Alkermes plc Reports Third Quarter 2024 Financial Results

PR Newswire10-24

— Third Quarter Revenues of $378.1 Million — — Net Sales of Proprietary Products Increased Approximately 18% Year-Over-Year — — GAAP Net Income from Continuing Operations of $92.8 Million and Diluted ...

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}","selectors":"article","filters":"","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2477468678","pubTimestamp":1729767600,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"— Net Sales of Proprietary Products Increased Approximately 18% Year-Over-Year —。— GAAP Net Income from Continuing Operations of $92.8 Million and Diluted GAAP Earnings per Share from Continuing Operations of $0.56 —。DUBLIN, Oct. 24, 2024 /PRNewswire/ -- Alkermes plc  today reported financial results for the third quarter of 2024.","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4139":"生物科技","IH":"洪恩","BK4085":"互动家庭娱乐","BK4563":"昨日强势股","ALKS":"阿尔凯默斯","BK4510":"在线教育"},"translate_title":"Alkermes plc报告2024年第三季度财务业绩","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"ALKS":1,"IH":1},"content_text":"— Third Quarter Revenues of $378.1 Million —\n— Net Sales of Proprietary Products Increased Approximately 18% Year-Over-Year —\n— GAAP Net Income from Continuing Operations of $92.8 Million and Diluted GAAP Earnings per Share from Continuing Operations of $0.56 —\n— Company Reiterates 2024 Financial Expectations —\nDUBLIN, Oct. 24, 2024 /PRNewswire/ -- Alkermes plc (Nasdaq: ALKS) today reported financial results for the third quarter of 2024.\n\"Our third quarter financial results reflect strong year-over-year growth of our portfolio of proprietary commercial products and position us well to meet our strategic, operational and financial priorities for the year. Looking ahead, we believe growing our proprietary commercial products and advancing our pipeline, particularly ALKS 2680, our novel, investigational, orexin 2 receptor agonist, and additional orexin development candidates, will serve as the key drivers of shareholder value. We plan to manage the business to deliver significant profitability and cash flow while investing in these strategic initiatives,\" said Richard Pops, Chief Executive Officer of Alkermes. \"2025 has the potential to be a transformational year for Alkermes as we expect to complete the ongoing phase 2 studies in narcolepsy type 1 and narcolepsy type 2, and prepare for potential registrational studies for ALKS 2680. With the potential to transform the treatment of hypersomnolence disorders, and with broad potential applicability across other symptomatic domains, orexin 2 receptor agonists represent one of the most exciting new therapeutic categories in development and we believe a significant opportunity for Alkermes and our shareholders.\"\nKey Financial Highlights\n\n\n\n\nRevenues \n\n\n\n\n\n\n\n\n\n\n\n(In millions) \nThree Months Ended September 30, \n\nNine Months Ended September 30, \n\n\n\n2024 \n2023 \n\n2024 \n2023 \n\n\nTotal Revenues \n$ \n378.1 \n$ \n380.9 \n\n$ \n1,127.6 \n$ \n1,285.9* \n\n\nTotal Proprietary Net Sales                                         \n$ \n273.0 \n$ \n231.8 \n\n$ \n775.8 \n$ \n678.0 \n\n\n     VIVITROL® \n$ \n113.7 \n$ \n99.3 \n\n$ \n323.2 \n$ \n298.0 \n\n\n     ARISTADA®i \n$ \n84.7 \n$ \n81.8 \n\n$ \n249.6 \n$ \n244.3 \n\n\n     LYBALVI® \n$ \n74.7 \n$ \n50.7 \n\n$ \n203.1 \n$ \n135.7 \n\n\n\n\n\n\n\n\nProfitability \n\n\n\n\n\n\n\n\n\n\n\n(In millions) \nThree Months Ended September 30, \n\nNine Months Ended September 30, \n\n\n\n2024 \n2023 \n\n2024 \n2023* \n\n\nGAAP Net Income From Continuing Operations \n$ \n92.8 \n$ \n91.6 \n\n$ \n226.4 \n$ \n358.6 \n\n\nGAAP Net Loss From Discontinued Operations \n$ \n(0.4) \n$ \n(43.8) \n\n$ \n(5.8) \n$ \n(115.6) \n\n\nGAAP Net Income  \n$ \n92.4 \n$ \n47.8 \n\n$ \n220.6 \n$ \n243.0 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\nNon-GAAP