10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2025

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number 001-35299

ALKERMES PUBLIC LIMITED COMPANY

(Exact name of registrant as specified in its charter)

Ireland	98-1007018
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

Connaught House

1 Burlington Road

Dublin 4, Ireland, D04 C5Y6

(Address of principal executive offices)

+ 353-1-772-8000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Ordinary shares, $0.01 par value	ALKS	Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☒	Accelerated filer ☐
Non-accelerated filer ☐	Smaller reporting company ☐
	Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The number of the registrant’s ordinary shares, $0.01 par value, outstanding as of July 25, 2025 was 165,077,979 shares.

ALKERMES PLC AND SUBSIDIARIES

QUARTERLY REPORT ON FORM 10-Q

FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2025

		Page No.
PART I - FINANCIAL INFORMATION
Item 1.	Condensed Consolidated Financial Statements (unaudited):
	Condensed Consolidated Balance Sheets — June 30, 2025 and December 31, 2024	5
	Condensed Consolidated Statements of Income and Comprehensive Income — For the Three and Six Months Ended June 30, 2025 and 2024	6
	Condensed Consolidated Statements of Cash Flows — For the Six Months Ended June 30, 2025 and 2024	7
	Condensed Consolidated Statements of Shareholders’ Equity — For the Three and Six Months Ended June 30, 2025 and 2024	8
	Notes to Condensed Consolidated Financial Statements	10
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	24
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	35
Item 4.	Controls and Procedures	35
PART II - OTHER INFORMATION
Item 1.	Legal Proceedings	36
Item 1A.	Risk Factors	36
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	37
Item 5.	Other Information	37
Item 6.	Exhibits	38
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 timing, design 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 impact of currency exchange rate fluctuations and valuations;

•our expectations regarding acquisitions, collaborations, licensing arrangements and other significant agreements with third parties, including those related to our products, development programs, and other business development opportunities;

•our expectations regarding the impacts of new legislation, rules and regulations, the adoption of new accounting pronouncements, potential government shutdowns, or other global, political or economic changes, instability or disruptions;

•our expectations regarding near-term changes in the nature of our market risk exposures or in our management’s objectives and strategies with respect to managing such exposures;

•our expectations regarding future capital requirements and expenditures for our operations and our ability to finance such capital requirements and expenditures;

•our expectations regarding the timing, outcome and impact of administrative, regulatory, legal and other proceedings related to our products and intellectual property (“IP”), including our patents, know-how, and related rights or obligations;

•our expectations regarding the tax treatment and other anticipated benefits of the completed separation of our oncology business; and

•other expectations discussed elsewhere in this Form 10-Q.

Actual results might differ materially from those expressed or implied by these forward-looking statements because these forward-looking statements are subject to risks, assumptions and uncertainties. In light of these risks, assumptions and uncertainties, the forward-looking expectations discussed in this Form 10-Q might not occur. You are cautioned not to place undue reliance on the forward-looking statements in this Form 10-Q, which speak only as of the date of this Form 10-Q. All subsequent written and oral forward-looking statements concerning the matters addressed in this Form 10-Q and attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Except as required by applicable law or regulation, we do not undertake any obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise. For information about the risks, assumptions and uncertainties of our business, see “Part I, Item 1A—Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the United States (“U.S.”) Securities and Exchange Commission (the “SEC”) on February 12, 2025 (our “Annual Report”) and “Part II, Item 1A—Risk Factors” in this Form 10-Q.

3

This Form 10-Q may include data that we obtained from industry publications and third-party research, surveys and studies. Industry publications and third-party research, surveys and studies generally indicate that their information has been obtained from sources believed to be reliable, although they do not guarantee the accuracy or completeness of such information. While we believe that any industry publications and third-party research, surveys and studies from which data is included in this Form 10-Q are reliable, we have not independently verified any such data. This Form 10-Q may also include data based on our own internal estimates and research. Our internal estimates and research have not been verified by any independent source and are necessarily subject to a high degree of uncertainty and risk due to a variety of factors, including those described in “Part I, Item 1A—Risk Factors” in our Annual Report and “Part II, Item 1A—Risk Factors” in this Form 10-Q. These and other factors could cause our results to differ materially from those expressed or implied in this Form 10-Q.

Note Regarding Company and Product References

Alkermes plc is a global biopharmaceutical company that seeks to develop innovative medicines in the field of neuroscience. We have 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. Use of terms such as “us,” “we,” “our,” “Alkermes” or the “Company” in this Form 10-Q is meant to refer to Alkermes plc and its consolidated subsidiaries. Except as otherwise suggested by the context, (a) references to “products” or “our products” in this Form 10-Q include our marketed products, marketed products using our proprietary technologies, our licensed products, our product candidates and product candidates using our proprietary technologies, (b) references to the “biopharmaceutical industry” in this Form 10-Q are intended to include reference to the “biotechnology industry” and/or the “pharmaceutical industry” and (c) references to “licensees” in this Form 10-Q are used interchangeably with references to “partners.”

Note Regarding Trademarks

We are the owner of various U.S. federal trademark registrations (“®”) and other trademarks (“TM”), including ALKERMES®, ARISTADA®, ARISTADA INITIO®, LinkeRx®, LYBALVI®, NanoCrystal® and VIVITROL®.

The following are trademarks of the respective companies listed: BYANNLI®, INVEGA®, INVEGA HAFYERA®, INVEGA SUSTENNA®, INVEGA TRINZA®, RISPERDAL CONSTA®, TREVICTA®, and XEPLION®—Johnson & Johnson or its affiliated companies; FAMPYRATM—Merz Pharmaceuticals, LLC; and VUMERITY®—Biogen MA Inc. (together with its affiliates, “Biogen”). Other trademarks, trade names and service marks appearing in this Form 10-Q are the property of their respective owners. Solely for convenience, the trademarks and trade names in this Form 10-Q may be referred to without the ® or TM symbol, but such references should not be construed as any indicator that their respective owners will not assert, to the fullest extent under applicable law, their rights thereto.

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PART I. FINANCIAL INFORMATION

Item 1. Condensed Consolidated Financial Statements:

ALKERMES PLC AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited)

	June 30, 2025			December 31, 2024
	(In thousands, except share and per share amounts)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	521,199		$	291,146
Investments—short-term		494,540			460,522
Receivables, net		354,906			384,528
Inventory		191,924			182,887
Prepaid expenses and other current assets		71,295			91,282
Contract assets		1,424			4,990
Total current assets		1,635,288			1,415,355
PROPERTY, PLANT AND EQUIPMENT, NET		239,399			227,564
INVESTMENTS—LONG-TERM		38,269			73,148
RIGHT-OF-USE ASSETS		80,532			84,245
INTANGIBLE ASSETS, NET AND GOODWILL		83,880			83,917
DEFERRED TAX ASSETS		155,533			154,835
OTHER ASSETS		19,908			16,503
TOTAL ASSETS	$	2,252,809		$	2,055,567
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable and accrued expenses	$	245,749		$	185,332
Accrued sales discounts, allowances and reserves		253,173			272,452
Operating lease liabilities—short-term		6,462			6,166
Contract liabilities—short-term		578			1,249
Total current liabilities		505,962			465,199
OPERATING LEASE LIABILITIES—LONG-TERM		66,216			69,372
OTHER LONG-TERM LIABILITIES		56,047			56,019
Total liabilities		628,225			590,590
COMMITMENTS AND CONTINGENT LIABILITIES (Note 16)
SHAREHOLDERS’ EQUITY:
Preferred shares, par value, $0.01 per share; 50,000,000 shares authorized; and zero issued and outstanding at June 30, 2025 and December 31, 2024		—			—
Ordinary shares, par value, $0.01 per share; 450,000,000 shares authorized; 180,439,750 and 176,670,785 shares issued; and 165,054,912 and 162,176,994 shares outstanding at June 30, 2025 and December 31, 2024, respectively		1,805			1,767
Treasury shares, at cost (15,384,838 and 14,493,791 shares at June 30, 2025 and December 31, 2024, respectively)		(449,714	)		(419,255	)
Additional paid-in capital		2,940,789			2,860,890
Accumulated other comprehensive loss		(1,400	)		(1,967	)
Accumulated deficit		(866,896	)		(976,458	)
Total shareholders’ equity		1,624,584			1,464,977
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	2,252,809		$	2,055,567

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

5

ALKERMES PLC AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

(unaudited)

	Three Months Ended					Six Months Ended
	June 30,					June 30,
	2025		2024			2025		2024
	(In thousands, except per share amounts)
REVENUES:
Product sales, net	$	307,235	$	269,273		$	551,728	$	502,809
Manufacturing and royalty revenues		83,422		129,858			145,439		246,691
Research and development revenue		—		—			—		3
Total revenues		390,657		399,131			697,167		749,503
EXPENSES:
Cost of goods manufactured and sold (exclusive of amortization of acquired intangible assets shown below)		49,460		61,472			98,657		120,116
Research and development		77,370		59,649			149,187		127,260
Selling, general and administrative		170,849		168,113			342,553		347,862
Amortization of acquired intangible assets		—		14			—		1,073
Total expenses		297,679		289,248			590,397		596,311
OPERATING INCOME FROM CONTINUING OPERATIONS		92,978		109,883			106,770		153,192
OTHER INCOME, NET:
Interest income		11,090		10,735			21,231		20,134
Interest expense		—		(5,952	)		—		(11,930	)
Other income, net		771		2,053			2,327		2,235
Total other income, net		11,861		6,836			23,558		10,439
INCOME BEFORE INCOME TAXES		104,839		116,719			130,328		163,631
INCOME TAX PROVISION		17,741		22,061			20,766		30,025
NET INCOME FROM CONTINUING OPERATIONS		87,098		94,658			109,562		133,606
LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX		—		(3,300	)		—		(5,420	)
NET INCOME	$	87,098	$	91,358		$	109,562	$	128,186
EARNINGS PER ORDINARY SHARE:
Earnings per ordinary share from continuing operations - basic	$	0.53	$	0.56		$	0.67	$	0.79
Loss per ordinary share from discontinued operations - basic	$	—	$	(0.02	)	$	—	$	(0.03	)
Earnings per ordinary share - basic	$	0.53	$	0.54		$	0.67	$	0.76
Earnings per ordinary share from continuing operations - diluted	$	0.52	$	0.55		$	0.65	$	0.78
Loss per ordinary share from discontinued operations - diluted	$	—	$	(0.02	)	$	—	$	(0.03	)
Earnings per ordinary share - diluted	$	0.52	$	0.53		$	0.65	$	0.75
WEIGHTED AVERAGE NUMBER OF ORDINARY SHARES OUTSTANDING:
Basic		164,959		168,321			164,188		168,152
Diluted		168,357		170,977			168,470		171,960
COMPREHENSIVE INCOME:
Net income	$	87,098	$	91,358		$	109,562	$	128,186
Holding gain (loss), net of a tax provision (benefit) of $16, $(8), $184 and $(83), respectively		55		11			567		(480	)
COMPREHENSIVE INCOME	$	87,153	$	91,369		$	110,129	$	127,706

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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ALKERMES PLC AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

	Six Months Ended
	June 30,
	2025			2024
	(In thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	109,562		$	128,186
Adjustments to reconcile net income to cash flows from operating activities:
Depreciation and amortization		15,239			14,714
Share-based compensation expense		47,776			53,356
Deferred income taxes		(900	)		21,724
Gain on sale of the Athlone Facility		—			(1,462	)
Other non-cash charges		3,245			2,136
Changes in assets and liabilities:
Receivables		29,622			(33,939	)
Contract assets		3,566			(2,786	)
Inventory		(10,043	)		(9,538	)
Prepaid expenses and other assets		16,163			(1,206	)
Right-of-use assets		3,713			3,571
Accounts payable and accrued expenses		56,109			(1,930	)
Accrued sales discounts, allowances and reserves		(19,279	)		(185	)
Contract liabilities		(671	)		(1,463	)
Operating lease liabilities		(5,137	)		(5,049	)
Other long-term liabilities		48			1,009
Cash flows provided by operating activities		249,013			167,138
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions of property, plant and equipment		(23,126	)		(15,453	)
Proceeds from the sale of property, plant and equipment		34			434
Proceeds from the sale of the Athlone Facility		1,708			97,933
Purchases of investments		(193,806	)		(209,962	)
Sales and maturities of investments		195,078			138,947
Cash flows (used in) provided by investing activities		(20,112	)		11,899
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from the issuance of ordinary shares under share-based compensation arrangements		31,611			13,833
Employee taxes paid related to net share settlement of equity awards		(30,459	)		(29,000	)
Payment for the repurchase of ordinary shares		—			(84,689	)
Principal payments of long-term debt		—			(1,500	)
Cash flows provided by (used in) financing activities		1,152			(101,356	)
NET INCREASE IN CASH AND CASH EQUIVALENTS		230,053			77,681
CASH AND CASH EQUIVALENTS—Beginning of period		291,146			457,469
CASH AND CASH EQUIVALENTS—End of period	$	521,199		$	535,150
SUPPLEMENTAL CASH FLOW DISCLOSURE:
Non-cash investing and financing activities:
Purchased capital expenditures included in accounts payable and accrued expenses	$	7,562		$	1,649

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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ALKERMES PLC AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(unaudited)

	Ordinary Shares				Additional Paid-In		Accumulated Other Comprehensive			Accumulated			Treasury Stock
	Shares		Amount		Capital		(Loss) Income			Deficit			Shares			Amount			Total
	(In thousands, except share data)
BALANCE — December 31, 2024		176,670,785	$	1,767	$	2,860,890	$	(1,967	)	$	(976,458	)		(14,493,791	)	$	(419,255	)	$	1,464,977
Issuance of ordinary shares under employee stock plans		3,510,611		35		29,493		—			—			—			—			29,528
Receipt of Alkermes' ordinary shares for the exercise of stock options or to satisfy minimum tax withholding obligations related to share-based awards		—		—		—		—			—			(834,590	)		(28,781	)		(28,781	)
Share-based compensation		—		—		22,883		—			—			—			—			22,883
Unrealized gain on marketable securities, net of tax provision of $168		—		—		—		512			—			—			—			512
Net income		—		—		—		—			22,464			—			—			22,464
BALANCE — March 31, 2025		180,181,396	$	1,802	$	2,913,266	$	(1,455	)	$	(953,994	)		(15,328,381	)	$	(448,036	)	$	1,511,583
Issuance of ordinary shares under employee stock plans		258,354		3		2,080		—			—			—			—			2,083
Receipt of Alkermes' ordinary shares for the exercise of stock options or to satisfy minimum tax withholding obligations related to share-based awards		—		—		—		—			—			(56,457	)		(1,678	)		(1,678	)
Share-based compensation		—		—		25,443		—			—			—			—			25,443
Unrealized gain on marketable securities, net of tax provision of $16		—		—		—		55			—			—			—			55
Net income		—		—		—		—			87,098			—			—			87,098
BALANCE — June 30, 2025		180,439,750	$	1,805	$	2,940,789	$	(1,400	)	$	(866,896	)	$	(15,384,838	)	$	(449,714	)	$	1,624,584

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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	Ordinary Shares				Additional Paid-In		Accumulated Other Comprehensive			Accumulated			Treasury Stock
	Shares		Amount		Capital		Loss			Deficit			Shares			Amount			Total
	(In thousands, except share data)
BALANCE — December 31, 2023		172,569,051	$	1,726	$	2,736,934	$	(3,110	)	$	(1,343,528	)		(5,589,218	)	$	(189,336	)	$	1,202,686
Issuance of ordinary shares under employee stock plans		3,165,169		31		11,195		—			—			—			—			11,226
Receipt of Alkermes' ordinary shares for the exercise of stock options or to satisfy minimum tax withholding obligations related to share-based awards		—		—		—		—			—			(960,486	)		(28,349	)		(28,349	)
Share-based compensation		—		—		32,863		—			—			—			—			32,863
Unrealized loss on marketable securities, net of tax benefit of $75		—		—		—		(491	)		—			—			—			(491	)
Net income		—		—		—		—			36,828			—			—			36,828
BALANCE — March 31, 2024		175,734,220	$	1,757	$	2,780,992	$	(3,601	)	$	(1,306,700	)		(6,549,704	)	$	(217,685	)	$	1,254,763
Issuance of ordinary shares under employee stock plans		225,052		3		2,604		—			—			—			—			2,607
Receipt of Alkermes' ordinary shares for the exercise of stock options or to satisfy minimum tax withholding obligations related to share-based awards		—		—		—		—			—			(26,692	)		(651	)		(651	)
Repurchase of Alkermes' ordinary shares		—		—		—		—			—			(3,496,187	)		(84,689	)		(84,689	)
Share-based compensation		—		—		20,606		—			—			—			—			20,606
Unrealized gain on marketable securities, net of tax benefit of $8		—		—		—		11			—			—			—			11
Net income		—		—		—		—			91,358			—			—			91,358
BALANCE — June 30, 2024		175,959,272	$	1,760	$	2,804,202	$	(3,590	)	$	(1,215,342	)		(10,072,583	)	$	(303,025	)	$	1,284,005

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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ALKERMES PLC AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Unaudited)

1. THE COMPANY

Alkermes plc is a global biopharmaceutical company that seeks to develop innovative medicines in the field of neuroscience. Alkermes 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 (“R&D”) center in Massachusetts and a manufacturing facility in Ohio.

In May 2024, the Company completed the sale of its research and development business and manufacturing facility in Athlone, Ireland (the “Athlone Facility”) to Novo Nordisk (“Novo”). The Company and Novo also entered into subcontracting arrangements to continue certain development and manufacturing activities performed at the Athlone Facility for a period of time after the closing of the transaction, which activities may continue through the end of 2025. In connection with the sale of the Athlone Facility, the Company received approximately $97.9 million from Novo, which included a payment of approximately $91.0 million for the facility and certain related assets, and recorded a gain of approximately $1.5 million within “Other income, net” in the accompanying condensed consolidated statements of income and comprehensive income for the three and six months ended June 30, 2024.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying condensed consolidated financial statements of the Company for the three and six months ended June 30, 2025 and 2024 are unaudited and have been prepared on a basis substantially consistent with the audited financial statements for the year ended December 31, 2024. The year-end 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 of a normal recurring nature that are necessary to state fairly the results of operations for the reported periods.

The accompanying condensed consolidated 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 accompanying 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 in the “Notes to Consolidated Financial Statements” accompanying the Annual Report. Intercompany accounts and transactions have been eliminated. Columns and rows within tables may not sum due to rounding.

Discontinued Operations

The Company determined that the separation of its oncology business into Mural Oncology plc (“Mural”), a new, independent, publicly-traded company (the “Separation”), completed in November 2023, met the criteria for classification of the oncology business as discontinued operations in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 205, Discontinued Operations (“Topic 205”).

Use of Estimates

The preparation of the Company’s condensed consolidated financial statements in accordance with GAAP requires that Company 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, but not limited to, those related to revenue from contracts with its customers and related allowances, impairment of long-lived assets, share-based compensation, income taxes including the valuation allowance for deferred tax assets, valuation of investments 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 conditions or using different assumptions.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Unaudited) (Continued)

Segment Information

Operating segments are defined as components of an enterprise engaging in business activities for which separate financial information is available and regularly reviewed by the chief operating decision maker (“CODM”) in deciding how to allocate resources and in assessing performance. The Company has utilized the management approach to determine that the Company is managed as one segment on a consolidated basis and is in the business of developing, manufacturing and commercializing medicines designed to help people living with complex and difficult-to-treat psychiatric and neurological disorders. The Company’s CODM, the Chairman and Chief Executive Officer, reviews the Company’s operating results on an aggregate basis and manages the Company’s operations as a single operating unit. The Company’s CODM measures profitability on a reportable segment basis using net income and utilizes this information in allocating resources and in assessing performance by monitoring budget versus actual results. Please refer to Note 15, Segment Reporting, in these “Notes to Condensed Consolidated Financial Statements” in this Form 10-Q for further information.

New Accounting Pronouncements

From time to time, new accounting pronouncements are issued by the FASB or other standard-setting bodies that are adopted by the Company on or prior to the specified effective date. Unless otherwise described in this Form 10-Q, 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 December 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, to enhance the transparency and decision usefulness of income tax disclosures in order to provide information to assist key stakeholders in better assessing how the Company’s operations and related tax risks and tax planning and operational opportunities affect the Company’s tax rate and prospects for future cash flows. This ASU becomes effective for public companies for annual periods beginning after December 15, 2024. This guidance will be applied on a prospective basis. The Company is currently evaluating the impact this ASU will have on its consolidated financial statements and related disclosures.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income-Expense Disaggregation Disclosures, to improve disclosures about public business entity expenses and address requests from investors for more detailed information about the types of expenses (including purchases of inventory, employee compensation, depreciation, amortization and depletion) in commonly-presented expense captions, such as cost of sales, selling, general and administrative expenses, and research and development. All disclosure requirements under this guidance are required for public business entities and will be effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027. Early adoption is permitted and the amendments in this guidance will be applied prospectively to financial statements for periods after the effective dates. The Company is currently evaluating the impact this ASU will have on its consolidated financial statements and related disclosures.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Unaudited) (Continued)

3. DISCONTINUED OPERATIONS

Mural Oncology Separation

In connection with the Separation, the Company and Mural entered into, among other agreements: a separation agreement; a tax matters agreement; and an employee matters agreement, which are described in Note 3, Discontinued Operations in the “Notes to Consolidated Financial Statements” accompanying the Annual Report.

