Alkermes (ALKS) 10-Q28 Apr 212021 Q1 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2021	Apr. 23, 2021
Cover [Abstract]
Entity Registrant Name	Alkermes plc.
Entity Central Index Key	0001520262
Document Type	10-Q
Document Period End Date	Mar. 31, 2021
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		160,451,949
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Trading Symbol	ALKS
Entity File Number	001-35299
Entity Incorporation, State or Country Code	L2
Entity Tax Identification Number	98-1007018
Entity Address, Address Line One	Connaught House
Entity Address, Address Line Two	1 Burlington Road
Entity Address, City or Town	Dublin 4
Entity Address, Country	IE
Entity Address, Postal Zip Code	D04 C5Y6
City Area Code	353
Local Phone Number	1-772-8000
Document Quarterly Report	true
Document Transition Report	false
Title of 12(b) Security	Ordinary shares, $0.01 par value
Security Exchange Name	NASDAQ

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
CURRENT ASSETS:
Cash and cash equivalents	$ 205,028	$ 272,961
Investments—short-term	335,967	362,066
Receivables, net	243,514	275,143
Contract assets	9,279	14,401
Inventory	134,178	125,738
Prepaid expenses and other current assets	78,043	60,662
Total current assets	1,006,009	1,110,971
PROPERTY, PLANT AND EQUIPMENT, NET	346,327	350,003
RIGHT-OF-USE ASSETS	127,430	131,718
INTANGIBLE ASSETS, NET	101,785	111,191
GOODWILL	92,873	92,873
DEFERRED TAX ASSETS	81,124	86,228
INVESTMENTS—LONG-TERM	86,448	24,780
CONTINGENT CONSIDERATION	19,412	24,651
OTHER ASSETS	16,813	17,315
TOTAL ASSETS	1,878,221	1,949,730
CURRENT LIABILITIES:
Accounts payable and accrued expenses	339,088	412,171
Operating lease liabilities—short-term	15,833	15,732
Contract liabilities—short-term	7,921	7,512
Current portion of long-term debt	3,000	2,843
Total current liabilities	365,842	438,258
LONG-TERM DEBT	294,702	272,118
OPERATING LEASE LIABILITIES—LONG-TERM	115,504	119,464
CONTRACT LIABILITIES—LONG-TERM	14,745	16,397
OTHER LONG-TERM LIABILITIES	36,273	36,511
Total liabilities	827,066	882,748
COMMITMENTS AND CONTINGENT LIABILITIES (Note 14)
SHAREHOLDERS’ EQUITY:
Preferred shares, par value, $0.01 per share; 50,000,000 shares authorized; zero issued and outstanding at March 31, 2021 and December 31, 2020, respectively
Ordinary shares, par value, $0.01 per share; 450,000,000 shares authorized; 163,835,905 and 162,269,220 shares issued; 160,198,009 and 159,161,141 shares outstanding at March 31, 2021 and December 31, 2020, respectively	1,638	1,620
Treasury shares, at cost (3,637,896 and 3,108,079 shares at March 31, 2021 and December 31, 2020, respectively)	(136,500)	(126,087)
Additional paid-in capital	2,703,234	2,685,647
Accumulated other comprehensive loss	(1,950)	(1,349)
Accumulated deficit	(1,515,267)	(1,492,849)
Total shareholders’ equity	1,051,155	1,066,982
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 1,878,221	$ 1,949,730

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (unaudited) - $ / shares	Mar. 31, 2021	Dec. 31, 2020
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	163,835,905	162,269,220
Ordinary shares, shares outstanding	160,198,009	159,161,141
Treasury shares	3,637,896	3,108,079

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
REVENUES:
Total revenues	$ 251,430	$ 246,220
EXPENSES:
Cost of goods manufactured and sold (exclusive of amortization of acquired intangible assets shown below)	41,020	47,211
Research and development	92,268	93,279
Selling, general and administrative	125,168	133,372
Amortization of acquired intangible assets	9,406	9,728
Total expenses	267,862	283,590
OPERATING LOSS	(16,432)	(37,370)
OTHER (EXPENSE) INCOME, NET:
Interest income	864	2,760
Interest expense	(3,970)	(2,857)
Change in the fair value of contingent consideration	1,278	6,800
Other expense, net	(393)	(658)
Total other (expense) income, net	(2,221)	6,045
LOSS BEFORE INCOME TAXES	(18,653)	(31,325)
INCOME TAX PROVISION	3,765	7,329
NET LOSS	$ (22,418)	$ (38,654)
LOSS PER ORDINARY SHARE:
Basic and diluted (in dollars loss per ordinary share)	$ (0.14)	$ (0.24)
WEIGHTED AVERAGE NUMBER OF ORDINARY SHARES OUTSTANDING:
Basic and diluted	159,634	158,095
COMPREHENSIVE LOSS:
Net loss	$ (22,418)	$ (38,654)
Holding (loss) gain, net of a tax (benefit) provision of $(174) and $87, respectively	(601)	317
COMPREHENSIVE LOSS	(23,019)	(38,337)
Product sales, net
REVENUES:
Total revenues	129,963	129,726
Manufacturing and royalty revenues
REVENUES:
Total revenues	119,847	116,251
Research and development revenue
REVENUES:
Total revenues	120	$ 243
License revenue
REVENUES:
Total revenues	$ 1,500

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Statement [Abstract]
Tax (benefit) provision	$ (174)	$ 87

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (22,418)	$ (38,654)
Adjustments to reconcile net loss to cash flows from operating activities:
Depreciation and amortization	19,643	20,608
Share-based compensation expense	15,451	19,813
Deferred income taxes	5,255	3,665
Change in the fair value of contingent consideration	(1,278)	(6,800)
Loss on debt extinguishment	171
Payment made for debt modification	(248)
Other non-cash charges	195	283
Changes in assets and liabilities:
Receivables	31,648	10,370
Contract assets	5,122	(5,813)
Inventory	(8,652)	(6,842)
Prepaid expenses and other assets	(16,807)	13,615
Right-of-use assets	4,177	3,926
Accounts payable and accrued expenses	(71,949)	(51,254)
Contract liabilities	(1,243)	(859)
Operating lease liabilities	(3,996)	(2,378)
Other long-term liabilities	(217)	48
Cash flows used in operating activities	(45,146)	(40,272)
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions of property, plant and equipment	(7,986)	(19,799)
Proceeds from the sale of equipment	176	3
Proceeds from contingent consideration	6,430
Purchases of investments	(122,545)	(27,212)
Sales and maturities of investments	86,193	64,500
Cash flows (used in) provided by investing activities	(37,732)	17,492
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from the issuance of ordinary shares under share-based compensation arrangements	2,053	3,070
Employee taxes paid related to net share settlement of equity awards	(10,413)	(7,283)
Proceeds from the issuance of long-term debt	23,567
Payment made for debt extinguishment	(262)
Principal payments of long-term debt		(711)
Cash flows provided by (used in) financing activities	14,945	(4,924)
NET DECREASE IN CASH AND CASH EQUIVALENTS	(67,933)	(27,704)
CASH AND CASH EQUIVALENTS—Beginning of period	272,961	203,771
CASH AND CASH EQUIVALENTS—End of period	205,028	176,067
Non-cash investing and financing activities:
Purchased capital expenditures included in accounts payable and accrued expenses	$ 995	$ 5,242

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (unaudited) - USD ($) $ in Thousands	Total	Ordinary Shares	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit	Treasury Stock
BALANCE at Dec. 31, 2019	$ 1,085,442	$ 1,602	$ 2,586,030	$ (1,816)	$ (1,381,988)	$ (118,386)
BALANCE (in shares) at Dec. 31, 2019		160,489,888				(2,710,886)
Issuance of ordinary shares under employee stock plans	3,071	$ 3	3,068
Issuance of ordinary shares under employee stock plans (in shares)		258,137
Receipt of Alkermes’ shares for the exercise of stock options or to satisfy minimum tax withholding obligations related to share-based awards	(7,283)	$ 10	(10)			$ (7,283)
Receipt of Alkermes' shares for the exercise of stock options or to satisfy minimum tax withholding obligations related to share-based awards (in shares)		1,020,510				(372,846)
Share-based compensation	20,125		20,125
Unrealized (loss) gain on marketable securities, net of tax provision	317			317
Net loss	(38,654)				(38,654)
BALANCE at Mar. 31, 2020	1,063,018	$ 1,615	2,609,213	(1,499)	(1,420,642)	$ (125,669)
BALANCE (in shares) at Mar. 31, 2020		161,768,535				(3,083,732)
BALANCE at Dec. 31, 2020	1,066,982	$ 1,620	2,685,647	(1,349)	(1,492,849)	$ (126,087)
BALANCE (in shares) at Dec. 31, 2020		162,269,220				(3,108,079)
Issuance of ordinary shares under employee stock plans	2,053	$ 4	2,049
Issuance of ordinary shares under employee stock plans (in shares)		134,163
Receipt of Alkermes’ shares for the exercise of stock options or to satisfy minimum tax withholding obligations related to share-based awards	(10,413)	$ 14	(14)			$ (10,413)
Receipt of Alkermes' shares for the exercise of stock options or to satisfy minimum tax withholding obligations related to share-based awards (in shares)		1,432,522				(529,817)
Share-based compensation	15,552		15,552
Unrealized (loss) gain on marketable securities, net of tax provision	(601)			(601)
Net loss	(22,418)				(22,418)
BALANCE at Mar. 31, 2021	$ 1,051,155	$ 1,638	$ 2,703,234	$ (1,950)	$ (1,515,267)	$ (136,500)
BALANCE (in shares) at Mar. 31, 2021		163,835,905				(3,637,896)

