$ALKS
Alkermes plc.

2020 Q3 Form 10-Q Financial Statement

#000156459020048665 Filed on October 29, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2019 Q3 2019 Q2
Revenue $265.0M $255.2M $279.9M
YoY Change 3.82% 2.62% -8.13%
Cost Of Revenue $43.10M $42.32M $46.22M
YoY Change 1.85% 7.38% 6.46%
Gross Profit $221.9M $212.9M $233.6M
YoY Change 4.22% 1.73% -10.56%
Gross Profit Margin 83.74% 83.42% 83.48%
Selling, General & Admin $127.7M $148.7M $155.1M
YoY Change -14.12% 15.45% 12.16%
% of Gross Profit 57.55% 69.84% 66.37%
Research & Development $95.00M $107.7M $104.4M
YoY Change -11.77% 6.33% -2.24%
% of Gross Profit 42.81% 50.57% 44.7%
Depreciation & Amortization $20.60M $20.30M $20.00M
YoY Change 1.48% -22.81% -22.48%
% of Gross Profit 9.28% 9.53% 8.56%
Operating Expenses $232.6M $256.4M $259.5M
YoY Change -9.27% 153.17% 5.89%
Operating Profit -$10.70M -$53.62M -$35.92M
YoY Change -80.05% 44.31% 35118.63%
Interest Expense -$400.0K $3.385M $3.520M
YoY Change -111.82% 1.17% 12.6%
% of Operating Profit
Other Income/Expense, Net $13.30M -$240.0K -$4.463M
YoY Change -5641.67% -107.22% -81.67%
Pretax Income $2.200M -$53.86M -$40.39M
YoY Change -104.08% 59.2% 65.21%
Income Tax $2.300M -$983.0K $1.604M
% Of Pretax Income 104.55%
Net Earnings -$134.0K -$52.88M -$41.99M
YoY Change -99.75% 53.52% 28.61%
Net Earnings / Revenue -0.05% -20.72% -15.0%
Basic Earnings Per Share
Diluted Earnings Per Share -$628.50 -$336.5K -$267.5K
COMMON SHARES
Basic Shares Outstanding 157.1M
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q3 2019 Q3 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $569.4M $587.2M $570.3M
YoY Change -3.03% 25.71% 31.56%
Cash & Equivalents $240.9M $261.4M $196.0M
Short-Term Investments $328.5M $325.8M $374.3M
Other Short-Term Assets $52.70M $54.50M $55.60M
YoY Change -3.3% 8.35% 12.1%
Inventory $122.8M $101.0M $94.78M
Prepaid Expenses
Receivables $280.0M $255.3M $273.9M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.025B $997.9M $994.6M
YoY Change 2.71% 14.73% 18.39%
LONG-TERM ASSETS
Property, Plant & Equipment $355.2M $341.4M $326.2M
YoY Change 4.04% 12.64% 9.99%
Goodwill $92.87M $92.87M $92.87M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments $27.80M $26.70M $29.20M
YoY Change 4.12% -76.92% -77.61%
Other Assets $148.2M $124.5M $14.86M
YoY Change 19.04% 662.4% -91.13%
Total Long-Term Assets $851.9M $760.1M $757.2M
YoY Change 12.08% -14.69% -16.92%
TOTAL ASSETS
Total Short-Term Assets $1.025B $997.9M $994.6M
Total Long-Term Assets $851.9M $760.1M $757.2M
Total Assets $1.877B $1.758B $1.752B
YoY Change 6.76% -0.15% 0.01%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $82.84M $81.42M $42.88M
YoY Change 1.74% 84.56% -25.94%
Accrued Expenses $285.3M $284.3M $286.3M
YoY Change 0.35% 13.31% 29.08%
Deferred Revenue $2.103M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $2.800M $2.843M $2.843M
YoY Change -1.51% 0.0% 1.54%
Total Short-Term Liabilities $378.2M $370.4M $334.1M
YoY Change 2.11% 21.53% 16.22%
LONG-TERM LIABILITIES
Long-Term Debt $272.7M $274.8M $275.4M
YoY Change -0.78% -0.78% -0.76%
Other Long-Term Liabilities $141.6M $26.73M $30.57M
YoY Change 429.66% 15.28% 8.02%
Total Long-Term Liabilities $414.3M $301.6M $306.0M
YoY Change 37.38% 0.46% 0.05%
TOTAL LIABILITIES
Total Short-Term Liabilities $378.2M $370.4M $334.1M
Total Long-Term Liabilities $414.3M $301.6M $306.0M
Total Liabilities $792.5M $689.8M $660.6M
YoY Change 14.89% 13.08% 11.34%
SHAREHOLDERS EQUITY
Retained Earnings -$1.377B -$1.324B
YoY Change 17.1%
Common Stock $2.565B $2.535B
YoY Change 5.32%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.084B $1.068B $1.091B
YoY Change
Total Liabilities & Shareholders Equity $1.877B $1.758B $1.752B
YoY Change 6.76% -0.15% 0.01%

