— Total Revenues of
$1.56 Billion in 2024; Net Sales of
Proprietary Products Increased Approximately 18% Year-Over-Year
—
— GAAP Net Income from
Continuing Operations of $372 Million
and Diluted GAAP Earnings per Share from Continuing Operations of
$2.20 for 2024 —
— ALKS 2680 Phase 2 Studies
in Narcolepsy Type 1 and Type 2 Ongoing With Data Expected in H2
2025 —
DUBLIN, Feb. 12,
2025 /PRNewswire/ -- Alkermes plc (Nasdaq: ALKS)
today reported financial results for the quarter and year ended
Dec. 31, 2024 and provided financial
expectations for 2025.
"2024 marked the completion of a multi-year effort to transition
the business into a highly profitable, pure-play neuroscience
company. We enter 2025 with a diversified portfolio of proprietary
commercial products generating substantial profitability and an
advancing development pipeline that represents a significant value
creation opportunity in one of the most exciting potential new
therapeutic categories in neuroscience," said Richard Pops, Chief
Executive Officer of Alkermes. "Looking ahead, we are well
positioned to deliver on our financial goals and advance the
development programs for our portfolio of orexin 2 receptor
agonists. This year, we have clear objectives for our pipeline as
we complete the phase 2 studies for ALKS 2680 in narcolepsy, with
data expected in the second half of the year, and prepare to
initiate the ALKS 2680 phase 2 study in idiopathic hypersomnia and
advance ALKS 4510 and ALKS 7290 into planned phase 1 studies in
disease areas beyond central disorders of hypersomnolence. Each of
these initiatives is an important element of our strategy to unlock
what we believe is a multi-billion-dollar market opportunity for
this category."
"2024 was Alkermes' strongest year of financial and operational
performance to date. Financially, we generated more than
$1 billion in revenue from our
proprietary commercial product portfolio, delivered EBITDA from
continuing operations of approximately $452
million, repurchased $200
million of the company's ordinary shares, retired
approximately $290 million of debt
and ended the year debt-free with approximately $825 million of cash and investments on the
balance sheet. Operationally, we completed the sale of our
manufacturing business in Ireland
and made significant progress advancing our neuroscience
development pipeline," said Blair
Jackson, Chief Operating Officer of Alkermes. "We will
continue to manage the business with a sharp focus on efficiency
and profitability as we invest in the programs that we believe will
drive the company's next phase of growth."
Key Financial Highlights
|
Revenues
|
|
(In
millions)
|
Three Months
Ended
December 31,
|
|
Twelve Months
Ended
December 31,
|
|
2024
|
2023
|
|
2024
|
2023
|
|
Total
Revenues
|
$
|
430.0
|
$
|
377.5
|
|
$
|
1,557.6
|
$
|
1,663.4*
|
|
Total Proprietary Net
Sales
|
$
|
307.7
|
$
|
242.0
|
|
$
|
1,083.5
|
$
|
920.0
|
|
VIVITROL®
|
$
|
134.1
|
$
|
102.4
|
|
$
|
457.3
|
$
|
400.4
|
|
ARISTADA®i
|
$
|
96.6
|
$
|
83.4
|
|
$
|
346.2
|
$
|
327.7
|
|
LYBALVI®
|
$
|
77.0
|
$
|
56.2
|
|
$
|
280.0
|
$
|
191.9
|
|
|
Profitability
|
|
(In
millions)
|
Three Months
Ended
December 31,
|
|
Twelve Months
Ended
December 31,
|
|
2024
|
2023
|
|
2024
|
2023*
|
|
GAAP Net Income From
Continuing Operations
|
$
|
145.7
|
$
|
160.6
|
|
$
|
372.1
|
$
|
519.2
|
|
GAAP Net Income
(Loss) From Discontinued Operations
|
$
|
0.8
|
$
|
(47.8)
|
|
$
|
(5.1)
|
$
|
(163.4)
|
|
GAAP Net
Income
|
$
|
146.5
|
$
|
112.8
|
|
$
|
367.1
|
$
|
355.8
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Net Income
From Continuing Operations
|
$
|
173.4
|
$
|
81.8
|
|
$
|
494.4
|
$
|
396.5
|
|
Non-GAAP Net Income
(Loss) From Discontinued Operations
|
$
|
0.8
|
$
|
(44.4)
|
|
$
|
(5.1)
|
$
|
(152.9)
|
|
Non-GAAP Net
Income
|
$
|
174.2
|
$
|
37.4
|
|
$
|
489.3
|
$
|
243.7
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA From Continuing
Operations
|
$
|
170.0
|
$
|
72.8
|
|
$
|
452.4
|
$
|
486.3
|
|
EBITDA From
Discontinued Operations
|
$
|
1.1
|
$
|
(40.5)
|
|
$
|
(5.8)
|
$
|
(162.5)
|
|
EBITDA
|
$
|
171.1
|
$
|
32.3
|
|
$
|
446.6
|
$
|
323.8
|
*As a result of the successful resolution of the arbitration
with Janssen Pharmaceutica N.V., the twelve months ended
December 31, 2023 included
approximately $195.4 million of back
royalties (and related interest) related to U.S. net sales of
long-acting INVEGA® products that would ordinarily have
been recognized in prior periods.
