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Form 8-K Alkermes plc. For: Jul 27

July 27, 2022 7:06 AM EDT

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false Alkermes plc. 0001520262 0001520262 2022-07-27 2022-07-27

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): July 27, 2022

ALKERMES PUBLIC LIMITED COMPANY

(Exact name of registrant as specified in its charter)

 

Ireland

 

001-35299

 

98-1007018

(State or other jurisdiction

 

(Commission

 

(IRS Employer

of incorporation)

 

File Number)

 

Identification No.)

 

 

 

 

 

 

Connaught House, 1 Burlington Road

Dublin 4, Ireland D04 C5Y6

(Address of principal executive offices)

 

Registrant's telephone number, including area code: + 353-1-772-8000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

 

 

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

 

 

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

 

 

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

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 is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

 

 

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.

 

 

 

 


 

 

Item 2.02 Results of Operations and Financial Condition.

 

On July 27, 2022, Alkermes plc (the “Company”) announced financial results for the three and six months ended June 30, 2022 and updated certain financial expectations for the year ending December 31, 2022. Copies of the related press release and the investor presentation to be displayed during the Company’s conference call on July 27, 2022 discussing such financial results and financial expectations are furnished herewith as Exhibit 99.1 and Exhibit 99.2, respectively. This information, including Exhibits 99.1 and 99.2, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

 

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

 

EXHIBIT INDEX

 

 

2


 

 

SIGNATURE

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 hereunto duly authorized.

 

 

ALKERMES PLC

 

 

Date: July 27, 2022

By:

 

/s/ Iain M. Brown

 

 

 

Iain M. Brown

 

 

 

Senior Vice President, Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer)

 

3

Exhibit 99.1

alex

 

 

 

Alkermes Contacts:

 

 

For Investors:

Sandy Coombs     +1 781 609 6377

 

For Media:  

Katie Joyce         +1 781 249 8927

 

Alkermes plc Reports Second Quarter 2022 Financial Results

— Second Quarter Revenues of $276.2 Million Reflect Strong Growth in Proprietary Net Sales

— GAAP Loss per Share of $0.18 and Non-GAAP Earnings per Share of $0.06

Raises Financial Expectations for Full-Year 2022

 

DUBLIN, July 27, 2022 — Alkermes plc (Nasdaq: ALKS) today reported financial results for the second quarter of 2022 and provided updated financial expectations for full-year 2022.

“In the second quarter, Alkermes continued to execute successfully across the business. VIVITROL® and ARISTADA® both grew year-over-year and sequentially, and LYBALVI® continued on a strong launch trajectory,” commented Iain Brown, Chief Financial Officer of Alkermes. “Today, we are pleased to be raising our financial expectations for full-year 2022, primarily due to LYBALVI’s launch performance and updated assumptions related to continued royalty revenues on sales of long-acting INVEGA® products outside of the U.S. We believe that we are well positioned to continue to make meaningful progress against our strategic priorities and to drive shareholder value.”

 

Quarter Ended June 30, 2022 Financial Results

Revenues

 

Total revenues for the quarter were $276.2 million, compared to $303.7 million for the same period in the prior year.

 

Net sales of proprietary products for the quarter were $190.8 million, compared to $160.8 million for the same period in the prior year.

 

o

Net sales of VIVITROL were $96.1 million, compared to $88.4 million for the same period in the prior year, representing an increase of approximately 9%.

 

o

Net sales of ARISTADA1 were $74.6 million, compared to $72.4 million for the same period in the prior year, representing an increase of approximately 3%.

 

o

Net sales of LYBALVI were $20.1 million, following its commercial launch in October 2021.

 

Manufacturing and royalty revenues for the quarter were $85.3 million, compared to $142.3 million for the same period in the prior year.

