$ALKS
Alkermes plc.

2021 Q3 Form 10-Q Financial Statement

#000156459021052176 Filed on October 27, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2020 Q3 2020 Q2
Revenue $294.1M $265.0M $247.5M
YoY Change 11.0% 3.82% -11.57%
Cost Of Revenue $49.56M $43.10M $45.10M
YoY Change 14.99% 1.85% -2.43%
Gross Profit $244.6M $221.9M $202.5M
YoY Change 10.22% 4.22% -13.33%
Gross Profit Margin 83.15% 83.74% 81.82%
Selling, General & Admin $136.2M $127.7M $132.0M
YoY Change 6.67% -14.12% -14.88%
% of Gross Profit 55.69% 57.55% 65.19%
Research & Development $118.4M $95.00M $94.20M
YoY Change 24.64% -11.77% -9.8%
% of Gross Profit 48.41% 42.81% 46.52%
Depreciation & Amortization $19.39M $20.60M $20.30M
YoY Change -5.87% 1.48% 1.5%
% of Gross Profit 7.93% 9.28% 10.02%
Operating Expenses $264.2M $232.6M $236.1M
YoY Change 13.6% -9.27% -9.02%
Operating Profit -$19.66M -$10.70M -$33.60M
YoY Change 83.73% -80.05% -6.47%
Interest Expense -$1.969M -$400.0K -$300.0K
YoY Change 392.25% -111.82% -108.52%
% of Operating Profit
Other Income/Expense, Net -$5.007M $13.30M $8.200M
YoY Change -137.65% -5641.67% -283.73%
Pretax Income -$26.54M $2.200M -$25.80M
YoY Change -1306.14% -104.08% -36.12%
Income Tax $2.453M $2.300M $3.700M
% Of Pretax Income 104.55%
Net Earnings -$28.99M -$134.0K -$29.43M
YoY Change 21532.84% -99.75% -29.91%
Net Earnings / Revenue -9.86% -0.05% -11.89%
Basic Earnings Per Share -$0.18
Diluted Earnings Per Share -$179.5K -$628.50 -$185.0K
COMMON SHARES
Basic Shares Outstanding 161.5M 158.9M
Diluted Shares Outstanding 161.5M 158.9M

Balance Sheet

Concept 2021 Q3 2020 Q3 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $560.3M $569.4M $532.6M
YoY Change -1.6% -3.03% -6.61%
Cash & Equivalents $310.4M $240.9M $189.0M
Short-Term Investments $249.9M $328.5M $343.6M
Other Short-Term Assets $61.34M $52.70M $51.70M
YoY Change 16.4% -3.3% -7.01%
Inventory $138.7M $122.8M $116.5M
Prepaid Expenses
Receivables $292.7M $280.0M $246.6M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.053B $1.025B $947.4M
YoY Change 2.74% 2.71% -4.75%
LONG-TERM ASSETS
Property, Plant & Equipment $340.6M $355.2M $361.8M
YoY Change -4.12% 4.04% 10.91%
Goodwill $92.87M $92.87M $92.87M
YoY Change 0.0% 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments $187.9M $27.80M $7.000M
YoY Change 575.74% 4.12% -76.03%
Other Assets $118.7M $148.2M $150.9M
YoY Change -19.92% 19.04% 915.41%
Total Long-Term Assets $942.4M $851.9M $854.9M
YoY Change 10.63% 12.08% 12.91%
TOTAL ASSETS
Total Short-Term Assets $1.053B $1.025B $947.4M
Total Long-Term Assets $942.4M $851.9M $854.9M
Total Assets $1.995B $1.877B $1.802B
YoY Change 6.32% 6.76% 2.89%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $36.88M $82.84M $50.94M
YoY Change -55.48% 1.74% 18.81%
Accrued Expenses $406.7M $285.3M $260.0M
YoY Change 42.55% 0.35% -9.19%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $3.000M $2.800M $2.800M
YoY Change 7.14% -1.51% -1.51%
Total Short-Term Liabilities $453.0M $378.2M $321.4M
YoY Change 19.77% 2.11% -3.81%
LONG-TERM LIABILITIES
Long-Term Debt $293.4M $272.7M $273.2M
YoY Change 7.6% -0.78% -0.79%
Other Long-Term Liabilities $152.8M $141.6M $145.9M
YoY Change 7.94% 429.66% 377.25%
Total Long-Term Liabilities $446.3M $414.3M $419.1M
YoY Change 7.72% 37.38% 36.98%
TOTAL LIABILITIES
Total Short-Term Liabilities $453.0M $378.2M $321.4M
Total Long-Term Liabilities $446.3M $414.3M $419.1M
Total Liabilities $899.3M $792.5M $740.5M
YoY Change 13.47% 14.89% 12.1%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.096B $1.084B $1.062B
YoY Change
Total Liabilities & Shareholders Equity $1.995B $1.877B $1.802B
YoY Change 6.32% 6.76% 2.89%

