 2018 2017 VIVITROL $ 79,893 $ 69,177 $ 218,778 $ 193,704 ARISTADA 36,142 24,504 98,906 65,189 Total product sales, net $ 116,035 $ 93,681 $ 317,684 $ 258,893
Manufacturing and royalty revenues
Schedule of Disaggregation of Revenue	During the three and nine months ended September 30, 2018 and 2017, the Company recorded manufacturing and royalty revenues from its collaboration arrangements as follows: Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 (In thousands) Manufacturing Revenue Royalty Revenue Total Manufacturing Revenue Royalty Revenue Total INVEGA SUSTENNA/XEPLION & INVEGA TRINZA/TREVICTA $ — $ 65,620 $ 65,620 $ — $ 174,956 $ 174,956 AMPYRA/FAMPYRA 12,894 7,445 20,339 38,000 30,276 68,276 RISPERDAL CONSTA 7,267 4,316 11,583 42,296 13,922 56,218 BYDUREON — 11,944 11,944 — 35,202 35,202 Other 5,036 1,889 6,925 19,420 5,181 24,601 $ 25,197 $ 91,214 $ 116,411 $ 99,716 $ 259,537 $ 359,253 Three Months Ended September 30, 2017 Nine Months Ended September 30, 2017 (In thousands) Manufacturing Revenue Royalty Revenue Total Manufacturing Revenue Royalty Revenue Total INVEGA SUSTENNA/XEPLION & INVEGA TRINZA/TREVICTA $ — $ 57,912 $ 57,912 $ — $ 153,736 $ 153,736 AMPYRA/FAMPYRA 11,527 12,951 24,478 37,596 41,357 78,953 RISPERDAL CONSTA 16,838 4,693 21,531 52,858 15,021 67,879 BYDUREON — 10,095 10,095 — 33,996 33,996 Other 6,384 2,277 8,661 23,581 8,463 32,044 $ 34,749 $ 87,928 $ 122,677 $ 114,035 $ 252,573 $ 366,608

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 2018
Investments Debt And Equity Securities [Abstract]
Schedule of Investments	Investments consisted of the following (in thousands): Gross Unrealized Losses Amortized Less than Greater than Estimated September 30, 2018 Cost Gains One Year One Year Fair Value Short-term investments: Available-for-sale securities: U.S. government and agency debt securities $ 119,406 $ 2 $ (87) $ (92) $ 119,229 Corporate debt securities 95,744 12 (99) (73) 95,584 International government agency debt securities 36,305 3 (18) (57) 36,233 Total short-term investments 251,455 17 (204) (222) 251,046 Long-term investments: Available-for-sale securities: Corporate debt securities 53,225 — (297) (110) 52,818 U.S. government and agency debt securities 31,054 — (140) — 30,914 International government agency debt securities 24,245 — (131) (33) 24,081 108,524 — (568) (143) 107,813 Held-to-maturity securities: Fixed term deposit account 1,667 156 — — 1,823 Certificates of deposit 1,820 — — — 1,820 3,487 156 — — 3,643 Total long-term investments 112,011 156 (568) (143) 111,456 Total investments $ 363,466 $ 173 $ (772) $ (365) $ 362,502 December 31, 2017 Short-term investments: Available-for-sale securities: U.S. government and agency debt securities $ 150,673 $ 1 $ (130) $ (233) $ 150,311 Corporate debt securities 56,552 3 (48) (10) 56,497 International government agency debt securities 35,478 1 (54) (25) 35,400 Total short-term investments 242,703 5 (232) (268) 242,208 Long-term investments: Available-for-sale securities: Corporate debt securities 83,924 — (300) (34) 83,590 U.S. government and agency debt securities 48,948 — (270) (71) 48,607 International government agency debt securities 21,453 — (118) — 21,335 154,325 — (688) (105) 153,532 Held-to-maturity securities: Fixed term deposit account 1,667 222 — — 1,889 Certificates of deposit 1,791 — — — 1,791 3,458 222 — — 3,680 Total long-term investments 157,783 222 (688) (105) 157,212 Total investments $ 400,486 $ 227 $ (920) $ (373) $ 399,420
Proceeds From the Sales and Maturities of Marketable Securities Plus the Resulting Realized Gains and Losses	The proceeds from the sales and maturities of marketable securities, which were identified using the specific identification method, and were primarily reinvested, were as follows: Nine Months Ended September 30, (In thousands) 2018 2017 Proceeds from the sales and maturities of marketable securities $ 344,624 $ 318,492 Realized gains $ 4 $ 9 Realized losses $ 268 $ 3
Contractual Maturities of Available-for-Sale and Held-to-Maturity Securities	The Company’s available-for-sale and held-to-maturity securities at September 30, 2018 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 $ 212,497 $ 212,078 $ 1,820 $ 1,820 After 1 year through 5 years 147,482 146,781 1,667 1,823 Total $ 359,979 $ 358,859 $ 3,487 $ 3,643

