Full Press Release Details
— Total Revenues of $1.56 Billion in 2024; Net Sales of Proprietary Products Increased Approximately 18% Year-Over-Year —
— GAAP Net Income from Continuing Operations of $372 Million and Diluted GAAP Earnings per Share from Continuing Operations of $2.20 for 2024 —
— ALKS 2680 Phase 2 Studies in Narcolepsy Type 1 and Type 2 Ongoing With Data Expected in H2 2025 —
DUBLIN , Feb. 12 , 2025 /PRNewswire/ -- Alkermes plc (Nasdaq: ALKS ) today reported financial results for the quarter and year ended Dec. 31, 2024 and provided financial expectations for 2025.
"2024 marked the completion of a multi-year effort to transition the business into a highly profitable, pure-play neuroscience company. We enter 2025 with a diversified portfolio of proprietary commercial products generating substantial profitability and an advancing development pipeline that represents a significant value creation opportunity in one of the most exciting potential new therapeutic categories in neuroscience," said Richard Pops, Chief Executive Officer of Alkermes. "Looking ahead, we are well positioned to deliver on our financial goals and advance the development programs for our portfolio of orexin 2 receptor agonists. This year, we have clear objectives for our pipeline as we complete the phase 2 studies for ALKS 2680 in narcolepsy, with data expected in the second half of the year, and prepare to initiate the ALKS 2680 phase 2 study in idiopathic hypersomnia and advance ALKS 4510 and ALKS 7290 into planned phase 1 studies in disease areas beyond central disorders of hypersomnolence. Each of these initiatives is an important element of our strategy to unlock what we believe is a multi-billion-dollar market opportunity for this category."
"2024 was Alkermes' strongest year of financial and operational performance to date. Financially, we generated more than $1 billion in revenue from our proprietary commercial product portfolio, delivered EBITDA from continuing operations of approximately $452 million , repurchased $200 million of the company's ordinary shares, retired approximately $290 million of debt and ended the year debt-free with approximately $825 million of cash and investments on the balance sheet. Operationally, we completed the sale of our manufacturing business in Ireland and made significant progress advancing our neuroscience development pipeline," said Blair Jackson , Chief Operating Officer of Alkermes. "We will continue to manage the business with a sharp focus on efficiency and profitability as we invest in the programs that we believe will drive the company's next phase of growth."
Key Financial Highlights
Revenues
(In millions)
Three Months Ended December 31,
Twelve Months Ended December 31,
2024
2023
2024
2023
Total Revenues
$
430.0
$
377.5
$
1,557.6
$
1,663.4*
Total Proprietary Net Sales
$
307.7
$
242.0
$
1,083.5
$
920.0
VIVITROL ®
$
134.1
$
102.4
$
457.3
$
400.4
ARISTADA ®i
$
96.6
$
83.4
$
346.2
$
327.7
LYBALVI ®
$
77.0
$
56.2
$
280.0
$
191.9
Profitability
(In millions)
Three Months Ended December 31,
Twelve Months Ended December 31,
2024
2023
2024
2023 *
GAAP Net Income From Continuing Operations
$
145.7
$
160.6
$
372.1
$
519.2
GAAP Net Income (Loss) From Discontinued Operations
$
0.8
$
(47.8)
$
(5.1)
$
(163.4)
GAAP Net Income
$
146.5
$
112.8
$
367.1
$
355.8
Non-GAAP Net Income From Continuing Operations
$
173.4
$
81.8
$
494.4
$
396.5
Non-GAAP Net Income (Loss) From Discontinued Operations
$
0.8
$
(44.4)
$
(5.1)
$
(152.9)
Non-GAAP Net Income
$
174.2
$
37.4
$
489.3
$
243.7
EBITDA From Continuing Operations
$
170.0
$
72.8
$
452.4
$
486.3
EBITDA From Discontinued Operations
$
1.1
$
(40.5)
$
(5.8)
$
(162.5)
EBITDA
$
171.1
$
32.3
$
446.6
$
323.8
*As a result of the successful resolution of the arbitration with Janssen Pharmaceutica N.V., the twelve months ended December 31, 2023 included approximately $195.4 million of back royalties (and related interest) related to U.S. net sales of long-acting INVEGA ® products that would ordinarily have been recognized in prior periods.