Discontinued Operations

The Company determined that the Separation met the criteria for classification of its former oncology business as discontinued operations in accordance with Topic 205. During the three and six months ended June 30, 2025, the Company recorded no losses from discontinued operations. The following summarizes the loss from discontinued operations for the three and six months ended June 30, 2024:

	Three Months Ended			Six Months Ended
(In thousands)	June 30, 2024			June 30, 2024
Operating expenses from discontinued operations
Cost of goods manufactured	$	—		$	—
Research and development		3,913			6,429
Selling, general and administrative		—			—
Total operating expenses from discontinued operations		3,913			6,429
Operating loss from discontinued operations		(3,913	)		(6,429	)
Income tax benefit from discontinued operations		(613	)		(1,009	)
Net loss and comprehensive loss from discontinued operations	$	(3,300	)	$	(5,420	)

4. REVENUE FROM CONTRACTS WITH CUSTOMERS

The Company recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which it expects to receive in exchange for those goods or services. The Company recognizes revenue following the five-step model prescribed in accordance with FASB ASC 606, Revenue from Contracts with Customers, or Topic 606: (i) identify contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the Company satisfies the performance obligations.

Product Sales, Net

The Company’s product sales, net consist of sales in the U.S. of VIVITROL, ARISTADA and ARISTADA INITIO, and LYBALVI, primarily to wholesalers, specialty distributors and 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 and six months ended June 30, 2025 and 2024, the Company recorded product sales, net, as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2025		2024		2025		2024
VIVITROL	$	121,660	$	111,873	$	222,656	$	209,532
ARISTADA and ARISTADA INITIO		101,295		86,049		174,770		164,919
LYBALVI		84,280		71,351		154,302		128,358
Total product sales, net	$	307,235	$	269,273	$	551,728	$	502,809

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Unaudited) (Continued)

Revenues from product sales are recorded net of reserves established for applicable discounts and allowances that are offered within contracts with the Company’s customers, healthcare providers or payers. The Company’s process for estimating reserves established for these variable consideration components does not differ materially from historical practices. The transaction price, which includes variable consideration reflecting the impact of discounts and allowances, may be subject to constraint and is included in the net sales price only to the extent that it is probable that a significant reversal of the amount of the cumulative revenues recognized will not occur in a future period. Actual amounts may ultimately differ from the Company’s estimates. If actual results vary, the Company adjusts these estimates, which could have an effect on earnings in the period of adjustment. See the “Revenue from Contracts with Customers” section in Note 2, Summary of Significant Accounting Policies in the “Notes to Consolidated Financial Statements” in the Annual Report for information with respect to the Company’s significant categories of sales discounts and allowances.

Actual Medicaid rebates related to VIVITROL and ARISTADA/ARISTADA INITIO during the six months ended June 30, 2025 were lower than original estimates, and as a result the Company reduced its rebate reserve for each product by approximately $17.7 million and $7.2 million, respectively, during the period.

A rollforward of the Company’s provisions for sales discounts and allowances is as follows:

	Six Months Ended June 30, 2025
(In thousands)	Contractual Adjustments(1)			Discounts(2)			Product Returns			Other			Total
Beginning balance — December 31, 2024	$	228,978		$	43,645		$	50,507		$	13,297		$	336,427
Current provisions relating to sales in current year		263,018			196,845			13,049			43,096			516,008
Adjustments relating to prior years		(25,329	)		152			(4,601	)		(332	)		(30,110	)
Payments relating to sales in current year		(125,484	)		(182,256	)		—			(33,652	)		(341,392	)
Payments relating to sales in prior years		(128,250	)		(22,941	)		(5,503	)		(12,231	)		(168,925	)
Ending balance — June 30, 2025	$	212,933		$	35,445		$	53,452		$	10,178		$	312,008

1.“Contractual Adjustments” include “Medicaid Rebates” and “Medicare Part D” accruals

2.“Discounts” include “Chargebacks” and “Product Discounts”

Total revenue-related reserves as of June 30, 2025 and December 31, 2024 included in the accompanying consolidated balance sheets are summarized as follows:

	June 30,		December 31,
(In thousands)	2025		2024
Reduction of accounts receivable	$	16,658	$	22,031
Components of accrued sales discounts, allowances and reserves		253,173		272,452
Components of other long-term liabilities		42,177		41,944
Total revenue-related reserves	$	312,008	$	336,427

Manufacturing and Royalty Revenues

During the three and six months ended June 30, 2025 and 2024, the Company recorded manufacturing and royalty revenues from its collaboration arrangements as follows:

	Three Months Ended June 30, 2025						Six Months Ended June 30, 2025
(In thousands)	Manufacturing Revenue		Royalty Revenue		Total		Manufacturing Revenue		Royalty Revenue		Total
Long-acting INVEGA products(1)	$	—	$	30,315	$	30,315	$	—	$	48,060	$	48,060
VUMERITY		7,383		32,016		39,399		13,358		53,874		67,232
RISPERDAL CONSTA		3,812		8		3,820		12,927		22		12,949
Other		5,372		4,516		9,888		7,609		9,589		17,198
	$	16,567	$	66,855	$	83,422	$	33,894	$	111,545	$	145,439

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Unaudited) (Continued)

	Three Months Ended June 30, 2024						Six Months Ended June 30, 2024
(In thousands)	Manufacturing Revenue		Royalty Revenue		Total		Manufacturing Revenue		Royalty Revenue		Total
Long-acting INVEGA products(1)	$	—	$	78,739	$	78,739	$	—	$	141,412	$	141,412
VUMERITY		9,863		25,371		35,234		21,987		44,501		66,488
RISPERDAL CONSTA		3,428		130		3,558		6,023		253		6,276
Other		6,989		5,338		12,327		22,300		10,215		32,515
	$	20,280	$	109,578	$	129,858	$	50,310	$	196,381	$	246,691

(1)“long-acting INVEGA products”: INVEGA SUSTENNA/XEPLION (paliperidone palmitate), INVEGA TRINZA/TREVICTA (paliperidone palmitate) and INVEGA HAFYERA/BYANNLI (paliperidone palmitate).

In August 2024, the Company’s royalty on U.S. net sales of INVEGA SUSTENNA expired. Accordingly, the Company expects royalty revenues from net sales of the long-acting INVEGA products to continue to be lower in 2025, as the royalty revenues related to U.S. net sales of INVEGA SUSTENNA comprised a significant portion of the overall royalty revenues from the long-acting INVEGA products.

Contract Assets

Contract assets include unbilled amounts related to the manufacture of a product that, once complete, will be sold under certain of the Company’s manufacturing contracts. The amounts included in the contract assets table below are classified as “Current assets” in the accompanying condensed consolidated balance sheets, as they relate to manufacturing processes that are completed in ten days to eight weeks.

Total contract assets at June 30, 2025 were as follows:

(In thousands)	Contract Assets
Contract assets at December 31, 2024	$	4,990
Additions		3,766
Transferred to receivables, net		(7,332	)
Contract assets at June 30, 2025	$	1,424

Contract Liabilities

Contract liabilities consist of contractual obligations related to deferred revenue. At June 30, 2025 and December 31, 2024, $0.6 million and $1.2 million of the contract liabilities, respectively, were classified as “Contract liabilities–short-term” in the accompanying condensed consolidated balance sheets and none of the contract liabilities in either period were classified as “Other long-term liabilities” in the accompanying condensed consolidated balance sheets.

Total contract liabilities at June 30, 2025 were as follows:

(In thousands)	Contract Liabilities
Contract liabilities at December 31, 2024	$	1,249
Additions		1,313
Amounts recognized into revenue		(1,984	)
Contract liabilities at June 30, 2025	$	578

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Unaudited) (Continued)

5. INVESTMENTS

Investments consist of the following (in thousands):

			Gross Unrealized
					Losses
	Amortized				Less than			Greater than			Estimated
June 30, 2025	Cost		Gains		One Year			One Year			Fair Value
Short-term investments:
Available-for-sale securities:
U.S. government and agency debt securities	$	266,091	$	892	$	(5	)	$	(12	)	$	266,966
Corporate debt securities		226,554		1,027		(4	)		(3	)		227,574
Total short-term investments		492,645		1,919		(9	)		(15	)		494,540
Long-term investments:
Available-for-sale securities:
U.S. government and agency debt securities		29,580		—		—			(55	)		29,525
Corporate debt securities		8,627		—		—			(28	)		8,599
		38,207		—		—			(83	)		38,124
Held-to-maturity securities:
Certificates of deposit		145		—		—			—			145
Total long-term investments		38,352		—		—			(83	)		38,269
Total investments	$	530,997	$	1,919	$	(9	)	$	(98	)	$	532,809
December 31, 2024
Short-term investments:
Available-for-sale securities:
U.S. government and agency debt securities	$	266,506	$	763	$	(58	)	$	(6	)	$	267,205
Corporate debt securities		192,617		762		(58	)		(4	)		193,317
Total short-term investments		459,123		1,525		(116	)		(10	)		460,522
Long-term investments:
Available-for-sale securities:
U.S. government and agency debt securities		48,856		—		—			(179	)		48,677
Corporate debt securities		24,484		—		—			(158	)		24,326
		73,340		—		—			(337	)		73,003
Held-to-maturity securities:
Certificates of deposit		145		—		—			—			145
Total long-term investments		73,485		—		—			(337	)		73,148
Total investments	$	532,608	$	1,525	$	(116	)	$	(347	)	$	533,670

At June 30, 2025, the Company’s investments in corporate debt securities had a minimum rating of A2 (Moody’s)/A (Standard and Poor’s), and 52 of the Company’s 330 investment securities were in an unrealized loss position with an aggregate estimated fair value of $99.3 million. The primary reason these securities were in an unrealized loss position is that they are fixed-rate securities that were acquired in a rising interest rate environment. In making the determination whether the decline in fair value of these securities was 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. The Company has the intent and ability to hold these investments until recovery, which may be at maturity.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Unaudited) (Continued)

Realized gains and losses on the sales and maturities of investments, which were identified using the specific identification method, were as follows:

	Six Months Ended June 30,
(In thousands)	2025		2024
Proceeds from the sales and maturities of investments	$	195,078	$	138,947
Realized gains	$	3	$	—
Realized losses	$	—	$	—

The Company’s available-for-sale and held-to-maturity securities at June 30, 2025 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	$	283,975	$	284,485	$	145	$	145
After 1 year through 5 years		246,877		248,179		—		—
Total	$	530,852	$	532,664	$	145	$	145

In February 2025, the Company entered into an agreement whereby it is committed to provide up to €10.0 million to a partnership, Fountain Healthcare Partners Fund IV, L.P. (“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 represents approximately 9.2% of the partnership’s total funding, and the Company is accounting for its investment in Fountain under the equity method. As of June 30, 2025, the Company had made payments of, and its investment is equal to, $0.6 million (€0.5 million), which is included within “Other assets” in the accompanying condensed consolidated balance sheets.

6. FAIR VALUE

The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis and indicates the fair value hierarchy and the valuation techniques that the Company utilized to determine such fair value:

	June 30,
(In thousands)	2025		Level 1		Level 2		Level 3
Assets:
Cash equivalents	$	17,740	$	17,740	$	—	$	—
U.S. government and agency debt securities		296,491		250,211		46,280		—
Corporate debt securities		236,173		—		235,673		500
Total	$	550,404	$	267,951	$	281,953	$	500

	December 31,
	2024		Level 1		Level 2		Level 3
Assets:
Cash equivalents	$	8,388	$	8,388	$	—	$	—
U.S. government and agency debt securities		315,882		265,090		50,792		—
Corporate debt securities		217,643		—		217,643		—
Total	$	541,913	$	273,478	$	268,435	$	—

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 levels during the six months ended June 30, 2025.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Unaudited) (Continued)

The following table is a rollforward of the fair value of the Company’s assets with fair values that were determined using Level 3 inputs at June 30, 2025:

(In thousands)	Fair Value
Balance, January 1, 2025	$	—
Purchase of a corporate debt security		500
Balance, June 30, 2025	$	500

The Company’s investments 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.

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, sales discounts, allowances and reserves approximate fair value due to their short-term nature.

7. INVENTORY

Inventory is stated at the lower of cost and net realizable value. Cost is determined using the first-in, first-out method. Inventory consists of the following:

	June 30,		December 31,
(In thousands)	2025		2024
Raw materials	$	68,423	$	72,139
Work in process		81,390		79,871
Finished goods(1)		42,111		30,877
Total inventory	$	191,924	$	182,887

(1)At June 30, 2025 and December 31, 2024, the Company had $33.5 million and $22.7 million, respectively, of finished goods inventory located at its third-party warehouse and shipping service provider.

8. PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment consist of the following:

	June 30,			December 31,
(In thousands)	2025			2024
Land	$	957		$	957
Building and improvements		149,674			134,699
Furniture, fixtures and equipment		274,115			244,113
Leasehold improvements		42,535			42,416
Construction in progress		37,043			58,391
Subtotal		504,324			480,576
Less: accumulated depreciation		(264,925	)		(253,012	)
Total property, plant and equipment, net	$	239,399		$	227,564

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Unaudited) (Continued)

9. LEASES

Future lease payments under non-cancelable leases at June 30, 2025 consist of the following:

	June 30,
(In thousands)	2025
2025		5,152
2026		10,380
2027		9,513
2028		9,574
Thereafter		59,695
Total operating lease payments	$	94,314
Less: imputed interest		(21,636	)
Total operating lease liabilities	$	72,678

At June 30, 2025, the weighted average incremental borrowing rate and the weighted average remaining lease term for all operating leases held by the Company were 3.8% and 6.5 years, respectively. Cash paid for lease liabilities was $2.6 million and $5.1 million during the three and six months ended June 30, 2025, respectively, as compared to $2.5 million and $5.0 million during the three and six months ended June 30, 2024, respectively. The Company recorded operating lease expense from continuing operations of $1.9 million and $3.7 million during the three and six months ended June 30, 2025, respectively, as compared to $1.8 million and $3.6 million during the three and six months ended June 30, 2024, respectively.

10. ACCOUNTS PAYABLE AND ACCRUED EXPENSES

Accounts payable and accrued expenses consist of the following:

	June 30,		December 31,
(In thousands)	2025		2024
Accounts payable	$	99,206	$	45,630
Accrued compensation		56,544		70,960
Accrued other		89,999		68,742
Total accounts payable and accrued expenses	$	245,749	$	185,332

A summary of the Company’s current provision for sales discounts, allowances and reserves was as follows:

	June 30,		December 31,
(In thousands)	2025		2024
Medicaid rebates	$	189,021	$	202,044
Product discounts		16,832		19,351
Medicare Part D		23,913		26,933
Other		23,407		24,124
Total accrued sales discounts, allowances and reserves	$	253,173	$	272,452

Included in accounts payable was approximately $43.3 million and $11.4 million of amounts payable related to state U.S. Medicaid rebates as of June 30, 2025 and December 31, 2024, respectively.

11. SHAREHOLDERS’ EQUITY

In February 2024, the Company announced approval by its board of directors of a share repurchase program authorizing the Company to repurchase its ordinary shares in an aggregate amount of up to $400.0 million (exclusive of any fees, commissions or other expenses related to such repurchases) from time to time (the “Repurchase Program”), with the specific timing and amounts of repurchases under the Repurchase Program dependent on a variety of factors, including but not limited to ongoing assessments of the Company’s needs, alternative investment opportunities, the market price of its ordinary shares and general market conditions. The Repurchase Program has no set expiration date and may be suspended or discontinued at any time. During the six months ended June 30, 2025, the Company did not repurchase any of its ordinary shares under the Repurchase Program. As of June 30, 2025, the remaining amount authorized under the Repurchase Program was $200.0 million.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Unaudited) (Continued)

12. SHARE-BASED COMPENSATION

The following table presents share-based compensation expense included in the accompanying condensed consolidated statements of income and comprehensive income:

	Three Months Ended					Six Months Ended
	June 30,					June 30,
(In thousands)	2025		2024			2025		2024
Cost of goods manufactured and sold	$	1,479	$	(279	)	$	3,261	$	2,627
Research and development		6,510		6,021			12,401		16,299
Selling, general and administrative		16,977		14,859			32,114		34,430
Total share-based compensation expense	$	24,966	$	20,601		$	47,776	$	53,356

At each of June 30, 2025 and December 31, 2024, $3.1 million of share-based compensation expense was capitalized and recorded as “Inventory”, and $0.6 million and none, respectively, of share-based compensation expense was capitalized and recorded as “Property, plant and equipment, net” in the accompanying condensed consolidated balance sheets.

13. EARNINGS PER ORDINARY SHARE

Basic earnings per ordinary share from continuing operations is calculated based upon net income from continuing operations available to holders of ordinary shares, divided by the weighted average number of ordinary shares outstanding. Basic loss per ordinary share from discontinued operations is calculated based upon net loss from discontinued operations available to holders of ordinary shares, divided by the weighted average number of ordinary shares outstanding. For the calculation of diluted earnings (loss) per ordinary share from continuing operations and discontinuing operations, the Company utilizes the treasury stock method and adjusts the weighted average number of ordinary shares outstanding for the potential dilutive effect of outstanding ordinary share equivalents such as stock options and restricted stock unit awards.

	Three Months Ended					Six Months Ended
	June 30,					June 30,
(In thousands)	2025		2024			2025		2024
Numerator:
Net income from continuing operations	$	87,098	$	94,658		$	109,562	$	133,606
Net loss from discontinued operations		—		(3,300	)		—		(5,420	)
Net income	$	87,098	$	91,358		$	109,562	$	128,186
Denominator:
Weighted average number of ordinary shares outstanding		164,959		168,321			164,188		168,152
Effect of dilutive securities:
Stock options		1,649		839			1,967		1,284
Restricted stock unit awards		1,749		1,817			2,315		2,524
Dilutive ordinary share equivalents		3,398		2,656			4,282		3,808
Shares used in calculating diluted earnings per ordinary share		168,357		170,977			168,470		171,960

The following potential ordinary share equivalents were not included in the net earnings per ordinary share calculation because the effect would have been anti-dilutive:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(In thousands)	2025		2024		2025		2024
Stock options		9,901		14,049		8,919		12,339
Restricted stock unit awards		2,505		2,765		2,386		2,507
Total		12,406		16,814		11,305		14,846

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Unaudited) (Continued)

14. INCOME TAXES

The Company recognizes income taxes under the asset and liability method. Deferred income taxes are recognized for differences between the financial reporting and tax bases of assets and liabilities at enacted statutory tax rates in effect for the years in which the differences are expected to reverse. The effect on deferred taxes of a change in tax rates is recognized in income in the period that includes the enactment date. In determining future taxable income, the Company is responsible for assumptions that it utilizes, including the amount of Irish and non-Irish pre-tax operating income, the reversal of temporary differences and the implementation of feasible and prudent tax planning strategies. These assumptions require significant judgment about the forecasts of future taxable income and are consistent with the plans and estimates that the Company uses to manage the underlying business.

The Company recorded income tax provisions on income from continuing operations of $17.7 million and $20.8 million during the three and six months ended June 30, 2025, respectively, and of $22.1 million and $30.0 million during the three and six months ended June 30, 2024, respectively. The income tax provisions during each of the three and six months ended June 30, 2025 and 2024 were primarily attributable to taxes on income earned in Ireland.

The Company’s effective tax rate during the six months ended June 30, 2025 and 2024 was 15.9% and 18.3%, respectively. The decrease in the effective tax rate was primarily due to an increase in windfall benefits from employee equity activity and an expense recorded in 2024 related to the sale of the Athlone Facility. The effective tax rates during the six months ended June 30, 2025 and 2024 exceeded the Irish statutory tax rate of 12.5%, primarily due to non-deductible expenses and income that was taxable at rates higher than the Irish statutory tax rate.

On July 4, 2025, the One Big Beautiful Bill (the “OBB Bill”) was signed into law. This legislation permanently extends, with modifications, several individual, business, and international tax provisions originally enacted under the Tax Cuts and Jobs Act of 2017. The Company performed an initial assessment of the OBB Bill and expects this legislation to result in a material increase in cash flows provided by operating activities and a material decrease in net U.S. deferred tax assets over the next number of years.

15. SEGMENT REPORTING

Segment Information

Following the adoption of ASU 2023-07, the Company is required to disclose significant segment expenses that are regularly provided to its CODM. The Company’s CODM is periodically provided R&D expenses, selling and marketing expenses, and general and administrative expenses. Other external R&D expenses are composed of general research and development expenses and other external projects. Other internal R&D expenses include allocation expenses, travel expenses, and fees, taxes and dues.

20

ALKERMES PLC AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Unaudited) (Continued)

The Company’s significant segment expenses are as follows:

	Three Months Ended						Six Months Ended
	June 30,						June 30,
(In thousands)	2025			2024			2025		2024
REVENUES:
Total revenue	$	390,657		$	399,131		$	697,167	$	749,503
EXPENSES:
Cost of goods manufactured and sold (exclusive of amortization of acquired intangible assets shown below)		49,460			61,472			98,657		120,116
External R&D expenses:
Development programs:
Alixorexton		23,795			12,589			41,649		23,045
LYBALVI		5,050			3,710			8,901		8,751
Other external R&D expenses		10,589			10,014			21,562		18,803
Total external R&D expenses		39,434			26,313			72,112		50,599
Internal R&D expenses:
Employee-related		30,651			26,235			62,005		60,780
Occupancy		3,308			2,720			6,455		5,768
Depreciation		1,474			1,375			2,942		2,803
Other internal R&D expenses		2,503			3,006			5,673		7,310
Total internal R&D expenses		37,936			33,336			77,075		76,661
R&D expenses		77,370			59,649			149,187		127,260
Selling, general and administrative expenses:
Selling and marketing expense		121,175			119,667			244,109		245,284
General and administrative expense		49,674			48,446			98,444		102,578
Total selling, general and administrative expense		170,849			168,113			342,553		347,862
Other segment income (expenses)(1)		(5,880	)		(15,239	)		2,792		(20,659	)
NET INCOME FROM CONTINUING OPERATIONS		87,098			94,658			109,562		133,606
LOSS ON DISCONTINUED OPERATIONS, NET OF TAX		—			(3,300	)		—		(5,420	)
NET INCOME	$	87,098		$	91,358		$	109,562	$	128,186

1.“Other segment income (expenses)” during the three and six months ended June 30, 2025 and 2024, includes “Amortization of acquired intangible assets”, “Other income, net” and “Income tax provision”.

16. 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 June 30, 2025, there were no potential material losses from claims, asserted or unasserted, or legal proceedings that the Company determined were probable of occurring.