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement Of Stockholders Equity [Abstract]
Tax (benefit) provision	$ (174)	$ 87

The Company

The Company	3 Months Ended
The Company	Mar. 31, 2021
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. Alkermes has a portfolio of proprietary commercial products focused on addiction and schizophrenia, and a pipeline of product candidates in development for schizophrenia, bipolar I disorder, neurodegenerative disorders and cancer. Headquartered in Dublin, Ireland, the Company has a research and development (“R&D”) center in Waltham, Massachusetts; an R&D and manufacturing facility in Athlone, Ireland; and a manufacturing facility in Wilmington, Ohio.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2021
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 months ended March 31, 2021 and 2020 are unaudited and have been prepared on a basis substantially consistent with the audited financial statements for the year ended December 31, 2020. 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 Annual Report. The results of the Company’s operations for any interim period are not necessarily indicative of the results of the Company’s operations for any other interim period or for any full fiscal year. Principles of Consolidation The 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 that management make estimates, judgments and assumptions that may affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. On an ongoing basis, the Company evaluates its estimates, judgments and methodologies, including those related to revenue from contracts with its customers and related allowances, impairment and amortization of intangibles and long-lived assets, share-based compensation, income taxes including the valuation allowance for deferred tax assets, valuation of investments, 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 Chief Executive Officer and Chairman of the Company’s board of directors, reviews the Company’s operating results on an aggregate basis and manages the Company’s operations as a single operating unit. Risks and Uncertainties In March 2020, COVID-19 was declared a global pandemic by the World Health Organization. To date, COVID-19 has surfaced in nearly all regions around the world and resulted in travel restrictions and business slowdowns and/or shutdowns in affected areas. Ireland, all U.S. states, and many local jurisdictions and countries around the world have, at times during the pandemic, issued “shelter-in-place” orders, quarantines, executive orders and similar government orders, restrictions, and recommendations for their residents to control the spread of COVID-19. Such orders, restrictions and/or recommendations, and/or the perception that additional orders, restrictions or recommendations could occur, have resulted in widespread closures of businesses, including healthcare systems that serve people living with opioid dependence, alcohol dependence and schizophrenia, work stoppages, slowdowns and/or delays, work-from-home policies and travel restrictions, among other effects. The Company continues to closely monitor and respond to the ongoing impact of COVID-19 on its employees, communities and business operations. Due to numerous uncertainties surrounding the ongoing COVID-19 pandemic, the actual impact of the pandemic on the Company’s financial condition and operating results may differ from current projections. These uncertainties include, among others, the ultimate severity and duration of the pandemic; governmental, business or other actions that have been, are being or will be, taken in response to the pandemic, including restrictions on travel and mobility, business closures and operating restrictions, and imposition of social distancing measures; impacts of the pandemic on the Company’s employees, the vendors or distribution channels in the Company’s supply chain and on the Company’s ability to continue to manufacture its products; impacts of the pandemic on the conduct of the Company’s clinical trials, including with respect to enrollment rates, availability of investigators and clinical trial sites, and monitoring of data; impacts of the pandemic on healthcare systems that serve people living with opioid dependence, alcohol dependence and schizophrenia; impacts of the pandemic on the regulatory agencies with which the Company interacts in the development, review, approval and commercialization of its medicines; impacts of the pandemic on reimbursement for the Company’s products, including the Company’s Medicaid rebate liability, and for services related to the use of its products; and impacts of the pandemic on the Irish, U.S. and global economies more broadly. The Company relies upon third parties for many aspects of its business, including the provision of goods and services related to the manufacture of its clinical products and its and its partners’ marketed products, the conduct of its clinical trials, and the sale of its proprietary marketed products and the marketed products of its licensees from which the Company receives manufacturing and royalty revenue. Any prolonged material disruption to the third parties on which the Company relies could negatively impact the Company’s ability to conduct business in the manner and on the timelines presently planned, which could have a material adverse impact on the Company’s business, results of operations and financial condition. The marketed products from which the Company derives revenue, including manufacturing and royalty revenue, are primarily injectable medications administered by healthcare professionals. Given developments that have transpired to date, and may continue to transpire, in response to the pandemic, including business closures, social distancing requirements and other restrictive measures, commercial sales of these marketed products have been adversely impacted to varying degrees and the Company expects commercial sales of these marketed products to continue to be adversely impacted while the pandemic persists. During the three months ended March 31, 2021, the Company continued to take actions to support uninterrupted access to its proprietary marketed products. However, the Company currently expects commercial sales of its marketed products, particularly VIVITROL, to continue to be impacted by the COVID-19 pandemic over the next few months. These items are discussed in greater detail in the “Results of Operations” section in “Part I, Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this Form 10-Q. The Company continues to operate its manufacturing facilities and supply its medicines. While the Company continues to conduct R&D activities, including its ongoing clinical trials, the COVID-19 pandemic has impacted, and may continue to impact, the timelines of certain of its early-stage discovery efforts and clinical trials. The Company is working with its internal teams, its clinical investigators, R&D vendors and critical supply chain vendors to continually assess, and mitigate, any potential adverse impacts of COVID-19 on its manufacturing operations and R&D activities. New Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (the “FASB”) or other standard-setting bodies that are adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on its financial position or results of operations upon adoption. In March 2020, the FASB issued Accounting Standards Update (“ Reference Rate Reform

Revenue from Contracts with Cus

Revenue from Contracts with Customers	3 Months Ended
Revenue from Contracts with Customers	Mar. 31, 2021
Revenue From Contract With Customer [Abstract]
Revenue from Contracts with Customers	3. REVENUE FROM CONTRACTS WITH CUSTOMERS Under FASB Accounting Standards Codification 606, Revenue from Contracts with Customers Product Sales, Net The Company’s product sales, net consist of sales of VIVITROL and ARISTADA (together with ARISTADA INITIO) in the U.S., primarily to wholesalers, specialty distributors and specialty 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. During the three months ended March 31, 2021 and 2020, the Company recorded product sales, net, as follows: Three Months Ended March 31, (In thousands) 2021 2020 VIVITROL $ 74,534 $ 78,769 ARISTADA and ARISTADA INITIO 55,429 50,957 Total product sales, net $ 129,963 $ 129,726 Manufacturing and Royalty Revenues During the three months ended March 31, 2021 and 2020, the Company recorded manufacturing and royalty revenues as follows: Three Months Ended March 31, 2021 (In thousands) Manufacturing Revenue Royalty Revenue Total INVEGA SUSTENNA/XEPLION & INVEGA TRINZA/TREVICTA $ — $ 61,570 $ 61,570 RISPERDAL CONSTA 10,683 3,479 14,162 AMPYRA/FAMPYRA 8,078 6,594 14,672 VUMERITY 2,448 10,992 13,440 Other 3,876 12,127 16,003 $ 25,085 $ 94,762 $ 119,847 Three Months Ended March 31, 2020 (In thousands) Manufacturing Revenue Royalty Revenue Total INVEGA SUSTENNA/XEPLION & INVEGA TRINZA/TREVICTA $ — $ 54,927 $ 54,927 RISPERDAL CONSTA 23,583 3,733 27,316 AMPYRA/FAMPYRA 7,822 7,147 14,969 VUMERITY 1,327 365 1,692 Other 7,479 9,868 17,347 $ 40,211 $ 76,040 $ 116,251 Contract assets include unbilled amounts under certain of the Company’s contracts with customers where revenue is recognized over time. Total contract assets as of March 31, 2021 included $9.3 million of assets that were classified as “Current assets” in the accompanying condensed consolidated balance sheets, as they related to manufacturing processes that are completed in ten days to eight weeks Total contract assets at March 31, 2021 were as follows: (In thousands) Contract Assets Contract assets at December 31, 2020 $ 19,401 Additions 8,785 Transferred to receivables, net (13,907 ) Contract assets at March 31, 2021 $ 14,279 Contract Liabilities Contract liabilities consist of contractual obligations related to deferred revenue. Total contract liabilities at March 31, 2021 (In thousands) Contract Liabilities Contract liabilities at December 31, 2020 $ 23,909 Additions — Amounts recognized into revenue (1,243 ) Contract liabilities at March 31, 2021 $ 22,666