Revenue Highlights
LYBALVI
• Revenues for the fourth quarter were $77.0 million .
• Fourth quarter revenues and total prescriptions grew 37% and 30%, respectively, compared to the fourth quarter of 2023.
• During the quarter, the company recorded LYBALVI ® revenue of approximately $4 million related to year-end inventory fluctuations.
ARISTADA i
• Revenues for the fourth quarter were $96.6 million .
• Fourth quarter revenues grew 16% compared to the fourth quarter of 2023.
• During the quarter, the company recorded ARISTADA ® revenue of approximately $9 million related to year-end inventory fluctuations and gross-to-net favorability, primarily driven by Medicaid utilization adjustments.
VIVITROL
• Revenues for the fourth quarter were $134.1 million .
• Fourth quarter revenues grew 31% compared to the fourth quarter of 2023.
• During the quarter, the company recorded VIVITROL ® revenue of approximately $23 million related to year-end inventory fluctuations and gross-to-net favorability, primarily driven by Medicaid utilization adjustments.
Manufacturing & Royalty Revenues
• Royalty revenues from XEPLION ® , INVEGA TRINZA ® /TREVICTA ® and INVEGA HAFYERA ® /BYANNLI ® for the fourth quarter were $36.5 million .
• VUMERITY ® manufacturing and royalty revenues for the fourth quarter were $35.0 million .
• FAMPYRA ® manufacturing and royalty revenues for the fourth quarter were $22.9 million . The company does not expect to record any FAMPYRA revenue going forward.
• RISPERDAL CONSTA ® manufacturing revenues for the fourth quarter were $14.7 million .
Key Operating Expenses
Please see Note 1 below for details regarding discontinued operations.
(In millions)
Three Months Ended December 31,
Twelve Months Ended December 31,
2024
2023
2024
2023
R&D Expense – Continuing Operations
$
58.2
$
73.9
$
245.3
$
270.8
R&D Expense – Discontinued Operations
$
(1.1)
$
21.5
$
5.8
$
116.2
SG&A Expense – Continuing Operations
$
147.0
$
169.8
$
645.2
$
689.8
SG&A Expense – Discontinued Operations
$
-
$
19.4
$
-
$
48.6
Balance Sheet
• At Dec. 31, 2024, the company recorded cash, cash equivalents and total investments of $824.8 million , compared to $813.4 million at Dec. 31, 2023 .
• In December 2024 , the company prepaid and retired in full all of its outstanding long-term debt in the amount of approximately $290 million .
Financial Expectations for 2025
All line items are according to GAAP, except as otherwise noted.
In millions
2025 Expectations
Total Revenues
$1,340 – $1,430
VIVITROL Net Sales
$440 – $460
ARISTADA i Net Sales
$335 – $355
LYBALVI Net Sales
$320 – $340
Cost of Goods Sold
$185 – $205
R&D Expenses
$305 – $335
SG&A Expenses
$655 – $685
GAAP Net Income a
$175 – $205
EBITDA
$215 – $245
Adjusted EBITDA
$310 – $340
Effective Tax Rate
~17%
a Expected 2025 weighted average basic share count of approximately 165.5 million shares outstanding and a weighted average diluted share count of approximately 169.5 million shares outstanding.
Notes and Explanations
1. The company determined that upon the separation of its former oncology business, completed on Nov. 15, 2023 , the oncology business met the criteria for discontinued operations in accordance with Financial Accounting Standards Board Accounting Standards Codification 205, Discontinued Operations . Accordingly, the accompanying selected financial information has been updated to present the results of the oncology business as discontinued operations for the three and twelve months ended Dec. 31, 2023 .