Revenue Highlights
LYBALVI
- Revenues for the fourth quarter were $77.0 million.
- Fourth quarter revenues and total prescriptions grew 37% and
30%, respectively, compared to the fourth quarter of 2023.
- During the quarter, the company recorded LYBALVI®
revenue of approximately $4 million
related to year-end inventory fluctuations.
ARISTADAi
- Revenues for the fourth quarter were $96.6 million.
- Fourth quarter revenues grew 16% compared to the fourth quarter
of 2023.
- During the quarter, the company recorded ARISTADA®
revenue of approximately $9 million
related to year-end inventory fluctuations and gross-to-net
favorability, primarily driven by Medicaid utilization
adjustments.
VIVITROL
- Revenues for the fourth quarter were $134.1 million.
- Fourth quarter revenues grew 31% compared to the fourth quarter
of 2023.
- During the quarter, the company recorded VIVITROL®
revenue of approximately $23 million
related to year-end inventory fluctuations and gross-to-net
favorability, primarily driven by Medicaid utilization
adjustments.
Manufacturing & Royalty Revenues
- Royalty revenues from XEPLION®, INVEGA
TRINZA®/TREVICTA® and INVEGA
HAFYERA®/BYANNLI® for the fourth quarter were
$36.5 million.
- VUMERITY® manufacturing and royalty revenues for the
fourth quarter were $35.0
million.
- FAMPYRA® manufacturing and royalty revenues for the
fourth quarter were $22.9 million.
The company does not expect to record any FAMPYRA revenue going
forward.
- RISPERDAL CONSTA® manufacturing revenues for the
fourth quarter were $14.7
million.
Key Operating Expenses
Please see Note 1 below for details regarding discontinued
operations.
|
(In
millions)
|
Three Months
Ended
December 31,
|
Twelve Months
Ended
December 31,
|
|
2024
|
2023
|
2024
|
2023
|
|
R&D Expense –
Continuing Operations
|
$
|
58.2
|
$
|
73.9
|
$
|
245.3
|
$
|
270.8
|
|
R&D Expense –
Discontinued Operations
|
$
|
(1.1)
|
$
|
21.5
|
$
|
5.8
|
$
|
116.2
|
|
|
|
|
|
|
|
SG&A Expense –
Continuing Operations
|
$
|
147.0
|
$
|
169.8
|
$
|
645.2
|
$
|
689.8
|
|
SG&A Expense –
Discontinued Operations
|
$
|
-
|
$
|
19.4
|
$
|
-
|
$
|
48.6
|
Balance Sheet
- At Dec. 31, 2024, the company recorded cash, cash
equivalents and total investments of $824.8
million, compared to $813.4
million at Dec. 31, 2023.
- In December 2024, the company
prepaid and retired in full all of its outstanding long-term debt
in the amount of approximately $290
million.
Financial Expectations for 2025
All line items are according to GAAP, except as otherwise
noted.
|
In
millions
|
|
2025
Expectations
|
|
|
|
|
Total
Revenues
|
|
$1,340 –
$1,430
|
|
VIVITROL Net
Sales
|
|
$440 – $460
|
|
ARISTADAi
Net Sales
|
|
$335 – $355
|
|
LYBALVI Net
Sales
|
|
$320 – $340
|
|
Cost of Goods
Sold
|
|
$185 – $205
|
|
R&D
Expenses
|
|
$305 – $335
|
|
SG&A
Expenses
|
|
$655 – $685
|
|
GAAP Net Income
a
|
|
$175 – $205
|
|
EBITDA
|
|
$215 – $245
|
|
Adjusted
EBITDA
|
|
$310 – $340
|
|
Effective Tax
Rate
|
|
~17%
|
|
|
a Expected
2025 weighted average basic share count of approximately 165.5
million shares outstanding and a weighted average diluted share
count of approximately 169.5 million shares outstanding.
|
Notes and Explanations
1. The company determined that upon the separation of its former
oncology business, completed on Nov. 15,
2023, the oncology business met the criteria for
discontinued operations in accordance with Financial Accounting
Standards Board Accounting Standards Codification 205,
Discontinued Operations. Accordingly, the accompanying
selected financial information has been updated to present the
results of the oncology business as discontinued operations for the
three and twelve months ended Dec. 31,
2023.