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2018
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 of the valuation techniques the Company utilized to determine such fair value: September 30, (In thousands) 2018 Level 1 Level 2 Level 3 Assets: Cash equivalents $ 71,059 $ 71,059 $ — $ — U.S. government and agency debt securities 150,143 111,417 38,726 — Corporate debt securities 148,402 — 147,910 492 International government agency debt securities 60,314 — 60,314 — Contingent consideration 67,500 — — 67,500 Common stock warrants 795 — — 795 Total $ 498,213 $ 182,476 $ 246,950 $ 68,787 December 31, 2017 Level 1 Level 2 Level 3 Assets: Cash equivalents $ 1,889 $ 1,889 $ — $ — U.S. government and agency debt securities 198,918 124,958 73,960 — Corporate debt securities 140,087 — 140,087 — International government agency debt securities 56,735 — 56,735 — Contingent consideration 84,800 — — 84,800 Common stock warrants 1,395 — — 1,395 Total $ 483,824 $ 126,847 $ 270,782 $ 86,195
Rollforward of the Fair Value of the Assets Determined using Level 3 Inputs	The following table is a rollforward of the fair value of the Company’s assets whose fair values were determined using Level 3 inputs at September 30, 2018: (In thousands) Fair Value Balance, January 1, 2018 $ 86,195 Purchase of corporate debt security 492 Change in the fair value of contingent consideration (17,300) Decrease in the fair value of warrants (600) Balance, September 30, 2018 $ 68,787
Schedule of Assumptions Used to Determine the Fair Value of the Warrants	The Company used a Black-Scholes model with the following assumptions to determine the fair value of these warrants at September 30, 2018: Closing stock price at September 30, 2018 $ 7.11 Warrant strike price $ 19.46 Expected term (years) 3.52 Risk-free rate 2.91 % Volatility 77.0 %

Inventory (Tables)

Inventory (Tables)	9 Months Ended
	Sep. 30, 2018
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventory is stated at the lower of cost and net realizable value. Cost is determined using the first-in, first-out method. Inventory consisted of the following: September 30, December 31, (In thousands) 2018 2017 Raw materials $ 29,859 $ 29,883 Work in process 34,872 38,964 Finished goods ( 1) 23,287 24,428 Total inventory $ 88,018 $ 93,275 (1) At September 30, 2018 and December 31, 2017, the Company had $16.2 million and $8.7 million, respectively, of finished goods inventory located at its third-party warehouse and shipping service provider.

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	9 Months Ended
	Sep. 30, 2018
Property Plant And Equipment [Abstract]
Schedule of Property, Plant and Equipment	Property, plant and equipment consisted of the following: September 30, December 31, (In thousands) 2018 2017 Land $ 6,293 $ 6,293 Building and improvements 156,133 155,198 Furniture, fixtures and equipment 307,706 289,455 Leasehold improvements 19,953 19,578 Construction in progress 81,552 54,270 Subtotal 571,637 524,794 Less: accumulated depreciation (268,550) (240,058) Total property, plant and equipment, net $ 303,087 $ 284,736

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2018
Goodwill And Intangible Assets Disclosure [Abstract]
Schedule of Goodwill and Intangible Assets	Goodwill and intangible assets consisted of the following: September 30, 2018 (In thousands) Weighted Amortizable Life (Years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Goodwill $ 92,873 $ — $ 92,873 Finite-lived intangible assets: Collaboration agreements 12 $ 465,590 $ (306,729) $ 158,861 NanoCrystal technology 13 74,600 (37,012) 37,588 OCR technologies 12 42,560 (31,583) 10,977 Total $ 582,750 $ (375,324) $ 207,426

Accounts Payable and Accrued _2

Accounts Payable and Accrued Expenses (Tables)	9 Months Ended
	Sep. 30, 2018
Payables And Accruals [Abstract]
Schedule of Accounts Payable and Accrued Expenses	Accounts payable and accrued expenses consisted of the following: September 30, December 31, (In thousands) 2018 2017 Accounts payable $ 44,114 $ 55,526 Accrued compensation 60,472 54,568 Accrued sales discounts, allowances and reserves 131,067 111,137 Accrued other 59,376 64,935 Total accounts payable and accrued expenses $ 295,029 $ 286,166

Long-term Debt (Tables)

Long-term Debt (Tables)	9 Months Ended
	Sep. 30, 2018
Debt Disclosure [Abstract]
Schedule of Long-term Debt	Long-term debt consisted of the following: September 30, December 31, (In thousands) 2018 2017 2023 Term Loans, due March 26, 2023 $ 279,850 $ 281,436 Less: current portion (2,843) (3,000) Long-term debt $ 277,007 $ 278,436

Share-based Compensation (Table

Share-based Compensation (Tables)	9 Months Ended
	Sep. 30, 2018
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Schedule of Share-based Compensation Expense	Share-based compensation expense consisted of the following: Three Months Ended Nine Months Ended September 30, September 30, (In thousands) 2018 2017 2018 2017 Cost of goods manufactured and sold $ 2,140 $ 1,752 $ 6,012 $ 5,893 Research and development 7,937 5,497 23,203 16,752 Selling, general and administrative 14,991 12,239 46,828 40,691 Total share-based compensation expense $ 25,068 $ 19,488 $ 76,043 $ 63,336

Loss Per Share (Tables)

Loss Per Share (Tables)	9 Months Ended
	Sep. 30, 2018
Earnings Per Share [Abstract]
Schedule of Anti-Dilutive Potential Common Equivalent Shares Excluded from Calculation of Net (Loss) Income Per Share	The following potential ordinary equivalent shares have not been included in the net loss per ordinary share calculation because the effect would have been anti-dilutive: Three Months Ended Nine Months Ended September 30, September 30, (In thousands) 2018 2017 2018 2017 Stock options 11,553 9,588 10,274 9,564 Restricted stock units 2,678 2,183 2,621 2,058 Total 14,231 11,771 12,895 11,622