Investments

Investments	3 Months Ended
Investments	Mar. 31, 2021
Investments Debt And Equity Securities [Abstract]
Investments	4. INVESTMENTS Investments consisted of the following (in thousands): Gross Unrealized Losses Amortized Less than Greater than Allowance for Estimated March 31, 2021 Cost Gains One Year One Year Credit Losses Fair Value Short-term investments: Available-for-sale securities: Corporate debt securities $ 154,429 $ 730 $ (29 ) $ — $ — $ 155,130 International government agency debt securities 97,419 289 (19 ) — — 97,689 U.S. government and agency debt securities 81,079 223 — — — 81,302 332,927 1,242 (48 ) — — 334,121 Held-to-maturity securities: Fixed term deposit account 1,667 179 — — — 1,846 Total short-term investments 334,594 1,421 (48 ) — — 335,967 Long-term investments: Available-for-sale securities: Corporate debt securities 34,670 — (47 ) — — 34,623 International government agency debt securities 30,165 — (40 ) — — 30,125 U.S. government and agency debt securities 19,891 — (11 ) — — 19,880 84,726 — (98 ) — — 84,628 Held-to-maturity securities: Certificates of deposit 1,820 — — — — 1,820 Total long-term investments 86,546 — (98 ) — — 86,448 Total investments $ 421,140 $ 1,421 $ (146 ) $ — $ — $ 422,415 December 31, 2020 Short-term investments: Available-for-sale securities: Corporate debt securities $ 176,937 $ 1,105 $ (7 ) $ — $ (977 ) $ 177,058 U.S. government and agency debt securities 103,011 336 (2 ) — — 103,345 International government agency debt securities 79,346 469 (6 ) — — 79,809 359,294 1,910 (15 ) — (977 ) 360,212 Held-to-maturity securities: Fixed term deposit account 1,667 187 — — — 1,854 Total short-term investments 360,961 2,097 (15 ) — (977 ) 362,066 Long-term investments: Available-for-sale securities: Corporate debt securities 7,908 — (10 ) — — 7,898 International government agency debt securities 15,077 — (15 ) — — 15,062 22,985 — (25 ) — — 22,960 Held-to-maturity securities: Certificates of deposit 1,820 — — — — 1,820 Total long-term investments 24,805 — (25 ) — — 24,780 Total investments $ 385,766 $ 2,097 $ (40 ) $ — $ (977 ) $ 386,846 At March 31, 2021, the Company reviewed its investment portfolio to assess whether the unrealized losses on its available-for-sale investments were other-than-temporary. Investments with unrealized losses consisted primarily of corporate debt securities and debt securities issued by non-U.S. agencies and backed by non-U.S. governments. In making the determination whether the decline in fair value of these securities was other-than-temporary, the Company evaluated whether it intended to sell the security and whether it was more likely than not that the Company would be required to sell the security before recovering its amortized cost basis. If the Company intends to sell a security, or it is more likely than not that the Company would be required to sell a security prior to recovering its amortized cost basis, an other-than-temporary impairment is deemed to have occurred. The amount of an other-than-temporary impairment related to a credit loss, or investments that the Company intends to sell before recovery, is recognized in earnings. The amount of an other-than-temporary impairment on available-for-sale investments related to other factors is recorded as a component of accumulated other comprehensive income. During the three months ended March 31, 2021 and 2020, no other-than-temporary impairment charges were recognized. In May 2014, the Company entered into an agreement whereby it committed to provide up to €7.4 million to Fountain Healthcare Partners II, L.P., an Irish partnership (“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. The Company’s commitment to Fountain represents approximately 7% of Fountain’s total funding. As of March 31, 2021, the Company had invested €7.0 million in Fountain. The Company is accounting for its investment in Fountain under the equity method. The Company’s net investment in Fountain was $5.6 million and $6.2 million at March 31, 2021 and December 31, 2020, respectively, and was included within “Other assets” in the accompanying condensed consolidated balance sheets. The proceeds from sales and maturities of marketable securities, which were identified using the specific identification method and were primarily reinvested, were as follows: Three Months Ended March 31, (In thousands) 2021 2020 Proceeds from the sales and maturities of marketable securities $ 86,193 $ 64,500 Realized gains $ — $ 9 Realized losses $ — $ — The Company’s available-for-sale and held-to-maturity securities at March 31, 2021 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 $ 238,884 $ 239,281 $ 3,488 $ 3,667 After 1 year through 5 years 178,768 179,467 — — Total $ 417,652 $ 418,748 $ 3,488 $ 3,667

Fair Value

Fair Value	3 Months Ended
Fair Value	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value	5. FAIR VALUE The following table presents information about the Company’s assets and liabilities at March 31, 2021 and December 31, 2020 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: March 31, (In thousands) 2021 Level 1 Level 2 Level 3 Assets: Cash equivalents $ 31,844 $ 31,844 $ — $ — U.S. government and agency debt securities 101,182 66,595 34,587 — Corporate debt securities 189,753 — 188,776 977 International government agency debt securities 127,814 — 127,814 — Contingent consideration 27,282 — — 27,282 Total $ 477,875 $ 98,439 $ 351,177 $ 28,259 December 31, 2020 Level 1 Level 2 Level 3 Assets: Cash equivalents $ 41,849 $ 41,849 $ — $ — U.S. government and agency debt securities 103,345 73,451 29,894 — Corporate debt securities 184,956 — 183,979 977 International government agency debt securities 94,871 — 94,871 — Contingent consideration 32,451 — — 32,451 Total $ 457,472 $ 115,300 $ 308,744 $ 33,428 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 three months ended March 31, 2021. 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 March 31, 2021: (In thousands) Fair Value Balance, January 1, 2021 $ 33,428 Change in the fair value of contingent consideration 1,278 Milestone payments received by the Company related to contingent consideration (6,429 ) Royalty payments due to the Company related to contingent consideration (18 ) Balance, March 31, 2021 $ 28,259 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. In April 2015, the Company sold its Gainesville, GA manufacturing facility, the manufacturing and royalty revenue associated with certain products manufactured at the facility, and the rights to IV/IM and parenteral forms of Meloxicam to Recro Pharma, Inc. (“Recro”) and Recro Gainesville LLC (such transaction, the “Gainesville Transaction”). The Gainesville Transaction included in the purchase price contingent consideration tied to low double digit royalties on net sales of the IV/IM and parenteral forms of Meloxicam and 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 was provided a right of use, through license or transfer, pursuant to the Gainesville Transaction (such products, the “Meloxicam Products”), and milestone payments upon the achievement of certain regulatory and sales milestones related to the Meloxicam Products. In November 2019, Recro spun out its acute care segment to Baudax Bio, Inc. (“Baudax”), a publicly-traded pharmaceutical company. As part of this transaction, Recro’s obligations to pay the Company certain contingent consideration from the Gainesville Transaction were assigned and/or transferred to Baudax. In Baudax’s Annual Report on Form 10-K for the period ended December 31, 2020, Baudax included disclosures regarding its ability to continue as a going concern. At March 31, 2021, the Company determined the fair value of the contingent consideration as follows: • The Company is due to receive $1.4 million in June 2021 related to the FDA approval in February 2020 of the New Drug Application (“NDA”) for ANJESO, the first Meloxicam Product, and an additional $38.6 million to be paid in six equal, annual installments on each anniversary of such approval beginning in February 2022; • The Company is entitled to receive future royalties on net sales of Meloxicam Products; 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 fair value of the sales milestones was 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. In order to address the substantial doubt about Baudax’s ability to continue as a going concern, the Company split its fair value analysis into two scenarios and applied an equal weighting to each. In the first scenario, the amounts above were all discounted using a rate of 13 18 At March 31, 2021 and December 31, 2020, the Company determined that the fair value of the contingent consideration related to the Gainesville Transaction was $27.3 million and $32.5 million, respectively. At March 31, 2021 and December 31, 2020, $7.9 million and $7.8 million, respectively, of the fair value of the contingent consideration was included within “Prepaid expenses and other current assets” in the accompanying condensed consolidated balance sheets, and $19.4 million and $24.7 million, respectively, of the fair value of the contingent consideration was included within “Contingent consideration” in the accompanying condensed consolidated balance sheets. The Company recorded an increase of $1.3 million and $6.8 million during the three months ended March 31, 2021 and 2020, respectively, within “Change in the fair value of contingent consideration” in the accompanying condensed consolidated statements of operations and comprehensive loss. The carrying amounts reflected in the accompanying condensed consolidated balance sheets for cash and cash equivalents, accounts receivable, contract assets, other current assets, accounts payable and accrued expenses approximate fair value due to their short-term nature. The estimated fair value of the Company’s long-term debt under its amended and restated credit agreement which was based on quoted market price indications (Level 2 in the fair value hierarchy) and which may not be representative of actual values that could have been, or will be, realized in the future, was $298.5 million and $275.1 million at March 31, 2021 and December 31, 2020, respectively. See Note 11, Long-Term Debt

Inventory

Inventory	3 Months Ended
Inventory	Mar. 31, 2021
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: March 31, December 31, (In thousands) 2021 2020 Raw materials $ 47,788 $ 44,944 Work in process 56,081 53,243 Finished goods (1) 30,309 27,551 Total inventory $ 134,178 $ 125,738 (1) At March 31, 2021 and December 31, 2020, the Company had $25.4 million and $26.5 million, respectively, of finished goods inventory located at its third-party warehouse and shipping service provider. As of March 31, 2021 and December 31, 2020, the carrying value of inventory included $14.0 million and $13.8 million, respectively, associated with LYBALVI, which was capitalized in advance of regulatory approval.

Property, Plant and Equipment

Property, Plant and Equipment	3 Months Ended
Property, Plant and Equipment	Mar. 31, 2021
Property Plant And Equipment [Abstract]
Property, Plant and Equipment	7. PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment consisted of the following: March 31, December 31, (In thousands) 2021 2020 Land $ 6,560 $ 6,560 Building and improvements 178,235 178,194 Furniture, fixtures and equipment 369,162 366,051 Leasehold improvements 52,508 52,508 Construction in progress 105,743 102,833 Subtotal 712,208 706,146 Less: accumulated depreciation (365,881 ) (356,143 ) Total property, plant and equipment, net $ 346,327 $ 350,003

Goodwill and Intangible Assets

Goodwill and Intangible Assets	3 Months Ended
Goodwill and Intangible Assets	Mar. 31, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	8. GOODWILL AND INTANGIBLE ASSETS Goodwill and intangible assets consisted of the following: March 31, 2021 (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 $ (384,948 ) $ 80,642 NanoCrystal technology 13 74,600 (56,168 ) 18,432 OCR ( 1) 12 42,560 (39,849 ) 2,711 Total $ 582,750 $ (480,965 ) $ 101,785 (1) OCR refers to the Company’s oral controlled release technologies. Based on the Company’s most recent analysis, amortization of intangible assets included within its condensed consolidated balance sheet at March 31, 2021 is expected to be approximately $40.0 million, $35.0 million, $35.0 million and $1.0 million in the years ending December 31, 2021 through 2024, 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.