21

ALKERMES PLC AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Unaudited) (Continued)

INVEGA TRINZA ANDA Litigation

In September 2020, Janssen Pharmaceutica, Janssen Pharmaceuticals, Inc., and Janssen Research & Development, LLC initiated a patent infringement lawsuit in the U.S. District Court for the District of New Jersey (the “NJ District Court”) against Mylan Laboratories Limited (“Mylan Labs”) and other Mylan entities following the filing by Mylan Labs of an abbreviated new drug application (“ANDA”) seeking approval from the U.S. Food and Drug Administration (“FDA”) to market a generic version of INVEGA TRINZA before the expiration of U.S. Patent No. 10,143,693 (the “’693 Patent”). Requested judicial remedies include recovery of litigation costs and injunctive relief. In May 2023, the NJ District Court issued an opinion in favor of the Janssen entities on the issues of infringement and validity of the ’693 Patent and the Mylan entities filed a notice of appeal of the decision. In March, 2025, the U.S. Court of Appeals for the Federal Circuit (the “Federal Circuit Court”) issued a decision affirming the NJ District Court opinion and in May 2025, Mylan Labs filed a petition for panel rehearing or rehearing en banc. The Company is not a party to this proceeding.

VUMERITY ANDA Litigation

In July 2023, Biogen Inc., Biogen Swiss Manufacturing GmbH and Alkermes Pharma Ireland Limited (“APIL”) filed a patent infringement lawsuit in the U.S. District Court for the District of Delaware (the “DE District Court”) against Zydus Worldwide DMCC, Zydus Pharmaceuticals (USA) Inc. and Zydus Lifesciences Limited (collectively, “Zydus”) following the filing by Zydus 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) delayed-release capsules for oral use, 231 mg, before expiration of the Company’s U.S. Patent Nos. 8,669,281; 9,090,558; and 10,080,733 (the “VUMERITY patents”). 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”). On July 21, 2025, the parties entered into a confidential settlement agreement, pursuant to which Zydus was granted a license under the VUMERITY patents to engage in the commercial manufacture, use or sale of a generic version of VUMERITY in the United States beginning on an agreed date immediately prior to expiration of the latest to expire of the VUMERITY patents, or earlier under certain customary circumstances. In connection with the settlement agreement, the DE District Court dismissed the litigation pursuant to the parties’ stipulation of dismissal.

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.

Product Liability and Other Legal Proceedings

The Company is involved in litigation and other legal proceedings incidental to its normal business activities, including a product liability case alleging that the FDA-approved VIVITROL labeling was inadequate and that VIVITROL caused the individual to suffer from opioid overdose and death. The Company intends to vigorously defend itself in these matters.

In addition, in January 2023, Acorda Therapeutics, Inc. (“Acorda”) filed a petition with the U.S. District Court for the Southern District of New York (the “NY Southern District Court”) asking the court to confirm in part and modify in part the final arbitral award rendered by an arbitration panel in October 2022 and, as part of the requested modification, seeking an additional approximately $66.0 million in damages. In August 2023, the NY Southern District Court confirmed the final arbitral award and declined to modify the final award to increase the damages awarded thereunder. In September 2023, Acorda filed a notice of appeal of the NY Southern District Court decision to the Federal Circuit Court. On July 25, 2025, the Federal Circuit Court transferred the appeal due to lack of jurisdiction to the U.S. Court of Appeals for the Second Circuit.

Guarantees

In connection with the Separation, the Company entered into an assignment and assumption of lease agreement (the “Assignment”) pursuant to which Alkermes, Inc., a wholly owned subsidiary of the Company, assigned to Mural Oncology, Inc. (“Mural US”), a subsidiary of Mural, an operating lease for approximately 180,000 square feet of corporate office space, administrative areas and laboratories located at 852 Winter Street in Waltham, Massachusetts (the “852 Winter Street Lease”), as described in more detail in Note 10, Leases in the “Notes to Consolidated Financial Statements” in the Annual Report. Although all of the rights, title and interest in, to and under the 852 Winter Street

22

ALKERMES PLC AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Unaudited) (Continued)

Lease were transferred to Mural US as of November 15, 2023 pursuant to the Assignment, the Company ratified and reaffirmed for the remainder of the lease term its guarantor obligations in respect of the lease under that certain Guaranty dated as of May 16, 2014. Upon completion of the Separation, the Assignment was accounted for as a termination of the original lease and the Company de-recognized the right-of-use asset and lease liability related to the 852 Winter Street Lease. At June 30, 2025, the fair value of the guarantee was not material to the Company.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion should be read in conjunction with the accompanying condensed consolidated financial statements and related notes beginning on page 5 in this Form 10-Q, and “Part II, Item 7—Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the audited financial statements and notes thereto accompanying our Annual Report.

Executive Summary

Net income from continuing operations was $87.1 million and $109.6 million or $0.53 and $0.67 per ordinary share—basic and $0.52 and $0.65 per ordinary share—diluted, for the three and six months ended June 30, 2025, respectively, compared to net income from continuing operations of $94.7 million and $133.6 million or $0.56 per and $0.79 ordinary share—basic and $0.55 and $0.78 per ordinary share—diluted, for the three and six months ended June 30, 2024, respectively.

The decreases in net income from continuing operations of $7.6 million and $24.0 million during the three and six months ended June 30, 2025, as compared to the three and six months ended June 30, 2024, respectively, were primarily due to decreases of $8.5 million and $52.3 million, respectively, in revenues, primarily related to lower manufacturing and royalty revenues, partially offset by increases in product sales, net. During the three and six months ended June 30, 2025, as compared to the three and six months ended June 30, 2024, total expenses increased by $8.4 million and decreased by $5.9 million, respectively, and income tax provision decreased by $4.4 million and $9.2 million, respectively.

These items are discussed in greater detail later in the “Results of Operations” section in this “Part I, Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this Form 10-Q.

Products

Marketed Products

The key marketed products discussed below have generated, or are expected to generate, significant revenues for us. See the descriptions of the marketed products below and “Part I, Item 1A—Risk Factors” in our Annual Report and “Part II, Item 1A—Risk Factors” in this Form 10-Q for important factors that could adversely affect our marketed products. See the “Patents and Proprietary Rights” section in “Part I, Item 1—Business” in our Annual Report for information with respect to the IP protection for these marketed products.

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The following provides summary information regarding our proprietary products that we commercialize:

Proprietary Products

Product	Indication(s)	Territory
	Initiation or re-initiation of ARISTADA for the treatment of Schizophrenia	U.S.
	Schizophrenia	U.S.
	Schizophrenia; Bipolar I disorder	U.S.
	Alcohol dependence; Opioid dependence	U.S.

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The following provides summary information regarding certain key third-party products using our proprietary technologies under license and our key licensed product, that are commercialized by our licensees:

Key Third-Party Products Using Our Proprietary Technologies

Product	Indication(s)	Licensee	Licensed Territory
INVEGA SUSTENNA / XEPLION	INVEGA SUSTENNA: Schizophrenia; Schizoaffective disorder XEPLION: Schizophrenia	Janssen Pharmaceutica (together with Janssen Pharmaceuticals, Inc., Janssen International and their affiliates “Janssen”)	Worldwide
INVEGA TRINZA / TREVICTA	Schizophrenia	Janssen	Worldwide
INVEGA HAFYERA / BYANNLI	Schizophrenia	Janssen	Worldwide

Our Key Licensed Product

Product	Indication(s)	Licensee	Licensed Territory
VUMERITY	Multiple sclerosis	Biogen	Worldwide

Proprietary Products

We have developed and now commercialize products designed to help address the unmet needs of people living with opioid dependence, alcohol dependence, schizophrenia and bipolar I disorder. See the “Patents and Proprietary Rights” section in “Part I, Item 1—Business” in our Annual Report for information with respect to the IP protection for our proprietary products.

ARISTADA and ARISTADA INITIO

ARISTADA (aripiprazole lauroxil) is an extended-release intramuscular injectable suspension approved in the U.S. for the treatment of schizophrenia. ARISTADA utilizes our proprietary LinkeRx technology. ARISTADA is a prodrug; once in the body, ARISTADA is likely converted by enzyme-mediated hydrolysis to N-hydroxymethyl aripiprazole, which is then hydrolyzed to aripiprazole. ARISTADA is available in four dose strengths with once-monthly dosing options (441 mg, 662 mg and 882 mg), a six-week dosing option (882 mg) and a two-month dosing option (1064 mg). ARISTADA is packaged in a ready-to-use, pre-filled syringe product format. We exclusively manufacture and commercialize ARISTADA in the U.S.

In May 2025, U.S. Patent No. 12,311,027 relating to ARISTADA was granted. The patent has claims to pharmaceutical compositions that confer long-term stability of the ARISTADA formulation and methods of treating schizophrenia and expires in 2033.

ARISTADA INITIO (aripiprazole lauroxil) leverages our proprietary LinkeRx and NanoCrystal technologies and provides an extended-release formulation of aripiprazole lauroxil in a smaller particle size compared to ARISTADA, thereby enabling faster dissolution and more rapid achievement of relevant levels of aripiprazole in the body. ARISTADA INITIO, combined with a single 30 mg dose of oral aripiprazole, is indicated for the initiation of ARISTADA when used for the treatment of schizophrenia in adults. The first ARISTADA dose may be administered on the same day as the ARISTADA INITIO regimen or up to 10 days thereafter. We exclusively manufacture and commercialize ARISTADA INITIO in the U.S.

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LYBALVI

LYBALVI (olanzapine and samidorphan) is a once-daily, oral atypical antipsychotic drug approved in the U.S. for the treatment of adults with schizophrenia and for the treatment of adults with bipolar I disorder, as a maintenance monotherapy or for the acute treatment of manic or mixed episodes, as monotherapy or an adjunct to lithium or valproate. LYBALVI is a combination of olanzapine, an atypical antipsychotic, and samidorphan, an opioid antagonist, in a single bilayer tablet. LYBALVI is available in fixed dosage strengths composed of 10 mg of samidorphan and 5 mg, 10 mg, 15 mg or 20 mg of olanzapine. We exclusively manufacture and commercialize LYBALVI in the U.S.

VIVITROL

VIVITROL (naltrexone for extended-release injectable suspension) is a once-monthly, non-narcotic, injectable medication approved in the U.S. for the treatment of alcohol dependence in patients able to abstain from alcohol in an outpatient setting prior to initiation of treatment with VIVITROL and for the prevention of relapse to opioid dependence, following opioid detoxification. VIVITROL uses our polymer-based microsphere injectable extended-release technology to deliver and maintain therapeutic medication levels in the body through one intramuscular injection every four weeks. We exclusively manufacture and commercialize VIVITROL in the U.S.

Products Using Our Proprietary Technologies and Licensed Product

We have licensed products to third parties for commercialization and have licensed our proprietary technologies to third parties to enable them to develop, commercialize and/or manufacture products. See the “Proprietary Technology Platforms” and “Patents and Proprietary Rights” sections in “Part I, Item 1—Business” in our Annual Report for information with respect to our proprietary technologies and the IP protection for these products. We receive royalties and/or manufacturing and other revenues from the commercialization of these products under our collaborative arrangements with these third parties. Such arrangements, among others, include the following:

Products Using Our Proprietary Technologies

INVEGA SUSTENNA/XEPLION, INVEGA TRINZA/TREVICTA and INVEGA HAFYERA/BYANNLI

The long-acting INVEGA products are long-acting atypical antipsychotics owned and commercialized worldwide by Janssen. We believe that these products incorporate our technologies.

INVEGA SUSTENNA is approved in the U.S. for the treatment of schizophrenia and for the treatment of schizoaffective disorder as either a monotherapy or adjunctive therapy. Paliperidone palmitate extended-release injectable suspension is approved in the European Union (“EU”) and other countries outside of the U.S. for the treatment of schizophrenia and is marketed and sold under the trade name XEPLION. INVEGA SUSTENNA/XEPLION is manufactured by Janssen.

INVEGA TRINZA is approved in the U.S. for the treatment of schizophrenia in patients who have been adequately treated with INVEGA SUSTENNA for at least four months. TREVICTA is approved in the EU for the maintenance treatment of schizophrenia in adult patients who are clinically stable on XEPLION. INVEGA TRINZA/TREVICTA is manufactured by Janssen.

INVEGA HAFYERA is approved in the U.S. for the treatment of schizophrenia in patients who have been adequately treated with INVEGA SUSTENNA for at least four months or INVEGA TRINZA for at least three months. BYANNLI is approved in the EU for the maintenance treatment of schizophrenia in adult patients who are clinically stable on XEPLION or TREVICTA. INVEGA HAFYERA/BYANNLI is manufactured by Janssen.

For a discussion of legal proceedings related to certain of the patents covering INVEGA TRINZA, see Note 16, Commitments and Contingent Liabilities in the “Notes to Condensed Consolidated Financial Statements” in this Form 10-Q and for information about risks relating to such legal proceedings, see “Part I, Item 1A—Risk Factors” in our Annual Report and specifically the section entitled “Uncertainty over IP in the biopharmaceutical industry has been the source of litigation and other legal proceedings, and we or our licensees may face claims against IP rights covering our products and competition from generic drug manufacturers.”

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Licensed Product

VUMERITY

VUMERITY (diroximel fumarate) is a novel, oral fumarate with a distinct chemical structure that is approved in the U.S., the EU and several other countries for the treatment of relapsing forms of multiple sclerosis in adults, including clinically isolated syndrome, relapsing-remitting disease and active secondary progressive disease.

Under our license and collaboration agreement with Biogen, Biogen holds the exclusive, worldwide license to develop and commercialize VUMERITY. For more information about the license and collaboration agreement with Biogen, see the “Collaborative Arrangements—Biogen” section in “Part I, Item 1—Business” in our Annual Report. For a discussion of legal proceedings related to certain of the patents covering VUMERITY, see Note 16, Commitments and Contingent Liabilities in the “Notes to Condensed Consolidated Financial Statements” in this Form 10-Q, and for information about risks relating to such legal proceedings, see “Part I, Item 1A—Risk Factors” in our Annual Report and specifically the section entitled “Uncertainty over IP in the biopharmaceutical industry has been the source of litigation and other legal proceedings, and we or our licensees may face claims against IP rights covering our products and competition from generic drug manufacturers.”

Key Development Program

Our R&D is focused on the development of innovative medicines in the field of neuroscience that are designed to address unmet patient needs. As part of our ongoing R&D efforts, we have devoted, and will continue to devote, significant resources to conducting preclinical work and clinical studies to advance the development of new pharmaceutical products. The discussion below highlights our current key development program. Drug development involves a high degree of risk and investment, and the status, timing and scope of our development programs are subject to change. Important factors that could adversely affect our drug development efforts are discussed in “Part I, Item 1A—Risk Factors” in our Annual Report and “Part II, Item 1A—Risk Factors” in this Form 10-Q. See the “Patents and Proprietary Rights” section in “Part I, Item 1—Business” in our Annual Report for information with respect to the IP protection for our key development program.

Alixorexton (formerly referred to as ALKS 2680)

Alixorexton is a novel, investigational, oral, selective orexin 2 receptor agonist in development as a once-daily treatment for narcolepsy type 1 (“NT1”), narcolepsy type 2 (“NT2”) and idiopathic hypersomnia (“IH”). Orexin, a neuropeptide produced in the lateral hypothalamus, is considered to be the master regulator of wakefulness due to its activation of multiple, downstream wake-promoting pathways that project widely throughout the brain. Targeting the orexin system may address excessive daytime sleepiness across hypersomnolence disorders, whether or not deficient orexin signaling is the underlying cause of disease. Once-daily oral administration of alixorexton was previously evaluated in a phase 1 study in healthy volunteers and patients with NT1, NT2 and IH and is currently being evaluated in the phase 2 Vibrance-1, Vibrance-2 and Vibrance-3 studies in patients with NT1, NT2 and IH, respectively. In July 2025, we announced that alixorexton achieved the primary endpoint in the Vibrance-1 study in patients with NT1 and that we are proceeding with plans for initiation of a phase 3 program in narcolepsy.

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Results of Operations

Product Sales, Net

Our product sales, net, consist of sales of VIVITROL, ARISTADA and ARISTADA INITIO, and LYBALVI, primarily to wholesalers, specialty distributors and pharmacies. The following table presents the adjustments deducted from product sales, gross to arrive at product sales, net, for sales of VIVITROL, ARISTADA and ARISTADA INITIO, and LYBALVI during the three and six months ended June 30, 2025 and 2024:

	Three Months Ended														Six Months Ended
	June 30,														June 30,
(In millions, except for % of Sales)	2025			% of Sales				2024			% of Sales				2025			% of Sales				2024			% of Sales
Product sales, gross	$	564.8			100.0		%	$	533.0			100.0		%	$	1,037.6			100.0		%	$	1,000.3			100.0		%
Adjustments to product sales, gross:
Medicaid rebates		(105.2	)		(18.6	)	%		(122.6	)		(23.0	)	%		(199.5	)		(19.2	)	%		(227.6	)		(22.8	)	%
Chargebacks		(64.4	)		(11.4	)	%		(56.5	)		(10.6	)	%		(118.3	)		(11.4	)	%		(107.0	)		(10.7	)	%
Product discounts		(41.4	)		(7.3	)	%		(38.4	)		(7.2	)	%		(78.7	)		(7.6	)	%		(72.7	)		(7.3	)	%
Medicare Part D		(20.5	)		(3.7	)	%		(21.5	)		(4.0	)	%		(38.2	)		(3.7	)	%		(38.9	)		(3.9	)	%
Other		(26.1	)		(4.6	)	%		(24.7	)		(4.6	)	%		(51.2	)		(4.9	)	%		(51.3	)		(5.1	)	%
Total adjustments		(257.6	)		(45.6	)	%		(263.7	)		(49.5	)	%		(485.9	)		(46.8	)	%		(497.5	)		(49.8	)	%
Product sales, net	$	307.2			54.4		%	$	269.3			50.5		%	$	551.7			53.2		%	$	502.8			50.2		%

The increase in product sales, gross during the three months ended June 30, 2025, as compared to the three months ended June 30, 2024, was due to increases of 14% and 2% in the number of units sold for LYBALVI and ARISTADA/ARISTADA INITIO, respectively, and a 3% price increase for each of our proprietary products that went into effect on January 1, 2025. These increases were partially offset by a 1% decrease in the number of units sold for VIVITROL.

The increase in product sales, gross during the six months ended June 30, 2025, as compared to the six months ended June 30, 2024, was primarily due to a 17% increase in the number of LYBALVI units sold and the 3% price increase for each of our proprietary products that went into effect on January 1, 2025. These increases were partially offset by 3% decreases in the number of units sold for each of VIVITROL and ARISTADA/ARISTADA INITIO.

The decreases in Medicaid rebates, as a percentage of sales, during the three and six months ended June 30, 2025, as compared to the three and six months ended June 30, 2024, were primarily due to actual Medicaid rebates related to VIVITROL and ARISTADA/ARISTADA INITIO, which were lower than original estimates by approximately $9.0 million and $17.7 million for VIVITROL during the three and six months ended June 30, 2025, respectively, and by approximately $7.2 million for ARISTADA/ARISTADA INITIO during the three months ended June 30, 2025.

The following table compares product sales, net earned during the three and six months ended June 30, 2025 and 2024:

	Three Months Ended						Six Months Ended
	June 30,						June 30,
(In millions)	2025		2024		Change		2025		2024		Change
VIVITROL	$	121.7	$	111.9	$	9.8	$	222.7	$	209.5	$	13.2
ARISTADA and ARISTADA INITIO		101.3		86.0		15.3		174.8		164.9		9.9
LYBALVI		84.3		71.4		12.9		154.3		128.4		25.9
Product sales, net	$	307.2	$	269.3	$	38.0	$	551.7	$	502.8	$	49.0

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Manufacturing and Royalty Revenues

The following table compares manufacturing and royalty revenues earned during the three and six months ended June 30, 2025 and 2024:

	Three Months Ended							Six Months Ended
	June 30,							June 30,
(In millions)	2025		2024		Change			2025		2024		Change
Manufacturing and royalty revenues:
Long-acting INVEGA products	$	30.3	$	78.7	$	(48.4	)	$	48.1	$	141.4	$	(93.3	)
VUMERITY		39.4		35.2		4.2			67.2		66.5		0.7
RISPERDAL CONSTA		3.8		3.6		0.2			12.9		6.3		6.6
Other		9.9		12.4		(2.5	)		17.2		32.5		(15.3	)
Manufacturing and royalty revenues	$	83.4	$	129.9	$	(46.5	)	$	145.4	$	246.7	$	(101.3	)

The decreases in royalty revenues related to the long-acting INVEGA products during the three and six months ended June 30, 2025, as compared to the three and six months ended June 30, 2024, were primarily due to the expiration of our royalty on net sales of INVEGA SUSTENNA in the U.S. in August 2024. We expect royalty revenues from net sales of the long-acting INVEGA products to continue to be lower for the remainder of 2025, as the royalty revenues related to net sales of INVEGA SUSTENNA in the U.S. comprised a significant portion of the overall royalty revenues for the long-acting INVEGA products. In addition, each of INVEGA SUSTENNA and INVEGA TRINZA is currently subject to Paragraph IV litigation in response to companies seeking to market generic versions of such product. Increased competition from new products or generic versions of any one or more of the long-acting INVEGA products may lead to reduced unit sales of the long-acting INVEGA products, including those not yet genericized, and increased pricing pressure. For a discussion of the legal proceedings related to INVEGA TRINZA, see Note 16, Commitments and Contingent Liabilities in the “Notes to Condensed Consolidated Financial Statements” in this Form 10-Q, and for information about risks relating to these legal proceedings, see “Part I, Item 1A—Risk Factors” in our Annual Report, and specifically the section entitled “Uncertainty over IP in the biopharmaceutical industry has been the source of litigation and other legal proceedings, and we or our licensees may face claims against IP rights covering our products and competition from generic drug manufacturers.”

