— Third Quarter Revenues of $252.4 Million Reflect Strong Year-Over-Year
Growth of Proprietary Commercial Product Portfolio —
— GAAP Loss per Share of $0.39 and Non-GAAP Earnings per Share of
$0.02 —
— Company Announces Intent to Separate
Oncology Business —
— Company Updates Financial Expectations
for Full-Year 2022 —
DUBLIN, Nov. 2, 2022
/PRNewswire/ -- Alkermes plc (Nasdaq: ALKS) today reported
financial results for the third quarter of 2022 and updated certain
financial expectations for full-year 2022. Alkermes today also
announced its intent, as approved by its Board of Directors (the
Board), to explore a separation of its commercial-stage
neuroscience business and development-stage oncology business.
"One year into the launch of LYBALVI®, we have gained
confidence in its commercial potential and the opportunity it
represents to be an important, long-term value driver for Alkermes.
Our teams have made excellent progress in raising awareness of
LYBALVI, establishing and expanding the foundation of prescribers,
and driving patient access to this important new medicine," said
Richard Pops, Chief Executive Officer of Alkermes. "We are proving
the value of our distinctive commercial capabilities with the
growth of our three proprietary products in complex and dynamic
markets. At the same time, we've progressed our oncology portfolio
with nemvaleukin in potential registration-enabling studies and our
pipeline of preclinical engineered cytokines advancing behind it.
As the value propositions for each of our neuroscience and oncology
businesses have come more clearly into focus, separating the
oncology business represents an important opportunity to unlock
value for each business and position both for success."
"Our third quarter results demonstrate strong year-over-year
growth of our proprietary commercial product portfolio and our
continued focus on operational efficiency. The addition of LYBALVI
to our portfolio of proprietary commercial products has highlighted
the operating leverage we have built into the business and the
growth potential it represents," commented Iain Brown, Chief Financial Officer of Alkermes.
"As we approach the end of the year, we are pleased to raise
certain of our financial expectations for 2022, primarily
reflecting the strong performance of LYBALVI. We remain in a strong
financial position to advance our strategic priorities with a focus
on execution and driving shareholder value as we work to separate
our neuroscience and oncology businesses."
Quarter Ended Sept. 30, 2022
Financial Results
Revenues
- Total revenues for the quarter were $252.4 million, compared to $294.1 million for the same period in the prior
year.
- Net sales of proprietary products for the quarter were
$199.4 million, compared to
$157.7 million for the same period in
the prior year.
- Net sales of VIVITROL® were $96.5 million, compared to $88.8 million for the same period in the prior
year, representing an increase of approximately 9%.
- Net sales of ARISTADA®i were $75.7 million, compared to $68.9 million for the same period in the prior
year, representing an increase of approximately 10%.
- Net sales of LYBALVI were $27.1
million, following its commercial launch in October 2021.
- Manufacturing and royalty revenues for the quarter were
$52.9 million, primarily driven by
royalty revenues from long-acting INVEGA® products and
VUMERITY®, partially offset by a one-time revenue
reversal related to AMPYRA®. Manufacturing and royalty
revenues were $136.3 million for the
same period in the prior year.
- Royalty revenues from INVEGA
SUSTENNA®/XEPLION®, INVEGA
TRINZA®/TREVICTA® and INVEGA
HAFYERA®/BYANNLI® (the long-acting INVEGA
products) were $26.7 million,
compared to $79.3 million for the
same period in the prior year. This decrease was driven primarily
by Janssen Pharmaceutica N.V.'s partial termination of the license
agreement related to sales of the long-acting INVEGA products in
the United States (U.S.),
effective Feb. 2, 2022.
- Manufacturing and royalty revenues from VUMERITY were
$26.3 million, compared to
$26.7 million for the same period in
the prior year.
- The company recorded a one-time reversal of royalty revenue of
approximately $21.5 million in the
quarter due to the outcome of recent arbitration proceedings
related to agreements pertaining to AMPYRA, which includes a
$16.5 million arbitration award and
other royalty revenue that was previously recognized.
Costs and Expenses
- Total operating expenses for the quarter were $313.0 million, compared to $313.8 million for the same period in the prior
year.
- Cost of Goods Manufactured and Sold was $50.6 million, compared to $49.6 million for the same period in the prior
year.
- Research and Development (R&D) expenses were $100.4 million, compared to $118.4 million for the same period in the prior
year. R&D expenses for the third quarter of 2021 included the
accrual of a $25.0 million
development milestone payment.