Conference Call
Alkermes will host a conference call
and webcast presentation with accompanying slides at 8:00 a.m. EST (1:00 p.m.
GMT) on Wednesday, Feb. 12,
2025, to discuss these financial results and provide an
update on the company. The webcast may be accessed on the Investors
section of Alkermes' website at www.alkermes.com. The conference
call may be accessed by dialing +1 877 407 2988 for U.S. callers
and +1 201 389 0923 for international callers. In addition, a
replay of the conference call may be accessed by visiting Alkermes'
website.
About Alkermes plc
Alkermes plc is a global
biopharmaceutical company that seeks to develop innovative
medicines in the field of neuroscience. The company has a portfolio
of proprietary commercial products for the treatment of alcohol
dependence, opioid dependence, schizophrenia and bipolar I
disorder, and a pipeline of clinical and preclinical candidates in
development for neurological disorders, including narcolepsy and
idiopathic hypersomnia. Headquartered in Ireland, Alkermes also has a corporate office
and research and development center in Massachusetts and a manufacturing facility in
Ohio. For more information, please
visit Alkermes' website at www.alkermes.com.
Non-GAAP Financial Measures
This press release
includes information about certain financial measures that are not
prepared in accordance with generally accepted accounting
principles in the U.S. (GAAP), including non-GAAP net income,
EBITDA and Adjusted EBITDA. These non-GAAP measures are not based
on any standardized methodology prescribed by GAAP and are not
necessarily comparable to similar measures presented by other
companies.
Non-GAAP net income adjusts for certain one-time and non-cash
charges by excluding from GAAP results: share-based compensation
expense; amortization; depreciation; non-cash net interest expense;
change in the fair value of contingent consideration; certain other
one-time or non-cash items; and the income tax effect of these
reconciling items. EBITDA represents earnings before interest, tax,
depreciation and amortization. Adjusted EBITDA excludes share-based
compensation expense in addition to the components of EBITDA from
earnings.
The company's management and board of directors utilize these
non-GAAP financial measures to evaluate the company's performance.
The company provides these non-GAAP financial measures of the
company's performance to investors because management believes that
these non-GAAP financial measures, when viewed with the company's
results under GAAP and the accompanying reconciliations, are useful
in identifying underlying trends in ongoing operations. However,
non-GAAP net income, EBITDA and Adjusted EBITDA are not measures of
financial performance under GAAP and, accordingly, should not be
considered as alternatives to GAAP measures as indicators of
operating performance. Further, non-GAAP net income, EBITDA and
Adjusted EBITDA should not be considered measures of the company's
liquidity.
A reconciliation of GAAP to non-GAAP financial measures has been
provided in the tables included in this press release.
Note Regarding Forward-Looking Statements
Certain
statements set forth in this press release constitute
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995, as amended, including,
but not limited to, statements concerning: the company's
expectations concerning its future financial and operating
performance, business plans or prospects, including expected
drivers of growth, value creation and profitability; and the
company's expectations regarding development plans, activities and
timelines for, and the potential therapeutic and commercial value
of, ALKS 2680 and the company's other orexin portfolio candidates.
The company cautions that forward-looking statements are inherently
uncertain. The forward-looking statements are neither promises nor
guarantees and they are necessarily subject to a high degree of
uncertainty and risk. Actual performance and results may differ
materially from those expressed or implied in the forward-looking
statements due to various risks and uncertainties. These risks and
uncertainties include, among others: whether the company is able to
achieve its financial expectations, including those related to
profitability; clinical development activities may not be completed
on time or at all; the results of the company's development
activities may not be positive, or predictive of final results from
such activities, results of future development activities or
real-world results; the unfavorable outcome of arbitration,
litigation, or other proceedings or disputes related to the
company's products or products using the company's proprietary
technologies; the U.S. Food and Drug Administration (FDA) or
regulatory authorities outside the U.S. may make adverse
decisions regarding the company's products; the company and its
licensees may not be able to continue to successfully commercialize
their products or support revenue growth from such products; there
may be a reduction in payment rate or reimbursement for the
company's products or an increase in the company's financial
obligations to government payers; the company's products may prove
difficult to manufacture, be precluded from commercialization by
the proprietary rights of third parties, or have unintended side
effects, adverse reactions or incidents of misuse; and those risks
and uncertainties described under the heading "Risk Factors" in the
company's most recent Annual Report on Form 10-K and in subsequent
filings made by the company with the U.S. Securities and Exchange
Commission (SEC), which are available on the SEC's website at
www.sec.gov. Existing and prospective investors are cautioned not
to place undue reliance on these forward-looking statements, which
speak only as of the date hereof. Except as required by law, the
company disclaims any intention or responsibility for updating or
revising any forward-looking statements contained in this press
release.