The increases in VUMERITY revenue during the three and six months ended June 30, 2025, as compared to the three and six months ended June 30, 2024, were due to increases of $6.6 million and $9.4 million, respectively, in royalty revenue, offset by decreases of $2.5 million and $8.6 million, respectively, in manufacturing revenue. The increases in VUMERITY royalty revenue were primarily due to increases in end-market sales of the product. The decreases in VUMERITY manufacturing revenue were primarily due to reductions in the number of batches manufactured for sale to Biogen. The increase in RISPERDAL CONSTA revenue during the six months ended June 30, 2025, as compared to the six months ended June 30, 2024, was due to a $6.9 million increase in manufacturing revenue, primarily due to an increase in the number of batches made available to Janssen for sale in the U.S., which has a higher selling price than product sold outside of the U.S. The decreases in Other manufacturing and royalty revenue during the three and six months ended June 30, 2025, as compared to the three and six months ended June 30, 2024, were primarily due to decreases of $3.1 million and $13.6 million, respectively, in revenue from FAMPYRA, as our manufacturing obligations for FAMPYRA concluded on December 31, 2024.

Costs and Expenses

Cost of Goods Manufactured and Sold

	Three Months Ended							Six Months Ended
	June 30,							June 30,
(In millions)	2025		2024		Change			2025		2024		Change
Cost of goods manufactured and sold	$	49.5	$	61.5	$	(12.0	)	$	98.7	$	120.1	$	(21.4	)

The decreases in the cost of goods manufactured and sold during the three and six months ended June 30, 2025, as compared to the three and six months ended June 30, 2024, were primarily related to decreases of $13.7 million and $20.7 million, respectively, in the cost of goods manufactured for certain legacy products following the sale of the Athlone Facility in May 2024 and decreases in the cost of goods sold for VIVITROL during each period due to decreases in the number of units sold, as discussed above. These decreases were partially offset by increases in the cost of goods sold for LYBALVI due to increases in the number of units sold in each period, as discussed above.

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Research and Development Expenses

For each of our R&D programs, we incur both external and internal expenses. External R&D expenses include fees for clinical and preclinical activities performed by contract research organizations, consulting fees, and costs related to laboratory services, the purchase of drug product materials and third-party manufacturing development activities. Internal R&D expenses include employee-related expenses, occupancy costs, depreciation and general overhead. We track external R&D expenses for each of our development programs; however, internal R&D expenses are not tracked by individual program as they can benefit multiple development programs or our products or technologies in general.

The following table sets forth our external R&D expenses for the three and six months ended June 30, 2025 and 2024 relating to our then-current development programs and our internal R&D expenses, listed by the nature of such expenses:

	Three Months Ended							Six Months Ended
	June 30,							June 30,
(In millions)	2025		2024		Change			2025		2024		Change
External R&D expenses:
Development programs:
Alixorexton	$	23.8	$	12.5	$	11.3		$	41.6	$	23.0	$	18.6
LYBALVI		5.0		3.8		1.2			8.9		8.8		0.1
Other external R&D expenses		10.6		10.0		0.6			21.6		18.8		2.8
Total external R&D expenses		39.4		26.3		13.1			72.1		50.6		21.5
Internal R&D expenses:
Employee-related		30.6		26.3		4.3			62.0		60.8		1.2
Occupancy		3.3		2.8		0.5			6.4		5.8		0.6
Depreciation		1.5		1.4		0.1			2.9		2.8		0.1
Other		2.6		2.8		(0.2	)		5.8		7.3		(1.5	)
Total internal R&D expenses		38.0		33.3		4.7			77.1		76.7		0.4
Research and development expenses	$	77.4	$	59.6	$	17.8		$	149.2	$	127.3	$	21.9

These amounts are not necessarily predictive of future R&D expenses. In an effort to allocate our spending most effectively, we continually evaluate our products under development based on the performance of such products in preclinical and/or clinical trials, our expectations regarding the likelihood of their regulatory approval and our view of their future potential commercial viability, among other factors.

The increases in expenses related to alixorexton during the three and six months ended June 30, 2025, as compared to the three and six months ended June 30, 2024, were primarily due to increased spend related to the advancement of the development program for the product, including initiation of our Vibrance-3 phase 2 clinical study and costs related to our long-term extension study for the product, partially offset by the completion of our first-in-human phase 1 clinical study for the product in the first half of 2024. The increase in expenses related to LYBALVI during the three months ended June 30, 2025, as compared to the three months ended June 30, 2024, was primarily due to increased spend on our pediatric program related to the product. The increase in other external R&D expenses during the six months ended June 30, 2025, as compared to the six months ended June 30, 2024, was primarily due to activities associated with our preclinical development programs. The increases in employee-related expenses during the three and six months ended June 30, 2025, as compared to the three and six months ended June 30, 2024, were primarily due to increases in labor and benefits expense related to a 10% increase in R&D-related headcount. The increase in employee-related expenses during the six months ended June 30, 2025, as compared to the six months ended June 30, 2024, was partially offset by a decrease in share-based compensation expense.

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Selling, General and Administrative Expense

	Three Months Ended						Six Months Ended
	June 30,						June 30,
(In millions)	2025		2024		Change		2025		2024		Change
Selling and marketing expense	$	121.2	$	119.7	$	1.5	$	244.1	$	245.3	$	(1.2	)
General and administrative expense		49.6		48.4		1.2		98.5		102.6		(4.1	)
Selling, general and administrative expense	$	170.8	$	168.1	$	2.7	$	342.6	$	347.9	$	(5.3	)

The increase in selling and marketing expense during the three months ended June 30, 2025, as compared to the three months ended June 30, 2024, was primarily due to an increase of $10.4 million in employee-related expenses, primarily due to a 13% increase in sales and marketing-related headcount, partially offset by a decrease of $8.9 million in marketing spend, primarily related to decreases in media spend for our proprietary products.

The decrease in selling and marketing expense during the six months ended June 30, 2025, as compared to the six months ended June 30, 2024, was primarily due to a decrease of $13.3 million in in marketing spend, primarily related to decreases in media spend for our proprietary products, partially offset by an increase of $12.1 million in employee-related expenses, primarily due to the increase in sales and marketing-related headcount noted above.

The increase in general and administrative expense during the three months ended June 30, 2025, as compared to the three months ended June 30, 2024, was primarily due to an increase of $2.0 million in employee-related expenses, primarily due to a 6% increase in general and administrative-related headcount and an increase of $1.0 million in professional services fees, primarily related to an increase in legal expenses. These increases were offset by a decrease of $1.4 million related to branded prescription drug fees.

The decrease in general and administrative expense during the six months ended June 30, 2025, as compared to the six months ended June 30, 2024, was primarily due to a decrease of $1.4 million related to branded prescription drug fees, a decrease of $1.2 million in professional service fees and a decrease of $0.7 million in share-based compensation expense. The decrease in professional service fees was primarily related to the timing of legal expenses. The decrease in share-based compensation expense was partially offset by a $1.1 million increase in salary expense, primarily due to the increase in general and administrative-related headcount noted above.

Other Income, Net

	Three Months Ended								Six Months Ended
	June 30,								June 30,
(In millions)	2025		2024			Change			2025		2024			Change
Interest income	$	11.1	$	10.7		$	0.4		$	21.2	$	20.1		$	1.1
Interest expense		—		(5.9	)		5.9			—		(11.9	)		11.9
Other income, net		0.8		2.0			(1.2	)		2.4		2.2			0.2
Total other income, net	$	11.9	$	6.8		$	5.1		$	23.6	$	10.4		$	13.2

Interest income consists of interest earned on our cash and available-for-sale investments. Interest expense consists of interest incurred on our previously outstanding term loans (the “Former Term Loans”) that were scheduled to become due in 2026 under our former amended and restated credit agreement, which we prepaid in full and terminated in December 2024. See Note 12, Long-Term Debt in the “Notes to Consolidated Financial Statements” accompanying our Annual Report for additional information regarding our Former Term Loans.

Income Tax Provision

	Three Months Ended							Six Months Ended
	June 30,							June 30,
(In millions)	2025		2024		Change			2025		2024		Change
Income tax provision		17.7		22.1	$	(4.4	)	$	20.8	$	30.0	$	(9.2	)

The income tax provisions in each of the three and six months ended June 30, 2025 and 2024 were primarily attributable to taxes on income earned in Ireland.

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Liquidity and Financial Condition

Our financial condition is summarized as follows:

	June 30, 2025						December 31, 2024
(In millions)	U.S.		Ireland		Total		U.S.		Ireland		Total
Cash and cash equivalents	$	106.4	$	414.8	$	521.2	$	70.3	$	220.8	$	291.1
Investments—short-term		204.4		290.1		494.5		203.6		256.9		460.5
Investments—long-term		18.3		20.0		38.3		24.6		48.5		73.1
Total cash and investments	$	329.1	$	724.9	$	1,054.0	$	298.5	$	526.2	$	824.7

At June 30, 2025 our investments consisted of the following:

			Gross
	Amortized		Unrealized					Allowance for		Estimated
(In millions)	Cost		Gains		Losses			Credit Losses		Fair Value
Investments—short-term available-for-sale	$	492.6	$	1.9	$	—		$	—	$	494.5
Investments—long-term available-for-sale		38.3		—		(0.1	)		—		38.2
Investments—long-term held-to-maturity		0.1		—		—			—		0.1
Total	$	531.0	$	1.9	$	(0.1	)	$	—	$	532.8

Sources and Uses of Cash

We generated $249.0 million and $167.1 million of cash from operating activities during the six months ended June 30, 2025 and 2024, respectively. We expect that our existing cash, cash equivalents and investments will be sufficient to finance our anticipated working capital and other cash requirements, including capital expenditures, for not less than twelve months following the date from which our financial statements were issued. Subject to market conditions, interest rates and other factors, we may pursue opportunities to obtain financing in the future, including debt and equity offerings, corporate collaborations, bank borrowings, arrangements relating to assets or other financing methods or structures.

Our investment objectives are, first, to preserve liquidity and conserve capital and, second, to generate investment income. We mitigate credit risk in our cash reserves by maintaining a well-diversified portfolio that limits the amount of investment exposure as to institution, maturity and investment type. Our available-for-sale investments consist primarily of short and long-term U.S. government and agency debt securities and corporate debt securities. Our held-to-maturity investments consist of investments that are held as collateral under certain letters of credit related to certain of our lease agreements.

We classify available-for-sale investments in an unrealized loss position that do not mature within 12 months as long-term investments. We have the intent and ability to hold these investments until recovery, which may be at maturity, and it is more-likely-than-not that we would not be required to sell these securities before recovery of their amortized cost.

We have no off-balance sheet arrangements that are reasonably likely to have a material effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures, or capital resources in the next 12 months.

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Information about our cash flows, by category, is presented in the accompanying condensed consolidated statements of cash flows. The discussion of our cash flows that follows does not include the impact of any adjustments to remove discontinued operations and is stated on a total company consolidated basis. The following table summarizes our cash flows for the six months ended June 30, 2025 and 2024:

	Six Months Ended
	June 30,
(In millions)	2025			2024
Cash and cash equivalents, beginning of period	$	291.1		$	457.5
Cash flows provided by operating activities		249.0			167.1
Cash flows (used in) provided by investing activities		(20.1	)		12.0
Cash flows provided by (used in) financing activities		1.2			(101.4	)
Cash and cash equivalents, end of period	$	521.2		$	535.2

Operating Activities

Cash flows provided by operating activities represent the cash receipts and disbursements related to all of our activities other than investing and financing activities. Operating cash flow is derived by adjusting our net income for non-cash operating items such as depreciation, amortization and share-based compensation and changes in operating assets and liabilities, which reflect timing differences between the receipt and payment of cash associated with transactions and when they are recognized in our results of operations.

Cash flows provided by operating activities for the six months ended June 30, 2025 primarily consisted of $109.6 million of net income, adjusted for non-cash items, including $47.8 million of share-based compensation, $15.2 million of depreciation and amortization and changes of $74.1 million in working capital.

Cash flows provided by operating activities for the six months ended June 30, 2024 primarily consisted of $128.2 million of net income, adjusted for non-cash items, including $53.4 million of share-based compensation, $14.7 million of depreciation and amortization, $21.7 million of deferred income taxes and a gain of $1.5 million on the sale of the Athlone Facility, partially offset by changes of $51.5 million in working capital.

Investing Activities

Cash flows used in investing activities for the six months ended June 30, 2025 were primarily due to the purchase of $23.1 million of property, plant and equipment, partially offset by $1.3 million in net sales of investments. Cash flows provided by investing activities for the six months ended June 30, 2024 were primarily due to proceeds of approximately $97.9 million related to the sale of the Athlone Facility, which included a payment of approximately $91.0 million for the facility and certain related assets, partially offset by $71.0 million in net purchase of investments and the purchase of $15.5 million of property, plant and equipment.

Financing Activities

Cash flows provided by financing activities for the six months ended June 30, 2025 were due to $31.6 million of cash that we received upon exercises of employee stock options, offset by $30.4 million of employee taxes paid related to the net share settlement of equity awards. Cash flows used in financing activities for the six months ended June 30, 2024 primarily related to $84.7 million used to repurchase our ordinary shares under the Repurchase Program and $29.0 million of employee taxes paid related to the net share settlement of equity awards, partially offset by $13.8 million of cash that we received upon exercises of employee stock options.

Critical Accounting Estimates

The discussion and analysis of our financial condition and results of operations is based on our financial statements, which have been prepared in accordance with GAAP. The preparation of these financial statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of our financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from these estimates under different conditions or using different assumptions.

See the “Critical Accounting Estimates” section in “Part II, Item 7—Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report for a discussion of our critical accounting estimates.

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New Accounting Standards

See the “New Accounting Pronouncements” section in Note 2, Summary of Significant Accounting Policies in the “Notes to Condensed Consolidated Financial Statements” in this Form 10-Q for discussion of certain recent accounting standards applicable to us.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Market risks related to our investment portfolio, and the ways we manage such risks, are summarized in “Part II, Item 7A—Quantitative and Qualitative Disclosures About Market Risk” in our Annual Report. We regularly review our marketable securities holdings and shift our investment holdings to those that best meet our investment objectives, which are to preserve capital, provide sufficient liquidity to satisfy operating requirements and generate investment income. Apart from such adjustments to our investment portfolio, there have been no material changes to our market risks since December 31, 2024, and we do not anticipate any near-term changes in the nature of our market risk exposures or in our management’s objectives and strategies with respect to managing such exposures.

We are exposed to non-U.S. currency exchange risk related primarily to royalty revenues that we receive on certain of our products, partially offset by certain operating costs arising from expenses and payables in connection with our Irish operations that are settled predominantly in euro. These non-U.S. currency exchange rate risks are summarized in “Part II, Item 7A—Quantitative and Qualitative Disclosures About Market Risk” in our Annual Report. There has been no material change in our assessment of our sensitivity to non-U.S. currency exchange rate risk since December 31, 2024.

Item 4. Controls and Procedures

a) Evaluation of Disclosure Controls and Procedures

Our management has evaluated, with the participation of our principal executive officer and interim principal financial officer, the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of June 30, 2025. Based upon that evaluation, our principal executive officer and interim principal financial officer each concluded that, as of the end of the period covered by this report, our disclosure controls and procedures were effective to provide reasonable assurance that (a) the information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and (b) such information is accumulated and communicated to our management, including our principal executive officer and interim principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. In designing and evaluating our disclosure controls and procedures, our management recognized that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and our management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.

b) Change in Internal Control Over Financial Reporting

During the three months ended June 30, 2025, there have been no changes in our internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II. OTHER INFORMATION

Item 1. Legal Proceedings

For information regarding legal proceedings, see the discussion of legal proceedings in Note 16, Commitments and Contingent Liabilities in the “Notes to Condensed Consolidated Financial Statements” in this Form 10-Q, which discussion is incorporated into this Part II, Item 1 by reference.

Item 1A. Risk Factors

The below risk factor should be read in conjunction with the risk factors disclosed in “Part I, Item 1A—Risk Factors” of our Annual Report.

Changes in global trade or other policies, including tariffs or other restrictions imposed by the U.S. government or governments of other nations, could have an adverse effect on our business, results of operations, or financial condition.

As a global biopharmaceutical company, changes in and uncertainties from global trade or other policies, including tariffs or other restrictions imposed by the U.S. government or governments of other nations, may have an adverse effect on us. For example, in April 2025, the U.S. government announced the imposition of a baseline 10% tariff on imports from virtually all countries and additional customized tariffs on certain imports (including country-specific and product-specific tariffs), following its imposition of a 25% tariff on certain imports from Mexico and Canada earlier in 2025. In response, certain countries have imposed, or announced intentions to impose, tariffs on U.S. imports. Although some of these tariffs are temporarily paused, their impact has already been seen, and we expect will continue to be seen, in global markets. Our proprietary products are manufactured at our manufacturing facility in the U.S. and are sold exclusively in the U.S.; however, certain materials in our supply chain are sourced internationally and certain of the third-party products from which we derive revenue are manufactured outside the U.S. Our related costs, revenues and/or profits may be impacted to varying degrees by recent or future changes in global trade or other policies. In addition, the recent changes, tensions and uncertainties related to global trade policies have caused, and may continue to cause, significant volatility in global markets, including the market for our ordinary shares. The price of our ordinary shares has fluctuated significantly, and may continue to fluctuate, as a result of these and similar developments. The U.S. government has also indicated that it may impose a supplemental tariff on all pharmaceutical imports or take additional actions in respect of pharmaceutical companies incorporated outside of the U.S., which has caused, and may continue to cause, uncertainty as to the extent of the impacts of changes in global trade on the pharmaceutical industry as a whole and on our business. Additional changes to the policies of the U.S. or other nations that affect the geopolitical landscape or global trade, economic or market conditions, and other direct or indirect impacts of such policies, are uncertain and unpredictable, and could, in the future, have a material adverse effect on our business, results of operations, or financial condition and the market price of our ordinary shares.

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Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

The following table summarizes purchases of our ordinary shares made by or on behalf of us or any of our affiliated purchasers, as defined in Rule 10b-18(a)(3) under the Exchange Act, during the three months ended June 30, 2025:

Period	Total Number of Ordinary Shares Purchased (a)(1)		Average Price Paid per Ordinary Share (b)		Total Number of Ordinary Shares Purchased as Part of Publicly Announced Program (c)(2)		Approximate Dollar Value (in millions) of Ordinary Shares that May Yet Be Purchased Under the Program (d)(2)
April 1, 2025 – April 30, 2025		21,598	$	28.12		—	$	200.0
May 1, 2025 – May 31, 2025		30,590		30.59		—		200.0
June 1, 2025 – June 30, 2025		4,269		31.52		—		200.0
Totals		56,457	$	29.72		—

(1)Consists of ordinary shares acquired during the three months ended June 30, 2025 to satisfy tax withholding obligations related to the vesting of equity awards.

(2)In February 2024, we announced approval by our board of directors of the Repurchase Program, which authorized the repurchase of our ordinary shares in an aggregate amount of up to $400.0 million (exclusive of any fees, commissions or other expenses related to such repurchases) from time to time. The specific timing and amounts of repurchases under the Repurchase Program will depend on a variety of factors, including but not limited to ongoing assessments of our needs, alternative investment opportunities, the market price of our ordinary shares and general market conditions. The Repurchase Program has no set expiration date and may be suspended or discontinued at any time.

Item 5. Other Information

During the three months ended June 30, 2025, the following contracts, instructions or written plans for the purchase or sale of the Company’s securities that are or were intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act (each, a “Rule 10b5-1 plan”) were adopted by the officers (as defined in Rule 16a-1(f) under the Exchange Act) and directors of the Company: on June 13, 2025, Nancy Lurker, a director, adopted a Rule 10b5-1 plan providing for the sale of up to 2,000 ordinary shares of the Company; this plan is scheduled to expire on December 11, 2025. During the three months ended June 30, 2025, no other directors or officers of the Company adopted, modified or terminated a Rule 10b5-1 plan or a trading plan not intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act.

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Item 6. Exhibits

The following exhibits are filed or furnished as part of this Form 10-Q:

EXHIBIT INDEX

Exhibit No.	Description of Exhibit
10.1 †	Alkermes plc 2018 Stock Option and Incentive Plan, as amended (incorporated by reference from Exhibit 10.1 to the Alkermes plc Current Report on Form 8-K (File No. 001-35299) filed on May 21, 2025.
31.1 #	Rule 13a-14(a)/15d-14(a) Certification.
31.2 #	Rule 13a-14(a)/15d-14(a) Certification.
32.1 ‡	Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.SCH #	Inline XBRL Taxonomy Extension Schema Document with Embedded Linkbase Documents.
104 #	Cover Page Interactive Data File (formatted as Inline XBRL with applicable taxonomy extension information contained in Exhibit 101).

# Filed herewith.

‡ Furnished herewith.