- Selling, General and Administrative (SG&A) expenses were
$152.8 million, compared to
$136.2 million for the same period in
the prior year, reflecting increased investment in the launch of
LYBALVI.
Profitability
- Net loss according to generally accepted accounting principles
in the U.S. (GAAP) was $64.0 million
for the quarter, or a basic and diluted GAAP loss per share of
$0.39. This compared to GAAP net loss
of $29.0 million, or a basic and
diluted GAAP loss per share of $0.18,
for the same period in the prior year.
- Non-GAAP net income was $3.5
million for the quarter, or a non-GAAP basic and diluted
earnings per share of $0.02. This
compared to non-GAAP net income of $23.6
million for the quarter, or a non-GAAP basic earnings per
share of $0.15 and non-GAAP diluted
earnings per share of $0.14, for the
same period in the prior year.
Balance Sheet
- At Sept. 30, 2022, the company
recorded cash, cash equivalents and total investments of
$747.1 million, compared to
$760.0 million at June 30, 2022. The company's total debt
outstanding as of Sept. 30, 2022 was
$293.9 million.
Financial Expectations for 2022
The following updated financial expectations for 2022 primarily
reflect LYBALVI's launch performance to date, the company's current
assumption that it will continue to receive royalty payments
related to sales of the long-acting INVEGA products outside the
U.S. through the end of the year and the impact of the AMPYRA
royalty revenue reversal. All line items are according to GAAP,
except as otherwise noted.
In
millions (except per share
amounts)
|
|
Current 2022
Expectation
(Provided
11/2/22)
|
Prior
2022
Expectation
(Provided
7/27/22)
|
|
|
|
|
Total
Revenue
|
|
$1,070 –
$1,120
|
$1,050 –
$1,120
|
VIVITROL Net
Sales
|
|
$370 – $380
|
$365 – $385
|
ARISTADA Net
Sales
|
|
$300 – $310
|
$295 – $315
|
LYBALVI Net
Sales
|
|
$88 – $95
|
$75 – $90
|
INVEGA Franchise
Royalties*
|
|
$115 – $120
|
$95 – $100
|
Other
revenues
|
|
$197 – $215
|
$220 – $230
|
Cost of Goods
Sold
|
|
$220 – $230
|
$215 – $225
|
R&D
Expenses
|
|
$385 – $400
|
$380 – $400
|
SG&A
Expenses
|
|
$590 – $605
|
$575 – $605
|
Amortization of
Intangible Assets
|
|
~$35
|
~$35
|
Interest Expense,
Net
|
|
$5 – $10
|
$5 – $10
|
Other Expense,
Net
|
|
~$20
|
~$15
|
Income Tax
Benefit
|
|
$10 – $15
|
$10 – $15
|
GAAP Net
Loss
|
|
($155) –
($185)
|
($145) –
($175)
|
GAAP Net Loss per
Share+
|
|
($0.95) –
($1.13)
|
($0.88) –
($1.07)
|
Non-GAAP Net
Income
|
|
$25 – $55
|
$15 – $45
|
Non-GAAP Earnings Per
Share+
|
|
$0.15 –
$0.33
|
$0.09 –
$0.27
|
Capital
Expenditures
|
|
$35 – $40
|
$35 – $40
|
*Reflects royalties
related to sales of INVEGA SUSTENNA/INVEGA TRINZA/INVEGA HAFYERA in
the U.S. through January 2022 and royalties related to sales of
XEPLION/ TREVICTA/BYANNLI through December 2022.
|
+ Current
2022 per share expectations are calculated based on a weighted
average basic share count of approximately 164.0 million shares
outstanding and a weighted average diluted share count of
approximately 169.0 million shares outstanding.
|
Recent Events:
Psychiatry
- In September 2022, the company
presented clinical, epidemiology and health economics and outcomes
research related to its psychiatry portfolio at Psych Congress
2022.
Corporate
- In November 2022, the company
announced approval by the Board to explore a separation of its
commercial-stage neuroscience business and development-stage
oncology business. The company, together with the Board and
external financial and legal advisors, plans to explore a
separation of the oncology business into an independent,
publicly-traded company as part of an ongoing review of strategic
alternatives for the oncology business. The separation, if
consummated, is expected to be completed in the second half of
2023.