Net Income From Continuing Operations \n$ \n121.4 \n$ \n150.4 \n\n$ \n321.0 \n$ \n314.7 \n\n\nNon-GAAP Net Loss From Discontinued Operations \n$ \n(0.4) \n$ \n(40.8) \n\n$ \n(5.8) \n$ \n(108.5) \n\n\nNon-GAAP Net Income  \n$ \n121.0 \n$ \n109.5 \n\n$ \n315.2 \n$ \n206.2 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\nEBITDA From Continuing Operations \n$ \n112.3 \n$ \n107.2 \n\n$ \n282.4 \n$ \n413.5 \n\n\nEBITDA From Discontinued Operations \n$ \n(0.5) \n$ \n(44.6) \n\n$ \n(6.9) \n$ \n(121.9) \n\n\nEBITDA \n$ \n111.8 \n$ \n62.7 \n\n$ \n275.5 \n$ \n291.5 \n\n\n\n\n*As a result of the successful resolution of the arbitration with Janssen Pharmaceutica N.V., the nine months ended September 30, 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.\nRevenue Highlights\nLYBALVI\n\nRevenues for the quarter were $74.7 million.\nRevenues and total prescriptions for the quarter grew 47% and 37%, respectively, compared to the third quarter of 2023.\n\nARISTADAi\n\nRevenues for the quarter were $84.7 million.\n\nVIVITROL\n\nRevenues for the quarter were $113.7 million.\nRevenues for the quarter grew 14% compared to the third quarter of 2023, driven by the alcohol dependence indication.\n\nManufacturing & Royalty Revenues\n\nRoyalty revenues from INVEGA SUSTENNA®/XEPLION®, INVEGA TRINZA®/TREVICTA® and INVEGA HAFYERA®/BYANNLI® for the quarter were $58.4 million.\nVUMERITY® manufacturing and royalty revenues for the quarter were $32.6 million.\n\nKey Operating Expenses\nPlease see Note 1 below for details regarding discontinued operations.\n\n\n\n\n(In millions) \nThree Months Ended September 30, \nNine Months Ended September 30, \n\n\n\n2024 \n2023 \n2024 \n2023 \n\n\nR&D Expense – Continuing Operations \n$ \n59.9 \n$ \n64.9 \n$ \n187.2 \n$ \n196.9 \n\n\nR&D Expense – Discontinued Operations \n$ \n0.5 \n$ \n32.3 \n$ \n6.9 \n$ \n94.7 \n\n\n\n\n\n\n\n\n\n\nSG&A Expense – Continuing Operations \n$ \n150.4 \n$ \n156.4 \n$ \n498.2 \n$ \n520.0 \n\n\nSG&A Expense – Discontinued Operations \n$ \n- \n$ \n13.1 \n$ \n- \n$ \n29.2 \n\n\n\n\nBalance SheetAt Sept. 30, 2024, the company recorded cash, cash equivalents and total investments of $927.8 million, compared to $962.5 million at June 30, 2024. The company's total debt outstanding as of Sept. 30, 2024 was $288.8 million.\nShare Repurchase ProgramDuring the third quarter of 2024, the company repurchased approximately 4.4 million of the company's ordinary shares under the share repurchase program authorized in February 2024, at a total purchase price of $115.6 million. As of Sept. 30, 2024, the company had $200 million (exclusive of any fees, commissions or other related expenses) remaining under the program.\nFinancial Expectations for 2024Alkermes reiterates its financial expectations for 2024, as set forth in its press release dated Feb. 15, 2024.\nRecent Events\n\nIn October 2024, the company hosted an investor event to review its portfolio of orexin 2 receptor agonists and development strategy. The company presented data from its ALKS 2680 phase 1b study in patients with narcolepsy type 1 (NT1), narcolepsy type 2 (NT2) and idiopathic hypersomnia (IH), and discussed the study design for its ongoing phase 2 studies in NT1 and NT2. The company also announced its plans to initiate a phase 2 study in patients with IH in 2025.\nIn September 2024, the company presented positive clinical data from its phase 1b study of ALKS 2680 in patients with NT2 and IH at the European Sleep Research Society's 27th Congress, Sleep Europe 2024.\nIn August 2024, the company announced the initiation of its Vibrance-2 phase 2 study of ALKS 2680 in patients with NT2.\nIn August 2024, the company published its latest Corporate Responsibility Report, which details how the company integrates environmental, social and governance considerations into its business. A copy of the report is available on the Responsibility section of Alkermes' website.