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2018USD ($)ft²segmentleaselocation	Mar. 31, 2018ft²	Jan. 01, 2018USD ($)	Dec. 31, 2017USD ($)
Summary of Significant Accounting Policies [Line Items]
Number of business segments | segment	1
Accumulated deficit | $	$ (1,175,655)			$ (1,044,365)
Number of operating leases | lease	2
Area of real estate property		220,000
Corporate office and administrative space expire in 2020
Summary of Significant Accounting Policies [Line Items]
Area of real estate property	67,000
Corporate office and administrative space expire in 2021
Summary of Significant Accounting Policies [Line Items]
Area of real estate property	175,000
MASSACHUSETTS
Summary of Significant Accounting Policies [Line Items]
Number of separate locations | location	2
MASSACHUSETTS | Corporate office and administrative space begin in 2020
Summary of Significant Accounting Policies [Line Items]
Area of real estate property		220,000
Ireland | Corporate office and administrative space expire in 2022
Summary of Significant Accounting Policies [Line Items]
Area of real estate property	14,600
ASU 2014-09 | Adjustment
Summary of Significant Accounting Policies [Line Items]
Accumulated deficit | $	$ (3,007)		$ 818
ASU 2016-16
Summary of Significant Accounting Policies [Line Items]
Accumulated deficit | $			$ 900

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Cumulative Impact on Balance Sheet Accounts (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Jan. 01, 2018	Dec. 31, 2017
ADJUSTED CONDENSED CONSOLIDATED BALANCE SHEET
Contract assets	$ 13,476	$ 9,110	$ 0
Inventory	88,018		93,275
Deferred tax asset	92,279		98,560
Contract liabilities—short-term	6,916		1,956
Contract liabilities—long-term	5,010		5,657
Accumulated deficit	(1,175,655)		$ (1,044,365)
ASU 2014-09 | Adjustment
ADJUSTED CONDENSED CONSOLIDATED BALANCE SHEET
Contract assets	(13,476)	9,110
Inventory	8,772	(8,209)
Deferred tax asset	(120)	109
Contract liabilities—short-term	(6,916)	(1,104)
Contract liabilities—long-term	(5,010)	(724)
Accumulated deficit	$ (3,007)	$ 818

Revenue from Contracts with C_3

Revenue from Contracts with Customers - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
REVENUE FROM CONTRACTS WITH CUSTOMERS (TABLES)
Revenue from Contract with Customer, Excluding Assessed Tax	$ 248,720	$ 217,385	$ 778,512	$ 628,004
VIVITROL
REVENUE FROM CONTRACTS WITH CUSTOMERS (TABLES)
Revenue from Contract with Customer, Excluding Assessed Tax	79,893	69,177	218,778	193,704
ARISTADA
REVENUE FROM CONTRACTS WITH CUSTOMERS (TABLES)
Revenue from Contract with Customer, Excluding Assessed Tax	36,142	24,504	98,906	65,189
Product sales, net
REVENUE FROM CONTRACTS WITH CUSTOMERS (TABLES)
Revenue from Contract with Customer, Excluding Assessed Tax	116,035	93,681	317,684	258,893
Manufacturing Revenue
REVENUE FROM CONTRACTS WITH CUSTOMERS (TABLES)
Revenue from Contract with Customer, Excluding Assessed Tax	25,197	34,749	99,716	114,035
Manufacturing Revenue | AMPYRA/ FAMPYRA
REVENUE FROM CONTRACTS WITH CUSTOMERS (TABLES)
Revenue from Contract with Customer, Excluding Assessed Tax	12,894	11,527	38,000	37,596
Manufacturing Revenue | RISPERDAL CONSTA
REVENUE FROM CONTRACTS WITH CUSTOMERS (TABLES)
Revenue from Contract with Customer, Excluding Assessed Tax	7,267	16,838	42,296	52,858
Manufacturing Revenue | Other
REVENUE FROM CONTRACTS WITH CUSTOMERS (TABLES)
Revenue from Contract with Customer, Excluding Assessed Tax	5,036	6,384	19,420	23,581
Royalty Revenue
REVENUE FROM CONTRACTS WITH CUSTOMERS (TABLES)
Revenue from Contract with Customer, Excluding Assessed Tax	91,214	87,928	259,537	252,573
Royalty Revenue | INVEGA SUSTENNA/XEPLION and INVEGA TRINZA/TREVICTA
REVENUE FROM CONTRACTS WITH CUSTOMERS (TABLES)
Revenue from Contract with Customer, Excluding Assessed Tax	65,620	57,912	174,956	153,736
Royalty Revenue | AMPYRA/ FAMPYRA
REVENUE FROM CONTRACTS WITH CUSTOMERS (TABLES)
Revenue from Contract with Customer, Excluding Assessed Tax	7,445	12,951	30,276	41,357
Royalty Revenue | RISPERDAL CONSTA
REVENUE FROM CONTRACTS WITH CUSTOMERS (TABLES)
Revenue from Contract with Customer, Excluding Assessed Tax	4,316	4,693	13,922	15,021
Royalty Revenue | BYDUREON
REVENUE FROM CONTRACTS WITH CUSTOMERS (TABLES)
Revenue from Contract with Customer, Excluding Assessed Tax	11,944	10,095	35,202	33,996
Royalty Revenue | Other
REVENUE FROM CONTRACTS WITH CUSTOMERS (TABLES)
Revenue from Contract with Customer, Excluding Assessed Tax	1,889	2,277	5,181	8,463
Manufacturing and royalty revenues
REVENUE FROM CONTRACTS WITH CUSTOMERS (TABLES)
Revenue from Contract with Customer, Excluding Assessed Tax	116,411	122,677	359,253	366,608
Manufacturing and royalty revenues | INVEGA SUSTENNA/XEPLION and INVEGA TRINZA/TREVICTA
REVENUE FROM CONTRACTS WITH CUSTOMERS (TABLES)
Revenue from Contract with Customer, Excluding Assessed Tax	65,620	57,912	174,956	153,736
Manufacturing and royalty revenues | AMPYRA/ FAMPYRA
REVENUE FROM CONTRACTS WITH CUSTOMERS (TABLES)
Revenue from Contract with Customer, Excluding Assessed Tax	20,339	24,478	68,276	78,953
Manufacturing and royalty revenues | RISPERDAL CONSTA
REVENUE FROM CONTRACTS WITH CUSTOMERS (TABLES)
Revenue from Contract with Customer, Excluding Assessed Tax	11,583	21,531	56,218	67,879
Manufacturing and royalty revenues | BYDUREON
REVENUE FROM CONTRACTS WITH CUSTOMERS (TABLES)
Revenue from Contract with Customer, Excluding Assessed Tax	11,944	10,095	35,202	33,996
Manufacturing and royalty revenues | Other
REVENUE FROM CONTRACTS WITH CUSTOMERS (TABLES)
Revenue from Contract with Customer, Excluding Assessed Tax	$ 6,925	$ 8,661	$ 24,601	$ 32,044