- In September 2022, the company
published its latest Corporate Responsibility Report, which details
how the company integrates environmental, social and governance
considerations into its business. A copy of the report is available
on the Responsibility section of Alkermes' website.
Conference Call
Alkermes will host a conference call and webcast presentation
with accompanying slides at 8:00 a.m.
ET (12:00 p.m. GMT) on
Wednesday, Nov. 2, 2022, to discuss
these financial results and provide an update on the company. The
webcast may be accessed on the Investors section of Alkermes'
website at www.alkermes.com. The conference call may be accessed by
dialing +1 877 407 2988 for U.S. callers and +1 201 389 0923 for
international callers. In addition, a replay of the conference call
may be accessed by visiting Alkermes' website.
About Alkermes plc
Alkermes plc is a fully-integrated, global
biopharmaceutical company developing innovative medicines in the
fields of neuroscience and oncology. The company has a portfolio of
proprietary commercial products focused on alcohol dependence,
opioid dependence, schizophrenia and bipolar I disorder, and a
pipeline of product candidates in development for neurological
disorders and cancer. Headquartered in Dublin,
Ireland, Alkermes has a research and development center
in Waltham, Massachusetts; a research and manufacturing
facility in Athlone, Ireland; and a manufacturing facility
in Wilmington, Ohio. For more information, please visit
Alkermes' website at www.alkermes.com.
Non-GAAP Financial Measures
This press release includes information about certain financial
measures that are not prepared in accordance with GAAP, including
non-GAAP net income (loss) and non-GAAP basic and diluted earnings
(loss) per share. These non-GAAP measures are not based on any
standardized methodology prescribed by GAAP and are not necessarily
comparable to similar measures presented by other companies.
Non-GAAP net income (loss) adjusts for certain one-time and
non-cash charges by excluding from GAAP results: share-based
compensation expense; amortization; depreciation; non-cash net
interest expense; change in the fair value of contingent
consideration; certain other one-time or non-cash items; and the
income tax effect of these reconciling items.
The company's management and board of directors utilize these
non-GAAP financial measures to evaluate the company's performance.
The company provides these non-GAAP financial measures of the
company's performance to investors because management believes that
these non-GAAP financial measures, when viewed with the company's
results under GAAP and the accompanying reconciliations, are useful
in identifying underlying trends in ongoing operations. However,
non-GAAP net income (loss) and non-GAAP basic and diluted earnings
(loss) per share are not measures of financial performance under
GAAP and, accordingly, should not be considered as alternatives to
GAAP measures as indicators of operating performance. Further,
non-GAAP net income (loss) and non-GAAP basic and diluted earnings
(loss) per share should not be considered measures of the company's
liquidity.
A reconciliation of GAAP to non-GAAP financial measures has been
provided in the tables included in this press release.
Note Regarding Forward-Looking Statements
Certain statements set forth in this press release constitute
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995, as amended, including,
but not limited to, statements concerning: the company's
expectations concerning its future financial and operating
performance, business plans or prospects, including its assumptions
regarding royalty payments on sales of the long-acting INVEGA
products outside the U.S., its commitment and plans to drive
shareholder value, and its ability to execute on its strategic
priorities; the company's plans to explore separation of its
neuroscience and oncology businesses, including the anticipated
timing, structure and benefits of a potential separation and
expectations concerning the future financial and operating
performance, business plans or prospects of the two businesses, if
separated; and the potential therapeutic and commercial value of
the company's products. The company cautions that forward-looking
statements are inherently uncertain. The forward-looking statements
are neither promises nor guarantees and they are necessarily
subject to a high degree of uncertainty and risk. Actual
performance and results may differ materially from those expressed
or implied in the forward-looking statements due to various risks
and uncertainties. These risks and uncertainties include, among
others: the company's efforts to manage its cost structure may not
yield the intended results; the company may not be able to achieve
long-term profitability or its profitability targets in a timely
manner or at all; the impacts of the ongoing COVID-19 pandemic on
the company's business, results of operations or financial
condition, including impacts on healthcare systems and on patient
and healthcare provider access to the company's marketed products;
the company may not ultimately separate its oncology business
during 2023 or at all; unanticipated developments, costs or
difficulties that may delay or otherwise negatively affect a
potential separation of the company's neuroscience and oncology
businesses; disruption to the company's operations resulting from
the potential separation; the company may be unable to make, on a
timely or cost-effective basis, the changes necessary to separately
operate its neuroscience and oncology businesses; the potential
separation or announcement thereof may adversely impact the
company's ability to attract or retain key personnel; the
unfavorable outcome of arbitration or litigation, including
so-called "Paragraph IV" litigation and other patent litigation, or
other disputes related to the company's products or products using
the company's proprietary technologies, including the arbitration
proceedings with Janssen Pharmaceutica N.V.; clinical development
activities may not be completed on time or at all; the results of
the company's development activities may not be positive, or
predictive of final results from such activities, results of future
development activities or real-world results; the U.S. Food and
Drug Administration (FDA) may not agree with the company's
regulatory approval strategies or components of the company's
marketing applications; the FDA or regulatory authorities
outside the U.S. may make adverse decisions regarding the
company's products; the company and its licensees may not be able
to continue to successfully commercialize their products; there may
be a reduction in payment rate or reimbursement for the company's
products or an increase in the company's financial obligations to
government payers; the company's products may prove difficult to
manufacture, be precluded from commercialization by the proprietary
rights of third parties, or have unintended side effects, adverse
reactions or incidents of misuse; and those risks and uncertainties
described under the heading "Risk Factors" in the company's Annual
Report on Form 10-K for the year ended Dec.