VIVITROL® is a registered trademark of Alkermes,
Inc.; ARISTADA®, ARISTADA INITIO® and
LYBALVI® are registered trademarks of Alkermes Pharma
Ireland Limited, used by Alkermes, Inc. under license;
BYANNLI®, INVEGA®, INVEGA
HAFYERA®, INVEGA TRINZA®, RISPERDAL
CONSTA®, TREVICTA® and XEPLION®
are registered trademarks of Johnson & Johnson or its
affiliated companies; FAMPYRATM is a trademark of Merz
Pharmaceuticals, LLC; and VUMERITY® is a registered
trademark of Biogen MA Inc., used by Alkermes under license.
|
|
|
|
|
|
|
|
|
|
|
i The term
"ARISTADA" as used in this press release refers to ARISTADA and
ARISTADA INITIO®, unless the context
indicates otherwise.
|
|
Alkermes plc and
Subsidiaries
|
|
Selected Financial
Information (Unaudited)
|
|
|
|
|
|
|
Condensed
Consolidated Statements of Operations - GAAP
|
|
Three Months Ended
|
|
Three Months Ended
|
|
(In thousands,
except per share data)
|
|
December 31, 2024
|
|
December 31, 2023
|
|
Revenues:
|
|
|
|
|
|
Product sales,
net
|
|
$
307,726
|
|
$
241,972
|
|
Manufacturing and
royalty revenues
|
|
122,260
|
|
135,500
|
|
Research and
development revenue
|
|
—
|
|
3
|
|
Total
Revenues
|
|
429,986
|
|
377,475
|
|
Expenses:
|
|
|
|
|
|
Cost of goods
manufactured and sold
|
|
62,116
|
|
70,126
|
|
Research and
development
|
|
58,174
|
|
73,933
|
|
Selling, general and
administrative
|
|
146,994
|
|
169,789
|
|
Amortization of
acquired intangible assets
|
|
14
|
|
8,996
|
|
Total
Expenses
|
|
267,298
|
|
322,844
|
|
Operating
Income
|
|
162,688
|
|
54,631
|
|
Other Income,
net:
|
|
|
|
|
|
Interest
income
|
|
11,400
|
|
9,749
|
|
Interest
expense
|
|
(4,648)
|
|
(6,054)
|
|
Other income (expense),
net
|
|
449
|
|
(10)
|
|
Total Other Income,
net
|
|
7,201
|
|
3,685
|
|
Income Before Income
Taxes
|
|
169,889
|
|
58,316
|
|
Income Tax Provision
(Benefit)
|
|
24,152
|
|
(102,236)
|
|
Net Income From
Continuing Operations
|
|
145,737
|
|
160,552
|
|
Income (Loss) From
Discontinued Operations — Net of Tax
|
|
766
|
|
(47,773)
|
|
Net Income —
GAAP
|
|
$
146,503
|
|
$
112,779
|
|
|
|
|
|
|
GAAP Earnings (Loss)
Per Ordinary Share - Basic:
|
|
|
|
|
|
From continuing
operations
|
|
$
0.90
|
|
$
0.96
|
|
From discontinued
operations
|
|
$
0.00
|
|
$
(0.29)
|
|
From net
income
|
|
$
0.90
|
|
$
0.68
|
|
|
|
|
|
|
GAAP Earnings (Loss)
Per Ordinary Share - Diluted:
|
|
|
|
|
|
From continuing
operations
|
|
$
0.88
|
|
$
0.94
|
|
From discontinued
operations
|
|
$
0.00
|
|
$
(0.28)
|
|
From net
income
|
|
$
0.88
|
|
$
0.66
|
|
|
|
|
|
|
Weighted Average
Number of Ordinary Shares Outstanding:
|
|
|
|
|
|
Basic — GAAP and
Non-GAAP
|
|
161,956
|
|
166,898
|
|
Diluted — GAAP and
Non-GAAP
|
|
166,554
|
|
170,138
|
|
|
|
|
|
|
|
|
|
|
|
Condensed
Consolidated Statements of Operations - GAAP
(Continued)
|
|
Three Months Ended
|
|
Three Months Ended
|
|
(In thousands,
except per share data)
|
|
December 31,
2024
|
|
December 31,
2023
|
|
An itemized
reconciliation between net income from continuing operations on a
GAAP basis and EBITDA is as follows:
|
|
|
|
|
|
Net Income from
Continuing Operations
|
|
$
145,737
|
|
$
160,552
|
|