Leases

Leases	3 Months Ended
Leases	Mar. 31, 2021
Leases [Abstract]
Leases	9. LEASES Future lease payments under non-cancelable leases as of March 31, 2021 and December 31, 2020 consisted of the following: March 31, December 31, (In thousands) 2021 2020 2021 $ 12,865 $ 16,882 2022 17,001 17,001 2023 17,266 17,266 2024 17,536 17,536 2025 17,810 17,810 Thereafter 109,002 109,311 Total lease payments $ 191,480 $ 195,806 Less: imputed interest (60,143 ) (60,610 ) Total operating lease liabilities $ 131,337 $ 135,196 At March 31, 2021, the weighted average incremental borrowing rate and the weighted average remaining lease term for all operating leases held by the Company were 5.25% and 12.4 years, respectively. During the three months ended March 31, 2021 and 2020, cash paid for amounts included for the measurement of lease liabilities was $ 3.7 million and $ 2.4 million, respectively, and the Company recorded operating lease expense of $ 4.2 million and $ 3.9 million, respectively.

Accounts Payable and Accrued Ex

Accounts Payable and Accrued Expenses	3 Months Ended
Accounts Payable and Accrued Expenses	Mar. 31, 2021
Payables And Accruals [Abstract]
Accounts Payable and Accrued Expenses	10. ACCOUNTS PAYABLE AND ACCRUED EXPENSES Accounts payable and accrued expenses consisted of the following: March 31, December 31, (In thousands) 2021 2020 Accounts payable $ 36,097 $ 46,034 Accrued compensation 49,357 71,178 Accrued sales discounts, allowances and reserves 191,113 218,877 Accrued other 62,521 76,082 Total accounts payable and accrued expenses $ 339,088 $ 412,171

Long-term Debt

Long-term Debt	3 Months Ended
Long-term Debt	Mar. 31, 2021
Debt Disclosure [Abstract]
Long-term Debt	11. LONG-TERM DEBT Long-term debt consisted of the following: March 31, December 31, (In thousands) 2021 2020 2026 Term Loans, due March 12, 2026 $ 297,702 $ — 2023 Term Loans, due March 26, 2023 — 274,961 Less: current portion (3,000 ) (2,843 ) Long-term debt $ 294,702 $ 272,118 In March 2021, the Company amended and refinanced its existing term loans, previously referred to as the 2023 Term Loans (as so amended and refinanced the “2026 Term Loans”), in order to, among other things, provide for a new class of replacement term loans equal to $300.0 million; extend the due date from March 26, 2023 to March 12, 2026; amend the interest payable from LIBOR plus 2.25% with no LIBOR floor to LIBOR plus 2.50% with a LIBOR floor of 0.50%; and increase covenant flexibility (such refinancing, the “Term Loan Refinancing”). Under the 2026 Term Loans, the Company is subject to mandatory prepayments of principal if certain excess cash flow thresholds, as defined in the 2026 Term Loans, are met. To date, the Company has not been required to make any such mandatory prepayments. The 2026 Term Loans have an incremental facility capacity in an amount of $175.0 million, plus additional amounts as long as the Company meets certain conditions, including a specified leverage ratio. The 2026 Term Loans include a number of restrictive covenants that, among other things and subject to certain exceptions and baskets, impose operating and financial restrictions on the Company and certain of its subsidiaries. The 2026 Term Loans also contain customary affirmative covenants and events of default. The Company was in compliance with its debt covenants at March 31, 2021. The Term Loan Refinancing involved multiple lenders who were considered members of a loan syndicate. In determining whether the Term Loan Refinancing should 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 2026 Term Loans were at least 10% different from the present value of the remaining cash flows under the 2023 Term Loans (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 three lenders with respective holdings ranging from 2%-7% of the total outstanding principal amount of the 2023 Term Loans at the date of the Term Loan Refinancing whose holding amounts were accounted for as a debt extinguishment, the Term Loan Refinancing was otherwise accounted for as a debt modification. The Term Loan Refinancing resulted in a $ million charge in the three months ended March 31, 2021, which was included in “Interest expense” in the accompanying condensed consolidated statement of operations and comprehensive loss.

Share-based Compensation

Share-based Compensation	3 Months Ended
Share-based Compensation	Mar. 31, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Share-based Compensation	12. SHARE-BASED COMPENSATION The following table presents share-based compensation expense included in the Company’s condensed consolidated statements of operations and comprehensive loss: Three Months Ended March 31, (In thousands) 2021 2020 Cost of goods manufactured and sold $ 2,178 $ 1,965 Research and development 4,063 6,160 Selling, general and administrative 9,210 11,688 Total share-based compensation expense $ 15,451 $ 19,813 At March 31, 2021 and December 31, 2020, $2.7 million and $2.6 million, respectively, of share-based compensation expense was capitalized and recorded as “Inventory” in the accompanying condensed consolidated balance sheets.

Loss Per Share

Loss Per Share	3 Months Ended
Loss Per Share	Mar. 31, 2021
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 months ended March 31, 2021 and 2020, as the Company was in a net loss position, the diluted loss per ordinary share calculation did not assume conversion or exercise of stock options and restricted stock unit awards, as they would have had an anti-dilutive effect on loss per ordinary share. The following potential ordinary share equivalents have not been included in the loss per ordinary share calculations because the effect would have been anti-dilutive: Three Months Ended March 31, (In thousands) 2021 2020 Stock options 15,451 14,829 Restricted stock unit awards 2,877 4,416 Total 18,328 19,245

