Alkermes plc. Files Q3 2024 10-Q

TL;DR

Alkermes Q3 10-Q is in. Financials and operations detailed.

AI Summary

Alkermes plc. filed a 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter. Specific financial figures and segment performance are outlined, reflecting the company's ongoing business activities in the pharmaceutical sector.

Why It Matters

This filing provides investors and analysts with the latest financial health and operational status of Alkermes plc., crucial for understanding its market position and future prospects.

Risk Assessment

Risk Level: medium — As a pharmaceutical company, Alkermes faces inherent risks related to drug development, regulatory approvals, and market competition.

Key Numbers

• Q3 — Quarter (Reporting period)
• 2024 — Year (Reporting period)

Key Players & Entities

• Alkermes plc. (company) — Filer of the 10-Q
• 20240930 (date) — End of the reporting period
• 20241024 (date) — Filing date

FAQ

Key Financial Figures

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

Filing Documents

• alks-20240930.htm (10-Q) — 2692KB
• alks-ex31_1.htm (EX-31.1) — 17KB
• alks-ex31_2.htm (EX-31.2) — 17KB
• alks-ex32_1.htm (EX-32.1) — 19KB
• img77523168_0.jpg (GRAPHIC) — 5KB
• img77523168_1.jpg (GRAPHIC) — 132KB
• img77523168_2.jpg (GRAPHIC) — 42KB
• img77523168_3.jpg (GRAPHIC) — 21KB
• 0000950170-24-116872.txt ( ) — 11432KB
• alks-20240930.xsd (EX-101.SCH) — 1442KB
• alks-20240930_htm.xml (XML) — 2160KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Item 1. Condensed Consolidated Financial Statements (unaudited): Condensed Consolidated Balance Sheets — September 30, 2024 and December 31, 2023 5 Condensed Consolidated Statements of Operations and Comprehensive Income — For the Three and Nine Months Ended September 30, 2024 and 2023 6 Condensed Consolidated Statements of Cash Flows — For the Nine Months Ended September 30, 2024 and 2023 7 Condensed Consolidated Statements of Shareholders' Equity — For the Three and Nine Months Ended September 30, 2024 and 2023 8 Notes to Condensed Consolidated Financial Statements 10 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 24 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 35 Item 4.

Controls and Procedures

Controls and Procedures 36

- OTHER INFORMATION

PART II - OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 37 Item 1A.

Risk Factors

Risk Factors 37 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 37 Item 5. Other Information 37 Item 6. Exhibits 38

Signatures

Signatures 39 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) September 30, 2024 December 31, 2023 (In thousands, except share and per share amounts) ASSETS CURRENT ASSETS: Cash and cash equivalents $ 396,293 $ 457,469 Receivables, net 367,211 332,477 Investments—short-term 512,571 316,022 Inventory 191,087 186,406 Prepaid expenses and other current assets 94,047 98,166 Contract assets 2,969 706 Assets held for sale — 94,260 Total current assets 1,564,178 1,485,506 PROPERTY, PLANT AND EQUIPMENT, NET 225,422 226,943 INVESTMENTS—LONG-TERM 18,920 39,887 RIGHT-OF-USE ASSETS 86,076 91,460 INTANGIBLE ASSETS, NET AND GOODWILL 83,931 85,018 DEFERRED TAX ASSETS 159,960 195,888 OTHER ASSETS 16,804 11,521 TOTAL ASSETS $ 2,155,291 $ 2,136,223 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable and accrued expenses $ 160,198 $ 240,561 Accrued sales discounts, allowances and reserves 282,018 263,641 Operating lease liabilities—short-term 6,150 5,746 Contract liabilities—short-term 2,339 2,730 Current portion of long-term debt 3,000 3,000 Liabilities related to discontinued operations — 4,542 Total current liabilities 453,705 520,220 LONG-TERM DEBT 285,823 287,730 OPERATING LEASE LIABILITIES—LONG-TERM 71,030 75,709 OTHER LONG-TERM LIABILITIES 52,627 49,878 Total liabilities 863,185 933,537 COMMITMENTS AND CONTINGENT LIABILITIES (Note 17) SHAREHOLDERS' EQUITY: Preferred shares, par value, $ 0.01 per share; 50,000,000 shares authorized; and zero issued and outstanding at September 30, 2024 and December 31, 2023 — — Ordinary shares, par value, $ 0.01 per share; 450,000,000 shares authorized; 176,258,170 and 172,569,051 shares issued; and 161,776,205 and 166,979,833 shares outstanding at Septem