Revenue from Contracts with C_4

Revenue from Contracts with Customers - Additional Information (Details) $ in Thousands	1 Months Ended		3 Months Ended		9 Months Ended
	Jun. 30, 2018USD ($)	Nov. 30, 2017USD ($)item	Sep. 30, 2018USD ($)	Sep. 30, 2017USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2017USD ($)	Dec. 31, 2017USD ($)
REVENUE FROM CONTRACTS WITH CUSTOMERS (TABLES)
Up-front payment received		$ 28,000
Additional cash payment received	$ 50,000
Milestone payment entitled to be received upon the approval of NDA by the FDA		$ 150,000
Number of initial performance obligations | item		4
Discount Rate (As a percent)		8.00%
Revenue from Contract with Customer, Excluding Assessed Tax			$ 248,720	$ 217,385		$ 778,512	$ 628,004
Additional revenue recognized from contracts					$ 3,309
Allowance for doubtful accounts			200		200	200		$ 200
License revenue
REVENUE FROM CONTRACTS WITH CUSTOMERS (TABLES)
Revenue from Contract with Customer, Excluding Assessed Tax	$ 48,300	$ 27,000				48,250
Research and development revenue
REVENUE FROM CONTRACTS WITH CUSTOMERS (TABLES)
Revenue from Contract with Customer, Excluding Assessed Tax		900	16,274	$ 1,027		53,325	$ 2,503
Collaborative arrangement remaining transaction price			1,700		$ 1,700	$ 1,700
Additional revenue recognized from contracts			$ 900
Clinical Supply
REVENUE FROM CONTRACTS WITH CUSTOMERS (TABLES)
Revenue from Contract with Customer, Excluding Assessed Tax		$ 100
Maximum
REVENUE FROM CONTRACTS WITH CUSTOMERS (TABLES)
Manufacturing Process period						56 days
Maximum | Manufacturing and royalty revenues
REVENUE FROM CONTRACTS WITH CUSTOMERS (TABLES)
Payment terms in number of days						90 days
Minimum
REVENUE FROM CONTRACTS WITH CUSTOMERS (TABLES)
Manufacturing Process period						10 days
Minimum | Manufacturing and royalty revenues
REVENUE FROM CONTRACTS WITH CUSTOMERS (TABLES)
Payment terms in number of days						30 days

Revenue from Contracts with C_5

Revenue from Contracts with Customers - Schedule of Contract Assets and Contract Liabilities (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2018USD ($)
Contract Asset [Abstract]
Contract assets at beginning of period	$ 9,110
Additions	49,387
Transferred to receivables, net	(45,021)
Contract assets at end of period	13,476
Contract Liabilities [Abstract]
Contract liabilities at beginning of the period	9,442
Additions	5,793
Amounts recognized into revenue	(3,309)
Contract liabilities at end of the period	$ 11,926