Cashflow Statement

Concept 2020 Q3 2019 Q3 2019 Q2
OPERATING ACTIVITIES
Net Income -$134.0K -$52.88M -$41.99M
YoY Change -99.75% 53.52% 28.61%
Depreciation, Depletion And Amortization $20.60M $20.30M $20.00M
YoY Change 1.48% -22.81% -22.48%
Cash From Operating Activities $60.20M $31.00M -$23.20M
YoY Change 94.19% -7.46% -172.27%
INVESTING ACTIVITIES
Capital Expenditures -$6.400M -$19.50M -$15.90M
YoY Change -67.18% 18.9% -5.92%
Acquisitions
YoY Change
Other Investing Activities -$1.800M $51.00M $8.700M
YoY Change -103.53% 20.0% -117.79%
Cash From Investing Activities -$8.200M $31.60M -$7.300M
YoY Change -125.95% 21.07% -88.91%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -100.0K 2.900M 1.100M
YoY Change -103.45% 383.33% -64.52%
NET CHANGE
Cash From Operating Activities 60.20M 31.00M -23.20M
Cash From Investing Activities -8.200M 31.60M -7.300M
Cash From Financing Activities -100.0K 2.900M 1.100M
Net Change In Cash 51.90M 65.50M -29.40M
YoY Change -20.76% 8.8% -3.92%
FREE CASH FLOW
Cash From Operating Activities $60.20M $31.00M -$23.20M
Capital Expenditures -$6.400M -$19.50M -$15.90M
Free Cash Flow $66.60M $50.50M -$7.300M
YoY Change 31.88% 1.2% -114.9%