Conference Call Alkermes will host a conference call and webcast presentation with accompanying slides at 8:00 a.m. EST ( 1:00 p.m. GMT ) on Wednesday, Feb. 12, 2025 , 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 global biopharmaceutical company that seeks to develop innovative medicines in the field of neuroscience. The company 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 center in Massachusetts and a manufacturing facility in 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 generally accepted accounting principles in the U.S. (GAAP), including non-GAAP net income, EBITDA and Adjusted EBITDA. 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 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. EBITDA represents earnings before interest, tax, depreciation and amortization. Adjusted EBITDA excludes share-based compensation expense in addition to the components of EBITDA from earnings.
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, EBITDA and Adjusted EBITDA 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, EBITDA and Adjusted EBITDA 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 expected drivers of growth, value creation and profitability; and the company's expectations regarding development plans, activities and timelines for, and the potential therapeutic and commercial value of, ALKS 2680 and the company's other orexin portfolio candidates. 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: whether the company is able to achieve its financial expectations, including those related to profitability; 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 unfavorable outcome of arbitration, litigation, or other proceedings or disputes related to the company's products or products using the company's proprietary technologies; the U.S. Food and Drug Administration (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 or support revenue growth from such 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 most recent Annual Report on Form 10-K 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 TRINZA ® , RISPERDAL CONSTA ® , TREVICTA ® and XEPLION ® are registered trademarks of Johnson & Johnson or its affiliated companies; FAMPYRA TM is a trademark of Merz Pharmaceuticals, LLC; and VUMERITY ® is a registered trademark of Biogen MA Inc., used by Alkermes under license.
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)
December 31, 2024
December 31, 2023
Revenues:
Product sales, net
$ 307,726
$ 241,972
Manufacturing and royalty revenues
122,260
135,500
Research and development revenue
—
3
Total Revenues
429,986
377,475
Expenses:
Cost of goods manufactured and sold
62,116
70,126
Research and development
58,174
73,933
Selling, general and administrative
146,994
169,789
Amortization of acquired intangible assets
14
8,996
Total Expenses
267,298
322,844
Operating Income
162,688
54,631
Other Income, net:
Interest income
11,400
9,749
Interest expense
(4,648)
(6,054)
Other income (expense), net
449
(10)
Total Other Income, net
7,201
3,685
Income Before Income Taxes
169,889
58,316
Income Tax Provision (Benefit)
24,152
(102,236)
Net Income From Continuing Operations
145,737
160,552
Income (Loss) From Discontinued Operations — Net of Tax
766
(47,773)
Net Income — GAAP
$ 146,503
$ 112,779
GAAP Earnings (Loss) Per Ordinary Share - Basic:
From continuing operations
$ 0.90
$ 0.96
From discontinued operations
$ 0.00
$ (0.29)
From net income
$ 0.90
$ 0.68
GAAP Earnings (Loss) Per Ordinary Share - Diluted:
From continuing operations
$ 0.88
$ 0.94
From discontinued operations
$ 0.00
$ (0.28)
From net income
$ 0.88
$ 0.66
Weighted Average Number of Ordinary Shares Outstanding:
Basic — GAAP and Non-GAAP
161,956
166,898
Diluted — GAAP and Non-GAAP
166,554
170,138
Condensed Consolidated Statements of Operations - GAAP (Continued)