Commitments and Contingent Liab

Commitments and Contingent Liabilities	3 Months Ended
Commitments and Contingent Liabilities	Mar. 31, 2021
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingent Liabilities	14. COMMITMENTS AND CONTINGENT LIABILITIES Litigation From time to time, the Company may be subject to legal proceedings and claims in the ordinary course of business. On a quarterly basis, the Company reviews the status of each significant matter and assesses its potential financial exposure. If the potential loss from any claim, asserted or unasserted, or legal proceeding is considered probable and the amount can be reasonably estimated, the Company would accrue a liability for the estimated loss. Because of uncertainties related to claims and litigation, accruals are based on the Company’s best estimates, utilizing all available information. On a periodic basis, as additional information becomes available, or based on specific events such as the outcome of litigation or settlement of claims, the Company may reassess the potential liability related to these matters and may revise these estimates, which could result in material adverse adjustments to the Company’s operating results. At March 31, 2021, there were no potential material losses from claims, asserted or unasserted, or legal proceedings that the Company determined were probable of occurring. INVEGA SUSTENNA ANDA Litigation Janssen Pharmaceuticals NV and Janssen Pharmaceuticals, Inc. initiated patent infringement lawsuits in the U.S. District Court for the District of New Jersey (the “NJ District Court”) in January 2018 against Teva Pharmaceuticals USA, Inc. (“Teva”) and Teva Pharmaceuticals Industries, Ltd. (“Teva PI”), in August 2019 against Mylan Laboratories Limited (“Mylan Labs”), Mylan Pharmaceuticals Inc. (“Mylan”), and Mylan Institutional LLC and in December 2019 against Pharmascience, Inc. (“Pharmascience”), Mallinckrodt plc, and SpecGX LLC, following the respective filings by each of Teva, Mylan Labs, and Pharmascience of an Abbreviated New Drug Application (“ANDA”) seeking approval from the FDA to market a generic version of INVEGA SUSTENNA before the expiration of U.S. Patent No. 9,439,906. In October 2020, a trial was held in the lawsuit between the Janssen entities and the Teva entities and closing arguments for such trial were heard in March 2021. Requested judicial remedies in each of the lawsuits include recovery of litigation costs and injunctive relief. The Company is not a party to any of these proceedings. INVEGA TRINZA ANDA Litigation In September 2020, Janssen Pharmaceuticals NV, Janssen Pharmaceuticals, Inc., and Janssen Research & Development, LLC, initiated a patent infringement lawsuit in the NJ District Court against Mylan Labs, Mylan, and Mylan Institutional LLC following the filing by Mylan Labs of an ANDA seeking approval from the FDA to market a generic version of INVEGA TRINZA before the expiration of U.S. Patent No. 10,143,693. Requested judicial remedies include recovery of litigation costs and injunctive relief. The Company is not a party to this proceeding. RISPERDAL CONSTA European Opposition Proceedings In December 2016, Nanjing Luye Pharmaceutical Co., Ltd., Pharmathen SA, Teva PI and Dehns Ltd (a law firm representing an unidentified opponent) filed notices of opposition with the European Patent Office (the “EPO”) in respect of EP 2 269 577 B (the “EP ’577 Patent”), which is a patent directed to certain risperidone microsphere compositions, including RISPERDAL CONSTA. Following a hearing on the matter in January 2019, the EPO issued a written decision revoking the EP ’577 Patent in April 2019. The Company filed a notice of appeal of the decision to the EPO’s Technical Boards of Appeal in June 2019. Pharmathen SA submitted a reply in November 2019 and Nanjing Luye Pharmaceutical Co., Ltd. and Teva PI submitted replies in December 2019. The Company will continue to vigorously defend the EP ’577 Patent. VIVITROL ANDA Litigation In September 2020, Alkermes, Inc. and Alkermes Pharma Ireland Limited filed a patent infringement lawsuit in the NJ District Court against Teva and Teva PI following the filing by Teva of an ANDA seeking approval from the FDA to engage in the commercial manufacture, use or sale of a generic version of VIVITROL (naltrexone for extended-release injectable suspension) before the expiration of the Company’s U.S. Patent No. 7,919,499. Teva filed its Answer in November 2020, which included counterclaims against the Company. The Company filed its Reply to Teva’s counterclaims in December 2020. The Company intends to vigorously defend its intellectual property. The filing of the lawsuit triggered a stay of FDA approval of the ANDA for up to 30 months in accordance with the U.S. Drug Price Competition and Patent Term Restoration Act of 1984 (the “Hatch-Waxman Act”). VUMERITY ANDA Litigation On March 17, 2021, Biogen Inc., Biogen Swiss Manufacturing GmbH and Alkermes Pharma Ireland Limited filed a patent infringement lawsuit in the U.S. District Court for the District of Delaware against Teva Pharmaceuticals Development Inc. (“Teva PD”) following the filing by Teva PD of an ANDA seeking approval from the FDA to engage in the commercial manufacture, use or sale of a generic version of VUMERITY (diroximel fumarate) before the expiration of the Company’s U.S. Patent Nos. 8,669,281, 9,090,558 and 10,080,733. The filing of the lawsuit triggered a stay of FDA approval of the ANDA for up to 30 months in accordance with the Hatch-Waxman Act. Government Matters The Company has received a subpoena and civil investigative demands from U.S. state and federal governmental authorities for documents related to VIVITROL. The Company is cooperating with the investigations. Securities Litigation In December 2018 and January 2019, purported stockholders of the Company filed putative class actions against the Company and certain of its officers in the U.S. District Court for the Eastern District of New York (the “EDNY District Court”) captioned Karimian v. Alkermes plc, et al., No. 1:18-cv-07410 and McDermott v. Alkermes plc, et al., No. 1:19-cv-00624 Sections 10(b) and 20(a) of the Exchange Act based on allegedly false or misleading statements and omissions regarding the Company’s clinical methodologies and regulatory submission for ALKS 5461 and the FDA’s review and consideration of that submission. The lawsuit seeks, among other things, unspecified money damages, prejudgment and postjudgment interest, reasonable attorneys’ fees, expert fees and other costs. On February 26, 2021, the EDNY District Court entered a final judgment and order dismissing the action in its entirety (the “Final Judgment and Order”). On March 26, 2021, t he plaintiff filed a notice of appeal, appealing the Final Judgment and Order to the United States Court of Appeals for the Second Circuit. Product Liability and Other Legal Proceedings The Company is also involved in product liability cases and other legal proceedings incidental to its normal business activities, including product liability cases alleging that the FDA-approved VIVITROL labeling was inadequate and caused the users of the product to suffer from opioid overdose and death. The Company intends to vigorously defend itself in these matters. While the outcome of any of these proceedings cannot be accurately predicted, the Company does not believe the ultimate resolution of any of these existing matters would have a material adverse effect on the Company’s business or financial condition.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements of the Company for the three months ended March 31, 2021 and 2020 are unaudited and have been prepared on a basis substantially consistent with the audited financial statements for the year ended December 31, 2020. 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 Annual Report. The results of the Company’s operations for any interim period are not necessarily indicative of the results of the Company’s operations for any other interim period or for any full fiscal year.
Principles of Consolidation	Principles of Consolidation The 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 that management make estimates, judgments and assumptions that may affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. On an ongoing basis, the Company evaluates its estimates, judgments and methodologies, including those related to revenue from contracts with its customers and related allowances, impairment and amortization of intangibles and long-lived assets, share-based compensation, income taxes including the valuation allowance for deferred tax assets, valuation of investments, 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 Chief Executive Officer and Chairman of the Company’s board of directors, reviews the Company’s operating results on an aggregate basis and manages the Company’s operations as a single operating unit.
Risks and Uncertainties	Risks and Uncertainties In March 2020, COVID-19 was declared a global pandemic by the World Health Organization. To date, COVID-19 has surfaced in nearly all regions around the world and resulted in travel restrictions and business slowdowns and/or shutdowns in affected areas. Ireland, all U.S. states, and many local jurisdictions and countries around the world have, at times during the pandemic, issued “shelter-in-place” orders, quarantines, executive orders and similar government orders, restrictions, and recommendations for their residents to control the spread of COVID-19. Such orders, restrictions and/or recommendations, and/or the perception that additional orders, restrictions or recommendations could occur, have resulted in widespread closures of businesses, including healthcare systems that serve people living with opioid dependence, alcohol dependence and schizophrenia, work stoppages, slowdowns and/or delays, work-from-home policies and travel restrictions, among other effects. The Company continues to closely monitor and respond to the ongoing impact of COVID-19 on its employees, communities and business operations. Due to numerous uncertainties surrounding the ongoing COVID-19 pandemic, the actual impact of the pandemic on the Company’s financial condition and operating results may differ from current projections. These uncertainties include, among others, the ultimate severity and duration of the pandemic; governmental, business or other actions that have been, are being or will be, taken in response to the pandemic, including restrictions on travel and mobility, business closures and operating restrictions, and imposition of social distancing measures; impacts of the pandemic on the Company’s employees, the vendors or distribution channels in the Company’s supply chain and on the Company’s ability to continue to manufacture its products; impacts of the pandemic on the conduct of the Company’s clinical trials, including with respect to enrollment rates, availability of investigators and clinical trial sites, and monitoring of data; impacts of the pandemic on healthcare systems that serve people living with opioid dependence, alcohol dependence and schizophrenia; impacts of the pandemic on the regulatory agencies with which the Company interacts in the development, review, approval and commercialization of its medicines; impacts of the pandemic on reimbursement for the Company’s products, including the Company’s Medicaid rebate liability, and for services related to the use of its products; and impacts of the pandemic on the Irish, U.S. and global economies more broadly. The Company relies upon third parties for many aspects of its business, including the provision of goods and services related to the manufacture of its clinical products and its and its partners’ marketed products, the conduct of its clinical trials, and the sale of its proprietary marketed products and the marketed products of its licensees from which the Company receives manufacturing and royalty revenue. Any prolonged material disruption to the third parties on which the Company relies could negatively impact the Company’s ability to conduct business in the manner and on the timelines presently planned, which could have a material adverse impact on the Company’s business, results of operations and financial condition. The marketed products from which the Company derives revenue, including manufacturing and royalty revenue, are primarily injectable medications administered by healthcare professionals. Given developments that have transpired to date, and may continue to transpire, in response to the pandemic, including business closures, social distancing requirements and other restrictive measures, commercial sales of these marketed products have been adversely impacted to varying degrees and the Company expects commercial sales of these marketed products to continue to be adversely impacted while the pandemic persists. During the three months ended March 31, 2021, the Company continued to take actions to support uninterrupted access to its proprietary marketed products. However, the Company currently expects commercial sales of its marketed products, particularly VIVITROL, to continue to be impacted by the COVID-19 pandemic over the next few months. These items are discussed in greater detail in the “Results of Operations” section in “Part I, Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this Form 10-Q. The Company continues to operate its manufacturing facilities and supply its medicines. While the Company continues to conduct R&D activities, including its ongoing clinical trials, the COVID-19 pandemic has impacted, and may continue to impact, the timelines of certain of its early-stage discovery efforts and clinical trials. The Company is working with its internal teams, its clinical investigators, R&D vendors and critical supply chain vendors to continually assess, and mitigate, any potential adverse impacts of COVID-19 on its manufacturing operations and R&D activities.
New Accounting Pronouncements	New Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (the “FASB”) or other standard-setting bodies that are adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on its financial position or results of operations upon adoption. In March 2020, the FASB issued Accounting Standards Update (“ Reference Rate Reform

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	3 Months Ended
Revenue from Contracts with Customers (Tables)	Mar. 31, 2021
Schedule of Contract Assets and Contract Liabilities	Total contract assets at March 31, 2021 were as follows: (In thousands) Contract Assets Contract assets at December 31, 2020 $ 19,401 Additions 8,785 Transferred to receivables, net (13,907 ) Contract assets at March 31, 2021 $ 14,279 Total contract liabilities at March 31, 2021 (In thousands) Contract Liabilities Contract liabilities at December 31, 2020 $ 23,909 Additions — Amounts recognized into revenue (1,243 ) Contract liabilities at March 31, 2021 $ 22,666
Product sales, net
Schedule of Disaggregation of Revenues	During the three months ended March 31, 2021 and 2020, the Company recorded product sales, net, as follows: Three Months Ended March 31, (In thousands) 2021 2020 VIVITROL $ 74,534 $ 78,769 ARISTADA and ARISTADA INITIO 55,429 50,957 Total product sales, net $ 129,963 $ 129,726
Manufacturing and royalty revenues
Schedule of Disaggregation of Revenues	During the three months ended March 31, 2021 and 2020, the Company recorded manufacturing and royalty revenues as follows: Three Months Ended March 31, 2021 (In thousands) Manufacturing Revenue Royalty Revenue Total INVEGA SUSTENNA/XEPLION & INVEGA TRINZA/TREVICTA $ — $ 61,570 $ 61,570 RISPERDAL CONSTA 10,683 3,479 14,162 AMPYRA/FAMPYRA 8,078 6,594 14,672 VUMERITY 2,448 10,992 13,440 Other 3,876 12,127 16,003 $ 25,085 $ 94,762 $ 119,847 Three Months Ended March 31, 2020 (In thousands) Manufacturing Revenue Royalty Revenue Total INVEGA SUSTENNA/XEPLION & INVEGA TRINZA/TREVICTA $ — $ 54,927 $ 54,927 RISPERDAL CONSTA 23,583 3,733 27,316 AMPYRA/FAMPYRA 7,822 7,147 14,969 VUMERITY 1,327 365 1,692 Other 7,479 9,868 17,347 $ 40,211 $ 76,040 $ 116,251