31, 2021 and in subsequent filings made by the company with
the U.S. Securities and Exchange Commission (SEC), including the
company's Quarterly Report on Form 10-Q for the quarter ended
Sept. 30, 2022, which are available
on the SEC's website at www.sec.gov. Existing and prospective
investors are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date hereof.
Except as required by law, the company disclaims any intention or
responsibility for updating or revising any forward-looking
statements contained in this press release.
VIVITROL® is a registered trademark of Alkermes,
Inc.; ARISTADA®, ARISTADA INITIO® and
LYBALVI® are registered trademarks of Alkermes Pharma
Ireland Limited, used by Alkermes, Inc. under
license; BYANNLI®, INVEGA®, INVEGA
HAFYERA®, INVEGA SUSTENNA®, INVEGA
TRINZA®, TREVICTA® and XEPLION®
are registered trademarks of Johnson & Johnson Corporation;
VUMERITY® is a registered trademark of Biogen Inc., used
by Alkermes under license; and AMPYRA® is a
registered trademark of Acorda Therapeutics, Inc.
(tables follow)
|
|
|
|
|
|
|
i The
term "ARISTADA" as used in this press release refers to ARISTADA
and ARISTADA INITIO®, unless the context indicates
otherwise.
|
Alkermes plc and
Subsidiaries
|
|
Selected Financial
Information (Unaudited)
|
|
|
|
|
|
|
|
Condensed
Consolidated Statements of Operations - GAAP
|
|
Three Months
Ended
|
|
Three Months
Ended
|
|
(In thousands,
except per share data)
|
|
September 30, 2022
|
|
September 30, 2021
|
|
Revenues:
|
|
|
|
|
|
Product sales,
net
|
|
$
199,380
|
|
$
157,737
|
|
Manufacturing and
royalty revenues
|
|
52,941
|
|
136,294
|
|
Research and
development revenue
|
|
36
|
|
110
|
|
Total
Revenues
|
|
252,357
|
|
294,141
|
|
Expenses:
|
|
|
|
|
|
Cost of goods
manufactured and sold
|
|
50,625
|
|
49,561
|
|
Research and
development
|
|
100,430
|
|
118,411
|
|
Selling, general and
administrative
|
|
152,777
|
|
136,213
|
|
Amortization of
acquired intangible assets
|
|
9,166
|
|
9,615
|
|
Total
Expenses
|
|
312,998
|
|
313,800
|
|
Operating
Loss
|
|
(60,641)
|
|
(19,659)
|
|
Other Expense,
net:
|
|
|
|
|
|
Interest
income
|
|
2,239
|
|
468
|
|
Interest
expense
|
|
(3,552)
|
|
(2,437)
|
|
Change in the fair
value of contingent consideration
|
|
(3,553)
|
|
(5,195)
|
|
Other (expense) income,
net
|
|
(1,861)
|
|
288
|
|
Total Other Expense,
net
|
|
(6,727)
|
|
(6,876)
|
|
Loss Before Income
Taxes
|
|
(67,368)
|
|
(26,535)
|
|
(Benefit) Provision for
Income Taxes
|
|
(3,394)
|
|
2,453
|
|
Net Loss —
GAAP
|
|
$
(63,974)
|
|
$
(28,988)
|
|
|
|
|
|
|
|
(Loss) Earnings Per
Share:
|
|
|
|
|
|
GAAP loss per share —
basic and diluted
|
|
$
(0.39)
|
|
$
(0.18)
|
|
Non-GAAP earnings per
share — basic
|
|
$
0.02
|
|
$
0.15
|
|
Non-GAAP earnings per
share — diluted
|
|
$
0.02
|
|
$
0.14
|
|
|
|
|
|
|
|
Weighted Average
Number of Ordinary Shares Outstanding:
|
|
|
|
|
|