Three Months Ended
Three Months Ended
(In thousands, except per share data)
December 31, 2024
December 31, 2023
An itemized reconciliation between net income from continuing operations on a GAAP basis and EBITDA is as follows:
Net Income from Continuing Operations
$ 145,737
$ 160,552
Adjustments:
Depreciation expense
6,833
9,225
Amortization expense
14
8,996
Interest income
(11,400)
(9,749)
Interest expense
4,648
6,054
Income tax provision (benefit)
24,152
(102,236)
EBITDA from Continuing Operations
169,984
72,842
EBITDA from Discontinued Operations
1,120
(40,537)
EBITDA
$ 171,104
$ 32,305
An itemized reconciliation between net income from continuing operations on a GAAP basis and non-GAAP net income is as follows:
Net Income from Continuing Operations
$ 145,737
$ 160,552
Adjustments:
Share-based compensation expense
20,747
22,776
Depreciation expense
6,833
9,225
Amortization expense
14
8,996
Loss on debt extinguishment
719
—
Income tax effect related to reconciling items
(629)
22,011
Separation expense
—
19,084
Non-cash net interest expense
—
115
Deferred tax valuation release
—
(160,953)
Non-GAAP Net Income from Continuing Operations
173,421
81,806
Non-GAAP Net Income (Loss) from Discontinued Operations
766
(44,383)
Non-GAAP Net Income
$ 174,187
$ 37,423
Non-GAAP diluted earnings per ordinary share from continuing operations
$ 1.04
$ 0.48
Non-GAAP diluted loss per ordinary share from discontinued operations
$ 0.00
$ (0.26)
Non-GAAP diluted earnings per ordinary share from net income
$ 1.05
$ 0.22
Alkermes plc and Subsidiaries
Selected Financial Information (Unaudited)
Condensed Consolidated Statements of Operations - GAAP
Year Ended
Year Ended
(In thousands, except per share data)
December 31, 2024
December 31, 2023
Revenues:
Product sales, net
$ 1,083,534
$ 919,998
Manufacturing and royalty revenues
474,095
743,388
Research and development revenue
3
19
Total Revenues
1,557,632
1,663,405
Expenses:
Cost of goods manufactured and sold
245,331
253,037
Research and development
245,326
270,806
Selling, general and administrative
645,238
689,751
Amortization of acquired intangible assets
1,101
35,689
Total Expenses
1,136,996
1,249,283
Operating Income
420,636
414,122
Other Income, net:
Interest income
42,450
30,854
Interest expense
(22,578)
(23,032)
Other income (expense), net
3,242
(425)
Total Other Income, net
23,114
7,397
Income Before Income Taxes
443,750
421,519
Income Tax Provision (Benefit)
71,612
(97,638)
Net Income From Continuing Operations
372,138
519,157
Loss From Discontinued Operations — Net of Tax
(5,068)
(163,400)
Net Income — GAAP
$ 367,070
$ 355,757
GAAP Earnings (Loss) Per Ordinary Share - Basic:
From continuing operations
$ 2.25
$ 3.12
From discontinued operations
$ (0.03)
$ (0.98)
From net income
$ 2.22
$ 2.14
GAAP Earnings (Loss) Per Ordinary Share - Diluted:
From continuing operations
$ 2.20
$ 3.06
From discontinued operations
$ (0.03)
$ (0.96)
From net income
$ 2.17
$ 2.10
Weighted Average Number of Ordinary Shares Outstanding:
Basic — GAAP and Non-GAAP
165,392
166,223
Diluted — GAAP and Non-GAAP
169,198
169,730
Condensed Consolidated Statements of Operations - GAAP (Continued)
Year Ended
Year Ended
(In thousands, except per share data)
December 31, 2024
December 31, 2023
An itemized reconciliation between net income from continuing operations on a GAAP basis and EBITDA is as follows:
Net Income from Continuing Operations
$ 372,138
$ 519,157
Adjustments:
Depreciation expense
27,432
36,921
Amortization expense
1,101
35,689
Interest income
(42,450)
(30,854)
Interest expense
22,578
23,032
Income tax provision (benefit)
71,612
(97,638)
EBITDA from Continuing Operations
452,411
486,307
EBITDA from Discontinued Operations
(5,790)
(162,484)
EBITDA
$ 446,621
$ 323,823