Investments (Tables)

Investments (Tables)	3 Months Ended
Investments (Tables)	Mar. 31, 2021
Investments Debt And Equity Securities [Abstract]
Schedule of Investments	Investments consisted of the following (in thousands): Gross Unrealized Losses Amortized Less than Greater than Allowance for Estimated March 31, 2021 Cost Gains One Year One Year Credit Losses Fair Value Short-term investments: Available-for-sale securities: Corporate debt securities $ 154,429 $ 730 $ (29 ) $ — $ — $ 155,130 International government agency debt securities 97,419 289 (19 ) — — 97,689 U.S. government and agency debt securities 81,079 223 — — — 81,302 332,927 1,242 (48 ) — — 334,121 Held-to-maturity securities: Fixed term deposit account 1,667 179 — — — 1,846 Total short-term investments 334,594 1,421 (48 ) — — 335,967 Long-term investments: Available-for-sale securities: Corporate debt securities 34,670 — (47 ) — — 34,623 International government agency debt securities 30,165 — (40 ) — — 30,125 U.S. government and agency debt securities 19,891 — (11 ) — — 19,880 84,726 — (98 ) — — 84,628 Held-to-maturity securities: Certificates of deposit 1,820 — — — — 1,820 Total long-term investments 86,546 — (98 ) — — 86,448 Total investments $ 421,140 $ 1,421 $ (146 ) $ — $ — $ 422,415 December 31, 2020 Short-term investments: Available-for-sale securities: Corporate debt securities $ 176,937 $ 1,105 $ (7 ) $ — $ (977 ) $ 177,058 U.S. government and agency debt securities 103,011 336 (2 ) — — 103,345 International government agency debt securities 79,346 469 (6 ) — — 79,809 359,294 1,910 (15 ) — (977 ) 360,212 Held-to-maturity securities: Fixed term deposit account 1,667 187 — — — 1,854 Total short-term investments 360,961 2,097 (15 ) — (977 ) 362,066 Long-term investments: Available-for-sale securities: Corporate debt securities 7,908 — (10 ) — — 7,898 International government agency debt securities 15,077 — (15 ) — — 15,062 22,985 — (25 ) — — 22,960 Held-to-maturity securities: Certificates of deposit 1,820 — — — — 1,820 Total long-term investments 24,805 — (25 ) — — 24,780 Total investments $ 385,766 $ 2,097 $ (40 ) $ — $ (977 ) $ 386,846
Schedule of Proceeds from Sales and Maturities of Marketable Securities Plus Resulting Realized Gains and Losses	The proceeds from sales and maturities of marketable securities, which were identified using the specific identification method and were primarily reinvested, were as follows: Three Months Ended March 31, (In thousands) 2021 2020 Proceeds from the sales and maturities of marketable securities $ 86,193 $ 64,500 Realized gains $ — $ 9 Realized losses $ — $ —
Schedule of Contractual Maturities of Available-for-Sale and Held-to-Maturity Securities	The Company’s available-for-sale and held-to-maturity securities at March 31, 2021 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 $ 238,884 $ 239,281 $ 3,488 $ 3,667 After 1 year through 5 years 178,768 179,467 — — Total $ 417,652 $ 418,748 $ 3,488 $ 3,667

Fair Value (Tables)

Fair Value (Tables)	3 Months Ended
Fair Value (Tables)	Mar. 31, 2021
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 at March 31, 2021 and December 31, 2020 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: March 31, (In thousands) 2021 Level 1 Level 2 Level 3 Assets: Cash equivalents $ 31,844 $ 31,844 $ — $ — U.S. government and agency debt securities 101,182 66,595 34,587 — Corporate debt securities 189,753 — 188,776 977 International government agency debt securities 127,814 — 127,814 — Contingent consideration 27,282 — — 27,282 Total $ 477,875 $ 98,439 $ 351,177 $ 28,259 December 31, 2020 Level 1 Level 2 Level 3 Assets: Cash equivalents $ 41,849 $ 41,849 $ — $ — U.S. government and agency debt securities 103,345 73,451 29,894 — Corporate debt securities 184,956 — 183,979 977 International government agency debt securities 94,871 — 94,871 — Contingent consideration 32,451 — — 32,451 Total $ 457,472 $ 115,300 $ 308,744 $ 33,428
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 March 31, 2021: (In thousands) Fair Value Balance, January 1, 2021 $ 33,428 Change in the fair value of contingent consideration 1,278 Milestone payments received by the Company related to contingent consideration (6,429 ) Royalty payments due to the Company related to contingent consideration (18 ) Balance, March 31, 2021 $ 28,259

Inventory (Tables)

Inventory (Tables)	3 Months Ended
Inventory (Tables)	Mar. 31, 2021
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: March 31, December 31, (In thousands) 2021 2020 Raw materials $ 47,788 $ 44,944 Work in process 56,081 53,243 Finished goods (1) 30,309 27,551 Total inventory $ 134,178 $ 125,738 (1) At March 31, 2021 and December 31, 2020, the Company had $25.4 million and $26.5 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)	3 Months Ended
Property, Plant and Equipment (Tables)	Mar. 31, 2021
Property Plant And Equipment [Abstract]
Schedule of Property, Plant and Equipment	Property, plant and equipment consisted of the following: March 31, December 31, (In thousands) 2021 2020 Land $ 6,560 $ 6,560 Building and improvements 178,235 178,194 Furniture, fixtures and equipment 369,162 366,051 Leasehold improvements 52,508 52,508 Construction in progress 105,743 102,833 Subtotal 712,208 706,146 Less: accumulated depreciation (365,881 ) (356,143 ) Total property, plant and equipment, net $ 346,327 $ 350,003

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	3 Months Ended
Goodwill and Intangible Assets (Tables)	Mar. 31, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Schedule of Goodwill and Intangible Assets	Goodwill and intangible assets consisted of the following: March 31, 2021 (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 $ (384,948 ) $ 80,642 NanoCrystal technology 13 74,600 (56,168 ) 18,432 OCR ( 1) 12 42,560 (39,849 ) 2,711 Total $ 582,750 $ (480,965 ) $ 101,785 (1) OCR refers to the Company’s oral controlled release technologies.

Leases (Tables)

Leases (Tables)	3 Months Ended
Leases (Tables)	Mar. 31, 2021
Leases [Abstract]
Summary of Future Lease Payments Under Non-Cancelable Leases	Future lease payments under non-cancelable leases as of March 31, 2021 and December 31, 2020 consisted of the following: March 31, December 31, (In thousands) 2021 2020 2021 $ 12,865 $ 16,882 2022 17,001 17,001 2023 17,266 17,266 2024 17,536 17,536 2025 17,810 17,810 Thereafter 109,002 109,311 Total lease payments $ 191,480 $ 195,806 Less: imputed interest (60,143 ) (60,610 ) Total operating lease liabilities $ 131,337 $ 135,196

Accounts Payable and Accrued _2

Accounts Payable and Accrued Expenses (Tables)	3 Months Ended
Accounts Payable and Accrued Expenses (Tables)	Mar. 31, 2021
Payables And Accruals [Abstract]
Schedule of Accounts Payable and Accrued Expenses	Accounts payable and accrued expenses consisted of the following: March 31, December 31, (In thousands) 2021 2020 Accounts payable $ 36,097 $ 46,034 Accrued compensation 49,357 71,178 Accrued sales discounts, allowances and reserves 191,113 218,877 Accrued other 62,521 76,082 Total accounts payable and accrued expenses $ 339,088 $ 412,171

Long-term Debt (Tables)

Long-term Debt (Tables)	3 Months Ended
Long-term Debt (Tables)	Mar. 31, 2021
Debt Disclosure [Abstract]
Schedule of Long-term Debt	Long-term debt consisted of the following: March 31, December 31, (In thousands) 2021 2020 2026 Term Loans, due March 12, 2026 $ 297,702 $ — 2023 Term Loans, due March 26, 2023 — 274,961 Less: current portion (3,000 ) (2,843 ) Long-term debt $ 294,702 $ 272,118

Share-based Compensation (Table

Share-based Compensation (Tables)	3 Months Ended
Share-based Compensation (Tables)	Mar. 31, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Schedule of Share-based Compensation Expense	The following table presents share-based compensation expense included in the Company’s condensed consolidated statements of operations and comprehensive loss: Three Months Ended March 31, (In thousands) 2021 2020 Cost of goods manufactured and sold $ 2,178 $ 1,965 Research and development 4,063 6,160 Selling, general and administrative 9,210 11,688 Total share-based compensation expense $ 15,451 $ 19,813

Loss Per Share (Tables)

Loss Per Share (Tables)	3 Months Ended
Loss Per Share (Tables)	Mar. 31, 2021
Earnings Per Share [Abstract]
Schedule of Anti-Dilutive Potential Common Share Equivalent Excluded from Calculation of Loss Per Share	The following potential ordinary share equivalents have not been included in the loss per ordinary share calculations because the effect would have been anti-dilutive: Three Months Ended March 31, (In thousands) 2021 2020 Stock options 15,451 14,829 Restricted stock unit awards 2,877 4,416 Total 18,328 19,245

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details)	3 Months Ended
	Mar. 31, 2021segment
Accounting Policies [Abstract]
Number of business segments	1