\n\nNotes and Explanations\n1. The company determined that upon the separation of its 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 nine months ended Sept. 30, 2023.\nConference CallAlkermes will host a conference call and webcast presentation with accompanying slides at 8:00 a.m. ET (1:00 p.m. BST) on Thursday, Oct. 24, 2024, 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.\nAbout Alkermes plcAlkermes 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.\nNon-GAAP Financial MeasuresThis 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 and 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.\nNon-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; earnings include share-based compensation expense.\nThe 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 and 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 and EBITDA should not be considered measures of the company's liquidity.\nA reconciliation of GAAP to non-GAAP financial measures has been provided in the tables included in this press release.\nNote 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 drivers of shareholder value 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; the unfavorable outcome of arbitration or litigation, including so-called “Paragraph IV” litigation and other patent litigation which may lead to competition from generic drug manufacturers, or other disputes related to the company’s products or products using the company’s proprietary technologies; 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 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 Annual Report on Form 10-K for the year ended Dec. 31, 2023 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.\nVIVITROL® 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 SUSTENNA®, INVEGA TRINZA®, TREVICTA® and XEPLION® are registered trademarks of Johnson & Johnson or its affiliated companies; and VUMERITY® is a registered trademark of Biogen MA Inc., used by Alkermes under license.\ni The term \"ARISTADA\" as used in this press release refers to ARISTADA and ARISTADA INITIO®, unless the context indicates otherwise.\n\n\n\n\nAlkermes plc and Subsidiaries \n\n\nSelected Financial Information (Unaudited) \n\n\n\n\n\n\n\n\n\nCondensed Consolidated Statements of Operations - GAAP \n\nThree Months Ended \n\nThree Months Ended \n\n\n(In thousands, except per share data) \n\nSeptember 30, 2024 \n\nSeptember 30, 2023 \n\n\nRevenues: \n\n\n\n\n\n\nProduct sales, net \n\n$                 272,999 \n\n$                 231,822 \n\n\nManufacturing and royalty revenues \n\n105,144 \n\n149,113 \n\n\nResearch and development revenue \n\n— \n\n3 \n\n\nTotal Revenues \n\n378,143 \n\n380,938 \n\n\nExpenses: \n\n\n\n\n\n\nCost of goods manufactured and sold \n\n63,099 \n\n61,498 \n\n\nResearch and development \n\n59,892 \n\n64,878 \n\n\nSelling, general and administrative \n\n150,382 \n\n156,373 \n\n\nAmortization of acquired intangible assets \n\n14 \n\n8,995 \n\n\nTotal Expenses \n\n273,387 \n\n291,744 \n\n\nOperating Income \n\n104,756 \n\n89,194 \n\n\nOther Income, net: \n\n\n\n\n\n\nInterest income \n\n10,916 \n\n9,370 \n\n\nInterest expense \n\n(6,000) \n\n(6,006) \n\n\nOther income, net \n\n558 \n\n149 \n\n\nTotal Other Income, net \n\n5,474 \n\n3,513 \n\n\nIncome Before Income Taxes \n\n110,230 \n\n92,707 \n\n\nIncome Tax Provision  \n\n17,435 \n\n1,153 \n\n\nNet Income From Continuing Operations \n\n92,795 \n\n91,554 \n\n\nLoss From Discontinued Operations — Net of Tax \n\n(414) \n\n(43,796) \n\n\nNet Income — GAAP \n\n$                   92,381 \n\n$                   47,758 \n\n\n\n\n\n\n\n\n\nGAAP Earnings (Loss) Per Ordinary Share - Basic: \n\n\n\n\n\n\nFrom continuing operations \n\n$                       0.57 \n\n$                       0.55 \n\n\nFrom discontinued operations \n\n$                     (0.00) \n\n$                     (0.26) \n\n\nFrom net