Adjustments:
|
|
|
|
|
|
Depreciation
expense
|
|
6,833
|
|
9,225
|
|
Amortization
expense
|
|
14
|
|
8,996
|
|
Interest
income
|
|
(11,400)
|
|
(9,749)
|
|
Interest
expense
|
|
4,648
|
|
6,054
|
|
Income tax provision
(benefit)
|
|
24,152
|
|
(102,236)
|
|
EBITDA from
Continuing Operations
|
|
169,984
|
|
72,842
|
|
EBITDA from
Discontinued Operations
|
|
1,120
|
|
(40,537)
|
|
EBITDA
|
|
$
171,104
|
|
$
32,305
|
|
|
|
|
|
|
An itemized
reconciliation between net income from continuing operations on a
GAAP basis and non-GAAP net income is as follows:
|
|
Net Income from
Continuing Operations
|
|
$
145,737
|
|
$
160,552
|
|
Adjustments:
|
|
|
|
|
|
Share-based
compensation expense
|
|
20,747
|
|
22,776
|
|
Depreciation
expense
|
|
6,833
|
|
9,225
|
|
Amortization
expense
|
|
14
|
|
8,996
|
|
Loss on debt
extinguishment
|
|
719
|
|
—
|
|
Income tax effect
related to reconciling items
|
|
(629)
|
|
22,011
|
|
Separation
expense
|
|
—
|
|
19,084
|
|
Non-cash net interest
expense
|
|
—
|
|
115
|
|
Deferred tax valuation
release
|
|
—
|
|
(160,953)
|
|
Non-GAAP Net Income
from Continuing Operations
|
|
173,421
|
|
81,806
|
|
Non-GAAP Net Income
(Loss) from Discontinued Operations
|
|
766
|
|
(44,383)
|
|
Non-GAAP Net
Income
|
|
$
174,187
|
|
$
37,423
|
|
|
|
|
|
|
Non-GAAP diluted
earnings per ordinary share from continuing operations
|
|
$
1.04
|
|
$
0.48
|
|
Non-GAAP diluted loss
per ordinary share from discontinued operations
|
|
$
0.00
|
|
$
(0.26)
|
|
Non-GAAP diluted
earnings per ordinary share from net income
|
|
$
1.05
|
|
$
0.22
|
|
Alkermes plc and
Subsidiaries
|
|
Selected Financial
Information (Unaudited)
|
|
|
|
|
|
|
Condensed
Consolidated Statements of Operations - GAAP
|
|
Year Ended
|
|
Year Ended
|
|
(In thousands,
except per share data)
|
|
December 31,
2024
|
|
December 31,
2023
|
|
Revenues:
|
|
|
|
|
|
Product sales,
net
|
|
$
1,083,534
|
|
$
919,998
|
|
Manufacturing and
royalty revenues
|
|
474,095
|
|
743,388
|
|
Research and
development revenue
|
|
3
|
|
19
|
|
Total
Revenues
|
|
1,557,632
|
|
1,663,405
|
|
Expenses:
|
|
|
|
|
|
Cost of goods
manufactured and sold
|
|
245,331
|
|
253,037
|
|
Research and
development
|
|
245,326
|
|
270,806
|
|
Selling, general and
administrative
|
|
645,238
|
|
689,751
|
|
Amortization of
acquired intangible assets
|
|
1,101
|
|
35,689
|
|
Total
Expenses
|
|
1,136,996
|
|
1,249,283
|
|
Operating
Income
|
|
420,636
|
|
414,122
|
|
Other Income,
net:
|
|
|
|
|
|
Interest
income
|
|
42,450
|
|
30,854
|
|
Interest
expense
|
|
(22,578)
|
|
(23,032)
|
|
Other income
(expense), net
|
|
3,242
|
|
(425)
|
|
Total Other Income,
net
|
|
23,114
|
|
7,397
|
|
Income Before Income
Taxes
|
|
443,750
|
|
421,519
|
|
Income Tax Provision
(Benefit)
|
|
71,612
|
|
(97,638)
|
|
Net Income From
Continuing Operations
|
|
372,138
|
|
519,157
|
|
Loss From
Discontinued Operations — Net of Tax
|
|
(5,068)
|
|
(163,400)
|
|
Net Income —
GAAP
|
|
$
367,070
|
|
$
355,757
|
|
|
|
|
|
|
GAAP Earnings (Loss)
Per Ordinary Share - Basic:
|
|
|
|
|
|
From continuing
operations
|
|
$
2.25
|
|
$
3.12
|
|
From discontinued
operations
|
|
$
(0.03)
|