 

o

Royalty revenues from INVEGA SUSTENNA®/XEPLION®, INVEGA TRINZA®/TREVICTA® and INVEGA HAFYERA®/BYANNLI® (the long-acting INVEGA products) were $26.6 million, compared to $81.1 million for the same period in the prior year. This decrease was driven primarily by Janssen Pharmaceutica N.V.’s (Janssen) partial termination of the license agreement related to sales of the long-acting INVEGA products in the United States (U.S.).

 

o

Manufacturing and royalty revenues from VUMERITY® were $26.2 million, compared to $20.3 million for the same period in the prior year.


Costs and Expenses

 

Total operating expenses for the quarter were $310.7 million, compared to $299.3 million for the same period in the prior year, primarily reflecting increased investment to support the commercial launch of LYBALVI.

 

o

Cost of Goods Manufactured and Sold were $58.4 million, compared to $53.1 million for the same period in the prior year.

 

o

Research and Development (R&D) expenses were $92.9 million, compared to $97.5 million for the same period in the prior year.

 

o

Selling, General and Administrative (SG&A) expenses were $150.4 million, compared to $139.2 million for the same period in the prior year.

Profitability

 

Net loss according to generally accepted accounting principles in the U.S. (GAAP) was $30.1 million for the quarter, or a basic and diluted GAAP loss per share of $0.18. This compared to GAAP net income of $2.4 million, or a basic and diluted GAAP earnings per share of $0.01, for the same period in the prior year.

 

Non-GAAP net income was $10.5 million for the quarter, or a non-GAAP basic and diluted earnings per share of $0.06. This compared to non-GAAP net income of $49.2 million for the quarter, or a non-GAAP basic earnings per share of $0.31 and a diluted earnings per share of $0.30, for the same period in the prior year.

Balance Sheet

 

At June 30, 2022, the company recorded cash, cash equivalents and total investments of $760.0 million, compared to $758.7 million at March 31, 2022. The company’s total debt outstanding as of June 30, 2022 was $294.5 million.

“Our second quarter results reflect revenue growth from our proprietary commercial portfolio, highlighted by our continued progress in the launch of LYBALVI, a new oral treatment for schizophrenia and bipolar I disorder,” said Richard Pops, Chief Executive Officer of Alkermes. “At the same time, we continued to make progress in our development pipeline, highlighted by the presentation of nemvaleukin ARTISTRY-1 data at the 2022 ASCO annual meeting. As we strive to make a meaningful impact on the lives of patients and families, we will continue to focus on execution against our strategic priorities and our commitment to deliver value for our shareholders.”

 

Financial Expectations for 2022

 

The following updated financial expectations for 2022 primarily reflect LYBALVI’s launch performance to date and 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 at least October 2022. All line items are according to GAAP, except as otherwise noted.

2

 


In millions (except per share amounts)

 

Current 2022

Expectation

(Provided 7/27/22)

Prior 2022

Expectation

(Provided 2/16/22)

 

 

 

 

Total Revenue

 

$1,050 – $1,120

$1,000 – $1,090

VIVITROL Net Sales

 

$365 – $385

$355 – $385

ARISTADA Net Sales

 

$295 – $315

$290 – $320

LYBALVI Net Sales

 

$75 – $90

$55 – $75

INVEGA Franchise Royalties*

 

$95 – $100

$45 – $50

Other revenues

 

$220 – $230

$255 - $260

Cost of Goods Sold

 

$215 – $225

$215 – $225

R&D Expenses

 

$380 – $400

$385 – $415

SG&A Expenses

 

$575 – $605

$575 – $605

Amortization of Intangible Assets

 

~$35

~$35

Interest Expense, Net

 

$5 – $10

$5 – $10

Other Expense, Net

 

~$15

$0

Income Tax Benefit

 

$10 – $15

$10 – $15

GAAP Net Loss

 

($145) – ($175)

($180) – ($210)

GAAP Net Loss per Share+

 

($0.88) – ($1.07)

($1.10) – ($1.29)

Non-GAAP Net Income (Loss)

 

$15 $45

($30) – $0

Non-GAAP Earnings (Loss) Per Share+

 

$0.09 – $0.27

($0.18) – $0.00

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 October 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:

Oncology

 

In June 2022, the company presented data from its phase 1/2 ARTISTRY-1 clinical trial for nemvaleukin alfa (nemvaleukin), the company’s novel, investigational, engineered interleukin-2 (IL-2) variant immunotherapy, at the American Society of Clinical Oncology (ASCO) Annual Meeting. Trial-in-progress posters from the ongoing ARTISTRY-3 trial and the potential registration-enabling ARTISTRY-6 and ARTISTRY-7 trials were also presented at the ASCO meeting.