Revenue from Contracts with C_6

Revenue from Contracts with Customers - Schedule of Adjusted Balance Sheet and Statement of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		3 Months Ended		9 Months Ended
	Jun. 30, 2018	Nov. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Jan. 01, 2018	Dec. 31, 2017
ADJUSTED CONDENSED CONSOLIDATED BALANCE SHEET
Contract assets			$ 13,476		$ 13,476		$ 9,110	$ 0
Inventory			88,018		88,018			93,275
Deferred tax asset			92,279		92,279			98,560
Contract liabilities—short-term			6,916		6,916			1,956
Contract liabilities—long-term			5,010		5,010			5,657
Accumulated deficit			(1,175,655)		(1,175,655)			$ (1,044,365)
REVENUES:
Total revenues			248,720	$ 217,385	778,512	$ 628,004
EXPENSES:
Cost of goods manufactured and sold			$ 39,410	36,054	$ 127,303	116,241
Type of cost of goods and manufactured and sold			alks:PharmaceuticalMember		alks:PharmaceuticalMember
Research and development			$ 101,265	104,411	$ 316,434	308,399
Selling, general and administrative			128,777	99,633	385,181	310,682
Amortization of acquired intangible assets			16,426	15,643	48,742	46,417
Total expenses			285,878	255,741	877,660	781,739
OPERATING LOSS			(37,158)	(38,356)	(99,148)	(153,735)
Other income (expense), net			3,325	2,566	(26,128)	(325)
LOSS BEFORE INCOME TAXES			(33,833)	(35,790)	(125,276)	(154,060)
Income tax provision (benefit)			611	$ 486	4,322	$ (5,904)
Net (loss) income			$ (34,444)		$ (129,598)
Loss per ordinary share — basic and diluted (in dollars per share)			$ (0.22)	$ (0.24)	$ (0.84)	$ (0.97)
Manufacturing and royalty revenues
REVENUES:
Total revenues			$ 116,411	$ 122,677	$ 359,253	$ 366,608
Product sales, net
REVENUES:
Total revenues			116,035	93,681	317,684	258,893
License revenue
REVENUES:
Total revenues	$ 48,300	$ 27,000			48,250
Research and development revenue
REVENUES:
Total revenues		$ 900	16,274	$ 1,027	53,325	$ 2,503
ASU 2014-09 | Adjustment
ADJUSTED CONDENSED CONSOLIDATED BALANCE SHEET
Contract assets			(13,476)		(13,476)		9,110
Inventory			8,772		8,772		(8,209)
Deferred tax asset			(120)		(120)		109
Contract liabilities—short-term			(6,916)		(6,916)		(1,104)
Deferred revenue—short-term			5,428		5,428
Contract liabilities—long-term			(5,010)		(5,010)		(724)
Deferred revenue—long-term			4,681		4,681
Accumulated deficit			(3,007)		(3,007)		$ 818
REVENUES:
Total revenues			6		(4,075)
EXPENSES:
Cost of goods manufactured and sold			574		(565)
Total expenses			574		(565)
OPERATING LOSS			(568)		(3,510)
LOSS BEFORE INCOME TAXES			(568)		(3,510)
Income tax provision (benefit)			(104)		11
Net (loss) income			$ (464)		$ (3,521)
Loss per ordinary share — basic and diluted (in dollars per share)			$ 0		$ (0.04)
ASU 2014-09 | Adjustment | Manufacturing and royalty revenues
REVENUES:
Total revenues			$ 1,106		$ (4,366)
ASU 2014-09 | Adjustment | License revenue
REVENUES:
Total revenues					(48,250)
ASU 2014-09 | Adjustment | Research and development revenue
REVENUES:
Total revenues			(1,100)		48,541
ASU 2014-09 | Balances Without Adoption of Topic 606
ADJUSTED CONDENSED CONSOLIDATED BALANCE SHEET
Inventory			96,790		96,790
Deferred tax asset			92,159		92,159
Deferred revenue—short-term			5,428		5,428
Deferred revenue—long-term			4,681		4,681
Accumulated deficit			(1,178,662)		(1,178,662)
REVENUES:
Total revenues			248,726		774,437
EXPENSES:
Cost of goods manufactured and sold			39,984		126,738
Research and development			101,265		316,434
Selling, general and administrative			128,777		385,181
Amortization of acquired intangible assets			16,426		48,742
Total expenses			286,452		877,095
OPERATING LOSS			(37,726)		(102,658)
Other income (expense), net			3,325		(26,128)
LOSS BEFORE INCOME TAXES			(34,401)		(128,786)
Income tax provision (benefit)			507		4,333
Net (loss) income			$ (34,908)		$ (133,119)
Loss per ordinary share — basic and diluted (in dollars per share)			$ (0.22)		$ (0.88)
ASU 2014-09 | Balances Without Adoption of Topic 606 | Manufacturing and royalty revenues
REVENUES:
Total revenues			$ 117,517		$ 354,887
ASU 2014-09 | Balances Without Adoption of Topic 606 | Product sales, net
REVENUES:
Total revenues			116,035		317,684
ASU 2014-09 | Balances Without Adoption of Topic 606 | Research and development revenue
REVENUES:
Total revenues			$ 15,174		$ 101,866