† Indicates a management contract or any compensatory plan, contract or arrangement.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	ALKERMES PLC
	(Registrant)
	By:	/s/ Richard F. Pops
		Richard F. Pops
		Chairman and Chief Executive Officer
		(Principal Executive Officer)
	By:	/s/ Blair C. Jackson
		Blair C. Jackson
		Executive Vice President, Chief Operating Officer
		(Interim Principal Financial Officer)
Date: July 29, 2025

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EX-31.1

Exhibit 31.1

CERTIFICATIONS

I, Richard F. Pops, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of Alkermes plc;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: July 29, 2025	/s/ Richard F. Pops
	Richard F. Pops
	Chairman and Chief Executive Officer
	(Principal Executive Officer)

EX-31.2

Exhibit 31.2

CERTIFICATIONS

I, Blair C. Jackson, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of Alkermes plc;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: July 29, 2025	/s/ Blair C. Jackson
	Blair C. Jackson
	Executive Vice President, Chief Operating Officer
	(Interim Principal Financial Officer)

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q of Alkermes plc (the “Company”) for the period ended June 30, 2025 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), we, Richard F. Pops, Chairman and Chief Executive Officer of the Company, and Blair C. Jackson, Executive Vice President, Chief Operating Officer and Interim Principal Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to our knowledge:

(1)The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: July 29, 2025	/s/ Richard F. Pops
	Richard F. Pops
	Chairman and Chief Executive Officer
	(Principal Executive Officer)
Date: July 29, 2025	/s/ Blair C. Jackson
	Blair C. Jackson
	Executive Vice President, Chief Operating Officer
	(Interim Principal Financial Officer)

XML

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2025	Jul. 25, 2025
Cover [Abstract]
Entity Registrant Name	Alkermes plc.
Entity Central Index Key	0001520262
Document Type	10-Q
Document Period End Date	Jun. 30, 2025
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		165,077,979
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q2
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

XML

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
CURRENT ASSETS:
Cash and cash equivalents	$ 521,199	$ 291,146
Investments—short-term	494,540	460,522
Receivables, net	354,906	384,528
Inventory	191,924	182,887
Prepaid expenses and other current assets	71,295	91,282
Contract assets	1,424	4,990
Total current assets	1,635,288	1,415,355
PROPERTY, PLANT AND EQUIPMENT, NET	239,399	227,564
INVESTMENTS—LONG-TERM	38,269	73,148
RIGHT-OF-USE ASSETS	80,532	84,245
INTANGIBLE ASSETS, NET AND GOODWILL	83,880	83,917
DEFERRED TAX ASSETS	155,533	154,835
OTHER ASSETS	19,908	16,503
TOTAL ASSETS	2,252,809	2,055,567
CURRENT LIABILITIES:
Accounts payable and accrued expenses	245,749	185,332
Accrued sales discounts, allowances and reserves	253,173	272,452
Operating lease liabilities—short-term	6,462	6,166
Contract liabilities—short-term	578	1,249
Total current liabilities	505,962	465,199
OPERATING LEASE LIABILITIES—LONG-TERM	66,216	69,372
OTHER LONG-TERM LIABILITIES	56,047	56,019
Total liabilities	628,225	590,590
COMMITMENTS AND CONTINGENT LIABILITIES (Note 16)
SHAREHOLDERS’ EQUITY:
Preferred shares, par value, $0.01 per share; 50,000,000 shares authorized; and zero issued and outstanding at June 30, 2025 and December 31, 2024
Ordinary shares, par value, $0.01 per share; 450,000,000 shares authorized; 180,439,750 and 176,670,785 shares issued; and 165,054,912 and 162,176,994 shares outstanding at June 30, 2025 and December 31, 2024, respectively	1,805	1,767
Treasury shares, at cost (15,384,838 and 14,493,791 shares at June 30, 2025 and December 31, 2024, respectively)	(449,714)	(419,255)
Additional paid-in capital	2,940,789	2,860,890
Accumulated other comprehensive loss	(1,400)	(1,967)
Accumulated deficit	(866,896)	(976,458)
Total shareholders’ equity	1,624,584	1,464,977
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 2,252,809	$ 2,055,567

XML

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (unaudited) - $ / shares	Jun. 30, 2025	Dec. 31, 2024
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	180,439,750	176,670,785
Ordinary shares, shares outstanding	165,054,912	162,176,994
Treasury shares	15,384,838	14,493,791

XML

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
REVENUES:
Total revenues	$ 390,657	$ 399,131	$ 697,167	$ 749,503
EXPENSES:
Cost of goods manufactured and sold (exclusive of amortization of acquired intangible assets shown below)	49,460	61,472	98,657	120,116
Research and development	77,370	59,649	149,187	127,260
Selling, general and administrative	170,849	168,113	342,553	347,862
Amortization of acquired intangible assets	0	14	0	1,073
Total expenses	297,679	289,248	590,397	596,311
OPERATING INCOME FROM CONTINUING OPERATIONS	92,978	109,883	106,770	153,192
OTHER INCOME, NET:
Interest income	11,090	10,735	21,231	20,134
Interest expense	0	(5,952)	0	(11,930)
Other income, net	771	2,053	2,327	2,235
Total other income, net	11,861	6,836	23,558	10,439
INCOME BEFORE INCOME TAXES	104,839	116,719	130,328	163,631
INCOME TAX PROVISION	17,741	22,061	20,766	30,025
NET INCOME FROM CONTINUING OPERATIONS	87,098	94,658	109,562	133,606
DISCONTINUED OPERATIONS, NET OF TAX	0	(3,300)	0	(5,420)
NET INCOME	$ 87,098	$ 91,358	$ 109,562	$ 128,186
EARNINGS PER ORDINARY SHARE:
Earnings per ordinary share from continuing operations - basic	$ 0.53	$ 0.56	$ 0.67	$ 0.79
Loss per ordinary share from discontinued operations - basic	0	(0.02)	0	(0.03)
Earnings per ordinary share - basic	0.53	0.54	0.67	0.76
Earnings per ordinary share from continuing operations - diluted	0.52	0.55	0.65	0.78
Loss per ordinary share from discontinued operations - diluted	0	(0.02)	0	(0.03)
Earnings per ordinary share - diluted	$ 0.52	$ 0.53	$ 0.65	$ 0.75
WEIGHTED AVERAGE NUMBER OF ORDINARY SHARES OUTSTANDING:
Basic	164,959	168,321	164,188	168,152
Diluted	168,357	170,977	168,470	171,960
COMPREHENSIVE INCOME:
Net income	$ 87,098	$ 91,358	$ 109,562	$ 128,186
Holding gain (loss), net of a tax provision (benefit) of $16, $(8), $184 and $(83), respectively	55	11	567	(480)
COMPREHENSIVE INCOME	87,153	91,369	110,129	127,706
Product sales, net
REVENUES:
Total revenues	307,235	269,273	551,728	502,809
Manufacturing and royalty revenues
REVENUES:
Total revenues	83,422	129,858	145,439	246,691
Research and development revenue
REVENUES:
Total revenues	$ 0	$ 0	$ 0	$ 3

XML

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2025	Jun. 30, 2024
Income Statement [Abstract]
Tax provision (benefit)	$ 16	$ 168	$ (8)	$ (75)	$ 184	$ (83)

XML

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 109,562	$ 128,186
Adjustments to reconcile net income to cash flows from operating activities:
Depreciation and amortization	15,239	14,714
Share-based compensation expense	47,776	53,356
Deferred income taxes	(900)	21,724
Gain on sale of the Athlone Facility		(1,462)
Other non-cash charges	3,245	2,136
Changes in assets and liabilities:
Receivables	29,622	(33,939)
Contract assets	3,566	(2,786)
Inventory	(10,043)	(9,538)
Prepaid expenses and other assets	16,163	(1,206)
Right-of-use assets	3,713	3,571
Accounts payable and accrued expenses	56,109	(1,930)
Accrued sales discounts, allowances and reserves	(19,279)	(185)
Contract liabilities	(671)	(1,463)
Operating lease liabilities	(5,137)	(5,049)
Other long-term liabilities	48	1,009
Cash flows provided by operating activities	249,013	167,138
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions of property, plant and equipment	(23,126)	(15,453)
Proceeds from the sale of property, plant and equipment	34	434
Proceeds from the sale of the Athlone Facility	1,708	97,933
Purchases of investments	(193,806)	(209,962)
Sales and maturities of investments	195,078	138,947
Cash flows (used in) provided by investing activities	(20,112)	11,899
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from the issuance of ordinary shares under share-based compensation arrangements	31,611	13,833
Employee taxes paid related to net share settlement of equity awards	(30,459)	(29,000)
Payment for the repurchase of ordinary shares		(84,689)
Principal payments of long-term debt		(1,500)
Cash flows provided by (used in) financing activities	1,152	(101,356)
NET INCREASE IN CASH AND CASH EQUIVALENTS	230,053	77,681
CASH AND CASH EQUIVALENTS—Beginning of period	291,146	457,469
CASH AND CASH EQUIVALENTS—End of period	521,199	535,150
Non-cash investing and financing activities:
Purchased capital expenditures included in accounts payable and accrued expenses	$ 7,562	$ 1,649

XML

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
Treasury Stock, Common, Shares						(5,589,218)
BALANCE at Dec. 31, 2023	$ 1,202,686	$ 1,726	$ 2,736,934	$ (3,110)	$ (1,343,528)	$ (189,336)
BALANCE (in shares) at Dec. 31, 2023		172,569,051
Issuance of ordinary shares under employee stock plans	11,226	$ 31	11,195
Issuance of ordinary shares under employee stock plans (in shares)		3,165,169
Receipt of Alkermes' ordinary shares for the exercise of stock options or to satisfy minimum tax withholding obligations related to share-based awards	(28,349)					$ (28,349)
Receipt of Alkermes' ordinary shares for the exercise of stock options or to satisfy minimum tax withholding obligations related to share-based awards (in shares)						(960,486)
Share-based compensation	32,863		32,863
Unrealized gain (loss) on marketable securities, net of tax benefit	(491)			(491)
Net Income (Loss)	36,828				36,828
BALANCE at Mar. 31, 2024	1,254,763	$ 1,757	2,780,992	(3,601)	(1,306,700)	$ (217,685)
BALANCE (in shares) at Mar. 31, 2024		175,734,220
BALANCE at Dec. 31, 2023	1,202,686	$ 1,726	2,736,934	(3,110)	(1,343,528)	(189,336)
BALANCE (in shares) at Dec. 31, 2023		172,569,051
Unrealized gain (loss) on marketable securities, net of tax benefit	(480)
Net Income (Loss)	128,186
BALANCE at Jun. 30, 2024	1,284,005	$ 1,760	2,804,202	(3,590)	(1,215,342)	$ (303,025)
BALANCE (in shares) at Jun. 30, 2024		175,959,272
Treasury Stock, Common, Shares						(6,549,704)
BALANCE at Mar. 31, 2024	1,254,763	$ 1,757	2,780,992	(3,601)	(1,306,700)	$ (217,685)
BALANCE (in shares) at Mar. 31, 2024		175,734,220
Issuance of ordinary shares under employee stock plans	2,607	$ 3	2,604
Issuance of ordinary shares under employee stock plans (in shares)		225,052
Receipt of Alkermes' ordinary shares for the exercise of stock options or to satisfy minimum tax withholding obligations related to share-based awards	(651)					$ (651)
Receipt of Alkermes' ordinary shares for the exercise of stock options or to satisfy minimum tax withholding obligations related to share-based awards (in shares)						(26,692)
Repurchase of Alkermes' ordinary shares (in shares)						(3,496,187)
Repurchase of Alkermes' ordinary shares	(84,689)					$ (84,689)
Share-based compensation	20,606		20,606
Unrealized gain (loss) on marketable securities, net of tax benefit	11			11
Net Income (Loss)	91,358				91,358
BALANCE at Jun. 30, 2024	$ 1,284,005	$ 1,760	2,804,202	(3,590)	(1,215,342)	$ (303,025)
BALANCE (in shares) at Jun. 30, 2024		175,959,272
Treasury Stock, Common, Shares						(10,072,583)
Treasury Stock, Common, Shares	14,493,791					(14,493,791)
BALANCE at Dec. 31, 2024	$ 1,464,977	$ 1,767	2,860,890	(1,967)	(976,458)	$ (419,255)
BALANCE (in shares) at Dec. 31, 2024		176,670,785
Issuance of ordinary shares under employee stock plans	29,528	$ 35	29,493
Issuance of ordinary shares under employee stock plans (in shares)		3,510,611
Receipt of Alkermes' ordinary shares for the exercise of stock options or to satisfy minimum tax withholding obligations related to share-based awards	(28,781)					$ (28,781)
Receipt of Alkermes' ordinary shares for the exercise of stock options or to satisfy minimum tax withholding obligations related to share-based awards (in shares)						(834,590)
Share-based compensation	22,883		22,883
Unrealized gain (loss) on marketable securities, net of tax benefit	512			512
Net Income (Loss)	22,464				22,464
BALANCE at Mar. 31, 2025	1,511,583	$ 1,802	2,913,266	(1,455)	(953,994)	$ (448,036)
BALANCE (in shares) at Mar. 31, 2025		180,181,396
BALANCE at Dec. 31, 2024	$ 1,464,977	$ 1,767	2,860,890	(1,967)	(976,458)	(419,255)
BALANCE (in shares) at Dec. 31, 2024		176,670,785
Repurchase of Alkermes' ordinary shares (in shares)	0
Unrealized gain (loss) on marketable securities, net of tax benefit	$ 567
Net Income (Loss)	109,562
BALANCE at Jun. 30, 2025	1,624,584	$ 1,805	2,940,789	(1,400)	(866,896)	$ (449,714)
BALANCE (in shares) at Jun. 30, 2025		180,439,750
Treasury Stock, Common, Shares						(15,328,381)
BALANCE at Mar. 31, 2025	1,511,583	$ 1,802	2,913,266	(1,455)	(953,994)	$ (448,036)
BALANCE (in shares) at Mar. 31, 2025		180,181,396
Issuance of ordinary shares under employee stock plans	2,083	$ 3	2,080
Issuance of ordinary shares under employee stock plans (in shares)		258,354
Receipt of Alkermes' ordinary shares for the exercise of stock options or to satisfy minimum tax withholding obligations related to share-based awards	(1,678)					$ (1,678)
Receipt of Alkermes' ordinary shares for the exercise of stock options or to satisfy minimum tax withholding obligations related to share-based awards (in shares)						(56,457)
Share-based compensation	25,443		25,443
Unrealized gain (loss) on marketable securities, net of tax benefit	55			55
Net Income (Loss)	87,098				87,098
BALANCE at Jun. 30, 2025	$ 1,624,584	$ 1,805	$ 2,940,789	$ (1,400)	$ (866,896)	$ (449,714)
BALANCE (in shares) at Jun. 30, 2025		180,439,750
Treasury Stock, Common, Shares	15,384,838					(15,384,838)

XML

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2025	Jun. 30, 2024
Statement of Stockholders' Equity [Abstract]
Tax provision (benefit)	$ 16	$ 168	$ (8)	$ (75)	$ 184	$ (83)

XML

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2025	Jun. 30, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ 87,098	$ 22,464	$ 91,358	$ 36,828	$ 109,562	$ 128,186

XML

Insider Trading Arrangements - shares

3 Months Ended

Jun. 13, 2025

Jun. 30, 2025

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

During the three months ended June 30, 2025, the following contracts, instructions or written plans for the purchase or sale of the Company’s securities that are or were intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act (each, a “Rule 10b5-1 plan”) were adopted by the officers (as defined in Rule 16a-1(f) under the Exchange Act) and directors of the Company: on June 13, 2025, Nancy Lurker, a director, adopted a Rule 10b5-1 plan providing for the sale of up to 2,000 ordinary shares of the Company; this plan is scheduled to expire on December 11, 2025. During the three months ended June 30, 2025, no other directors or officers of the Company adopted, modified or terminated a Rule 10b5-1 plan or a trading plan not intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act.

Rule 10b5-1 Arrangement Adopted

false

Non-Rule 10b5-1 Arrangement Adopted

false

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

Rule 10b5-1 Arrangement Modified

false

Non-Rule 10b5-1 Arrangement Modified

false

Nancy Lurker [Member]

Trading Arrangements, by Individual

Name

Nancy Lurker

Title

director

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

June 13, 2025

Expiration Date

December 11, 2025

Aggregate Available

2,000

XML

The Company

6 Months Ended

Jun. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

The Company

1. THE COMPANY

Alkermes plc is a global biopharmaceutical company that seeks to develop innovative medicines in the field of neuroscience. Alkermes 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 (“R&D”) center in Massachusetts and a manufacturing facility in Ohio.

In May 2024, the Company completed the sale of its research and development business and manufacturing facility in Athlone, Ireland (the “Athlone Facility”) to Novo Nordisk (“Novo”). The Company and Novo also entered into subcontracting arrangements to continue certain development and manufacturing activities performed at the Athlone Facility for a period of time after the closing of the transaction, which activities may continue through the end of 2025. In connection with the sale of the Athlone Facility, the Company received approximately $97.9 million from Novo, which included a payment of approximately $91.0 million for the facility and certain related assets, and recorded a gain of approximately $1.5 million within “Other income, net” in the accompanying condensed consolidated statements of income and comprehensive income for the three and six months ended June 30, 2024.

XML

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2025

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 and six months ended June 30, 2025 and 2024 are unaudited and have been prepared on a basis substantially consistent with the audited financial statements for the year ended December 31, 2024. The year-end 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 of a normal recurring nature that are necessary to state fairly the results of operations for the reported periods.

The accompanying condensed consolidated 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 accompanying 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 in the “Notes to Consolidated Financial Statements” accompanying the Annual Report. Intercompany accounts and transactions have been eliminated. Columns and rows within tables may not sum due to rounding.

Discontinued Operations

The Company determined that the separation of its oncology business into Mural Oncology plc (“Mural”), a new, independent, publicly-traded company (the “Separation”), completed in November 2023, met the criteria for classification of the oncology business as discontinued operations in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 205, Discontinued Operations (“Topic 205”).

Use of Estimates

The preparation of the Company’s condensed consolidated financial statements in accordance with GAAP requires that Company 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, but not limited to, those related to revenue from contracts with its customers and related allowances, impairment of long-lived assets, share-based compensation, income taxes including the valuation allowance for deferred tax assets, valuation of investments 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 conditions or using different assumptions.

Segment Information

Operating segments are defined as components of an enterprise engaging in business activities for which separate financial information is available and regularly reviewed by the chief operating decision maker (“CODM”) in deciding how to allocate resources and in assessing performance. The Company has utilized the management approach to determine that the Company is managed as one segment on a consolidated basis and is in the business of developing, manufacturing and commercializing medicines designed to help people living with complex and difficult-to-treat psychiatric and neurological disorders. The Company’s CODM, the Chairman and Chief Executive Officer, reviews the Company’s operating results on an aggregate basis and manages the Company’s operations as a single operating unit. The Company’s CODM measures profitability on a reportable segment basis using net income and utilizes this information in allocating resources and in assessing performance by monitoring budget versus actual results. Please refer to Note 15, Segment Reporting, in these “Notes to Condensed Consolidated Financial Statements” in this Form 10-Q for further information.

New Accounting Pronouncements

From time to time, new accounting pronouncements are issued by the FASB or other standard-setting bodies that are adopted by the Company on or prior to the specified effective date. Unless otherwise described in this Form 10-Q, 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 December 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, to enhance the transparency and decision usefulness of income tax disclosures in order to provide information to assist key stakeholders in better assessing how the Company’s operations and related tax risks and tax planning and operational opportunities affect the Company’s tax rate and prospects for future cash flows. This ASU becomes effective for public companies for annual periods beginning after December 15, 2024. This guidance will be applied on a prospective basis. The Company is currently evaluating the impact this ASU will have on its consolidated financial statements and related disclosures.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income-Expense Disaggregation Disclosures, to improve disclosures about public business entity expenses and address requests from investors for more detailed information about the types of expenses (including purchases of inventory, employee compensation, depreciation, amortization and depletion) in commonly-presented expense captions, such as cost of sales, selling, general and administrative expenses, and research and development. All disclosure requirements under this guidance are required for public business entities and will be effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027. Early adoption is permitted and the amendments in this guidance will be applied prospectively to financial statements for periods after the effective dates. The Company is currently evaluating the impact this ASU will have on its consolidated financial statements and related disclosures.

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Discontinued Operations

6 Months Ended

Jun. 30, 2025

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

3. DISCONTINUED OPERATIONS

Mural Oncology Separation

In connection with the Separation, the Company and Mural entered into, among other agreements: a separation agreement; a tax matters agreement; and an employee matters agreement, which are described in Note 3, Discontinued Operations in the “Notes to Consolidated Financial Statements” accompanying the Annual Report.

Discontinued Operations

The Company determined that the Separation met the criteria for classification of its former oncology business as discontinued operations in accordance with Topic 205. During the three and six months ended June 30, 2025, the Company recorded no losses from discontinued operations. The following summarizes the loss from discontinued operations for the three and six months ended June 30, 2024:

	Three Months Ended			Six Months Ended
(In thousands)	June 30, 2024			June 30, 2024
Operating expenses from discontinued operations
Cost of goods manufactured	$	—		$	—
Research and development		3,913			6,429
Selling, general and administrative		—			—
Total operating expenses from discontinued operations		3,913			6,429
Operating loss from discontinued operations		(3,913	)		(6,429	)
Income tax benefit from discontinued operations		(613	)		(1,009	)
Net loss and comprehensive loss from discontinued operations	$	(3,300	)	$	(5,420	)

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Revenue from Contracts with Customers

6 Months Ended

Jun. 30, 2025

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

4. REVENUE FROM CONTRACTS WITH CUSTOMERS

The Company recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which it expects to receive in exchange for those goods or services. The Company recognizes revenue following the five-step model prescribed in accordance with FASB ASC 606, Revenue from Contracts with Customers, or Topic 606: (i) identify contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the Company satisfies the performance obligations.

Product Sales, Net

The Company’s product sales, net consist of sales in the U.S. of VIVITROL, ARISTADA and ARISTADA INITIO, and LYBALVI, primarily to wholesalers, specialty distributors and 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 and six months ended June 30, 2025 and 2024, the Company recorded product sales, net, as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2025		2024		2025		2024
VIVITROL	$	121,660	$	111,873	$	222,656	$	209,532
ARISTADA and ARISTADA INITIO		101,295		86,049		174,770		164,919
LYBALVI		84,280		71,351		154,302		128,358
Total product sales, net	$	307,235	$	269,273	$	551,728	$	502,809

Revenues from product sales are recorded net of reserves established for applicable discounts and allowances that are offered within contracts with the Company’s customers, healthcare providers or payers. The Company’s process for estimating reserves established for these variable consideration components does not differ materially from historical practices. The transaction price, which includes variable consideration reflecting the impact of discounts and allowances, may be subject to constraint and is included in the net sales price only to the extent that it is probable that a significant reversal of the amount of the cumulative revenues recognized will not occur in a future period. Actual amounts may ultimately differ from the Company’s estimates. If actual results vary, the Company adjusts these estimates, which could have an effect on earnings in the period of adjustment. See the “Revenue from Contracts with Customers” section in Note 2, Summary of Significant Accounting Policies in the “Notes to Consolidated Financial Statements” in the Annual Report for information with respect to the Company’s significant categories of sales discounts and allowances.