income \n\n$                       0.57 \n\n$                       0.29 \n\n\n\n\n\n\n\n\n\nGAAP Earnings (Loss) Per Ordinary Share - Diluted: \n\n\n\n\n\n\nFrom continuing operations \n\n$                       0.56 \n\n$                       0.53 \n\n\nFrom discontinued operations \n\n$                     (0.00) \n\n$                     (0.25) \n\n\nFrom net income \n\n$                       0.55 \n\n$                       0.28 \n\n\n\n\n\n\n\n\n\nWeighted Average Number of Ordinary Shares Outstanding: \n\n\n\n\n\n\nBasic  — GAAP and Non-GAAP \n\n163,368 \n\n166,607 \n\n\nDiluted — GAAP and Non-GAAP \n\n167,025 \n\n171,903 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nCondensed Consolidated Statements of Operations - GAAP (Continued) \n\nThree Months Ended \n\nThree Months Ended \n\n\n(In thousands, except per share data) \n\nSeptember 30, 2024 \n\nSeptember 30, 2023 \n\n\nAn itemized reconciliation between net income from continuing operations on a GAAP basis and EBITDA is as follows: \n\n\n\n\n\n\nNet Income from Continuing Operations \n\n$                   92,795 \n\n$                   91,554 \n\n\nAdjustments: \n\n\n\n\n\n\nDepreciation expense \n\n6,958 \n\n8,886 \n\n\nAmortization expense \n\n14 \n\n8,995 \n\n\nInterest income  \n\n(10,916) \n\n(9,370) \n\n\nInterest expense \n\n6,000 \n\n6,006 \n\n\nIncome tax provision \n\n17,435 \n\n1,153 \n\n\nEBITDA from Continuing Operations \n\n112,286 \n\n107,224 \n\n\nEBITDA from Discontinued Operations \n\n(481) \n\n(44,567) \n\n\nEBITDA \n\n$                 111,805 \n\n$                   62,657 \n\n\n\n\n\n\n\n\n\nAn itemized reconciliation between net income from continuing operations on a GAAP basis and non-GAAP net income is as follows: \n\n\nNet Income from Continuing Operations \n\n$                   92,795 \n\n$                   91,554 \n\n\nAdjustments: \n\n\n\n\n\n\nShare-based compensation expense \n\n22,533 \n\n21,733 \n\n\nDepreciation expense \n\n6,958 \n\n8,886 \n\n\nAmortization expense \n\n14 \n\n8,995 \n\n\nNon-cash net interest expense \n\n114 \n\n115 \n\n\nSeparation expense \n\n206 \n\n9,640 \n\n\nIncome tax effect related to reconciling items \n\n(1,255) \n\n3,511 \n\n\nRestructuring expense \n\n— \n\n5,938 \n\n\nNon-GAAP Net Income from Continuing Operations \n\n121,365 \n\n150,372 \n\n\nNon-GAAP Net Loss from Discontinued Operations \n\n(414) \n\n(40,835) \n\n\nNon-GAAP Net Income \n\n$                 120,951 \n\n$                 109,537 \n\n\n\n\n\n\n\n\n\nNon-GAAP diluted earnings per ordinary share from continuing operations \n\n$                       0.73 \n\n$                       0.87 \n\n\nNon-GAAP diluted loss per ordinary share from discontinued operations \n\n$                     (0.00) \n\n$                     (0.24) \n\n\nNon-GAAP diluted earnings per ordinary share from net income \n\n$                       0.72 \n\n$                       0.64 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAlkermes plc and Subsidiaries \n\n\nSelected Financial Information (Unaudited) \n\n\n\n\n\n\n\n\n\nCondensed Consolidated Statements of Operations - GAAP \n\nNine Months Ended \n\nNine Months Ended \n\n\n(In thousands, except per share data) \n\nSeptember 30, 2024 \n\nSeptember 30, 2023 \n\n\nRevenues: \n\n\n\n\n\n\nProduct sales, net \n\n$                 775,808 \n\n$                 678,026 \n\n\nManufacturing and royalty revenues \n\n351,835 \n\n607,888 \n\n\nResearch and development revenue \n\n3 \n\n16 \n\n\nTotal Revenues \n\n1,127,646 \n\n1,285,930 \n\n\nExpenses: \n\n\n\n\n\n\nCost of goods manufactured and sold \n\n183,215 \n\n182,911 \n\n\nResearch and development \n\n187,152 \n\n196,873 \n\n\nSelling, general and administrative \n\n498,244 \n\n519,962 \n\n\nAmortization of acquired intangible assets \n\n1,087 \n\n26,693 \n\n\nTotal Expenses \n\n869,698 \n\n926,439 \n\n\nOperating Income \n\n257,948 \n\n359,491 \n\n\nOther Income, net: \n\n\n\n\n\n\n  Interest income \n\n31,050 \n\n21,105 \n\n\n  Interest expense \n\n(17,930) \n\n(16,978) \n\n\n  Other income (expense), net \n\n2,793 \n\n(415) \n\n\nTotal Other Income, net \n\n15,913 \n\n3,712 \n\n\nIncome Before Income Taxes \n\n273,861 \n\n363,203 \n\n\nIncome Tax Provision \n\n47,460 \n\n4,598 \n\n\nNet Income From Continuing Operations \n\n226,401 \n\n358,605 \n\n\nLoss From Discontinued Operations — Net of Tax \n\n(5,834) \n\n(115,627) \n\n\nNet Income — GAAP \n\n$                 220,567 \n\n$                 242,978 \n\n\n\n\n\n\n\n\n\nGAAP Earnings (Loss) Per Ordinary Share - Basic: \n\n\n\n\n\n\nFrom continuing operations \n\n$                       1.36 \n\n$                       2.16 \n\n\nFrom discontinued operations \n\n$                     (0.04) \n\n$                     (0.70) \n\n\nFrom net income \n\n$                       1.32 \n\n$                       1.47 \n\n\n\n\n\n\n\n\n\nGAAP Earnings (Loss) Per Ordinary Share - Diluted: \n\n\n\n\n\n\nFrom continuing operations \n\n$                       1.33 \n\n$                       2.10 \n\n\nFrom discontinued operations \n\n$                     (0.03) \n\n$                     (0.68) \n\n\nFrom net income \n\n$                       1.30 \n\n$                       1.42 \n\n\n\n\n\n\n\n\n\nWeighted Average Number of Ordinary Shares Outstanding: \n\n\n\n\n\n\nBasic  — GAAP and Non-GAAP \n\n166,546 \n\n165,686 \n\n\nDiluted — GAAP and Non-GAAP \n\n170,196 \n\n170,747 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nCondensed Consolidated Statements of Operations - GAAP (Continued) \n\nNine Months Ended \n\nNine Months Ended \n\n\n(In thousands, except per share data) \n\nSeptember 30, 2024 \n\nSeptember 30, 2023 \n\n\nAn itemized reconciliation between net income from continuing operations on a GAAP basis and EBITDA is as follows: \n\n\n\n\n\n\nNet Income from Continuing Operations \n\n$                 226,401 \n\n$                 358,605 \n\n\nAdjustments: \n\n\n\n\n\n\nDepreciation expense \n\n20,599 \n\n27,696 \n\n\nAmortization expense \n\n1,087 \n\n26,693 \n\n\nInterest income \n\n(31,050) \n\n(21,105) \n\n\nInterest expense \n\n17,930 \n\n16,978 \n\n\nIncome tax provision \n\n47,460 \n\n4,598 \n\n\nEBITDA from Continuing Operations \n\n282,427 \n\n413,465 \n\n\nEBITDA from Discontinued Operations \n\n(6,910) \n\n(121,947) \n\n\nEBITDA \n\n$                 275,517 \n\n$                 291,518 \n\n\n\n\n\n\n\n\n\nAn itemized reconciliation between net income from continuing operations on a GAAP basis and non-GAAP net income is as follows: \n\n\nNet Income from Continuing Operations \n\n$                 226,401 \n\n$                 358,605 \n\n\nAdjustments: \n\n\n\n\n\n\nShare-based compensation expense \n\n75,889 \n\n69,943 \n\n\nDepreciation expense \n\n20,599 \n\n27,696 \n\n\nAmortization expense \n\n1,087 \n\n26,693 \n\n\nSeparation expense \n\n1,446 \n\n19,280 \n\n\nIncome tax effect related to reconciling items \n\n(3,316) \n\n3,332 \n\n\nGain on sale of Athlone manufacturing facility \n\n(1,462) \n\n— \n\n\nRestructuring expense \n\n— \n\n5,938 \n\n\nFinal award in the Janssen arbitration (2022 back royalties and interest) \n\n— \n\n(197,092) \n\n\nNon-cash net interest expense \n\n342 \n\n346 \n\n\nNon-GAAP Net Income from Continuing Operations \n\n320,986 \n\n314,741 \n\n\nNon-GAAP Net Loss from Discontinued Operations \n\n(5,834) \n\n(108,511) \n\n\nNon-GAAP Net Income \n\n$                 315,152 \n\n$                 206,230 \n\n\n\n\n\n\n\n\n\nNon-GAAP diluted earnings per ordinary share from continuing operations \n\n$                       1.89 \n\n$                       1.84 \n\n\nNon-GAAP diluted loss per ordinary share from discontinued operations \n\n$                     (0.03) \n\n$                     (0.64) \n\n\nNon-GAAP diluted earnings per ordinary share from net income \n\n$                       1.85 \n\n$                       