Facts In Submission

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<p id="N1_COMPANY" style="margin-top:10pt;line-height:10pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">1. THE COMPANY</p> <p style="margin-top:10pt;margin-bottom:0pt;text-indent:3.7%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Alkermes plc is a fully integrated, global biopharmaceutical company that applies its scientific expertise and proprietary technologies to research, develop and commercialize, both with partners and on its own, pharmaceutical products that are designed to address unmet medical needs of patients in major therapeutic areas. Alkermes has a diversified portfolio of marketed products focused on CNS disorders such as addiction and schizophrenia and a pipeline of product candidates in the fields of neuroscience and oncology. Headquartered in Dublin, Ireland, the Company has a research and development (“R&amp;D”) center in Waltham, Massachusetts; an R&amp;D and manufacturing facility in Athlone, Ireland; and a manufacturing facility in Wilmington, Ohio. </p>
CY2019Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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CY2019Q2 us-gaap Net Income Loss
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CY2019Q2 us-gaap Stockholders Equity
StockholdersEquity
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CY2019Q3 us-gaap Stock Issued During Period Value Share Based Compensation
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CY2019Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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CY2019Q3 us-gaap Net Income Loss
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CY2019Q3 us-gaap Stockholders Equity
StockholdersEquity
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CY2019Q4 us-gaap Contract With Customer Asset Net
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ContractWithCustomerAssetAdditions
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us-gaap Contract With Customer Asset Reclassified To Receivable
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ContractWithCustomerAssetNet
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CY2019Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
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CY2020Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
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ShortTermInvestmentAmortizedCost
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us-gaap Use Of Estimates
UseOfEstimates
<p style="margin-top:10pt;margin-bottom:0pt;text-indent:0%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="margin-top:10pt;margin-bottom:0pt;text-indent:3.7%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of the Company’s condensed consolidated financial statements in accordance with GAAP requires management to 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 those related to revenue from contracts with its customers and related allowances, impairment and amortization of intangibles and long-lived assets, share-based compensation, income taxes including the valuation allowance for deferred tax assets, valuation of investments, contingent consideration 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 assumptions or conditions.</p>
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="margin-top:10pt;margin-bottom:0pt;text-indent:0%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Risks and Uncertainties</p> <p style="margin-top:10pt;margin-bottom:0pt;text-indent:3.7%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In March 2020, COVID-19 was declared a global pandemic by the World Health Organization. To date, COVID-19 has surfaced in nearly all regions around the world and resulted in travel restrictions and business slowdowns and/or shutdowns in affected areas. All U.S. states, and many local jurisdictions and countries around the world, including Ireland, have, at times during the pandemic, issued “shelter-in-place” orders, quarantines, executive orders and similar government orders, and recommendations for their residents to control the spread of COVID-19. Such orders, restrictions and recommendations, and the perception that additional orders, restrictions or recommendations could occur, have resulted in widespread closures of businesses, including healthcare systems that serve people living with opioid dependence, alcohol dependence and schizophrenia, work stoppages, slowdowns and/or delays, work-from-home policies and travel restrictions, among other effects. While the Company has begun to observe a gradual normalization in patient and healthcare provider practices, the impacts and extent of such normalization are not yet known, and it remains difficult to predict the nature and extent of the future impacts that the pandemic will have on such practices and, as a result, on the Company’s business.</p> <p style="margin-top:10pt;margin-bottom:0pt;text-indent:3.7%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company continues to closely monitor and rapidly respond to the ongoing impact of COVID-19 on its employees, communities and business operations. Due to numerous uncertainties surrounding the ongoing COVID-19 pandemic, the Company is unable to predict the extent of the impact that the COVID-19 pandemic may continue to have on the Company’s future financial condition and operating results. These uncertainties include, among other things, the ultimate severity and duration of the pandemic; governmental, business or other actions that have been, are being or will be, taken in response to the pandemic, including restrictions on travel and mobility, business closures and operating restrictions, and imposition of social distancing measures; impacts of the pandemic on the vendors or distribution channels in the Company’s supply chain and on the Company’s ability to continue to manufacture its products; impacts of the pandemic on the conduct of the Company’s clinical trials, including with respect to enrollment rates, availability of investigators and clinical trial sites, and monitoring of data; impacts of the pandemic on healthcare systems that serve people living with opioid dependence, alcohol dependence and schizophrenia; impacts of the pandemic on the regulatory agencies with which the Company interacts in the development, review, approval and commercialization of its medicines; impacts of the pandemic on reimbursement for the Company’s products, including the Company’s Medicaid rebate liability, and for services related to the use of its products; and impacts of the pandemic on the U.S., Irish and global economies more broadly. </p> <p style="margin-top:10pt;margin-bottom:0pt;text-indent:3.7%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company relies upon third