Actual Medicaid rebates related to VIVITROL and ARISTADA/ARISTADA INITIO during the six months ended June 30, 2025 were lower than original estimates, and as a result the Company reduced its rebate reserve for each product by approximately $17.7 million and $7.2 million, respectively, during the period.

A rollforward of the Company’s provisions for sales discounts and allowances is as follows:

	Six Months Ended June 30, 2025
(In thousands)	Contractual Adjustments(1)			Discounts(2)			Product Returns			Other			Total
Beginning balance — December 31, 2024	$	228,978		$	43,645		$	50,507		$	13,297		$	336,427
Current provisions relating to sales in current year		263,018			196,845			13,049			43,096			516,008
Adjustments relating to prior years		(25,329	)		152			(4,601	)		(332	)		(30,110	)
Payments relating to sales in current year		(125,484	)		(182,256	)		—			(33,652	)		(341,392	)
Payments relating to sales in prior years		(128,250	)		(22,941	)		(5,503	)		(12,231	)		(168,925	)
Ending balance — June 30, 2025	$	212,933		$	35,445		$	53,452		$	10,178		$	312,008

1.“Contractual Adjustments” include “Medicaid Rebates” and “Medicare Part D” accruals

2.“Discounts” include “Chargebacks” and “Product Discounts”

Total revenue-related reserves as of June 30, 2025 and December 31, 2024 included in the accompanying consolidated balance sheets are summarized as follows:

	June 30,		December 31,
(In thousands)	2025		2024
Reduction of accounts receivable	$	16,658	$	22,031
Components of accrued sales discounts, allowances and reserves		253,173		272,452
Components of other long-term liabilities		42,177		41,944
Total revenue-related reserves	$	312,008	$	336,427

Manufacturing and Royalty Revenues

During the three and six months ended June 30, 2025 and 2024, the Company recorded manufacturing and royalty revenues from its collaboration arrangements as follows:

	Three Months Ended June 30, 2025						Six Months Ended June 30, 2025
(In thousands)	Manufacturing Revenue		Royalty Revenue		Total		Manufacturing Revenue		Royalty Revenue		Total
Long-acting INVEGA products(1)	$	—	$	30,315	$	30,315	$	—	$	48,060	$	48,060
VUMERITY		7,383		32,016		39,399		13,358		53,874		67,232
RISPERDAL CONSTA		3,812		8		3,820		12,927		22		12,949
Other		5,372		4,516		9,888		7,609		9,589		17,198
	$	16,567	$	66,855	$	83,422	$	33,894	$	111,545	$	145,439

	Three Months Ended June 30, 2024						Six Months Ended June 30, 2024
(In thousands)	Manufacturing Revenue		Royalty Revenue		Total		Manufacturing Revenue		Royalty Revenue		Total
Long-acting INVEGA products(1)	$	—	$	78,739	$	78,739	$	—	$	141,412	$	141,412
VUMERITY		9,863		25,371		35,234		21,987		44,501		66,488
RISPERDAL CONSTA		3,428		130		3,558		6,023		253		6,276
Other		6,989		5,338		12,327		22,300		10,215		32,515
	$	20,280	$	109,578	$	129,858	$	50,310	$	196,381	$	246,691

(1)“long-acting INVEGA products”: INVEGA SUSTENNA/XEPLION (paliperidone palmitate), INVEGA TRINZA/TREVICTA (paliperidone palmitate) and INVEGA HAFYERA/BYANNLI (paliperidone palmitate).

In August 2024, the Company’s royalty on U.S. net sales of INVEGA SUSTENNA expired. Accordingly, the Company expects royalty revenues from net sales of the long-acting INVEGA products to continue to be lower in 2025, as the royalty revenues related to U.S. net sales of INVEGA SUSTENNA comprised a significant portion of the overall royalty revenues from the long-acting INVEGA products.

Contract Assets

Contract assets include unbilled amounts related to the manufacture of a product that, once complete, will be sold under certain of the Company’s manufacturing contracts. The amounts included in the contract assets table below are classified as “Current assets” in the accompanying condensed consolidated balance sheets, as they relate to manufacturing processes that are completed in ten days to eight weeks.

Total contract assets at June 30, 2025 were as follows:

(In thousands)	Contract Assets
Contract assets at December 31, 2024	$	4,990
Additions		3,766
Transferred to receivables, net		(7,332	)
Contract assets at June 30, 2025	$	1,424

Contract Liabilities

Contract liabilities consist of contractual obligations related to deferred revenue. At June 30, 2025 and December 31, 2024, $0.6 million and $1.2 million of the contract liabilities, respectively, were classified as “Contract liabilities–short-term” in the accompanying condensed consolidated balance sheets and none of the contract liabilities in either period were classified as “Other long-term liabilities” in the accompanying condensed consolidated balance sheets.

Total contract liabilities at June 30, 2025 were as follows:

(In thousands)	Contract Liabilities
Contract liabilities at December 31, 2024	$	1,249
Additions		1,313
Amounts recognized into revenue		(1,984	)
Contract liabilities at June 30, 2025	$	578

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Investments

6 Months Ended

Jun. 30, 2025

Investments, Debt and Equity Securities [Abstract]

Investments

5. INVESTMENTS

Investments consist of the following (in thousands):

			Gross Unrealized
					Losses
	Amortized				Less than			Greater than			Estimated
June 30, 2025	Cost		Gains		One Year			One Year			Fair Value
Short-term investments:
Available-for-sale securities:
U.S. government and agency debt securities	$	266,091	$	892	$	(5	)	$	(12	)	$	266,966
Corporate debt securities		226,554		1,027		(4	)		(3	)		227,574
Total short-term investments		492,645		1,919		(9	)		(15	)		494,540
Long-term investments:
Available-for-sale securities:
U.S. government and agency debt securities		29,580		—		—			(55	)		29,525
Corporate debt securities		8,627		—		—			(28	)		8,599
		38,207		—		—			(83	)		38,124
Held-to-maturity securities:
Certificates of deposit		145		—		—			—			145
Total long-term investments		38,352		—		—			(83	)		38,269
Total investments	$	530,997	$	1,919	$	(9	)	$	(98	)	$	532,809
December 31, 2024
Short-term investments:
Available-for-sale securities:
U.S. government and agency debt securities	$	266,506	$	763	$	(58	)	$	(6	)	$	267,205
Corporate debt securities		192,617		762		(58	)		(4	)		193,317
Total short-term investments		459,123		1,525		(116	)		(10	)		460,522
Long-term investments:
Available-for-sale securities:
U.S. government and agency debt securities		48,856		—		—			(179	)		48,677
Corporate debt securities		24,484		—		—			(158	)		24,326
		73,340		—		—			(337	)		73,003
Held-to-maturity securities:
Certificates of deposit		145		—		—			—			145
Total long-term investments		73,485		—		—			(337	)		73,148
Total investments	$	532,608	$	1,525	$	(116	)	$	(347	)	$	533,670

At June 30, 2025, the Company’s investments in corporate debt securities had a minimum rating of A2 (Moody’s)/A (Standard and Poor’s), and 52 of the Company’s 330 investment securities were in an unrealized loss position with an aggregate estimated fair value of $99.3 million. The primary reason these securities were in an unrealized loss position is that they are fixed-rate securities that were acquired in a rising interest rate environment. In making the determination whether the decline in fair value of these securities was 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. The Company has the intent and ability to hold these investments until recovery, which may be at maturity.

Realized gains and losses on the sales and maturities of investments, which were identified using the specific identification method, were as follows:

	Six Months Ended June 30,
(In thousands)	2025		2024
Proceeds from the sales and maturities of investments	$	195,078	$	138,947
Realized gains	$	3	$	—
Realized losses	$	—	$	—

The Company’s available-for-sale and held-to-maturity securities at June 30, 2025 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	$	283,975	$	284,485	$	145	$	145
After 1 year through 5 years		246,877		248,179		—		—
Total	$	530,852	$	532,664	$	145	$	145

In February 2025, the Company entered into an agreement whereby it is committed to provide up to €10.0 million to a partnership, Fountain Healthcare Partners Fund IV, L.P. (“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 represents approximately 9.2% of the partnership’s total funding, and the Company is accounting for its investment in Fountain under the equity method. As of June 30, 2025, the Company had made payments of, and its investment is equal to, $0.6 million (€0.5 million), which is included within “Other assets” in the accompanying condensed consolidated balance sheets.

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Fair Value

6 Months Ended

Jun. 30, 2025

Fair Value Disclosures [Abstract]

Fair Value

6. FAIR VALUE

The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis and indicates the fair value hierarchy and the valuation techniques that the Company utilized to determine such fair value:

	June 30,
(In thousands)	2025		Level 1		Level 2		Level 3
Assets:
Cash equivalents	$	17,740	$	17,740	$	—	$	—
U.S. government and agency debt securities		296,491		250,211		46,280		—
Corporate debt securities		236,173		—		235,673		500
Total	$	550,404	$	267,951	$	281,953	$	500

	December 31,
	2024		Level 1		Level 2		Level 3
Assets:
Cash equivalents	$	8,388	$	8,388	$	—	$	—
U.S. government and agency debt securities		315,882		265,090		50,792		—
Corporate debt securities		217,643		—		217,643		—
Total	$	541,913	$	273,478	$	268,435	$	—

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 levels during the six months ended June 30, 2025.

The following table is a rollforward of the fair value of the Company’s assets with fair values that were determined using Level 3 inputs at June 30, 2025:

(In thousands)	Fair Value
Balance, January 1, 2025	$	—
Purchase of a corporate debt security		500
Balance, June 30, 2025	$	500

The Company’s investments 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.

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, sales discounts, allowances and reserves approximate fair value due to their short-term nature.

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Inventory

6 Months Ended

Jun. 30, 2025

Inventory Disclosure [Abstract]

Inventory

7. INVENTORY

Inventory is stated at the lower of cost and net realizable value. Cost is determined using the first-in, first-out method. Inventory consists of the following:

	June 30,		December 31,
(In thousands)	2025		2024
Raw materials	$	68,423	$	72,139
Work in process		81,390		79,871
Finished goods(1)		42,111		30,877
Total inventory	$	191,924	$	182,887

(1)At June 30, 2025 and December 31, 2024, the Company had $33.5 million and $22.7 million, respectively, of finished goods inventory located at its third-party warehouse and shipping service provider.

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Property, Plant and Equipment

6 Months Ended

Jun. 30, 2025

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

8. PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment consist of the following:

	June 30,			December 31,
(In thousands)	2025			2024
Land	$	957		$	957
Building and improvements		149,674			134,699
Furniture, fixtures and equipment		274,115			244,113
Leasehold improvements		42,535			42,416
Construction in progress		37,043			58,391
Subtotal		504,324			480,576
Less: accumulated depreciation		(264,925	)		(253,012	)
Total property, plant and equipment, net	$	239,399		$	227,564

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Leases

6 Months Ended

Jun. 30, 2025

Leases [Abstract]

Leases

9. LEASES

Future lease payments under non-cancelable leases at June 30, 2025 consist of the following:

	June 30,
(In thousands)	2025
2025		5,152
2026		10,380
2027		9,513
2028		9,574
Thereafter		59,695
Total operating lease payments	$	94,314
Less: imputed interest		(21,636	)
Total operating lease liabilities	$	72,678

At June 30, 2025, the weighted average incremental borrowing rate and the weighted average remaining lease term for all operating leases held by the Company were 3.8% and 6.5 years, respectively. Cash paid for lease liabilities was $2.6 million and $5.1 million during the three and six months ended June 30, 2025, respectively, as compared to $2.5 million and $5.0 million during the three and six months ended June 30, 2024, respectively. The Company recorded operating lease expense from continuing operations of $1.9 million and $3.7 million during the three and six months ended June 30, 2025, respectively, as compared to $1.8 million and $3.6 million during the three and six months ended June 30, 2024, respectively.

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Accounts Payable and Accrued Expenses

6 Months Ended

Jun. 30, 2025

Payables and Accruals [Abstract]

Accounts Payable and Accrued Expenses

10. ACCOUNTS PAYABLE AND ACCRUED EXPENSES

Accounts payable and accrued expenses consist of the following:

	June 30,		December 31,
(In thousands)	2025		2024
Accounts payable	$	99,206	$	45,630
Accrued compensation		56,544		70,960
Accrued other		89,999		68,742
Total accounts payable and accrued expenses	$	245,749	$	185,332

A summary of the Company’s current provision for sales discounts, allowances and reserves was as follows:

	June 30,		December 31,
(In thousands)	2025		2024
Medicaid rebates	$	189,021	$	202,044
Product discounts		16,832		19,351
Medicare Part D		23,913		26,933
Other		23,407		24,124
Total accrued sales discounts, allowances and reserves	$	253,173	$	272,452

Included in accounts payable was approximately $43.3 million and $11.4 million of amounts payable related to state U.S. Medicaid rebates as of June 30, 2025 and December 31, 2024, respectively.

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Shareholders' Equity

6 Months Ended

Jun. 30, 2025

Equity [Abstract]

Shareholders' Equity

11. SHAREHOLDERS’ EQUITY

In February 2024, the Company announced approval by its board of directors of a share repurchase program authorizing the Company to repurchase its ordinary shares in an aggregate amount of up to $400.0 million (exclusive of any fees, commissions or other expenses related to such repurchases) from time to time (the “Repurchase Program”), with the specific timing and amounts of repurchases under the Repurchase Program dependent on a variety of factors, including but not limited to ongoing assessments of the Company’s needs, alternative investment opportunities, the market price of its ordinary shares and general market conditions. The Repurchase Program has no set expiration date and may be suspended or discontinued at any time. During the six months ended June 30, 2025, the Company did not repurchase any of its ordinary shares under the Repurchase Program. As of June 30, 2025, the remaining amount authorized under the Repurchase Program was $200.0 million.

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Share-based Compensation

6 Months Ended

Jun. 30, 2025

Share-Based Payment Arrangement [Abstract]

Share-based Compensation

12. SHARE-BASED COMPENSATION

The following table presents share-based compensation expense included in the accompanying condensed consolidated statements of income and comprehensive income:

	Three Months Ended					Six Months Ended
	June 30,					June 30,
(In thousands)	2025		2024			2025		2024
Cost of goods manufactured and sold	$	1,479	$	(279	)	$	3,261	$	2,627
Research and development		6,510		6,021			12,401		16,299
Selling, general and administrative		16,977		14,859			32,114		34,430
Total share-based compensation expense	$	24,966	$	20,601		$	47,776	$	53,356

At each of June 30, 2025 and December 31, 2024, $3.1 million of share-based compensation expense was capitalized and recorded as “Inventory”, and $0.6 million and none, respectively, of share-based compensation expense was capitalized and recorded as “Property, plant and equipment, net” in the accompanying condensed consolidated balance sheets.

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Earnings Per Ordinary Share

6 Months Ended

Jun. 30, 2025

Earnings Per Share [Abstract]

Earnings Per Ordinary Share

13. EARNINGS PER ORDINARY SHARE

Basic earnings per ordinary share from continuing operations is calculated based upon net income from continuing operations available to holders of ordinary shares, divided by the weighted average number of ordinary shares outstanding. Basic loss per ordinary share from discontinued operations is calculated based upon net loss from discontinued operations available to holders of ordinary shares, divided by the weighted average number of ordinary shares outstanding. For the calculation of diluted earnings (loss) per ordinary share from continuing operations and discontinuing operations, the Company utilizes the treasury stock method and adjusts the weighted average number of ordinary shares outstanding for the potential dilutive effect of outstanding ordinary share equivalents such as stock options and restricted stock unit awards.

	Three Months Ended					Six Months Ended
	June 30,					June 30,
(In thousands)	2025		2024			2025		2024
Numerator:
Net income from continuing operations	$	87,098	$	94,658		$	109,562	$	133,606
Net loss from discontinued operations		—		(3,300	)		—		(5,420	)
Net income	$	87,098	$	91,358		$	109,562	$	128,186
Denominator:
Weighted average number of ordinary shares outstanding		164,959		168,321			164,188		168,152
Effect of dilutive securities:
Stock options		1,649		839			1,967		1,284
Restricted stock unit awards		1,749		1,817			2,315		2,524
Dilutive ordinary share equivalents		3,398		2,656			4,282		3,808
Shares used in calculating diluted earnings per ordinary share		168,357		170,977			168,470		171,960

The following potential ordinary share equivalents were not included in the net earnings per ordinary share calculation because the effect would have been anti-dilutive:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(In thousands)	2025		2024		2025		2024
Stock options		9,901		14,049		8,919		12,339
Restricted stock unit awards		2,505		2,765		2,386		2,507
Total		12,406		16,814		11,305		14,846

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Income Taxes

6 Months Ended

Jun. 30, 2025

Income Tax Disclosure [Abstract]

Income Taxes

14. INCOME TAXES

The Company recognizes income taxes under the asset and liability method. Deferred income taxes are recognized for differences between the financial reporting and tax bases of assets and liabilities at enacted statutory tax rates in effect for the years in which the differences are expected to reverse. The effect on deferred taxes of a change in tax rates is recognized in income in the period that includes the enactment date. In determining future taxable income, the Company is responsible for assumptions that it utilizes, including the amount of Irish and non-Irish pre-tax operating income, the reversal of temporary differences and the implementation of feasible and prudent tax planning strategies. These assumptions require significant judgment about the forecasts of future taxable income and are consistent with the plans and estimates that the Company uses to manage the underlying business.

The Company recorded income tax provisions on income from continuing operations of $17.7 million and $20.8 million during the three and six months ended June 30, 2025, respectively, and of $22.1 million and $30.0 million during the three and six months ended June 30, 2024, respectively. The income tax provisions during each of the three and six months ended June 30, 2025 and 2024 were primarily attributable to taxes on income earned in Ireland.

The Company’s effective tax rate during the six months ended June 30, 2025 and 2024 was 15.9% and 18.3%, respectively. The decrease in the effective tax rate was primarily due to an increase in windfall benefits from employee equity activity and an expense recorded in 2024 related to the sale of the Athlone Facility. The effective tax rates during the six months ended June 30, 2025 and 2024 exceeded the Irish statutory tax rate of 12.5%, primarily due to non-deductible expenses and income that was taxable at rates higher than the Irish statutory tax rate.

On July 4, 2025, the One Big Beautiful Bill (the “OBB Bill”) was signed into law. This legislation permanently extends, with modifications, several individual, business, and international tax provisions originally enacted under the Tax Cuts and Jobs Act of 2017. The Company performed an initial assessment of the OBB Bill and expects this legislation to result in a material increase in cash flows provided by operating activities and a material decrease in net U.S. deferred tax assets over the next number of years.

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Segment Reporting

6 Months Ended

Jun. 30, 2025

Segment Reporting [Abstract]

Segment Reporting

15. SEGMENT REPORTING

Segment Information

Following the adoption of ASU 2023-07, the Company is required to disclose significant segment expenses that are regularly provided to its CODM. The Company’s CODM is periodically provided R&D expenses, selling and marketing expenses, and general and administrative expenses. Other external R&D expenses are composed of general research and development expenses and other external projects. Other internal R&D expenses include allocation expenses, travel expenses, and fees, taxes and dues.

The Company’s significant segment expenses are as follows:

	Three Months Ended						Six Months Ended
	June 30,						June 30,
(In thousands)	2025			2024			2025		2024
REVENUES:
Total revenue	$	390,657		$	399,131		$	697,167	$	749,503
EXPENSES:
Cost of goods manufactured and sold (exclusive of amortization of acquired intangible assets shown below)		49,460			61,472			98,657		120,116
External R&D expenses:
Development programs:
Alixorexton		23,795			12,589			41,649		23,045
LYBALVI		5,050			3,710			8,901		8,751
Other external R&D expenses		10,589			10,014			21,562		18,803
Total external R&D expenses		39,434			26,313			72,112		50,599
Internal R&D expenses:
Employee-related		30,651			26,235			62,005		60,780
Occupancy		3,308			2,720			6,455		5,768
Depreciation		1,474			1,375			2,942		2,803
Other internal R&D expenses		2,503			3,006			5,673		7,310
Total internal R&D expenses		37,936			33,336			77,075		76,661
R&D expenses		77,370			59,649			149,187		127,260
Selling, general and administrative expenses:
Selling and marketing expense		121,175			119,667			244,109		245,284
General and administrative expense		49,674			48,446			98,444		102,578
Total selling, general and administrative expense		170,849			168,113			342,553		347,862
Other segment income (expenses)(1)		(5,880	)		(15,239	)		2,792		(20,659	)
NET INCOME FROM CONTINUING OPERATIONS		87,098			94,658			109,562		133,606
LOSS ON DISCONTINUED OPERATIONS, NET OF TAX		—			(3,300	)		—		(5,420	)
NET INCOME	$	87,098		$	91,358		$	109,562	$	128,186

1.“Other segment income (expenses)” during the three and six months ended June 30, 2025 and 2024, includes “Amortization of acquired intangible assets”, “Other income, net” and “Income tax provision”.

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Commitments and Contingent Liabilities

6 Months Ended

Jun. 30, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingent Liabilities

16. 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 June 30, 2025, there were no potential material losses from claims, asserted or unasserted, or legal proceedings that the Company determined were probable of occurring.