Investments - Schedule of Inves

Investments - Schedule of Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Available-for-sale securities:
Amortized Cost	$ 359,979
Estimated Fair Value	358,859
Held-to-maturity securities:
Estimated Fair Value	3,643
Long-term Investments
Total long-term investments	111,456	$ 157,212
Total investments
Amortized Cost	363,466	400,486
Gross Unrealized Gains	173	227
Gross Unrealized Losses, Less than One Year	(772)	(920)
Gross Unrealized Losses, Greater than One Year	(365)	(373)
Estimated Fair Value	362,502	399,420
Short-term investments
Available-for-sale securities:
Amortized Cost	251,455	242,703
Gross Unrealized Gains	17	5
Gross Unrealized Losses, Less than One Year	(204)	(232)
Gross Unrealized Losses, Greater than One Year	(222)	(268)
Estimated Fair Value	251,046	242,208
Short-term investments | U.S. government and agency debt securities
Available-for-sale securities:
Amortized Cost	119,406	150,673
Gross Unrealized Gains	2	1
Gross Unrealized Losses, Less than One Year	(87)	(130)
Gross Unrealized Losses, Greater than One Year	(92)	(233)
Estimated Fair Value	119,229	150,311
Short-term investments | Corporate debt securities
Available-for-sale securities:
Amortized Cost	95,744	56,552
Gross Unrealized Gains	12	3
Gross Unrealized Losses, Less than One Year	(99)	(48)
Gross Unrealized Losses, Greater than One Year	(73)	(10)
Estimated Fair Value	95,584	56,497
Short-term investments | International government agency debt securities
Available-for-sale securities:
Amortized Cost	36,305	35,478
Gross Unrealized Gains	3	1
Gross Unrealized Losses, Less than One Year	(18)	(54)
Gross Unrealized Losses, Greater than One Year	(57)	(25)
Estimated Fair Value	36,233	35,400
Long-term investments
Available-for-sale securities:
Amortized Cost	108,524	154,325
Gross Unrealized Losses, Less than One Year	(568)	(688)
Gross Unrealized Losses, Greater than One Year	(143)	(105)
Estimated Fair Value	107,813	153,532
Held-to-maturity securities:
Amortized Cost	3,487	3,458
Gross Unrealized Gains	156	222
Estimated Fair Value	3,643	3,680
Long-term Investments
Amortized Cost	112,011	157,783
Gross Unrealized Gains	156	222
Gross Unrealized Losses, Less than One Year	(568)	(688)
Gross Unrealized Losses, Greater than One Year	(143)	(105)
Total long-term investments	111,456	157,212
Long-term investments | Certificates of deposit
Held-to-maturity securities:
Amortized Cost	1,820	1,791
Estimated Fair Value	1,820	1,791
Long-term investments | U.S. government and agency debt securities
Available-for-sale securities:
Amortized Cost	31,054	48,948
Gross Unrealized Losses, Less than One Year	(140)	(270)
Gross Unrealized Losses, Greater than One Year		(71)
Estimated Fair Value	30,914	48,607
Long-term investments | Corporate debt securities
Available-for-sale securities:
Amortized Cost	53,225	83,924
Gross Unrealized Losses, Less than One Year	(297)	(300)
Gross Unrealized Losses, Greater than One Year	(110)	(34)
Estimated Fair Value	52,818	83,590
Long-term investments | International government agency debt securities
Available-for-sale securities:
Amortized Cost	24,245	21,453
Gross Unrealized Losses, Less than One Year	(131)	(118)
Gross Unrealized Losses, Greater than One Year	(33)
Estimated Fair Value	24,081	21,335
Long-term investments | Fixed Term Deposit Account
Held-to-maturity securities:
Amortized Cost	1,667	1,667
Gross Unrealized Gains	156	222
Estimated Fair Value	$ 1,823	$ 1,889

Investments - Proceeds From the

Investments - Proceeds From the Sales and Maturities of Marketable Securities Plus the Resulting Realized Gains and Losses (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Investments Debt And Equity Securities [Abstract]
Proceeds from the sales and maturities of marketable securities	$ 344,624	$ 318,492
Realized gains	4	9
Realized losses	$ 268	$ 3

Investments - Contractual Matur

Investments - Contractual Maturities of Available-for-Sale and Held-to-Maturity Securities (Details) $ in Thousands	Sep. 30, 2018USD ($)
Available-for-sale, Amortized Cost
Within 1 year	$ 212,497
After 1 year through 5 years	147,482
Amortized Cost	359,979
Available-for-sale, Estimated Fair Value
Within 1 year	212,078
After 1 year through 5 years	146,781
Total	358,859
Held-to-maturity, Amortized Cost
Within 1 year	1,820
After 1 year through 5 years	1,667
Total	3,487
Held-to-maturity, Estimated Fair Value
Within 1 year	1,820
After 1 year through 5 years	1,823
Total	$ 3,643

Investments - Additional Inform

Investments - Additional Information (Details) - Fountain Healthcare Partners II, LP of Ireland € in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018USD ($)	Sep. 30, 2017USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2017USD ($)	Sep. 30, 2018EUR (€)	Dec. 31, 2017USD ($)	May 31, 2014EUR (€)
Equity method investment
Funding commitment as percentage of partnership's total funding	7.00%		7.00%		7.00%
Increase (decrease) in carrying value of investment of the entity, which represents the Company's share of investee's net gains (losses) | $	$ 0.1	$ 0.1	$ (0.4)	$ (0.6)
Maximum
Equity method investment
Maximum commitment on equity method investment | €							€ 7.4
Other Assets
Equity method investment
Total equity method commitment | €					€ 4.9
Carrying value of equity investment | $	$ 4.2		$ 4.2			$ 3.7

Fair Value Measurements - Summa

Fair Value Measurements - Summary of the Company's Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Fair value
Debt securities	$ 358,859
Contingent consideration	67,500	$ 84,800
Recurring Basis
Fair value
Cash equivalents	71,059	1,889
Contingent consideration	67,500	84,800
Common stock warrants	795	1,395
Assets, Total	498,213	483,824
Recurring Basis | Level 1
Fair value
Cash equivalents	71,059	1,889
Assets, Total	182,476	126,847
Recurring Basis | Level 2
Fair value
Assets, Total	246,950	270,782
Recurring Basis | Level 3
Fair value
Contingent consideration	67,500	84,800
Common stock warrants	795	1,395
Assets, Total	68,787	86,195
U.S. government and agency debt securities | Recurring Basis
Fair value
Debt securities	150,143	198,918
U.S. government and agency debt securities | Recurring Basis | Level 1
Fair value
Debt securities	111,417	124,958
U.S. government and agency debt securities | Recurring Basis | Level 2
Fair value
Debt securities	38,726	73,960
Corporate debt securities | Recurring Basis
Fair value
Debt securities	148,402	140,087
Corporate debt securities | Recurring Basis | Level 2
Fair value
Debt securities	147,910	140,087
Corporate debt securities | Recurring Basis | Level 3
Fair value
Debt securities	492
International government agency debt securities | Recurring Basis
Fair value
Debt securities	60,314	56,735
International government agency debt securities | Recurring Basis | Level 2
Fair value
Debt securities	$ 60,314	$ 56,735