|
$
(0.98)
|
|
From net
income
|
|
$
2.22
|
|
$
2.14
|
|
|
|
|
|
|
GAAP Earnings (Loss)
Per Ordinary Share - Diluted:
|
|
|
|
|
|
From continuing
operations
|
|
$
2.20
|
|
$
3.06
|
|
From discontinued
operations
|
|
$
(0.03)
|
|
$
(0.96)
|
|
From net
income
|
|
$
2.17
|
|
$
2.10
|
|
|
|
|
|
|
Weighted Average
Number of Ordinary Shares Outstanding:
|
|
|
|
|
|
Basic — GAAP and
Non-GAAP
|
|
165,392
|
|
166,223
|
|
Diluted — GAAP and
Non-GAAP
|
|
169,198
|
|
169,730
|
|
|
|
|
|
|
|
|
|
|
|
Condensed
Consolidated Statements of Operations - GAAP
(Continued)
|
|
Year
Ended
|
|
Year
Ended
|
|
(In thousands,
except per share data)
|
|
December 31,
2024
|
|
December 31,
2023
|
|
An itemized
reconciliation between net income from continuing operations on a
GAAP basis and EBITDA is as follows:
|
|
|
|
|
|
Net Income from
Continuing Operations
|
|
$
372,138
|
|
$
519,157
|
|
Adjustments:
|
|
|
|
|
|
Depreciation
expense
|
|
27,432
|
|
36,921
|
|
Amortization
expense
|
|
1,101
|
|
35,689
|
|
Interest
income
|
|
(42,450)
|
|
(30,854)
|
|
Interest
expense
|
|
22,578
|
|
23,032
|
|
Income tax provision
(benefit)
|
|
71,612
|
|
(97,638)
|
|
EBITDA from
Continuing Operations
|
|
452,411
|
|
486,307
|
|
EBITDA from
Discontinued Operations
|
|
(5,790)
|
|
(162,484)
|
|
EBITDA
|
|
$
446,621
|
|
$
323,823
|
|
|
|
|
|
|
An itemized
reconciliation between net income from continuing operations on a
GAAP basis and non-GAAP net income is as follows:
|
|
Net Income from
Continuing Operations
|
|
$
372,138
|
|
$
519,157
|
|
Adjustments:
|
|
|
|
|
|
Share-based
compensation expense
|
|
96,636
|
|
92,719
|
|
Depreciation
expense
|
|
27,432
|
|
36,921
|
|
Amortization
expense
|
|
1,101
|
|
35,689
|
|
Separation
expense
|
|
1,446
|
|
38,364
|
|
Loss on debt
extinguishment
|
|
719
|
|
—
|
|
Gain on sale of Athlone
manufacturing facility
|
|
(1,462)
|
|
—
|
|
Income tax effect
related to reconciling items
|
|
(3,945)
|
|
25,343
|
|
Deferred tax valuation
release
|
|
—
|
|
(160,953)
|
|
Restructuring
expense
|
|
—
|
|
5,938
|
|
Final award in the
Janssen arbitration (2022 back royalties and interest)
|
|
—
|
|
(197,092)
|
|
Non-cash net interest
expense
|
|
342
|
|
461
|
|
Non-GAAP Net Income
from Continuing Operations
|
|
494,407
|
|
396,547
|
|
Non-GAAP Net Loss
from Discontinued Operations
|
|
(5,068)
|
|
(152,894)
|
|
Non-GAAP Net
Income
|
|
$
489,339
|
|
$
243,653
|
|
|
|
|
|
|
Non-GAAP diluted
earnings per ordinary share from continuing operations
|
|
$
2.92
|
|
$
2.34
|
|
Non-GAAP diluted loss
per ordinary share from discontinued operations
|
|
$
(0.03)
|
|
$
(0.90)
|
|
Non-GAAP diluted
earnings per ordinary share from net income
|
|
$
2.89
|
|
$
1.44
|
|
Alkermes plc and
Subsidiaries
|
|
Selected Financial
Information (Unaudited)
|
|
|
|
|
|
|
Condensed
Consolidated Balance Sheets
|
|
December
31,
|
|
December
31,
|
|
(In
thousands)
|
|
2024
|
|
2023
|
|
Cash, cash equivalents
and total investments
|
|
$
824,816
|
|
$
813,378
|
|
Receivables
|
|
389,733
|
|
332,477
|
|
Inventory
|
|
182,887
|
|
186,406
|
|
Contract
assets
|
|
4,990
|
|
706
|
|
Prepaid expenses and
other current assets
|
|