Cashflow Statement

Concept 2021 Q3 2020 Q3 2020 Q2
OPERATING ACTIVITIES
Net Income -$28.99M -$134.0K -$29.43M
YoY Change 21532.84% -99.75% -29.91%
Depreciation, Depletion And Amortization $19.39M $20.60M $20.30M
YoY Change -5.87% 1.48% 1.5%
Cash From Operating Activities $82.78M $60.20M -$4.400M
YoY Change 37.5% 94.19% -81.03%
INVESTING ACTIVITIES
Capital Expenditures -$4.813M -$6.400M -$10.60M
YoY Change -24.8% -67.18% -33.33%
Acquisitions
YoY Change
Other Investing Activities -$26.89M -$1.800M $24.90M
YoY Change 1394.11% -103.53% 186.21%
Cash From Investing Activities -$31.71M -$8.200M $14.30M
YoY Change 286.67% -125.95% -295.89%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.033M -100.0K 3.000M
YoY Change -1133.0% -103.45% 172.73%
NET CHANGE
Cash From Operating Activities 82.78M 60.20M -4.400M
Cash From Investing Activities -31.71M -8.200M 14.30M
Cash From Financing Activities 1.033M -100.0K 3.000M
Net Change In Cash 52.10M 51.90M 12.90M
YoY Change 0.39% -20.76% -143.88%
FREE CASH FLOW
Cash From Operating Activities $82.78M $60.20M -$4.400M
Capital Expenditures -$4.813M -$6.400M -$10.60M
Free Cash Flow $87.59M $66.60M $6.200M
YoY Change 31.52% 31.88% -184.93%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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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:2.71%;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 portfolio of proprietary commercial products focused on addiction, schizophrenia and bipolar I disorder, and a pipeline of product candidates in development for neurodegenerative disorders and cancer. 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>
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<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:2.71%;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 that 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 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 the Company’s assets and liabilities. Actual results may differ from these estimates under different conditions or using different assumptions.</p>
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53243000
CY2021Q3 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
41554000
CY2020Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
27551000
CY2021Q3 us-gaap Inventory Net
InventoryNet
138696000
CY2020Q4 us-gaap Inventory Net
InventoryNet
125738000
CY2021Q3 alks Inventory Finished Goods Net Of Reserves Located At Third Party Warehouse And Shipping Service Provider
InventoryFinishedGoodsNetOfReservesLocatedAtThirdPartyWarehouseAndShippingServiceProvider
25200000
CY2020Q4 alks Inventory Finished Goods Net Of Reserves Located At Third Party Warehouse And Shipping Service Provider
InventoryFinishedGoodsNetOfReservesLocatedAtThirdPartyWarehouseAndShippingServiceProvider
26500000
CY2021Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
724830000
CY2020Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
706146000
CY2021Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
384236000
CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
356143000
CY2021Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
340594000
CY2020Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
350003000
CY2021Q3 us-gaap Goodwill Gross
GoodwillGross
92873000
CY2021Q3 us-gaap Goodwill
Goodwill
92873000
CY2021Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
583750000
CY2021Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
500091000
CY2021Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
83659000
CY2021Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
40000000.0
CY2021Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
35000000.0
CY2021Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
35000000.0
CY2021Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
1000000.0
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
4372000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
16882000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
17032000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
17001000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
17266000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
17266000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
17536000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
17536000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
17810000
CY2021Q3 alks Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
109002000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
109311000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
183018000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
195806000
CY2021Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
59610000
CY2020Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
60610000
CY2021Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
123408000
CY2020Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
135196000
CY2021Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0527
CY2021Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P12Y
CY2021Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
4400000
us-gaap Operating Lease Payments
OperatingLeasePayments
12500000
CY2020Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
5000000.0
us-gaap Operating Lease Payments
OperatingLeasePayments
11900000
CY2021Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
4300000
us-gaap Operating Lease Expense
OperatingLeaseExpense
12900000
CY2020Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
4700000
us-gaap Operating Lease Expense
OperatingLeaseExpense
13300000
CY2021Q3 us-gaap Accounts Payable Current
AccountsPayableCurrent
36875000
CY2020Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
46034000
CY2021Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
68001000
CY2020Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
71178000
CY2021Q3 alks Accrued Sales Discounts Allowances And Reserves
AccruedSalesDiscountsAllowancesAndReserves
221720000
CY2020Q4 alks Accrued Sales Discounts Allowances And Reserves
AccruedSalesDiscountsAllowancesAndReserves
218877000
CY2021Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
101436000
CY2020Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
76082000
CY2021Q3 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
428032000
CY2020Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
412171000
CY2021Q3 alks Accrued Milestone Payment
AccruedMilestonePayment
25000000.0
alks Number Of Lender Holding Percentage Of Outstanding Amount
NumberOfLenderHoldingPercentageOfOutstandingAmount
3
CY2021Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
25600000
CY2020Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
22620000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
68603000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
65279000
us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
2100000
CY2020 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
2600000
CY2021Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
16541000
CY2020Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
17673000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
18876000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
19030000
us-gaap Loss Contingency Accrual Provision
LossContingencyAccrualProvision
0
CY2020Q3 alks Maximum Period Before Fda Can Approve Patent Request
MaximumPeriodBeforeFDACanApprovePatentRequest
P30M

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