Fair Value Measurements - Rollf

Fair Value Measurements - Rollforward of the Fair Value of the Assets Determined using Level 3 Inputs (Details)	9 Months Ended
	Sep. 30, 2018USD ($)
Roll forward of the fair value of the Company's investments whose fair value was determined using Level 3 inputs
Transfers between the levels	$ 0
Balance at the beginning of the period	86,195,000
Balance at the end of the period	68,787,000
Change in the fair value of contingent consideration
Roll forward of the fair value of the Company's investments whose fair value was determined using Level 3 inputs
Change in the fair value of contingent consideration	(17,300,000)
Decrease in the fair value of warrants
Roll forward of the fair value of the Company's investments whose fair value was determined using Level 3 inputs
Change in the fair value of contingent consideration	(600,000)
Corporate debt securities
Roll forward of the fair value of the Company's investments whose fair value was determined using Level 3 inputs
Purchase of corporate debt security	$ 492,000

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2018USD ($)item$ / shares	Sep. 30, 2017USD ($)	Sep. 30, 2018USD ($)item$ / shares	Sep. 30, 2017USD ($)	Mar. 31, 2019item	Dec. 31, 2017USD ($)	Apr. 10, 2015shares	Apr. 09, 2015$ / shares
FAIR VALUE MEASUREMENTS
Contingent consideration	$ 67,500,000		$ 67,500,000			$ 84,800,000
Increase/(Decrease) in the fair value of contingent consideration	4,200,000	$ 13,600,000	(17,300,000)	$ 15,900,000
Other (Expense) Income, Net
FAIR VALUE MEASUREMENTS
Increase (decrease) in fair value of warrants	$ 400,000	300,000	$ (600,000)	100,000
Discount Rate
FAIR VALUE MEASUREMENTS
Discount rate (as a percent) | item	15		15
Discount Rate | Maximum
FAIR VALUE MEASUREMENTS
Discount rate (as a percent) | item	5.7		5.7
Discount Rate | Minimum
FAIR VALUE MEASUREMENTS
Discount rate (as a percent) | item	3.7		3.7
Gainesville Transaction
FAIR VALUE MEASUREMENTS
Milestone payment upon regulatory approval of NDA			$ 45,000,000
Contingent consideration	$ 67,500,000		67,500,000			$ 84,800,000
Increase/(Decrease) in the fair value of contingent consideration	$ 4,200,000	$ 13,600,000	$ (17,300,000)	$ 15,900,000
Gainesville Transaction | Recro
Fair Value Assumptions and Methodology for Assets and Liabilities [Abstract]
Warrant strike price | $ / shares	$ 19.46		$ 19.46					$ 19.46
Gainesville Transaction | Disposal Group, Disposed of by Sale, Not Discontinued Operations
FAIR VALUE MEASUREMENTS
Warrants received | shares							350,000
Gainesville Transaction | Maximum
FAIR VALUE MEASUREMENTS
Milestone payment receivable			$ 80,000,000
Gainesville Transaction | Forecast | Discount Rate
FAIR VALUE MEASUREMENTS
Discount rate (as a percent) | item					3.9

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Assumptions Used to Determine the Fair Value of the Warrants (Details) - Recro - Gainesville Transaction	Sep. 30, 2018itemyr$ / shares	Apr. 09, 2015$ / shares
Fair Value Assumptions and Methodology for Assets and Liabilities [Abstract]
Closing stock price at September 30, 2018 | $ / shares	$ 7.11
Warrant strike price | $ / shares	$ 19.46	$ 19.46
Expected Term (Years)
Fair Value Assumptions and Methodology for Assets and Liabilities [Abstract]
Expected term (years) | yr	3.52
Risk Free Interest Rate
Fair Value Assumptions and Methodology for Assets and Liabilities [Abstract]
Risk-free rate | item	2.91
Volatility
Fair Value Assumptions and Methodology for Assets and Liabilities [Abstract]
Volatility | item	77

Inventory - Schedule of Invento

Inventory - Schedule of Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Inventory Disclosure [Abstract]
Raw materials	$ 29,859	$ 29,883
Work in process	34,872	38,964
Finished goods	23,287	24,428
Total inventory	$ 88,018	$ 93,275

Inventory - Schedule of Inven_2

Inventory - Schedule of Inventories (Parenthetical) (Details) - USD ($) $ in Millions	Sep. 30, 2018	Dec. 31, 2017
Inventory Disclosure [Abstract]
Finished goods inventory located at third-party warehouse and shipping service provider	$ 16.2	$ 8.7

Property, Plant and Equipment -

Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Property, plant and equipment
Subtotal	$ 571,637	$ 524,794
Less: accumulated depreciation	(268,550)	(240,058)
Total property, plant and equipment, net	303,087	284,736
Land
Property, plant and equipment
Subtotal	6,293	6,293
Building and improvements
Property, plant and equipment
Subtotal	156,133	155,198
Furniture, fixtures and equipment
Property, plant and equipment
Subtotal	307,706	289,455
Leasehold improvements
Property, plant and equipment
Subtotal	19,953	19,578
Construction in progress
Property, plant and equipment
Subtotal	$ 81,552	$ 54,270