86,077
|
|
98,166
|
|
Property, plant and
equipment, net
|
|
227,564
|
|
226,943
|
|
Intangible assets, net
and goodwill
|
|
83,917
|
|
85,018
|
|
Assets held for
sale
|
|
—
|
|
94,260
|
|
Deferred tax
assets
|
|
154,835
|
|
195,888
|
|
Other assets
|
|
100,748
|
|
102,981
|
|
Total
Assets
|
|
$
2,055,567
|
|
$
2,136,223
|
|
Long-term debt —
current portion
|
|
$
—
|
|
$
3,000
|
|
Other current
liabilities
|
|
465,199
|
|
512,678
|
|
Long-term
debt
|
|
—
|
|
287,730
|
|
Liabilities from
discontinued operations
|
|
—
|
|
4,542
|
|
Other long-term
liabilities
|
|
125,391
|
|
125,587
|
|
Total shareholders'
equity
|
|
1,464,977
|
|
1,202,686
|
|
Total Liabilities
and Shareholders' Equity
|
|
$
2,055,567
|
|
$
2,136,223
|
|
|
|
|
|
|
Ordinary shares
outstanding (in thousands)
|
|
162,177
|
|
166,980
|
|
|
|
|
|
|
This selected financial
information should be read in conjunction with the consolidated
financial statements and
notes thereto included in Alkermes plc's Annual Report on Form 10-K
for the year ended December 31, 2024,
which the company intends to file in February 2025.
|
|
Alkermes plc and
Subsidiaries
|
|
Amounts Included in
Discontinued Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In
thousands)
|
|
Three Months
Ended
March 31,
2024
|
|
Three Months
Ended
June 30,
2024
|
|
Three Months
Ended
September 30,
2024
|
|
Three Months
Ended
December 31,
2024
|
|
Year
Ended
December 31,
2024
|
|
Cost of goods
manufactured and sold
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
-
|
|
Research and
development
|
|
2,516
|
|
3,913
|
|
481
|
|
(1,120)
|
|
5,790
|
|
Selling, general and
administrative
|
|
—
|
|
—
|
|
—
|
|
—
|
|
-
|
|
Income tax (benefit)
provision
|
|
(396)
|
|
(613)
|
|
(67)
|
|
354
|
|
(722)
|
|
(Income) Loss from
discontinued operations, net of tax
|
|
$
2,120
|
|
$
3,300
|
|
$
414
|
|
$
(766)
|
|
$
5,068
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In
thousands)
|
|
Three Months
Ended
March 31,
2023
|
|
Three Months
Ended
June 30,
2023
|
|
Three Months
Ended
September 30,
2023
|
|
Three Months
Ended
December 31,
2023
|
|
Year
Ended
December 31,
2023
|
|
Cost of goods
manufactured and sold
|
|
$
11
|
|
$
11
|
|
$
11
|
|
$
6
|
|
$
39
|
|
Research and
development
|
|
29,867
|
|
32,563
|
|
32,262
|
|
21,485
|
|
116,177
|
|
Selling, general and
administrative
|
|
6,644
|
|
9,502
|
|
13,073
|
|
19,368
|
|
48,587
|
|
Income tax (benefit)
provision
|
|
(6,727)
|
|
(40)
|
|
(1,550)
|
|
6,914
|
|
(1,403)
|
|
Loss from
discontinued operations, net of tax
|
|
$ 29,795
|
|
$ 42,036
|
|
$
43,796
|
|
$
47,773
|
|
$
163,400
|
|
Alkermes plc and
Subsidiaries
|
|
Revenues for
Calendar Year 2024 and 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
(In
thousands)
|
|
Three Months
Ended
March 31,
2024
|
|
Three Months
Ended
June 30,
2024
|
|
Three Months
Ended
September 30,
2024
|
|
Three Months
Ended
December 31,
2024
|
|
Year
Ended
December 31,
2024
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
VIVITROL
|
|
$
97,659
|
|
$
111,873
|
|
$
113,650
|
|
$
134,133
|
|
$
457,315
|
|
ARISTADA
|
|
78,870
|
|
86,049
|
|
84,652
|
|
96,616
|
|