Basic and diluted —
GAAP
|
|
164,282
|
|
161,456
|
|
Basic —
Non-GAAP
|
|
164,282
|
|
161,456
|
|
Diluted —
Non-GAAP
|
|
168,762
|
|
166,758
|
|
|
|
|
|
|
|
An itemized
reconciliation between net loss on a GAAP basis and non-GAAP net
income is as follows:
|
|
Net Loss —
GAAP
|
|
$
(63,974)
|
|
$
(28,988)
|
|
Adjustments:
|
|
|
|
|
|
Share-based
compensation expense
|
|
26,051
|
|
25,600
|
|
Depreciation
expense
|
|
10,431
|
|
9,775
|
|
Amortization
expense
|
|
9,166
|
|
9,615
|
|
Legal
settlement
|
|
15,905
|
|
—
|
|
Income tax effect
related to reconciling items
|
|
(17)
|
|
2,243
|
|
Non-cash net interest
expense
|
|
116
|
|
117
|
|
Reduction in the fair
value of contingent consideration and other related
assets
|
|
5,835
|
|
5,195
|
|
Non-GAAP Net
Income
|
|
$
3,513
|
|
$
23,557
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alkermes plc and
Subsidiaries
|
|
Selected Financial
Information (Unaudited)
|
|
|
|
|
|
|
|
Condensed
Consolidated Statements of Operations - GAAP
|
|
Nine Months
Ended
|
|
Nine Months
Ended
|
|
(In thousands,
except per share data)
|
|
September 30, 2022
|
|
September 30, 2021
|
|
Revenues:
|
|
|
|
|
|
Product sales,
net
|
|
$
561,435
|
|
$
448,508
|
|
Manufacturing and
royalty revenues
|
|
243,437
|
|
398,435
|
|
License
revenue
|
|
2,000
|
|
1,500
|
|
Research and
development revenue
|
|
249
|
|
845
|
|
Total
Revenues
|
|
807,121
|
|
849,288
|
|
Expenses:
|
|
|
|
|
|
Cost of goods
manufactured and sold
|
|
164,144
|
|
143,705
|
|
Research and
development
|
|
289,256
|
|
308,152
|
|
Selling, general and
administrative
|
|
448,206
|
|
400,569
|
|
Amortization of
acquired intangible assets
|
|
27,198
|
|
28,532
|
|
Total
Expenses
|
|
928,804
|
|
880,958
|
|
Operating
Loss
|
|
(121,683)
|
|
(31,670)
|
|
Other Expense,
net:
|
|
|
|
|
|
Interest
income
|
|
3,708
|
|
1,955
|
|
Interest
expense
|
|
(8,271)
|
|
(8,814)
|
|
Change in the
fair value of contingent consideration
|
|
(21,750)
|
|
(677)
|
|
Other income
(expense), net
|
|
2,380
|
|
(327)
|
|
Total Other Expense,
net
|
|
(23,933)
|
|
(7,863)
|
|
Loss Before Income
Taxes
|
|
(145,616)
|
|
(39,533)
|
|
(Benefit) Provision for
Income Taxes
|
|
(15,603)
|
|
9,509
|
|
Net Loss —
GAAP
|
|
$
(130,013)
|
|
$
(49,042)
|
|
|
|
|
|
|
|
(Loss) Earnings Per
Share:
|
|
|
|
|
|
GAAP loss per share —
basic and diluted
|
|
$
(0.79)
|
|
$
(0.31)
|
|
Non-GAAP earnings per
share — basic
|
|
$
0.21
|
|
$
0.56
|
|
Non-GAAP earnings per
share — diluted
|
|
$
0.20
|
|
$
0.55
|
|
|
|
|
|
|
|
Weighted Average
Number of Ordinary Shares Outstanding:
|
|
|
|
|
|
Basic and diluted —
GAAP
|
|
163,541
|
|
160,642
|
|
Basic —
Non-GAAP
|
|
163,541
|
|
160,642
|
|
Diluted —
Non-GAAP
|
|
167,687
|
|
164,077
|
|
|
|
|
|
|
|
An itemized
reconciliation between net loss on a GAAP basis and non-GAAP net
income is as follows:
|
|
Net Loss —
GAAP
|
|
$
(130,013)
|
|
$