Psychiatry

 

In May 2022, the company presented research related to its psychiatry portfolio at four scientific conferences. The meetings included: American Telemedicine Association (ATA) Annual Conference, International Society for Pharmacoeconomics and Outcomes Research (ISPOR) Annual Meeting, American Psychiatric Association (APA) Annual Meeting, and American Society of Clinical Psychopharmacology (ASCP) Annual Conference.

3

 


Other

 

In May 2022, the company announced a series of actions as part of its ongoing commitment to strong corporate governance and regular board refreshment, including the appointment to the company’s Board of Directors (the Board) of Christopher I. Wright, M.D., Ph.D., a new, independent director with neuroscience and drug development expertise and the seventh independent director to join the Board in the last three years; the appointment of Nancy J. Wysenski as Lead Independent Director of the Board; and the retirement from the Board of two longer-serving directors, David W. Anstice AO and Wendy L. Dixon, Ph.D.

Conference Call

Alkermes will host a conference call and webcast presentation with accompanying slides at 8:00 a.m. ET (1:00 p.m. BST) on Wednesday, July 27, 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 will be available from 11:00 a.m. ET (4:00 p.m. BST) on Wednesday, July 27, 2022, through Wednesday, August 3, 2022, and may be accessed by visiting Alkermes’ website or by dialing +1 877 660 6853 for U.S. callers and +1 201 612 7415 for international callers. The replay conference ID is 13731319.

 

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 neurodegenerative disorders and cancer. Headquartered in Dublin, Ireland, Alkermes has an R&D 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.

 

4

 


 

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; 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 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; 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), 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; and VUMERITY® is a registered trademark of Biogen Inc., used by Alkermes under license.

 

(tables follow)

 

 

 

1 

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)

 

June 30, 2022

 

 

June 30, 2021

 

Revenues:

 

 

 

 

 

 

 

 

Product sales, net

 

$

190,787

 

 

$

160,808

 

Manufacturing and royalty revenues

 

 

85,326

 

 

 

142,294

 

Research and development revenue

 

 

106

 

 

 

615

 

Total Revenues

 

 

276,219

 

 

 

303,717

 

Expenses:

 

 

 

 

 

 

 

 

Cost of goods manufactured and sold

 

 

58,360

 

 

 

53,124

 

Research and development

 

 

92,873

 

 

 

97,473

 

Selling, general and administrative

 

 

150,377

 

 

 

139,188

 

Amortization of acquired intangible assets

 

 

9,066

 

 

 

9,511

 

Total Expenses

 

 

310,676

 

 

 

299,296

 

Operating (Loss) Income

 

 

(34,457

)

 

 

4,421

 

Other Income, net:

 

 

 

 

 

 

 

 

Interest income

 

 

896

 

 

 

623

 

Interest expense

 

 

(2,369

)

 

 

(2,407

)

Change in the fair value of contingent consideration

 

 

870

 

 

 

3,240

 

Other income (expense), net

 

 

1,810

 

 

 

(222

)

Total Other Income, net

 

 

1,207

 

 

 

1,234

 

(Loss) Income Before Income Taxes

 

 

(33,250

)

 

 

5,655

 

(Benefit) Provision for Income Taxes

 

 

(3,114

)

 

 

3,291

 

Net (Loss) Income — GAAP

 

$

(30,136

)

 

$

2,364

 

 

 

 

 

 

 

 

 

 

(Loss) Earnings Per Share:

 

 

 