346,187
|
|
LYBALVI
|
|
57,007
|
|
71,351
|
|
74,697
|
|
76,977
|
|
280,032
|
|
Total Proprietary
Sales
|
|
233,536
|
|
269,273
|
|
272,999
|
|
307,726
|
|
1,083,534
|
|
|
|
|
|
|
|
|
|
|
|
|
PARTNERED LONG-ACTING
ANTIPSYCHOTICS (1)
|
|
65,391
|
|
82,297
|
|
60,876
|
|
51,267
|
|
259,831
|
|
VUMERITY
|
|
31,254
|
|
35,234
|
|
32,574
|
|
34,985
|
|
134,047
|
|
Key Commercial
Product Revenues
|
|
330,181
|
|
386,804
|
|
366,449
|
|
393,978
|
|
1,477,412
|
|
|
|
|
|
|
|
|
|
|
|
|
Legacy Product
Revenues
|
|
20,188
|
|
12,327
|
|
11,694
|
|
36,008
|
|
80,217
|
|
Research and
Development Revenues
|
|
3
|
|
—
|
|
—
|
|
—
|
|
3
|
|
Total
Revenues
|
|
$
350,372
|
|
$
399,131
|
|
$
378,143
|
|
$
429,986
|
|
$
1,557,632
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In
thousands)
|
|
Three Months
Ended
March 31,
2023
|
|
Three Months
Ended
June 30,
2023
|
|
Three Months
Ended
September 30,
2023
|
|
Three Months
Ended
December 31,
2023
|
|
Year
Ended
December 31,
2023
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
VIVITROL
|
|
$
96,659
|
|
$
102,070
|
|
$
99,305
|
|
$
102,385
|
|
$
400,419
|
|
ARISTADA
|
|
80,077
|
|
82,410
|
|
81,834
|
|
83,369
|
|
327,690
|
|
LYBALVI
|
|
37,991
|
|
46,997
|
|
50,683
|
|
56,218
|
|
191,889
|
|
Total Proprietary
Sales
|
|
214,727
|
|
231,477
|
|
231,822
|
|
241,972
|
|
919,998
|
|
|
|
|
|
|
|
|
|
|
|
|
PARTNERED LONG-ACTING
ANTIPSYCHOTICS (1)
|
|
24,543
|
|
326,380
|
|
90,993
|
|
81,461
|
|
523,377
|
|
VUMERITY
|
|
28,874
|
|
32,295
|
|
34,561
|
|
33,596
|
|
129,326
|
|
Key Commercial
Product Revenues
|
|
268,144
|
|
590,152
|
|
357,376
|
|
357,029
|
|
1,572,701
|
|
|
|
|
|
|
|
|
|
|
|
|
Legacy Product
Revenues
|
|
19,445
|
|
27,238
|
|
23,559
|
|
20,443
|
|
90,685
|
|
Research and
Development Revenues
|
|
6
|
|
7
|
|
3
|
|
3
|
|
19
|
|
Total
Revenues
|
|
$
287,595
|
|
$
617,397
|
|
$
380,938
|
|
$
377,475
|
|
$
1,663,405
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) - Includes
RISPERDAL CONSTA, INVEGA SUSTENNA/XEPLION, INVEGA TRINZA/TREVICTA
and INVEGA HAFYERA/BYANNLI.
|
|
Alkermes plc and
Subsidiaries
|
|
2025 Guidance — GAAP
to EBITDA and Adjusted EBITDA
|
|
|
|
|
An itemized
reconciliation between projected net income on a GAAP basis, EBITDA
and Adjusted EBITDA is as follows:
|
|
|
|
|
(In
millions)
|
|
Amount
|
|
Projected Net Income —
GAAP
|
|
$
190.0
|
|
Adjustments:
|
|
|
|
Interest
income
|
|
(30.0)
|
|
Depreciation and
amortization expense
|
|
30.0
|
|
Provision for income
taxes
|
|
40.0
|
|
Projected
EBITDA
|
|
$
230.0
|
|
Share-based
compensation expense
|
|
95.0
|
|
Projected Adjusted
EBITDA
|
|
$
325.0
|
|
|
|
|
Projected Net Income on
a GAAP basis and Projected EBITDA and Projected Adjusted EBITDA
reflect mid-points within ranges of estimated guidance.
|
Alkermes Contacts:
For Investors: Sandy Coombs +1 781 609 6377
For Media: Katie
Joyce +1 781 249 8927
View original content to download
multimedia:https://www.prnewswire.com/news-releases/alkermes-plc-reports-financial-results-for-the-fourth-quarter-and-year-ended-dec-31-2024-and-provides-financial-expectations-for-2025-302373897.html
SOURCE Alkermes plc