parties for many aspects of its business, including the provision of goods and services related to the manufacture of its clinical products and its and its partners’ marketed products, the conduct of its clinical trials, and the sale of marketed products from which the Company receives manufacturing and royalty revenue. Any prolonged material disruption to the third parties on which the Company relies could negatively impact the Company’s ability to conduct business in the manner and on the timelines presently planned, which could have a material adverse impact on the Company’s business, results of operations and financial condition. </p> <p style="margin-top:10pt;margin-bottom:0pt;text-indent:3.7%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The marketed products from which the Company derives revenue, including manufacturing and royalty revenue, are primarily injectable medications administered by healthcare professionals. Given developments that have transpired to date, and may continue to transpire, in response to the pandemic, including the implementation of “shelter-in-place” policies, social distancing requirements and other restrictive measures, commercial sales of these marketed products have been adversely impacted to varying degrees and the Company expects commercial sales of these marketed products to continue to be adversely impacted while the pandemic persists. </p> <p style="margin-top:10pt;margin-bottom:0pt;text-indent:3.7%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As it relates to the Company’s proprietary marketed products, despite continuing COVID-19-related impacts on access to healthcare provider facilities and patient flow, during the three months ended September 30, 2020, the Company saw an increase of 22% in the number of VIVITROL units sold compared to the three months ended June 30, 2020. ARISTADA units sold during the three months ended September 30, 2020 increased 7% compared to the three months ended June 30, 2020. During the three months ended September 30, 2020, the Company continued to take actions to support uninterrupted access to its proprietary marketed products. However, the Company currently expects commercial sales of its marketed products, particularly VIVITROL, to continue to be impacted by the COVID-19 pandemic over the next few quarters, including, for VIVITROL, as a result of the impact that the decrease in patient volume during the previous two quarters is expected to have on overall unit demand in the fourth quarter of 2020 and beyond. These items are discussed in greater detail in the “Results of Operations” section in “Part I, Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this Form 10-Q. </p> <p style="margin-top:10pt;line-height:11pt;margin-bottom:0pt;text-indent:3.7%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company continues to operate its manufacturing facilities and supply its medicines. While the Company continues to conduct R&amp;D activities, including its ongoing clinical trials, the COVID-19 pandemic has impacted, and may continue to impact, the timelines of certain of its early-stage discovery efforts and clinical trials</span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">. T</span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">he Company is working with its internal teams, its clinical investigators, R&amp;D vendors and critical supply chain vendors to continually assess, and mitigate, </span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">any</span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> potential </span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">adverse </span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">impact</span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">s</span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> of COVID-19 on its manufacturing operations and R&amp;D activities</span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">.</span></p>
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168018000
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
15888000
CY2020Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
57926000
CY2019Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
2080000
CY2020Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
110092000
CY2019Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
13808000
CY2020Q3 us-gaap Accounts Payable Current
AccountsPayableCurrent
82835000
CY2019Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
54261000
CY2020Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
72832000
CY2019Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
72072000
CY2020Q3 alks Accrued Sales Discounts Allowances And Reserves
AccruedSalesDiscountsAllowancesAndReserves
145347000
CY2019Q4 alks Accrued Sales Discounts Allowances And Reserves
AccruedSalesDiscountsAllowancesAndReserves
153902000
CY2020Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
53766000
CY2019Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
92802000
CY2020Q3 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
354780000
CY2019Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
373037000
CY2020Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
22620000
CY2019Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
26729000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
65279000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
79590000
CY2020Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
17673
CY2019Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
17211
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
19030
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
17187
alks Restructuring And Related Activities Initiation Month And Year
RestructuringAndRelatedActivitiesInitiationMonthAndYear
October 2019
us-gaap Restructuring And Related Activities Description
RestructuringAndRelatedActivitiesDescription
The Restructuring included a reduction in headcount of approximately 160 employees across the Company. The Company recorded a charge of $13.4 million in the fourth quarter of 2019 as a result of the Restructuring, which consisted of one-time termination benefits for employee severance, benefits and related costs, all of which were expected to result in cash expenditures and substantially all of which would be paid out within one year.
CY2019Q4 us-gaap Restructuring And Related Cost Expected Number Of Positions Eliminated
RestructuringAndRelatedCostExpectedNumberOfPositionsEliminated
160
CY2019Q4 us-gaap Restructuring Charges
RestructuringCharges
13400000
us-gaap Loss Contingency Accrual Provision
LossContingencyAccrualProvision
0
CY2020Q3 alks Maximum Period Before Fda Can Approve Patent Request
MaximumPeriodBeforeFDACanApprovePatentRequest
P30M

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