 

 

 

 

 

GAAP (loss) earnings per share — basic and diluted

 

$

(0.18

)

 

$

0.01

 

Non-GAAP earnings per share — basic

 

$

0.06

 

 

$

0.31

 

Non-GAAP earnings per share — diluted

 

$

0.06

 

 

$

0.30

 

 

 

 

 

 

 

 

 

 

Weighted Average Number of Ordinary Shares Outstanding:

 

 

 

 

 

 

 

 

Basic — GAAP

 

 

163,839

 

 

 

160,817

 

Diluted — GAAP

 

 

163,839

 

 

 

163,937

 

Basic — Non-GAAP

 

 

163,839

 

 

 

160,817

 

Diluted — Non-GAAP

 

 

168,706

 

 

 

163,937

 

 

 

 

 

 

 

 

 

 

An itemized reconciliation between net (loss) income on a GAAP basis and non-GAAP net income is as follows:

 

Net (Loss) Income — GAAP

 

$

(30,136

)

 

$

2,364

 

Adjustments:

 

 

 

 

 

 

 

 

Share-based compensation expense

 

 

23,377

 

 

 

27,552

 

Depreciation expense

 

 

10,326

 

 

 

8,966

 

Amortization expense

 

 

9,066

 

 

 

9,511

 

Income tax effect related to reconciling items

 

 

(1,383

)

 

 

3,927

 

Non-cash net interest expense

 

 

117

 

 

 

117

 

Change in the fair value of contingent consideration

 

 

(870

)

 

 

(3,240

)

Non-GAAP Net Income

 

$

10,497

 

 

$

49,197

 

 


5

 


 

 

Alkermes plc and Subsidiaries

 

Selected Financial Information (Unaudited)

 

 

 

 

 

 

 

 

 

 

Condensed Consolidated Statements of Operations - GAAP

 

Six Months Ended

 

 

Six Months Ended

 

(In thousands, except per share data)

 

June 30, 2022

 

 

June 30, 2021

 

Revenues:

 

 

 

 

 

 

 

 

Product sales, net

 

$

362,055

 

 

$

290,771

 

Manufacturing and royalty revenues

 

 

190,496

 

 

 

262,141

 

License revenue

 

 

2,000

 

 

 

1,500

 

Research and development revenue

 

 

213

 

 

 

735

 

Total Revenues

 

 

554,764

 

 

 

555,147

 

Expenses:

 

 

 

 

 

 

 

 

Cost of goods manufactured and sold

 

 

113,519

 

 

 

94,144

 

Research and development

 

 

188,826

 

 

 

189,741

 

Selling, general and administrative

 

 

295,429

 

 

 

264,356

 

Amortization of acquired intangible assets

 

 

18,032

 

 

 

18,917

 

Total Expenses

 

 

615,806

 

 

 

567,158

 

Operating Loss

 

 

(61,042

)

 

 

(12,011

)

Other Expense, net:

 

 

 

 

 

 

 

 

  Interest income

 

 

1,469

 

 

 

1,487

 

  Interest expense

 

 

(4,719

)

 

 

(6,377

)

  Change in the fair value of contingent consideration

 

 

(18,197

)

 

 

4,518

 

  Other income (expense), net

 

 

4,241

 

 

 

(615

)

Total Other Expense, net

 

 

(17,206

)

 

 

(987

)

Loss Before Income Taxes

 

 

(78,248

)

 

 

(12,998

)

(Benefit) Provision for Income Taxes

 

 

(12,209

)

 

 

7,056

 

Net Loss — GAAP

 

$

(66,039

)

 

$

(20,054

)

 

 

 

 

 

 

 

 

 

(Loss) Earnings Per Share:

 

 

 

 

 

 

 

 

GAAP loss per share — basic and diluted

 

$

(0.40

)

 

$

(0.13

)

Non-GAAP earnings per share — basic

 

$

0.18

 

 

$

0.42

 

Non-GAAP earnings per share — diluted

 

$

0.18

 