INVEGA TRINZA ANDA Litigation

In September 2020, Janssen Pharmaceutica, Janssen Pharmaceuticals, Inc., and Janssen Research & Development, LLC initiated a patent infringement lawsuit in the U.S. District Court for the District of New Jersey (the “NJ District Court”) against Mylan Laboratories Limited (“Mylan Labs”) and other Mylan entities following the filing by Mylan Labs of an abbreviated new drug application (“ANDA”) seeking approval from the U.S. Food and Drug Administration (“FDA”) to market a generic version of INVEGA TRINZA before the expiration of U.S. Patent No. 10,143,693 (the “’693 Patent”). Requested judicial remedies include recovery of litigation costs and injunctive relief. In May 2023, the NJ District Court issued an opinion in favor of the Janssen entities on the issues of infringement and validity of the ’693 Patent and the Mylan entities filed a notice of appeal of the decision. In March, 2025, the U.S. Court of Appeals for the Federal Circuit (the “Federal Circuit Court”) issued a decision affirming the NJ District Court opinion and in May 2025, Mylan Labs filed a petition for panel rehearing or rehearing en banc. The Company is not a party to this proceeding.

VUMERITY ANDA Litigation

In July 2023, Biogen Inc., Biogen Swiss Manufacturing GmbH and Alkermes Pharma Ireland Limited (“APIL”) filed a patent infringement lawsuit in the U.S. District Court for the District of Delaware (the “DE District Court”) against Zydus Worldwide DMCC, Zydus Pharmaceuticals (USA) Inc. and Zydus Lifesciences Limited (collectively, “Zydus”) following the filing by Zydus 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) delayed-release capsules for oral use, 231 mg, before expiration of the Company’s U.S. Patent Nos. 8,669,281; 9,090,558; and 10,080,733 (the “VUMERITY patents”). 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”). On July 21, 2025, the parties entered into a confidential settlement agreement, pursuant to which Zydus was granted a license under the VUMERITY patents to engage in the commercial manufacture, use or sale of a generic version of VUMERITY in the United States beginning on an agreed date immediately prior to expiration of the latest to expire of the VUMERITY patents, or earlier under certain customary circumstances. In connection with the settlement agreement, the DE District Court dismissed the litigation pursuant to the parties’ stipulation of dismissal.

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.

Product Liability and Other Legal Proceedings

The Company is involved in litigation and other legal proceedings incidental to its normal business activities, including a product liability case alleging that the FDA-approved VIVITROL labeling was inadequate and that VIVITROL caused the individual to suffer from opioid overdose and death. The Company intends to vigorously defend itself in these matters.

In addition, in January 2023, Acorda Therapeutics, Inc. (“Acorda”) filed a petition with the U.S. District Court for the Southern District of New York (the “NY Southern District Court”) asking the court to confirm in part and modify in part the final arbitral award rendered by an arbitration panel in October 2022 and, as part of the requested modification, seeking an additional approximately $66.0 million in damages. In August 2023, the NY Southern District Court confirmed the final arbitral award and declined to modify the final award to increase the damages awarded thereunder. In September 2023, Acorda filed a notice of appeal of the NY Southern District Court decision to the Federal Circuit Court. On July 25, 2025, the Federal Circuit Court transferred the appeal due to lack of jurisdiction to the U.S. Court of Appeals for the Second Circuit.

Guarantees

In connection with the Separation, the Company entered into an assignment and assumption of lease agreement (the “Assignment”) pursuant to which Alkermes, Inc., a wholly owned subsidiary of the Company, assigned to Mural Oncology, Inc. (“Mural US”), a subsidiary of Mural, an operating lease for approximately 180,000 square feet of corporate office space, administrative areas and laboratories located at 852 Winter Street in Waltham, Massachusetts (the “852 Winter Street Lease”), as described in more detail in Note 10, Leases in the “Notes to Consolidated Financial Statements” in the Annual Report. Although all of the rights, title and interest in, to and under the 852 Winter Street

Lease were transferred to Mural US as of November 15, 2023 pursuant to the Assignment, the Company ratified and reaffirmed for the remainder of the lease term its guarantor obligations in respect of the lease under that certain Guaranty dated as of May 16, 2014. Upon completion of the Separation, the Assignment was accounted for as a termination of the original lease and the Company de-recognized the right-of-use asset and lease liability related to the 852 Winter Street Lease. At June 30, 2025, the fair value of the guarantee was not material to the Company.

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Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2025

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

The accompanying condensed consolidated financial statements of the Company for the three and six months ended June 30, 2025 and 2024 are unaudited and have been prepared on a basis substantially consistent with the audited financial statements for the year ended December 31, 2024. The year-end 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 of a normal recurring nature that are necessary to state fairly the results of operations for the reported periods.

The accompanying condensed consolidated 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 accompanying 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 in the “Notes to Consolidated Financial Statements” accompanying the Annual Report. Intercompany accounts and transactions have been eliminated. Columns and rows within tables may not sum due to rounding.

Discontinued Operations

Discontinued Operations

The Company determined that the separation of its oncology business into Mural Oncology plc (“Mural”), a new, independent, publicly-traded company (the “Separation”), completed in November 2023, met the criteria for classification of the oncology business as discontinued operations in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 205, Discontinued Operations (“Topic 205”).

Use of Estimates

Use of Estimates

The preparation of the Company’s condensed consolidated financial statements in accordance with GAAP requires that Company 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, but not limited to, those related to revenue from contracts with its customers and related allowances, impairment of long-lived assets, share-based compensation, income taxes including the valuation allowance for deferred tax assets, valuation of investments 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 conditions or using different assumptions.

Segment Information

Segment Information

Operating segments are defined as components of an enterprise engaging in business activities for which separate financial information is available and regularly reviewed by the chief operating decision maker (“CODM”) in deciding how to allocate resources and in assessing performance. The Company has utilized the management approach to determine that the Company is managed as one segment on a consolidated basis and is in the business of developing, manufacturing and commercializing medicines designed to help people living with complex and difficult-to-treat psychiatric and neurological disorders. The Company’s CODM, the Chairman and Chief Executive Officer, reviews the Company’s operating results on an aggregate basis and manages the Company’s operations as a single operating unit. The Company’s CODM measures profitability on a reportable segment basis using net income and utilizes this information in allocating resources and in assessing performance by monitoring budget versus actual results. Please refer to Note 15, Segment Reporting, in these “Notes to Condensed Consolidated Financial Statements” in this Form 10-Q for further information.

New Accounting Pronouncements

New Accounting Pronouncements

From time to time, new accounting pronouncements are issued by the FASB or other standard-setting bodies that are adopted by the Company on or prior to the specified effective date. Unless otherwise described in this Form 10-Q, 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 December 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, to enhance the transparency and decision usefulness of income tax disclosures in order to provide information to assist key stakeholders in better assessing how the Company’s operations and related tax risks and tax planning and operational opportunities affect the Company’s tax rate and prospects for future cash flows. This ASU becomes effective for public companies for annual periods beginning after December 15, 2024. This guidance will be applied on a prospective basis. The Company is currently evaluating the impact this ASU will have on its consolidated financial statements and related disclosures.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income-Expense Disaggregation Disclosures, to improve disclosures about public business entity expenses and address requests from investors for more detailed information about the types of expenses (including purchases of inventory, employee compensation, depreciation, amortization and depletion) in commonly-presented expense captions, such as cost of sales, selling, general and administrative expenses, and research and development. All disclosure requirements under this guidance are required for public business entities and will be effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027. Early adoption is permitted and the amendments in this guidance will be applied prospectively to financial statements for periods after the effective dates. The Company is currently evaluating the impact this ASU will have on its consolidated financial statements and related disclosures.

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Discontinued Operations (Tables)

6 Months Ended

Jun. 30, 2025

Discontinued Operations and Disposal Groups [Abstract]

Summary of Discontinued Operations

The following summarizes the loss from discontinued operations for the three and six months ended June 30, 2024:

	Three Months Ended			Six Months Ended
(In thousands)	June 30, 2024			June 30, 2024
Operating expenses from discontinued operations
Cost of goods manufactured	$	—		$	—
Research and development		3,913			6,429
Selling, general and administrative		—			—
Total operating expenses from discontinued operations		3,913			6,429
Operating loss from discontinued operations		(3,913	)		(6,429	)
Income tax benefit from discontinued operations		(613	)		(1,009	)
Net loss and comprehensive loss from discontinued operations	$	(3,300	)	$	(5,420	)

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Revenue from Contracts with Customers (Tables)

6 Months Ended

Jun. 30, 2025

Schedule of Provisions for Sales and Allowances

A rollforward of the Company’s provisions for sales discounts and allowances is as follows:

	Six Months Ended June 30, 2025
(In thousands)	Contractual Adjustments(1)			Discounts(2)			Product Returns			Other			Total
Beginning balance — December 31, 2024	$	228,978		$	43,645		$	50,507		$	13,297		$	336,427
Current provisions relating to sales in current year		263,018			196,845			13,049			43,096			516,008
Adjustments relating to prior years		(25,329	)		152			(4,601	)		(332	)		(30,110	)
Payments relating to sales in current year		(125,484	)		(182,256	)		—			(33,652	)		(341,392	)
Payments relating to sales in prior years		(128,250	)		(22,941	)		(5,503	)		(12,231	)		(168,925	)
Ending balance — June 30, 2025	$	212,933		$	35,445		$	53,452		$	10,178		$	312,008

1.“Contractual Adjustments” include “Medicaid Rebates” and “Medicare Part D” accruals

2.“Discounts” include “Chargebacks” and “Product Discounts”

Schedule of Revenue Related Reserves Included in Consolidated Balance Sheets

Total revenue-related reserves as of June 30, 2025 and December 31, 2024 included in the accompanying consolidated balance sheets are summarized as follows:

	June 30,		December 31,
(In thousands)	2025		2024
Reduction of accounts receivable	$	16,658	$	22,031
Components of accrued sales discounts, allowances and reserves		253,173		272,452
Components of other long-term liabilities		42,177		41,944
Total revenue-related reserves	$	312,008	$	336,427

Schedule of Contract Assets and Contract Liabilities

Total contract assets at June 30, 2025 were as follows:

(In thousands)	Contract Assets
Contract assets at December 31, 2024	$	4,990
Additions		3,766
Transferred to receivables, net		(7,332	)
Contract assets at June 30, 2025	$	1,424

Total contract liabilities at June 30, 2025 were as follows:

(In thousands)	Contract Liabilities
Contract liabilities at December 31, 2024	$	1,249
Additions		1,313
Amounts recognized into revenue		(1,984	)
Contract liabilities at June 30, 2025	$	578

Product sales, net

Schedule of Disaggregation of Revenues

During the three and six months ended June 30, 2025 and 2024, the Company recorded product sales, net, as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2025		2024		2025		2024
VIVITROL	$	121,660	$	111,873	$	222,656	$	209,532
ARISTADA and ARISTADA INITIO		101,295		86,049		174,770		164,919
LYBALVI		84,280		71,351		154,302		128,358
Total product sales, net	$	307,235	$	269,273	$	551,728	$	502,809

Manufacturing and royalty revenues

Schedule of Disaggregation of Revenues

During the three and six months ended June 30, 2025 and 2024, the Company recorded manufacturing and royalty revenues from its collaboration arrangements as follows:

	Three Months Ended June 30, 2025						Six Months Ended June 30, 2025
(In thousands)	Manufacturing Revenue		Royalty Revenue		Total		Manufacturing Revenue		Royalty Revenue		Total
Long-acting INVEGA products(1)	$	—	$	30,315	$	30,315	$	—	$	48,060	$	48,060
VUMERITY		7,383		32,016		39,399		13,358		53,874		67,232
RISPERDAL CONSTA		3,812		8		3,820		12,927		22		12,949
Other		5,372		4,516		9,888		7,609		9,589		17,198
	$	16,567	$	66,855	$	83,422	$	33,894	$	111,545	$	145,439

	Three Months Ended June 30, 2024						Six Months Ended June 30, 2024
(In thousands)	Manufacturing Revenue		Royalty Revenue		Total		Manufacturing Revenue		Royalty Revenue		Total
Long-acting INVEGA products(1)	$	—	$	78,739	$	78,739	$	—	$	141,412	$	141,412
VUMERITY		9,863		25,371		35,234		21,987		44,501		66,488
RISPERDAL CONSTA		3,428		130		3,558		6,023		253		6,276
Other		6,989		5,338		12,327		22,300		10,215		32,515
	$	20,280	$	109,578	$	129,858	$	50,310	$	196,381	$	246,691

(1)“long-acting INVEGA products”: INVEGA SUSTENNA/XEPLION (paliperidone palmitate), INVEGA TRINZA/TREVICTA (paliperidone palmitate) and INVEGA HAFYERA/BYANNLI (paliperidone palmitate).

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Investments (Tables)

6 Months Ended

Jun. 30, 2025

Investments, Debt and Equity Securities [Abstract]

Schedule of Investments

Investments consist of the following (in thousands):

			Gross Unrealized
					Losses
	Amortized				Less than			Greater than			Estimated
June 30, 2025	Cost		Gains		One Year			One Year			Fair Value
Short-term investments:
Available-for-sale securities:
U.S. government and agency debt securities	$	266,091	$	892	$	(5	)	$	(12	)	$	266,966
Corporate debt securities		226,554		1,027		(4	)		(3	)		227,574
Total short-term investments		492,645		1,919		(9	)		(15	)		494,540
Long-term investments:
Available-for-sale securities:
U.S. government and agency debt securities		29,580		—		—			(55	)		29,525
Corporate debt securities		8,627		—		—			(28	)		8,599
		38,207		—		—			(83	)		38,124
Held-to-maturity securities:
Certificates of deposit		145		—		—			—			145
Total long-term investments		38,352		—		—			(83	)		38,269
Total investments	$	530,997	$	1,919	$	(9	)	$	(98	)	$	532,809
December 31, 2024
Short-term investments:
Available-for-sale securities:
U.S. government and agency debt securities	$	266,506	$	763	$	(58	)	$	(6	)	$	267,205
Corporate debt securities		192,617		762		(58	)		(4	)		193,317
Total short-term investments		459,123		1,525		(116	)		(10	)		460,522
Long-term investments:
Available-for-sale securities:
U.S. government and agency debt securities		48,856		—		—			(179	)		48,677
Corporate debt securities		24,484		—		—			(158	)		24,326
		73,340		—		—			(337	)		73,003
Held-to-maturity securities:
Certificates of deposit		145		—		—			—			145
Total long-term investments		73,485		—		—			(337	)		73,148
Total investments	$	532,608	$	1,525	$	(116	)	$	(347	)	$	533,670

Schedule of Proceeds from Sales and Maturities of Marketable Securities Plus Resulting Realized Gains and Losses

Realized gains and losses on the sales and maturities of investments, which were identified using the specific identification method, were as follows:

	Six Months Ended June 30,
(In thousands)	2025		2024
Proceeds from the sales and maturities of investments	$	195,078	$	138,947
Realized gains	$	3	$	—
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 June 30, 2025 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	$	283,975	$	284,485	$	145	$	145
After 1 year through 5 years		246,877		248,179		—		—
Total	$	530,852	$	532,664	$	145	$	145

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Fair Value (Tables)

6 Months Ended

Jun. 30, 2025

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 that are measured at fair value on a recurring basis and indicates the fair value hierarchy and the valuation techniques that the Company utilized to determine such fair value:

	June 30,
(In thousands)	2025		Level 1		Level 2		Level 3
Assets:
Cash equivalents	$	17,740	$	17,740	$	—	$	—
U.S. government and agency debt securities		296,491		250,211		46,280		—
Corporate debt securities		236,173		—		235,673		500
Total	$	550,404	$	267,951	$	281,953	$	500

	December 31,
	2024		Level 1		Level 2		Level 3
Assets:
Cash equivalents	$	8,388	$	8,388	$	—	$	—
U.S. government and agency debt securities		315,882		265,090		50,792		—
Corporate debt securities		217,643		—		217,643		—
Total	$	541,913	$	273,478	$	268,435	$	—

Summary of Fair value of Assets Determined Using Level 3 Inputs

The following table is a rollforward of the fair value of the Company’s assets with fair values that were determined using Level 3 inputs at June 30, 2025:

(In thousands)	Fair Value
Balance, January 1, 2025	$	—
Purchase of a corporate debt security		500
Balance, June 30, 2025	$	500

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Inventory (Tables)

6 Months Ended

Jun. 30, 2025

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 consists of the following:

	June 30,		December 31,
(In thousands)	2025		2024
Raw materials	$	68,423	$	72,139
Work in process		81,390		79,871
Finished goods(1)		42,111		30,877
Total inventory	$	191,924	$	182,887

(1)At June 30, 2025 and December 31, 2024, the Company had $33.5 million and $22.7 million, respectively, of finished goods inventory located at its third-party warehouse and shipping service provider.

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Property, Plant and Equipment (Tables)

6 Months Ended

Jun. 30, 2025

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

Property, plant and equipment consist of the following:

	June 30,			December 31,
(In thousands)	2025			2024
Land	$	957		$	957
Building and improvements		149,674			134,699
Furniture, fixtures and equipment		274,115			244,113
Leasehold improvements		42,535			42,416
Construction in progress		37,043			58,391
Subtotal		504,324			480,576
Less: accumulated depreciation		(264,925	)		(253,012	)
Total property, plant and equipment, net	$	239,399		$	227,564

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Leases (Tables)

6 Months Ended

Jun. 30, 2025

Leases [Abstract]

Summary of Future Lease Payments Under Non-Cancelable Leases

Future lease payments under non-cancelable leases at June 30, 2025 consist of the following:

	June 30,
(In thousands)	2025
2025		5,152
2026		10,380
2027		9,513
2028		9,574
Thereafter		59,695
Total operating lease payments	$	94,314
Less: imputed interest		(21,636	)
Total operating lease liabilities	$	72,678

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Accounts Payable and Accrued Expenses (Tables)

6 Months Ended

Jun. 30, 2025

Payables and Accruals [Abstract]

Schedule of Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses consist of the following:

	June 30,		December 31,
(In thousands)	2025		2024
Accounts payable	$	99,206	$	45,630
Accrued compensation		56,544		70,960
Accrued other		89,999		68,742
Total accounts payable and accrued expenses	$	245,749	$	185,332

Summary of Current Provision for Sales, Discounts, Allowances and Reserves

A summary of the Company’s current provision for sales discounts, allowances and reserves was as follows:

	June 30,		December 31,
(In thousands)	2025		2024
Medicaid rebates	$	189,021	$	202,044
Product discounts		16,832		19,351
Medicare Part D		23,913		26,933
Other		23,407		24,124
Total accrued sales discounts, allowances and reserves	$	253,173	$	272,452

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Share-based Compensation (Tables)

6 Months Ended

Jun. 30, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Share-based Compensation Expense

The following table presents share-based compensation expense included in the accompanying condensed consolidated statements of income and comprehensive income:

	Three Months Ended					Six Months Ended
	June 30,					June 30,
(In thousands)	2025		2024			2025		2024
Cost of goods manufactured and sold	$	1,479	$	(279	)	$	3,261	$	2,627
Research and development		6,510		6,021			12,401		16,299
Selling, general and administrative		16,977		14,859			32,114		34,430
Total share-based compensation expense	$	24,966	$	20,601		$	47,776	$	53,356

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Earnings Per Ordinary Share (Tables)

6 Months Ended

Jun. 30, 2025

Earnings Per Share [Abstract]

Schedule of Basic Earnings (Loss) Per Ordinary Share

	Three Months Ended					Six Months Ended
	June 30,					June 30,
(In thousands)	2025		2024			2025		2024
Numerator:
Net income from continuing operations	$	87,098	$	94,658		$	109,562	$	133,606
Net loss from discontinued operations		—		(3,300	)		—		(5,420	)
Net income	$	87,098	$	91,358		$	109,562	$	128,186
Denominator:
Weighted average number of ordinary shares outstanding		164,959		168,321			164,188		168,152
Effect of dilutive securities:
Stock options		1,649		839			1,967		1,284
Restricted stock unit awards		1,749		1,817			2,315		2,524
Dilutive ordinary share equivalents		3,398		2,656			4,282		3,808
Shares used in calculating diluted earnings per ordinary share		168,357		170,977			168,470		171,960

Schedule of Anti-Dilutive Potential Common Share Equivalent Excluded from Calculation of Net Earnings Per Ordinary Share

The following potential ordinary share equivalents were not included in the net earnings per ordinary share calculation because the effect would have been anti-dilutive:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(In thousands)	2025		2024		2025		2024
Stock options		9,901		14,049		8,919		12,339
Restricted stock unit awards		2,505		2,765		2,386		2,507
Total		12,406		16,814		11,305		14,846

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Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2025

Segment Reporting [Abstract]

Summary of Significant Segment Expenses

The Company’s significant segment expenses are as follows:

	Three Months Ended						Six Months Ended
	June 30,						June 30,
(In thousands)	2025			2024			2025		2024
REVENUES:
Total revenue	$	390,657		$	399,131		$	697,167	$	749,503
EXPENSES:
Cost of goods manufactured and sold (exclusive of amortization of acquired intangible assets shown below)		49,460			61,472			98,657		120,116
External R&D expenses:
Development programs:
Alixorexton		23,795			12,589			41,649		23,045
LYBALVI		5,050			3,710			8,901		8,751
Other external R&D expenses		10,589			10,014			21,562		18,803
Total external R&D expenses		39,434			26,313			72,112		50,599
Internal R&D expenses:
Employee-related		30,651			26,235			62,005		60,780
Occupancy		3,308			2,720			6,455		5,768
Depreciation		1,474			1,375			2,942		2,803
Other internal R&D expenses		2,503			3,006			5,673		7,310
Total internal R&D expenses		37,936			33,336			77,075		76,661
R&D expenses		77,370			59,649			149,187		127,260
Selling, general and administrative expenses:
Selling and marketing expense		121,175			119,667			244,109		245,284
General and administrative expense		49,674			48,446			98,444		102,578
Total selling, general and administrative expense		170,849			168,113			342,553		347,862
Other segment income (expenses)(1)		(5,880	)		(15,239	)		2,792		(20,659	)
NET INCOME FROM CONTINUING OPERATIONS		87,098			94,658			109,562		133,606
LOSS ON DISCONTINUED OPERATIONS, NET OF TAX		—			(3,300	)		—		(5,420	)
NET INCOME	$	87,098		$	91,358		$	109,562	$	128,186

1.“Other segment income (expenses)” during the three and six months ended June 30, 2025 and 2024, includes “Amortization of acquired intangible assets”, “Other income, net” and “Income tax provision”.