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Schedule of Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Goodwill
Gross Carrying Amount	$ 92,873
Net Carrying Amount	92,873	$ 92,873
Finite-lived intangible assets:
Gross Carrying Amount	582,750
Accumulated Amortization	(375,324)
Net Carrying Amount	$ 207,426	$ 256,168
Collaboration agreements
Finite-lived intangible assets:
Weighted Amortizable Life	12 years
Gross Carrying Amount	$ 465,590
Accumulated Amortization	(306,729)
Net Carrying Amount	$ 158,861
NanoCrystal technology
Finite-lived intangible assets:
Weighted Amortizable Life	13 years
Gross Carrying Amount	$ 74,600
Accumulated Amortization	(37,012)
Net Carrying Amount	$ 37,588
OCR technologies
Finite-lived intangible assets:
Weighted Amortizable Life	12 years
Gross Carrying Amount	$ 42,560
Accumulated Amortization	(31,583)
Net Carrying Amount	$ 10,977

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Additional Information (Details) $ in Millions	Sep. 30, 2018USD ($)
Expected amortization of intangible assets
2,018	$ 65
2,019	55
2,020	50
2,021	40
2,022	$ 35

Accounts Payable and Accrued _3

Accounts Payable and Accrued Expenses - Schedule of Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Payables And Accruals [Abstract]
Accounts payable	$ 44,114	$ 55,526
Accrued compensation	60,472	54,568
Accrued sales discounts, allowances and reserves	131,067	111,137
Accrued other	59,376	64,935
Total accounts payable and accrued expenses	$ 295,029	$ 286,166

Long-term Debt - Schedule of Lo

Long-term Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Long-term debt
Less: current portion	$ (2,843)	$ (3,000)
Long-term debt	277,007	278,436
2023 Term Loan
Long-term debt
2023 Term Loans, due March 26, 2023	$ 279,850	$ 281,436

Long-term Debt - Additional Inf

Long-term Debt - Additional Information (Details) $ in Millions	Oct. 12, 2016	Mar. 31, 2018USD ($)	Mar. 26, 2018	Sep. 30, 2018	Sep. 30, 2018Lender
Long-term debt
Number of lender holding percentage of outstanding amount | Lender					1
Percentage of outstanding principal amount held by lender					1.00%
Interest Expense
Long-term debt
Refinancing charges | $		$ 2.3
Minimum
Long-term debt
Threshold percentage comparing present value of remaining cash flows					10.00%
Term Loan B-1
Long-term debt
Due date of loan	Sep. 25, 2021
Variable interest rate base					LIBOR
Term Loan B-1 | LIBOR
Long-term debt
Interest rate added to base rate (as a percent)			2.75%
Interest rate, variable interest rate floor (as a percent)			0.75%
2023 Term Loan
Long-term debt
Due date of loan				Mar. 26, 2023
Variable interest rate base					LIBOR
2023 Term Loan | LIBOR
Long-term debt
Interest rate added to base rate (as a percent)				2.25%
Interest rate, variable interest rate floor (as a percent)				0.00%

Restructuring - Additional Info

Restructuring - Additional Information (Details) $ in Millions	3 Months Ended	9 Months Ended
	Mar. 31, 2018USD ($)	Sep. 30, 2018employee
Athlone, Ireland manufacturing facility
Restructuring activity
Number of employees eliminated | employee		24
Severance and outplacement services | Cost of goods manufactured and sold
Restructuring activity
Restructuring charge	$ 3.2
Severance and outplacement services | Research and development
Restructuring activity
Restructuring charge	$ 0.4

Share-based Compensation - Sche

Share-based Compensation - Schedule of Share-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Share-based compensation Expense
Total share-based compensation expense	$ 25,068	$ 19,488	$ 76,043	$ 63,336
Cost of goods manufactured and sold
Share-based compensation Expense
Total share-based compensation expense	2,140	1,752	6,012	5,893
Research and development
Share-based compensation Expense
Total share-based compensation expense	7,937	5,497	23,203	16,752
Selling, general and administrative
Share-based compensation Expense
Total share-based compensation expense	$ 14,991	$ 12,239	$ 46,828	$ 40,691

Share-based Compensation - Addi

Share-based Compensation - Additional Information (Details) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2018USD ($)item	Dec. 31, 2017USD ($)
Share-based compensation Expense
Number of Phase 3 studies of ALKS 3831 | item	2
Number of years from the date of the grant	3 years
Performance-based RSUs
Share-based compensation Expense
Unrecognized compensation cost	$ 55.7
Inventory
Share-based compensation Expense
Share based compensation cost capitalized	$ 0.5	$ 0.4

Loss Per Share - Schedule of An

Loss Per Share - Schedule of Anti-Dilutive Potential Common Equivalent Shares Excluded from Calculation of Net (Loss) Income Per Share (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Denominator:
Anti-dilutive potential common equivalent shares excluded from calculation of net loss per ordinary share	14,231	11,771	12,895	11,622
Stock options
Denominator:
Anti-dilutive potential common equivalent shares excluded from calculation of net loss per ordinary share	11,553	9,588	10,274	9,564
Restricted stock units
Denominator:
Anti-dilutive potential common equivalent shares excluded from calculation of net loss per ordinary share	2,678	2,183	2,621	2,058

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details)	1 Months Ended	9 Months Ended
	Mar. 31, 2018ft²	Sep. 30, 2018USD ($)NoticeFiler
Commitments And Contingencies Disclosure [Abstract]
Area of Real Estate Property | ft²	220,000
Provisions for extension of lease term	10 years
Potential losses from claims, legal proceedings probable of occurring | $		$ 0
Number of separate Paragraph IV notices received | Notice		11
Maximum number of days for lawsuit		45 days
Minimum number of months before FDA can approve patent request		30 months
Number of ANDA Filers consolidated to a single case | Filer		8