Alkermes plc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Alkermes plc. has submitted its Q1 2024 10-Q filing, detailing financial performance and business operations.</b>

AI Summary

Alkermes plc. (ALKS) filed a Quarterly Report (10-Q) with the SEC on May 1, 2024. Alkermes plc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of 2024. Key financial data and business updates are expected within this report. The company's fiscal year ends on December 31st. The filing was made on May 1, 2024.

Why It Matters

For investors and stakeholders tracking Alkermes plc., this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial statements and management's discussion of results, crucial for assessing the company's current health and future prospects. The report will contain specific figures on revenue, expenses, assets, and liabilities as of March 31, 2024, allowing for a detailed analysis of Alkermes' financial position and operational performance compared to previous periods.

Risk Assessment

Risk Level: medium — Alkermes plc. shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q), which is routine for publicly traded companies and does not inherently signal significant positive or negative events, but contains detailed financial information that requires careful analysis.

Analyst Insight

Review the detailed financial statements and management discussion in the 10-Q to understand Alkermes' performance in Q1 2024, focusing on revenue drivers and expense management.

Key Numbers

• 2024-03-31 — Period End Date (Conformed period of report.)
• 2024-05-01 — Filing Date (Filed as of date.)
• 1231 — Fiscal Year End (Company's fiscal year end.)

Key Players & Entities

• Alkermes plc. (company) — Filer of the 10-Q report.
• 2024-03-31 (date) — Conformed period of report.
• 2024-05-01 (date) — Filed as of date.
• DUBLIN 4 (location) — Business and mail address city.

FAQ

Industry Context

Alkermes plc. operates in the pharmaceutical preparations industry, focusing on developing and commercializing medicines for central nervous system disorders.

Regulatory Implications

As a publicly traded company, Alkermes plc. is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the filing of quarterly (10-Q) and annual (10-K) reports.

What Investors Should Do

1. Analyze the revenue streams and product performance detailed in the 10-Q.
2. Examine the company's operating expenses and cost management strategies.
3. Assess the company's liquidity and debt position based on the balance sheet.

Key Dates

• 2024-03-31: Quarterly Period End — Marks the end of the reporting period for the 10-Q.
• 2024-05-01: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This is the Q1 2024 10-Q filing, providing an update from the previous filings which would include the Q4 2023 10-Q and the full year 2023 10-K.

Key Financial Figures

• $0.01 — on which registered Ordinary shares, $0.01 par value ALKS Nasdaq Global Select

Filing Documents

• alks-20240331.htm (10-Q) — 1911KB
• alks-ex3_1.htm (EX-3.1) — 473KB
• alks-ex31_1.htm (EX-31.1) — 16KB
• alks-ex31_2.htm (EX-31.2) — 16KB
• alks-ex32_1.htm (EX-32.1) — 19KB
• img77517403_0.jpg (GRAPHIC) — 5KB
• img77517403_1.jpg (GRAPHIC) — 132KB
• img77517403_2.jpg (GRAPHIC) — 42KB
• img77517403_3.jpg (GRAPHIC) — 21KB
• 0000950170-24-051397.txt (&nbsp;) — 10214KB
• alks-20240331.xsd (EX-101.SCH) — 1418KB
• alks-20240331_htm.xml (XML) — 1722KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Item 1. Condensed Consolidated Financial Statements (unaudited): Condensed Consolidated Balance Sheets — March 31, 2024 and December 31, 2023 5 Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) — For the Three Months Ended March 31, 2024 and 2023 6 Condensed Consolidated Statements of Cash Flows — For the Three Months Ended March 31, 2024 and 2023 7 Condensed Consolidated Statements of Shareholders' Equity — For the Three Months Ended March 31, 2024 and 2023 8 Notes to Condensed Consolidated Financial Statements 9 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 23 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 34 Item 4.

Controls and Procedures

Controls and Procedures 34

- OTHER INFORMATION

PART II - OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 35 Item 1A.

Risk Factors

Risk Factors 35 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 35 Item 5. Other Information 35 Item 6. Exhibits 36

Signatures

Signatures 37 2 Cautionary Note Concerning Forward-Looking Statements This document contains and incorporates by reference "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). In some cases, these statements can be identified by the use of forward-looking terminology such as "may," "will," "could," "should," "would," "expect," "anticipate," "continue," "believe," "plan," "estimate," "intend," or other similar words. These statements discuss future expectations and contain projections of results of operations or of financial condition, or state trends and known uncertainties or other forward-looking information. Forward-looking statements in this Quarterly Report on Form 10-Q (this "Form 10-Q") may include, without limitation, statements regarding: our expectations regarding our financial performance, including revenues, expenses, liquidity, capital expenditures, income taxes and profitability; our expectations regarding our products, including expectations related to product development, regulatory filings, approvals and timelines; therapeutic and commercial value, scope and potential; and the costs and expenses related to such activities and expectations; our expectations regarding the initiation, timing and results of clinical trials of our products; our expectations regarding the competitive, payer, legislative, regulatory and policy landscape, and changes therein, related to our products, including competition from generic forms of our products or competitive products and development programs; barriers to access or coverage of our products and potential changes in reimbursement of our products; and legislation, regulations, executive orders, guidance or other measures that may impact pricing and reimbursement of, and access to, our products; our expectations regarding the financial

FINANCI AL INFORMATION

PART I. FINANCI AL INFORMATION

Condensed Consolid ated Financial Statements

Item 1. Condensed Consolid ated Financial Statements: ALKERMES PLC AND SUBSIDIARIES CONDENSED CONSOLIDA TED BALANCE SHEETS (unaudited) March 31, 2024 December 31, 2023 (In thousands, except share and per share amounts) ASSETS CURRENT ASSETS: Cash and cash equivalents $ 420,753 $ 457,469 Receivables, net 315,848 332,477 Investments—short-term 324,295 316,022 Inventory 198,369 186,406 Contract assets 1,229 706 Prepaid expenses and other current assets 111,539 98,166 Assets held for sale 96,792 94,260 Total current assets 1,468,825 1,485,506 PROPERTY, PLANT AND EQUIPMENT, NET 224,590 226,943 RIGHT-OF-USE ASSETS 89,683 91,460 INVESTMENTS—LONG-TERM 62,782 39,887 GOODWILL 83,027 83,027 INTANGIBLE ASSETS, NET 932 1,991 DEFERRED TAX ASSETS 182,536 195,888 OTHER ASSETS 11,521 11,521 TOTAL ASSETS $ 2,123,896 $ 2,136,223 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable and accrued expenses $ 205,854 $ 240,561 Accrued sales discounts, allowances and reserves 240,877 263,641 Operating lease liabilities—short-term 5,910 5,746 Contract liabilities—short-term 3,336 2,730 Current portion of long-term debt 3,000 3,000 Liabilities related to discontinued operations — 4,542 Total current liabilities 458,977 520,220 LONG-TERM DEBT 287,095 287,730 OPERATING LEASE LIABILITIES—LONG-TERM 74,102 75,709 OTHER LONG-TERM LIABILITIES 48,959 49,878 Total liabilities 869,133 933,537 COMMITMENTS AND CONTINGENT LIABILITIES (Note 16) SHAREHOLDERS' EQUITY: Preferred shares, par value, $ 0.01 per share; 50,000,000 shares authorized; zero issued and outstanding at March 31, 2024 and December 31, 2023 — — Ordinary shares, par value, $ 0.01 per share; 450,000,000 shares authorized; 175,734,220 and 172,569,051 shares issued; 169,184,516 and 166,979,833 shares outstanding at Marc