Revenue from Contracts with C_3

Revenue from Contracts with Customers - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Disaggregation Of Revenue [Line Items]
Total revenues	$ 251,430	$ 246,220
VIVITROL
Disaggregation Of Revenue [Line Items]
Total revenues	74,534	78,769
ARISTADA and ARISTADA INITIO
Disaggregation Of Revenue [Line Items]
Total revenues	55,429	50,957
Product sales, net
Disaggregation Of Revenue [Line Items]
Total revenues	$ 129,963	$ 129,726

Revenue from Contracts with C_4

Revenue from Contracts with Customers - Schedule of Manufacturing and Royalty Revenues (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Disaggregation Of Revenue [Line Items]
Total revenues	$ 251,430	$ 246,220
Manufacturing Revenue
Disaggregation Of Revenue [Line Items]
Total revenues	25,085	40,211
Manufacturing Revenue \| RISPERDAL CONSTA
Disaggregation Of Revenue [Line Items]
Total revenues	10,683	23,583
Manufacturing Revenue \| AMPYRA/FAMPYRA
Disaggregation Of Revenue [Line Items]
Total revenues	8,078	7,822
Manufacturing Revenue \| VUMERITY
Disaggregation Of Revenue [Line Items]
Total revenues	2,448	1,327
Manufacturing Revenue \| Other
Disaggregation Of Revenue [Line Items]
Total revenues	3,876	7,479
Royalty
Disaggregation Of Revenue [Line Items]
Total revenues	94,762	76,040
Royalty \| INVEGA SUSTENNA/XEPLION & INVEGA TRINZA/TREVICTA
Disaggregation Of Revenue [Line Items]
Total revenues	61,570	54,927
Royalty \| RISPERDAL CONSTA
Disaggregation Of Revenue [Line Items]
Total revenues	3,479	3,733
Royalty \| AMPYRA/FAMPYRA
Disaggregation Of Revenue [Line Items]
Total revenues	6,594	7,147
Royalty \| VUMERITY
Disaggregation Of Revenue [Line Items]
Total revenues	10,992	365
Royalty \| Other
Disaggregation Of Revenue [Line Items]
Total revenues	12,127	9,868
Manufacturing and royalty revenues
Disaggregation Of Revenue [Line Items]
Total revenues	119,847	116,251
Manufacturing and royalty revenues \| INVEGA SUSTENNA/XEPLION & INVEGA TRINZA/TREVICTA
Disaggregation Of Revenue [Line Items]
Total revenues	61,570	54,927
Manufacturing and royalty revenues \| RISPERDAL CONSTA
Disaggregation Of Revenue [Line Items]
Total revenues	14,162	27,316
Manufacturing and royalty revenues \| AMPYRA/FAMPYRA
Disaggregation Of Revenue [Line Items]
Total revenues	14,672	14,969
Manufacturing and royalty revenues \| VUMERITY
Disaggregation Of Revenue [Line Items]
Total revenues	13,440	1,692
Manufacturing and royalty revenues \| Other
Disaggregation Of Revenue [Line Items]
Total revenues	$ 16,003	$ 17,347

Revenue from Contracts with C_5

Revenue from Contracts with Customers - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Disaggregation Of Revenue [Line Items]
Contract asset, current	$ 9,279	$ 14,401
VUMERITY \| Biogen \| Other Assets
Disaggregation Of Revenue [Line Items]
Contract asset, non-current	$ 5,000
Minimum
Disaggregation Of Revenue [Line Items]
Manufacturing Process period	10 days
Maximum
Disaggregation Of Revenue [Line Items]
Manufacturing Process period	56 days
Consideration expects to receive	2 years

Revenue from Contracts with C_6

Revenue from Contracts with Customers - Schedule of Contract Assets and Contract Liabilities (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)
Contract Asset [Abstract]
Contract assets at beginning of period	$ 19,401
Additions	8,785
Transferred to receivables, net	(13,907)
Contract assets at end of period	14,279
Contract Liabilities [Abstract]
Contract liabilities at beginning of the period	23,909
Amounts recognized into revenue	(1,243)
Contract liabilities at end of the period	$ 22,666

Investments - Schedule of Inves

Investments - Schedule of Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Available-for-sale securities:
Amortized Cost	$ 417,652
Estimated Fair Value	418,748
Held-to-maturity securities:
Estimated Fair Value	3,667
Long-term Investments
Amortized Cost	86,546	$ 24,805
Gross Unrealized Losses, Less than One Year	(98)	(25)
Total long-term investments	86,448	24,780
Total investments
Amortized Cost	421,140	385,766
Gross Unrealized Gains	1,421	2,097
Gross Unrealized Losses, Less than One Year	(146)	(40)
Allowance for Credit Losses		(977)
Estimated Fair Value	422,415	386,846
Short-term Investments
Amortized Cost	334,594	360,961
Gross Unrealized Gains	1,421	2,097
Gross Unrealized Losses, Less than One Year	(48)	(15)
Allowance for Credit Losses		(977)
Total short-term investments	335,967	362,066
Short-term investments
Available-for-sale securities:
Amortized Cost	332,927	359,294
Gross Unrealized Gains	1,242	1,910
Gross Unrealized Losses, Less than One Year	(48)	(15)
Allowance for Credit Losses		(977)
Estimated Fair Value	334,121	360,212
Short-term investments \| Corporate debt securities
Available-for-sale securities:
Amortized Cost	154,429	176,937
Gross Unrealized Gains	730	1,105
Gross Unrealized Losses, Less than One Year	(29)	(7)
Allowance for Credit Losses		(977)
Estimated Fair Value	155,130	177,058
Short-term investments \| U.S. government and agency debt securities
Available-for-sale securities:
Amortized Cost	81,079	103,011
Gross Unrealized Gains	223	336
Gross Unrealized Losses, Less than One Year		(2)
Estimated Fair Value	81,302	103,345
Short-term investments \| International government agency debt securities
Available-for-sale securities:
Amortized Cost	97,419	79,346
Gross Unrealized Gains	289	469
Gross Unrealized Losses, Less than One Year	(19)	(6)
Estimated Fair Value	97,689	79,809
Short-term investments \| Fixed Term Deposit Account
Held-to-maturity securities:
Amortized Cost	1,667
Gross Unrealized Gains	179
Estimated Fair Value	1,846
Long-term investments
Available-for-sale securities:
Amortized Cost	84,726	22,985
Gross Unrealized Losses, Less than One Year	(98)	(25)
Estimated Fair Value	84,628	22,960
Long-term investments \| Certificates of deposit
Held-to-maturity securities:
Amortized Cost	1,820	1,820
Estimated Fair Value	1,820	1,820
Long-term investments \| Corporate debt securities
Available-for-sale securities:
Amortized Cost	34,670	7,908
Gross Unrealized Losses, Less than One Year	(47)	(10)
Estimated Fair Value	34,623	7,898
Long-term investments \| U.S. government and agency debt securities
Available-for-sale securities:
Amortized Cost	19,891
Gross Unrealized Losses, Less than One Year	(11)
Estimated Fair Value	19,880
Long-term investments \| International government agency debt securities
Available-for-sale securities:
Amortized Cost	30,165	15,077
Gross Unrealized Losses, Less than One Year	(40)	(15)
Estimated Fair Value	$ 30,125	15,062
Long-term investments \| Fixed Term Deposit Account
Held-to-maturity securities:
Amortized Cost		1,667
Gross Unrealized Gains		187
Estimated Fair Value		$ 1,854

Investments - Additional Inform

Investments - Additional Information (Details)	3 Months Ended
Investments - Additional Information (Details)	Mar. 31, 2021USD ($)	Mar. 31, 2020USD ($)	Mar. 31, 2021EUR (€)	Dec. 31, 2020USD ($)	May 31, 2014EUR (€)
Investment Holdings [Line Items]
Other-than-temporary impairment charges \| $	$ 0	$ 0
Fountain Healthcare Partners II
Investment Holdings [Line Items]
Funding commitment as percentage of partnership's total funding	7.00%		7.00%
Equity method commitment \| €			€ 7,000,000
Fountain Healthcare Partners II \| Other Assets
Investment Holdings [Line Items]
Carrying value of equity investment \| $	$ 5,600,000			$ 6,200,000
Fountain Healthcare Partners II \| Maximum
Investment Holdings [Line Items]
Commitment on equity method investment \| €					€ 7,400,000

Investments - Schedule of Proce

Investments - Schedule of Proceeds from Sales and Maturities of Marketable Securities Plus Resulting Realized Gains and Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Investments Debt And Equity Securities [Abstract]
Proceeds from the sales and maturities of marketable securities	$ 86,193	$ 64,500
Realized gains		$ 9

Investments - Schedule of Contr

Investments - Schedule of Contractual Maturities of Available-for-Sale and Held-to-Maturity Securities (Details) $ in Thousands	Mar. 31, 2021USD ($)
Available-for-sale, Amortized Cost
Within 1 year	$ 238,884
After 1 year through 5 years	178,768
Amortized Cost	417,652
Available-for-sale, Estimated Fair Value
Within 1 year	239,281
After 1 year through 5 years	179,467
Total	418,748
Held-to-maturity, Amortized Cost
Within 1 year	3,488
Total	3,488
Held-to-maturity, Estimated Fair Value
Within 1 year	3,667
Total	$ 3,667