(49,042)
|
|
Adjustments:
|
|
|
|
|
|
Share-based
compensation expense
|
|
67,771
|
|
68,603
|
|
Depreciation
expense
|
|
30,988
|
|
28,978
|
|
Amortization
expense
|
|
27,198
|
|
28,532
|
|
Legal
settlement
|
|
15,905
|
|
—
|
|
Income tax effect
related to reconciling items
|
|
(2,593)
|
|
10,349
|
|
Non-cash net interest
expense
|
|
350
|
|
352
|
|
Reduction in the fair
value of contingent consideration and other related
assets
|
|
24,032
|
|
677
|
|
Debt refinancing
charge
|
|
—
|
|
2,109
|
|
Non-GAAP Net
Income
|
|
$
33,638
|
|
$
90,558
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed
Consolidated Balance Sheets
|
|
September 30,
|
|
December
31,
|
|
(In
thousands)
|
|
2022
|
|
2021
|
|
Cash, cash equivalents
and total investments
|
|
$
-
|
|
$
-
|
|
Receivables
|
|
-
|
|
-
|
|
Inventory
|
|
-
|
|
-
|
|
Contract
assets
|
|
-
|
|
-
|
|
Prepaid expenses and
other current assets
|
|
-
|
|
-
|
|
Property, plant and
equipment, net
|
|
(8,666)
|
|
-
|
|
Intangible assets, net
and goodwill
|
|
-
|
|
-
|
|
Other assets
|
|
1
|
|
-
|
|
Total
Assets
|
|
$
(8,665)
|
|
$
-
|
|
Long-term debt —
current portion
|
|
$
-
|
|
$
-
|
|
Other current
liabilities
|
|
-
|
|
-
|
|
Long-term
debt
|
|
-
|
|
-
|
|
Contract liabilities —
long-term
|
|
|
|
|
|
Other long-term
liabilities
|
|
(6,384)
|
|
(1)
|
|
Total shareholders'
equity
|
|
(2,282)
|
|
-
|
|
Total Liabilities
and Shareholders' Equity
|
|
$
(8,666)
|
|
$
(1)
|
|
|
|
|
|
|
|
Ordinary shares
outstanding (in thousands)
|
|
164,303
|
|
161,937
|
|
|
|
|
|
|
|
This selected financial
information should be read in conjunction with the consolidated
financial statements and notes thereto
included in Alkermes plc's Quarterly Report on Form 10-Q for the
three and nine months ended September 30, 2022, which the
company intends to file in November 2022.
|
|
|
|
|
|
|
|
2022 Guidance — GAAP
to Non-GAAP Adjustments
|
|
|
|
|
|
|
An itemized
reconciliation between projected loss per share on a GAAP basis and
projected earnings per share on a non-GAAP basis is as
follows:
|
|
|
|
|
|
|
(In millions, except
per share data)
|
|
Amount
|
|
Shares
|
|
Projected Net Loss —
GAAP
|
|
$
(170.0)
|
|
164
|
|
Adjustments:
|
|
|
|
|
|
Share-based
compensation expense
|
|
91.0
|
|
|
|
Depreciation
expense
|
|
40.0
|
|
|
|
Amortization
expense
|
|
35.0
|
|
|
|
Change in the fair
value of contingent consideration
|
|
24.0
|
|
|
|
Legal
settlement
|
|
16.0
|
|
|
|
Income tax effect
related to reconciling items
|
|
3.0
|
|
|
|
Non-cash net interest
expense
|
|
1.0
|
|
|
|
Projected Net Income —
Non-GAAP
|
|
$
40.0
|
|
169
|
|
|
|
|
|
|
|
Projected GAAP and
non-GAAP measures reflect mid-points within ranges of estimated
guidance.
|
Alkermes Contacts:
For Investors: Sandy Coombs
+1 781 609 6377
For Media: Katie
Joyce +1 781 249 8927
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SOURCE Alkermes plc