 

$

0.41

 

 

 

 

 

 

 

 

 

 

Weighted Average Number of Ordinary Shares Outstanding:

 

 

 

 

 

 

 

 

Basic and diluted — GAAP

 

 

163,165

 

 

 

160,229

 

Basic — Non-GAAP

 

 

163,165

 

 

 

160,229

 

Diluted — Non-GAAP

 

 

167,372

 

 

 

163,174

 

 

 

 

 

 

 

 

 

 

An itemized reconciliation between net loss on a GAAP basis and non-GAAP net income is as follows:

 

Net Loss — GAAP

 

$

(66,039

)

 

$

(20,054

)

Adjustments:

 

 

 

 

 

 

 

 

Share-based compensation expense

 

 

41,720

 

 

 

43,003

 

Depreciation expense

 

 

20,557

 

 

 

19,203

 

Amortization expense

 

 

18,032

 

 

 

18,917

 

Income tax effect related to reconciling items

 

 

(2,576

)

 

 

8,106

 

Non-cash net interest expense

 

 

234

 

 

 

235

 

Change in the fair value of contingent consideration

 

 

18,197

 

 

 

(4,518

)

Debt refinancing charge

 

 

 

 

 

2,109

 

Non-GAAP Net Income

 

$

30,125

 

 

$

67,001

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

Alkermes plc and Subsidiaries

 

Selected Financial Information (Unaudited)

 

 

 

 

 

 

 

 

 

 

Condensed Consolidated Balance Sheets

 

June 30,

 

 

December 31,

 

(In thousands)

 

2022

 

 

2021

 

Cash, cash equivalents and total investments

 

$

759,977

 

 

$

765,741

 

Receivables

 

 

245,840

 

 

 

313,193

 

Inventory

 

 

155,608

 

 

 

150,335

 

Contract assets

 

 

16,486

 

 

 

13,363

 

Prepaid expenses and other current assets

 

 

47,090

 

 

 

48,967

 

Property, plant and equipment, net

 

 

337,146

 

 

 

341,054

 

Intangible assets, net and goodwill

 

 

148,884

 

 

 

166,916

 

Other assets

 

 

246,386

 

 

 

224,915

 

Total Assets

 

$

1,957,417

 

 

$

2,024,484

 

Long-term debt — current portion

 

$

3,000

 

 

$

3,000

 

Other current liabilities

 

 

435,518

 

 

 

468,286

 

Long-term debt

 

 

291,537

 

 

 

292,804

 

Other long-term liabilities

 

 

145,038

 

 

 

147,810

 

Total shareholders' equity

 

 

1,082,324

 

 

 

1,112,584

 

Total Liabilities and Shareholders' Equity

 

$

1,957,417

 

 

$

2,024,484

 

 

 

 

 

 

 

 

 

 

Ordinary shares outstanding (in thousands)

 

 

164,233

 

 

 

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 six months ended June 30, 2022, which the company intends to file in July 2022.

 

 


 

 


 

 

Alkermes plc and Subsidiaries

 

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

 

 

(Loss) Earnings Per Share

 

Projected Net Loss — GAAP

 

$

(160.0

)

 

 

164

 

 

$

(0.98

)

   Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

Share-based compensation expense

 

 

93.0

 

 

 

 

 

 

 

 

 

Depreciation expense

 

 

40.0

 

 

 

 

 

 

 

 

 

Amortization expense

 

 

35.0

 

 

 

 

 

 

 

 

 

Change in the fair value of contingent consideration

 

 

18.0

 

 

 

 

 

 

 

 

 

Income tax effect related to reconciling items

 

 

3.0

 

 

 

 

 

 

 

 

 

Non-cash net interest expense

 

 

1.0

 

 

 

 

 

 

 

 

 

Projected Net Income — Non-GAAP

 

$

30.0

 

 

 

169

 

 

$

0.18

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Projected GAAP and non-GAAP measures reflect mid-points within ranges of estimated guidance.

 

 

 

 



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