Fair Value - Summary of the Com

Fair Value - Summary of the Company's Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Fair value
Debt securities	$ 418,748
Contingent consideration	27,300	$ 32,500
Recurring Basis
Fair value
Cash equivalents	31,844	41,849
Contingent consideration	27,282	32,451
Assets, Total	477,875	457,472
Recurring Basis \| Level 1
Fair value
Cash equivalents	31,844	41,849
Assets, Total	98,439	115,300
Recurring Basis \| Level 2
Fair value
Assets, Total	351,177	308,744
Recurring Basis \| Level 3
Fair value
Contingent consideration	27,282	32,451
Assets, Total	28,259	33,428
U.S. government and agency debt securities \| Recurring Basis
Fair value
Debt securities	101,182	103,345
U.S. government and agency debt securities \| Recurring Basis \| Level 1
Fair value
Debt securities	66,595	73,451
U.S. government and agency debt securities \| Recurring Basis \| Level 2
Fair value
Debt securities	34,587	29,894
Corporate debt securities \| Recurring Basis
Fair value
Debt securities	189,753	184,956
Corporate debt securities \| Recurring Basis \| Level 2
Fair value
Debt securities	188,776	183,979
Corporate debt securities \| Recurring Basis \| Level 3
Fair value
Debt securities	977	977
International government agency debt securities \| Recurring Basis
Fair value
Debt securities	127,814	94,871
International government agency debt securities \| Recurring Basis \| Level 2
Fair value
Debt securities	$ 127,814	$ 94,871

Fair Value - Additional Informa

Fair Value - Additional Information (Details)	3 Months Ended
Fair Value - Additional Information (Details)	Mar. 31, 2021USD ($)itemInstallment	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)item
Fair Value
Transfers between Level 1 to Level 2	$ 0
Transfers between Level 2 to Level 1	0
Milestone payments received	$ 1,400,000
Number of equal annual installments milestone payment \| Installment	6
Additional milestone annual payment to be paid	$ 38,600,000
Percentage of discount recovery rate	18.00%		18.00%
Contingent consideration	$ 27,300,000		$ 32,500,000
Contingent consideration included within prepaid expenses and other current assets	7,900,000		7,800,000
Contingent consideration included within contingent consideration	19,412,000		24,651,000
Increase (decrease) in the fair value of contingent consideration	1,278,000	$ 6,800,000
2026 Term Loans
Fair Value
Amount to be realized in future	$ 298,500,000
2023 Term Loans
Fair Value
Amount to be realized in future			$ 275,100,000
Discount Rate
Fair Value
Discount rate (as a percent) \| item	13		13
Maximum
Fair Value
Milestone payment receivable	$ 80,000,000

Fair Value - Rollforward of the

Fair Value - Rollforward of the Fair Value of the Assets Determined using Level 3 Inputs (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)
Roll forward of the fair value of the Company's investments whose fair value was determined using Level 3 inputs
Balance at the beginning of the period	$ 33,428
Milestone payments received by the Company related to contingent consideration	(6,429)
Royalty payments due to the Company related to contingent consideration	(18)
Balance at the end of the period	28,259
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	$ 1,278

Inventory - Schedule of Invento

Inventory - Schedule of Inventories (Details) - USD ($) $ in Thousands		Mar. 31, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Raw materials		$ 47,788	$ 44,944
Work in process		56,081	53,243
Finished goods	[1]	30,309	27,551
Total inventory		$ 134,178	$ 125,738

[1]	At March 31, 2021 and December 31, 2020, the Company had $25.4 million and $26.5 million, respectively, of finished goods inventory located at its third-party warehouse and shipping service provider.

Inventory - Schedule of Inven_2

Inventory - Schedule of Inventories (Parenthetical) (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Finished goods inventory located at third-party warehouse and shipping service provider	$ 25.4	$ 26.5

Inventory - Additional Informat

Inventory - Additional Information (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Inventory capitalized in advance of potential regulatory approval	$ 14	$ 13.8

Property, Plant and Equipment -

Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Property, plant and equipment
Property, plant and equipment, gross	$ 712,208	$ 706,146
Less: accumulated depreciation	(365,881)	(356,143)
Total property, plant and equipment, net	346,327	350,003
Land
Property, plant and equipment
Property, plant and equipment, gross	6,560	6,560
Building and Improvements
Property, plant and equipment
Property, plant and equipment, gross	178,235	178,194
Furniture, Fixtures and Equipment
Property, plant and equipment
Property, plant and equipment, gross	369,162	366,051
Leasehold Improvements
Property, plant and equipment
Property, plant and equipment, gross	52,508	52,508
Construction in Progress
Property, plant and equipment
Property, plant and equipment, gross	$ 105,743	$ 102,833

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Schedule of Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Goodwill
Gross Carrying Amount	$ 92,873
Net Carrying Amount	92,873	$ 92,873
Finite-lived intangible assets:
Gross Carrying Amount	582,750
Accumulated Amortization	(480,965)
Net Carrying Amount	$ 101,785	$ 111,191
Collaboration agreements
Finite-lived intangible assets:
Weighted Amortizable Life	12 years
Gross Carrying Amount	$ 465,590
Accumulated Amortization	(384,948)
Net Carrying Amount	$ 80,642
NanoCrystal technology
Finite-lived intangible assets:
Weighted Amortizable Life	13 years
Gross Carrying Amount	$ 74,600
Accumulated Amortization	(56,168)
Net Carrying Amount	$ 18,432
OCR technologies
Finite-lived intangible assets:
Weighted Amortizable Life	12 years
Gross Carrying Amount	$ 42,560
Accumulated Amortization	(39,849)
Net Carrying Amount	$ 2,711

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Additional Information (Details) $ in Millions	Mar. 31, 2021USD ($)
Expected amortization of intangible assets
2021	$ 40
2022	35
2023	35
2024	$ 1

Leases - Summary of Future Leas

Leases - Summary of Future Lease Payments Under Non-Cancelable Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Remainder of fiscal year	$ 12,865
Year 1	17,001	$ 16,882
Year 2	17,266	17,001
Year 3	17,536	17,266
Year 4	17,810	17,536
Year 5		17,810
Thereafter		109,311
Thereafter	109,002
Total lease payments	191,480	195,806
Less: imputed interest	(60,143)	(60,610)
Total operating lease liabilities	$ 131,337	$ 135,196

Leases - Additional Information

Leases - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Leases [Abstract]
Weighted average incremental borrowing rate	5.25%
Weighted average remaining lease term	12 years 4 months 24 days
Payments for operating leases	$ 3.7	$ 2.4
Operating lease expense	$ 4.2	$ 3.9

Accounts Payable and Accrued _3

Accounts Payable and Accrued Expenses - Schedule of Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Payables And Accruals [Abstract]
Accounts payable	$ 36,097	$ 46,034
Accrued compensation	49,357	71,178
Accrued sales discounts, allowances and reserves	191,113	218,877
Accrued other	62,521	76,082
Total accounts payable and accrued expenses	$ 339,088	$ 412,171

Long-term Debt - Schedule of Lo

Long-term Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Long-term debt
Less: current portion	$ (3,000)	$ (2,843)
Long-term debt	294,702	272,118
2026 Term Loans, due March 12, 2026
Long-term debt
Term Loans	297,702
Less: current portion	(3,000)
Long-term debt	$ 294,702
2023 Term Loans, due March 26, 2023
Long-term debt
Term Loans		274,961
Less: current portion		(2,843)
Long-term debt		$ 272,118

Long-term Debt - Additional Inf

Long-term Debt - Additional Information (Details) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2021USD ($)Lender	Dec. 31, 2020
Long-term debt
Number of lender holding percentage of outstanding amount \| Lender	3
Interest Expense
Long-term debt
Refinancing charges	$ 2.1
Minimum
Long-term debt
Threshold percentage comparing present value of remaining cash flows	10.00%
Percentage of outstanding principal amount held by lender	2.00%
Maximum
Long-term debt
Percentage of outstanding principal amount held by lender	7.00%
2026 Term Loans
Long-term debt
Due date of loan	Mar. 12, 2026
Term Loans	$ 300
Variable interest rate base	LIBOR
Incremental capacity	$ 175
2026 Term Loans \| LIBOR
Long-term debt
Interest rate added to base rate (as a percent)	2.50%
Interest rate, variable interest rate floor (as a percent)	0.50%
2023 Term Loans
Long-term debt
Due date of loan		Mar. 26, 2023
Variable interest rate base		LIBOR
2023 Term Loans \| 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%

Share-based Compensation - Sche

Share-based Compensation - Schedule of Share-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share-based compensation Expense
Total share-based compensation expense	$ 15,451	$ 19,813
Cost of goods manufactured and sold
Share-based compensation Expense
Total share-based compensation expense	2,178	1,965
Research and development
Share-based compensation Expense
Total share-based compensation expense	4,063	6,160
Selling, general and administrative
Share-based compensation Expense
Total share-based compensation expense	$ 9,210	$ 11,688

Share-based Compensation - Addi

Share-based Compensation - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Share based compensation cost capitalized	$ 2.7	$ 2.6

Loss Per Share - Schedule of An

Loss Per Share - Schedule of Anti-Dilutive Potential Common Share Equivalent Excluded from Calculation of Loss Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Denominator:
Anti-dilutive potential common share equivalent excluded from calculation of net loss per ordinary share	18,328	19,245
Stock Options
Denominator:
Anti-dilutive potential common share equivalent excluded from calculation of net loss per ordinary share	15,451	14,829
Restricted Stock Unit Awards
Denominator:
Anti-dilutive potential common share equivalent excluded from calculation of net loss per ordinary share	2,877	4,416

Commitments and Contingent Li_2

Commitments and Contingent Liabilities - Additional Information (Details) - USD ($)	Mar. 17, 2021	Sep. 30, 2020	Mar. 31, 2021
Commitments And Contingencies [Line Items]
Potential losses from claims, legal proceedings probable of occurring			$ 0
Maximum number of months before FDA can approve patent request		30 months
VUMERITY ANDA Litigation
Commitments And Contingencies [Line Items]
Maximum number of months before FDA can approve patent request	30 months