1.21 \n\n\n\n\n\n\n\n\nAlkermes plc and Subsidiaries \n\n\nSelected Financial Information (Unaudited) \n\n\n\n\n\n\n\n\n\nCondensed Consolidated Balance Sheets \n\nSeptember 30, \n\nDecember 31, \n\n\n(In thousands) \n\n2024 \n\n2023 \n\n\nCash, cash equivalents and total investments \n\n$                           927,784 \n\n$                           813,378 \n\n\nReceivables \n\n367,211 \n\n332,477 \n\n\nInventory \n\n191,087 \n\n186,406 \n\n\nContract assets \n\n2,969 \n\n706 \n\n\nPrepaid expenses and other current assets \n\n94,047 \n\n98,166 \n\n\nProperty, plant and equipment, net \n\n225,422 \n\n226,943 \n\n\nIntangible assets, net and goodwill \n\n83,931 \n\n85,018 \n\n\nAssets held for sale \n\n— \n\n94,260 \n\n\nDeferred tax assets \n\n159,960 \n\n195,888 \n\n\nOther assets \n\n102,880 \n\n102,981 \n\n\nTotal Assets \n\n$                        2,155,291 \n\n$                        2,136,223 \n\n\nLong-term debt — current portion \n\n$                               3,000 \n\n$                               3,000 \n\n\nOther current liabilities \n\n450,705 \n\n512,678 \n\n\nLong-term debt    \n\n285,823 \n\n287,730 \n\n\nLiabilities from discontinued operations \n\n— \n\n4,542 \n\n\nOther long-term liabilities \n\n123,658 \n\n125,587 \n\n\nTotal shareholders' equity \n\n1,292,105 \n\n1,202,686 \n\n\nTotal Liabilities and Shareholders' Equity \n\n$                        2,155,291 \n\n$                        2,136,223 \n\n\n\n\n\n\n\n\n\nOrdinary shares outstanding (in thousands) \n\n161,776 \n\n166,980 \n\n\n\n\n\n\n\n\n\nThis selected financial information should be read in conjunction with the consolidated financial statements and notes thereto included in Alkermes plc's Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, which the company intends to file in October 2024. \n\n\n\n\n\n\n\n\nAlkermes plc and Subsidiaries \n\n\nAmounts Included in Discontinued Operations \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n(In thousands) \n\nThree MonthsEndedMarch 31,2024 \n\nThree MonthsEndedJune 30,2024 \n\nThree MonthsEndedSeptember 30,2024 \n\nNine Months EndedSeptember 30,2024 \n\n\nCost of goods manufactured and sold \n\n$                         — \n\n$                       — \n\n$                       — \n\n$                       — \n\n\nResearch and development \n\n2,516 \n\n3,913 \n\n481 \n\n6,910 \n\n\nSelling, general and administrative \n\n— \n\n— \n\n— \n\n— \n\n\nIncome tax benefit  \n\n(396) \n\n(613) \n\n(67) \n\n(1,076) \n\n\nLoss from discontinued operations, net of tax \n\n$                    2,120 \n\n$                  3,300 \n\n$                     414 \n\n$                  5,834 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n(In thousands) \n\nThree MonthsEndedMarch 31,2023 \n\nThree MonthsEndedJune 30,2023 \n\nThree MonthsEndedSeptember 30,2023 \n\nNine Months EndedSeptember 30,2023 \n\n\nCost of goods manufactured and sold \n\n$                         11 \n\n$                       11 \n\n$                       11 \n\n$                       33 \n\n\nResearch and development \n\n29,867 \n\n32,563 \n\n32,262 \n\n94,692 \n\n\nSelling, general and administrative \n\n6,644 \n\n9,502 \n\n13,073 \n\n29,219 \n\n\nIncome tax benefit  \n\n(6,727) \n\n(40) \n\n(1,550) \n\n(8,317) \n\n\nLoss from discontinued operations, net of tax \n\n$                  29,795 \n\n$                42,036 \n\n$                43,796 \n\n$              115,627 \n\n\n\n\n\n\n\n\nAlkermes Contacts:  \n\n\nFor Investors:  \nSandy Coombs  \n+1 781 609 6377 \n\n\nFor Media:    \nKatie Joyce      \n+1 781 249 8927 \n\n\n\n\n\n\n\n\n\n View original content to download multimedia:https://www.prnewswire.com/news-releases/alkermes-plc-reports-third-quarter-2024-financial-results-302285218.html\nSOURCE Alkermes plc","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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