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The Company - Additional Information (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Procceds from sale of development and manufacturing facility	$ 97.9
Gain on sale of assets	$ 1.5
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income
Facility and Certain Related Assets [Member]
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Procceds from sale of development and manufacturing facility	$ 91.0

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Summary of Significant Accounting Policies - Additional Information (Details)	6 Months Ended
	Jun. 30, 2025 Segment
Accounting Policies [Abstract]
Number of business segments	1

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Discontinued Operations - Summary of Expenses of Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total operating expenses from discontinued operations		$ 3,913		$ 6,429
Disposal Group, Including Discontinued Operation, Operating Income (Loss), Total		(3,913)		(6,429)
Income tax benefit from discontinued operations		(613)		(1,009)
Net loss and comprehensive loss from discontinued operations	$ 0	(3,300)	$ 0	(5,420)
Research and development
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total operating expenses from discontinued operations		$ 3,913		$ 6,429

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Revenue from Contracts with Customers - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Disaggregation Of Revenue [Line Items]
Total revenues	$ 390,657	$ 399,131	$ 697,167	$ 749,503
VIVITROL
Disaggregation Of Revenue [Line Items]
Total revenues	121,660	111,873	222,656	209,532
ARISTADA and ARISTADA INITIO
Disaggregation Of Revenue [Line Items]
Total revenues	101,295	86,049	174,770	164,919
LYBALVI
Disaggregation Of Revenue [Line Items]
Total revenues	84,280	71,351	154,302	128,358
Product sales, net
Disaggregation Of Revenue [Line Items]
Total revenues	$ 307,235	$ 269,273	$ 551,728	$ 502,809

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Revenue from contracts with customers - Schedule of Provisions for Sales Discounts and Allowances (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2025 USD ($)
Disaggregation of Revenue [Line Items]
Beginning balance	$ 336,427
Current provisions relating to sales in current year	516,008
Adjustments relating to prior years	(30,110)
Payments relating to sales in current year	(341,392)
Payments relating to sales in prior years	(168,925)
Ending Balance	312,008
Contractual Adjustments
Disaggregation of Revenue [Line Items]
Beginning balance	228,978
Current provisions relating to sales in current year	263,018
Adjustments relating to prior years	(25,329)
Payments relating to sales in current year	(125,484)
Payments relating to sales in prior years	(128,250)
Ending Balance	212,933
Discounts
Disaggregation of Revenue [Line Items]
Beginning balance	43,645
Current provisions relating to sales in current year	196,845
Adjustments relating to prior years	152
Payments relating to sales in current year	(182,256)
Payments relating to sales in prior years	(22,941)
Ending Balance	35,445
Product Returns
Disaggregation of Revenue [Line Items]
Beginning balance	50,507
Current provisions relating to sales in current year	13,049
Adjustments relating to prior years	(4,601)
Payments relating to sales in prior years	(5,503)
Ending Balance	53,452
Other
Disaggregation of Revenue [Line Items]
Beginning balance	13,297
Current provisions relating to sales in current year	43,096
Adjustments relating to prior years	(332)
Payments relating to sales in current year	(33,652)
Payments relating to sales in prior years	(12,231)
Ending Balance	$ 10,178

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Revenue from contracts with customers - Schedule of Revenue Related Reserves Included in Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Disaggregation of Revenue [Line Items]
Revenue-related reserves	$ 312,008	$ 336,427
Reduction of Accounts Receivable
Disaggregation of Revenue [Line Items]
Revenue-related reserves	16,658	22,031
Components of Accrued Sales Discounts, Allowances and Reserves
Disaggregation of Revenue [Line Items]
Revenue-related reserves	253,173	272,452
Other long-term liabilities
Disaggregation of Revenue [Line Items]
Revenue-related reserves	$ 42,177	$ 41,944

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Revenue from Contracts with Customers - Schedule of Manufacturing and Royalty Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Disaggregation Of Revenue [Line Items]
Total revenues	$ 390,657	$ 399,131	$ 697,167	$ 749,503
Manufacturing Revenue
Disaggregation Of Revenue [Line Items]
Total revenues	16,567	20,280	33,894	50,310
Manufacturing Revenue | VUMERITY
Disaggregation Of Revenue [Line Items]
Total revenues	7,383	9,863	13,358	21,987
Manufacturing Revenue | RISPERDAL CONSTA
Disaggregation Of Revenue [Line Items]
Total revenues	3,812	3,428	12,927	6,023
Manufacturing Revenue | Other
Disaggregation Of Revenue [Line Items]
Total revenues	5,372	6,989	7,609	22,300
Royalty
Disaggregation Of Revenue [Line Items]
Total revenues	66,855	109,578	111,545	196,381
Royalty | Long-Acting INVEGA Products
Disaggregation Of Revenue [Line Items]
Total revenues	30,315	78,739	48,060	141,412
Royalty | VUMERITY
Disaggregation Of Revenue [Line Items]
Total revenues	32,016	25,371	53,874	44,501
Royalty | RISPERDAL CONSTA
Disaggregation Of Revenue [Line Items]
Total revenues	8	130	22	253
Royalty | Other
Disaggregation Of Revenue [Line Items]
Total revenues	4,516	5,338	9,589	10,215
Manufacturing and royalty revenues
Disaggregation Of Revenue [Line Items]
Total revenues	83,422	129,858	145,439	246,691
Manufacturing and royalty revenues | Long-Acting INVEGA Products
Disaggregation Of Revenue [Line Items]
Total revenues	30,315	78,739	48,060	141,412
Manufacturing and royalty revenues | VUMERITY
Disaggregation Of Revenue [Line Items]
Total revenues	39,399	35,234	67,232	66,488
Manufacturing and royalty revenues | RISPERDAL CONSTA
Disaggregation Of Revenue [Line Items]
Total revenues	3,820	3,558	12,949	6,276
Manufacturing and royalty revenues | Other
Disaggregation Of Revenue [Line Items]
Total revenues	$ 9,888	$ 12,327	$ 17,198	$ 32,515

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Revenue from Contracts with Customers - Additional Information (Details) - USD ($)	6 Months Ended
	Jun. 30, 2025	Dec. 31, 2024
Disaggregation Of Revenue [Line Items]
Contract liabilities	$ 578,000	$ 1,249,000
VIVITROL
Disaggregation Of Revenue [Line Items]
Actual credits received related to duplicate billings	17,700,000
ARISTADA and ARISTADA INITIO
Disaggregation Of Revenue [Line Items]
Actual credits received related to duplicate billings	7,200,000
Contract liabilities–short-term
Disaggregation Of Revenue [Line Items]
Contract liabilities	600,000	$ 1,200,000
Other long-term liabilities
Disaggregation Of Revenue [Line Items]
Contract liabilities	$ 0
Minimum
Disaggregation Of Revenue [Line Items]
Manufacturing Process period	10 days
Maximum
Disaggregation Of Revenue [Line Items]
Manufacturing Process period	56 days

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Revenue from Contracts with Customers - Schedule of Contract Assets and Contract Liabilities (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2025 USD ($)
Contract Asset [Abstract]
Contract assets at beginning of period	$ 4,990
Additions	3,766
Transferred to receivables, net	(7,332)
Contract assets at end of period	1,424
Contract Liabilities [Abstract]
Contract liabilities at beginning of the period	1,249
Additions	1,313
Amounts recognized into revenue	(1,984)
Contract liabilities at end of the period	$ 578

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Investments - Schedule of Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Available-for-sale securities:
Short-term investments, Amortized Cost	$ 492,645	$ 459,123
Gross Unrealized Gains	1,919	1,525
Gross Unrealized Losses less than one year	(9)	(116)
Gross Unrealized Losses greater than one year	(98)	(347)
Short-term investments, Estimated Fair Value	494,540	460,522
Long-term investments, Amortized Cost	38,207	73,340
Total long-term investments	38,269	73,148
Long-term investments, Estimated Fair Value	38,124	73,003
Amortized Cost	530,997	532,608
Estimated Fair Value	532,809	533,670
Short-term investments
Available-for-sale securities:
Gross Unrealized Gains	1,919	1,525
Gross Unrealized Losses less than one year	(9)	(116)
Gross Unrealized Losses greater than one year	(15)	(10)
Long-term investments
Available-for-sale securities:
Gross Unrealized Losses greater than one year	(83)	(337)
Total long-term investments	38,269	73,148
Amortized Cost	38,352	73,485
Certificates of deposit
Available-for-sale securities:
Amortized Cost	145	145
Estimated Fair Value	145	145
Corporate debt securities
Available-for-sale securities:
Short-term investments, Amortized Cost	226,554	192,617
Short-term investments, Estimated Fair Value	227,574	193,317
Long-term investments, Amortized Cost	8,627	24,484
Long-term investments, Estimated Fair Value	8,599	24,326
Corporate debt securities | Short-term investments
Available-for-sale securities:
Gross Unrealized Gains	1,027	762
Gross Unrealized Losses less than one year	(4)	(58)
Gross Unrealized Losses greater than one year	(3)	(4)
Corporate debt securities | Long-term investments
Available-for-sale securities:
Gross Unrealized Losses greater than one year	(28)	(158)
U.S. government and agency debt securities
Available-for-sale securities:
Short-term investments, Amortized Cost	266,091	266,506
Short-term investments, Estimated Fair Value	266,966	267,205
Long-term investments, Amortized Cost	29,580	48,856
Long-term investments, Estimated Fair Value	29,525	48,677
U.S. government and agency debt securities | Short-term investments
Available-for-sale securities:
Gross Unrealized Gains	892	763
Gross Unrealized Losses less than one year	(5)	(58)
Gross Unrealized Losses greater than one year	(12)	(6)
U.S. government and agency debt securities | Long-term investments
Available-for-sale securities:
Gross Unrealized Losses greater than one year	$ (55)	$ (179)

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Investments - Additional Information (Details) € in Millions, $ in Millions	6 Months Ended
	Jun. 30, 2025 USD ($) Investmentsecurity	Jun. 30, 2025 EUR (€) Investmentsecurity	Feb. 28, 2025 EUR (€)
Summary of Investment Holdings [Line Items]
Number of investment securities	330
Number of investment securities in an unrealized loss position	52	52
Aggregate estimated fair value of investments in unrealized loss position | $	$ 99.3
Agreement Commitment | €			€ 10.0
Commitment on equity method investment	$ 0.6	€ 0.5
Funding commitment as percentage of partnership's total funding	9.20%	9.20%

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Investments - Schedule of Proceeds from Sales and Maturities of Marketable Securities Plus Resulting Realized Gains and Losses (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Proceeds from the sales and maturities of investments	$ 195,078	$ 138,947
Realized gains	$ 3

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Investments - Schedule of Contractual Maturities of Available-for-Sale and Held-to-Maturity Securities (Details) $ in Thousands	Jun. 30, 2025 USD ($)
Available-for-sale, Amortized Cost
Within 1 year	$ 283,975
After 1 year through 5 years	246,877
Total	530,852
Available-for-sale, Estimated Fair Value
Within 1 year	284,485
After 1 year through 5 years	248,179
Total	532,664
Held-to-maturity, Amortized Cost
Within 1 year	145
Total	145
Held-to-maturity, Estimated Fair Value
Within 1 year	145
Total	$ 145

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Fair Value - Summary of the Company's Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Fair value
Debt securities	$ 532,664
Recurring Basis
Fair value
Cash equivalents	17,740	$ 8,388
Assets, Total	550,404	541,913
Recurring Basis | Level 1
Fair value
Cash equivalents	17,740	8,388
Assets, Total	267,951	273,478
Recurring Basis | Level 2
Fair value
Assets, Total	281,953	268,435
Recurring Basis | Level 3
Fair value
Debt securities	500
U.S. government and agency debt securities | Recurring Basis
Fair value
Debt securities	296,491	315,882
U.S. government and agency debt securities | Recurring Basis | Level 1
Fair value
Debt securities	250,211	265,090
U.S. government and agency debt securities | Recurring Basis | Level 2
Fair value
Debt securities	46,280	50,792
Corporate debt securities | Recurring Basis
Fair value
Debt securities	236,173	217,643
Corporate debt securities | Recurring Basis | Level 2
Fair value
Debt securities	235,673	$ 217,643
Corporate debt securities | Recurring Basis | Level 3
Fair value
Debt securities	$ 500

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Fair Value - Additional Information (Details)	6 Months Ended
	Jun. 30, 2025 USD ($)
Fair Value
Transfers between Level 1 to Level 2	$ 0
Transfers between Level 2 to Level 1	$ 0

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Fair Value - Summary of Fair value of Assets Determined Using Level 3 Inputs (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2025 USD ($)
Fair Value Disclosures [Abstract]
Purchase of a corporate debt security	$ 500
Balance, June 30, 2025	$ 500

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Inventory - Schedule of Inventories (Details) - USD ($) $ in Thousands		Jun. 30, 2025	Dec. 31, 2024
Inventory Disclosure [Abstract]
Raw materials		$ 68,423	$ 72,139
Work in process		81,390	79,871
Finished goods	[1]	42,111	30,877
Total inventory		$ 191,924	$ 182,887

[1] At June 30, 2025 and December 31, 2024, the Company had $33.5 million and $22.7 million, respectively, of finished goods inventory located at its third-party warehouse and shipping service provider.

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Inventory - Schedule of Inventories (Parenthetical) (Details) - USD ($) $ in Millions	Jun. 30, 2025	Dec. 31, 2024
Inventory Disclosure [Abstract]
Finished goods inventory located at third-party warehouse and shipping service provider	$ 33.5	$ 22.7

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Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Property, plant and equipment
Property, plant and equipment, gross	$ 504,324	$ 480,576
Less: accumulated depreciation	(264,925)	(253,012)
Total property, plant and equipment, net	239,399	227,564
Land
Property, plant and equipment
Property, plant and equipment, gross	957	957
Building and Improvements
Property, plant and equipment
Property, plant and equipment, gross	149,674	134,699
Furniture, Fixtures and Equipment
Property, plant and equipment
Property, plant and equipment, gross	274,115	244,113
Leasehold Improvements
Property, plant and equipment
Property, plant and equipment, gross	42,535	42,416
Construction in Progress
Property, plant and equipment
Property, plant and equipment, gross	$ 37,043	$ 58,391

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Leases - Summary of Future Lease Payments Under Non-Cancelable Leases (Details) $ in Thousands	Jun. 30, 2025 USD ($)
Leases [Abstract]
2025	$ 5,152
2026	10,380
2027	9,513
2028	9,574
Thereafter	59,695
Total operating lease payments	94,314
Less: imputed interest	(21,636)
Total operating lease liabilities	$ 72,678

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Leases - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Lessee Lease Description [Line Items]
Weighted average incremental borrowing rate	3.80%		3.80%
Payments for operating leases	$ 2.6	$ 2.5	$ 5.1	$ 5.0
Weighted average remaining lease term	6 years 6 months		6 years 6 months
Operating lease expense from continuing operations	$ 1.9	$ 1.8	$ 3.7	$ 3.6

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Accounts Payable and Accrued Expenses - Schedule of Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Payables and Accruals [Abstract]
Accounts payable	$ 99,206	$ 45,630
Accrued compensation	56,544	70,960
Accrued other	89,999	68,742
Total accounts payable and accrued expenses	$ 245,749	$ 185,332

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Accounts Payable and Accrued Expenses - Summary of Current Provision for Sales, Discounts, Allowances and Reserves (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Accrued Sales Discount Allowances And Reserves [Line Items]
Total accrued sales discounts, allowances and reserves	$ 253,173	$ 272,452
Medicaid Rebate
Accrued Sales Discount Allowances And Reserves [Line Items]
Total accrued sales discounts, allowances and reserves	189,021	202,044
Product Discounts
Accrued Sales Discount Allowances And Reserves [Line Items]
Total accrued sales discounts, allowances and reserves	16,832	19,351
Medicare Part D
Accrued Sales Discount Allowances And Reserves [Line Items]
Total accrued sales discounts, allowances and reserves	23,913	26,933
Other
Accrued Sales Discount Allowances And Reserves [Line Items]
Total accrued sales discounts, allowances and reserves	$ 23,407	$ 24,124

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Accounts Payable and Accrued Expenses - Additional Information (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Accounts Payable And Accrued Expenses [Line Items]
Accounts payable	$ 99,206	$ 45,630
State U.S. Medicaid Rebates
Accounts Payable And Accrued Expenses [Line Items]
Accounts payable	$ 43,300	$ 11,400

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Shareholders' Equity - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2025	Feb. 29, 2024
Stockholders' Equity Note [Abstract]
Share repurchase aggregate amount		$ 400.0
Shares repurchased	0
Share repurchase program remaining authorized amount	$ 200.0

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Share-based Compensation - Schedule of Share-based Compensation Expense (Details) - Continuing Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Share-based compensation Expense
Total share-based compensation expense	$ 24,966	$ 20,601	$ 47,776	$ 53,356
Cost of goods manufactured and sold
Share-based compensation Expense
Total share-based compensation expense	1,479	(279)	3,261	2,627
Research and development
Share-based compensation Expense
Total share-based compensation expense	6,510	6,021	12,401	16,299
Selling, general and administrative
Share-based compensation Expense
Total share-based compensation expense	$ 16,977	$ 14,859	$ 32,114	$ 34,430

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Share-based Compensation - Additional Information (Details) - USD ($) $ in Millions	Jun. 30, 2025	Dec. 31, 2024
Inventory
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share based compensation cost capitalized	$ 3.1	$ 3.1
Property, Plant and Equipment, Net
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share based compensation cost capitalized	$ 0.6	$ 0.0

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Earnings Per Ordinary Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2025	Jun. 30, 2024
Numerator:
Net income from continuing operations	$ 87,098		$ 94,658		$ 109,562	$ 133,606
Net loss from discontinued operations	0		(3,300)		0	(5,420)
NET INCOME	$ 87,098	$ 22,464	$ 91,358	$ 36,828	$ 109,562	$ 128,186
Denominator:
Basic	164,959		168,321		164,188	168,152
Dilutive ordinary share equivalents	3,398		2,656		4,282	3,808
Shares used in calculating diluted earnings (loss) per ordinary share	168,357		170,977		168,470	171,960
Stock Options
Denominator:
Dilutive ordinary share equivalents	1,649		839		1,967	1,284
Restricted Stock Unit Awards
Denominator:
Dilutive ordinary share equivalents	1,749		1,817		2,315	2,524

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Earnings Per Ordinary Share - Schedule of Anti-Dilutive Potential Common Share Equivalent Excluded from Calculation of Net Earnings Per Ordinary Share (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Denominator:
Anti-dilutive potential common share equivalent excluded from calculation of net earnings per ordinary share	12,406	16,814	11,305	14,846
Stock Options
Denominator:
Anti-dilutive potential common share equivalent excluded from calculation of net earnings per ordinary share	9,901	14,049	8,919	12,339
Restricted Stock Unit Awards
Denominator:
Anti-dilutive potential common share equivalent excluded from calculation of net earnings per ordinary share	2,505	2,765	2,386	2,507

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Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Income Taxes [Line Items]
Income tax provisions on income from continuing operations	$ 17,741	$ 22,061	$ 20,766	$ 30,025
Effective tax rate			15.90%	18.30%
Statutory tax rate			12.50%	12.50%

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Segment Reporting - Additional Information (Details)	6 Months Ended
	Jun. 30, 2025
Segment Reporting [Abstract]
Segment Reporting, Expense Information Used by CODM, Description	The Company’s CODM is periodically provided R&D expenses, selling and marketing expenses, and general and administrative expenses.

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Segment Reporting - Summary of Significant Segment Expenses (Details) - USD ($) $ in Thousands		3 Months Ended				6 Months Ended
		Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2025	Jun. 30, 2024
REVENUES:
Total revenues		$ 390,657		$ 399,131		$ 697,167	$ 749,503
EXPENSES:
Cost of goods manufactured and sold (exclusive of amortization of acquired intangible assets shown below)		49,460		61,472		98,657	120,116
Development programs:
Alixorexton		23,795		12,589		41,649	23,045
LYBALVI		5,050		3,710		8,901	8,751
Other external R&D expenses		10,589		10,014		21,562	18,803
Total external R&D expenses		39,434		26,313		72,112	50,599
Internal R&D expenses:
Employee-related		30,651		26,235		62,005	60,780
Occupancy		3,308		2,720		6,455	5,768
Depreciation		1,474		1,375		2,942	2,803
Other internal R&D expenses		2,503		3,006		5,673	7,310
Total internal R&D expenses		37,936		33,336		77,075	76,661
R&D expenses		77,370		59,649		149,187	127,260
Selling, general and administrative expenses:
Selling and marketing expense		121,175		119,667		244,109	245,284
General and administrative expense		49,674		48,446		98,444	102,578
Total selling, general and administrative expense		170,849		168,113		342,553	347,862
Other segment income (expenses)	[1]	(5,880)		(15,239)		2,792	(20,659)
NET INCOME FROM CONTINUING OPERATIONS		87,098		94,658		109,562	133,606
LOSS ON DISCONTINUED OPERATIONS, NET OF TAX		0		(3,300)		0	(5,420)
NET INCOME		$ 87,098	$ 22,464	$ 91,358	$ 36,828	$ 109,562	$ 128,186

[1] “Other segment income (expenses)” during the three and six months ended June 30, 2025 and 2024, includes “Amortization of acquired intangible assets”, “Other income, net” and “Income tax provision”.

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Commitments and Contingent Liabilities - Additional Information (Details)	1 Months Ended	6 Months Ended
	Jan. 31, 2023 USD ($)	Jun. 30, 2025 USD ($) ft²
Commitments And Contingencies [Line Items]
Potential material losses from claims, legal proceedings probable of occurring		$ 0
Additional sought value for damages as part of requested modification	$ 66,000,000
852 Winter Street Lease
Commitments And Contingencies [Line Items]
Area of real estate property | ft²		180,000
Guaranty date		May 16, 2014
Fair value of guarantee		$ 0