An itemized reconciliation between net income from continuing operations on a GAAP basis and non-GAAP net income is as follows:
Net Income from Continuing Operations
$ 372,138
$ 519,157
Adjustments:
Share-based compensation expense
96,636
92,719
Depreciation expense
27,432
36,921
Amortization expense
1,101
35,689
Separation expense
1,446
38,364
Loss on debt extinguishment
719
—
Gain on sale of Athlone manufacturing facility
(1,462)
—
Income tax effect related to reconciling items
(3,945)
25,343
Deferred tax valuation release
—
(160,953)
Restructuring expense
—
5,938
Final award in the Janssen arbitration (2022 back royalties and interest)
—
(197,092)
Non-cash net interest expense
342
461
Non-GAAP Net Income from Continuing Operations
494,407
396,547
Non-GAAP Net Loss from Discontinued Operations
(5,068)
(152,894)
Non-GAAP Net Income
$ 489,339
$ 243,653
Non-GAAP diluted earnings per ordinary share from continuing operations
$ 2.92
$ 2.34
Non-GAAP diluted loss per ordinary share from discontinued operations
$ (0.03)
$ (0.90)
Non-GAAP diluted earnings per ordinary share from net income
$ 2.89
$ 1.44
Alkermes plc and Subsidiaries
Selected Financial Information (Unaudited)
Condensed Consolidated Balance Sheets
December 31,
December 31,
(In thousands)
2024
2023
Cash, cash equivalents and total investments
$ 824,816
$ 813,378
Receivables
389,733
332,477
Inventory
182,887
186,406
Contract assets
4,990
706
Prepaid expenses and other current assets
86,077
98,166
Property, plant and equipment, net
227,564
226,943
Intangible assets, net and goodwill
83,917
85,018
Assets held for sale
—
94,260
Deferred tax assets
154,835
195,888
Other assets
100,748
102,981
Total Assets
$ 2,055,567
$ 2,136,223
Long-term debt — current portion
$ —
$ 3,000
Other current liabilities
465,199
512,678
Long-term debt
—
287,730
Liabilities from discontinued operations
—
4,542
Other long-term liabilities
125,391
125,587
Total shareholders' equity
1,464,977
1,202,686
Total Liabilities and Shareholders' Equity
$ 2,055,567
$ 2,136,223
Ordinary shares outstanding (in thousands)
162,177
166,980
This selected financial information should be read in conjunction with the consolidated financial statements and notes thereto included in Alkermes plc's Annual Report on Form 10-K for the year ended December 31, 2024, which the company intends to file in February 2025.
Alkermes plc and Subsidiaries
Amounts Included in Discontinued Operations
(In thousands)
Three Months Ended March 31, 2024
Three Months Ended June 30, 2024
Three Months Ended September 30, 2024
Three Months Ended December 31, 2024
Year Ended December 31, 2024
Cost of goods manufactured and sold
$ —
$ —
$ —
$ —
$ -
Research and development
2,516
3,913
481
(1,120)
5,790
Selling, general and administrative
—
—
—
—
-
Income tax (benefit) provision
(396)
(613)
(67)
354
(722)
(Income) Loss from discontinued operations, net of tax
$ 2,120
$ 3,300
$ 414
$ (766)
$ 5,068
(In thousands)
Three Months Ended March 31, 2023
Three Months Ended June 30, 2023
Three Months Ended September 30, 2023
Three Months Ended December 31, 2023
Year Ended December 31, 2023
Cost of goods manufactured and sold
$ 11
$ 11
$ 11
$ 6
$ 39
Research and development
29,867
32,563
32,262
21,485
116,177
Selling, general and administrative
6,644
9,502
13,073
19,368
48,587
Income tax (benefit) provision
(6,727)
(40)
(1,550)
6,914
(1,403)
Loss from discontinued operations, net of tax
$ 29,795
$ 42,036
$ 43,796
$ 47,773
$ 163,400
Alkermes plc and Subsidiaries
Revenues for Calendar Year 2024 and 2023
(In thousands)
Three Months Ended March 31, 2024
Three Months Ended June 30, 2024
Three Months Ended September 30, 2024
Three Months Ended December 31, 2024
Year Ended December 31, 2024
Revenues:
VIVITROL
$ 97,659
$ 111,873
$ 113,650
$ 134,133
$ 457,315
ARISTADA
78,870
86,049
84,652
96,616
346,187
LYBALVI
57,007
71,351
74,697
76,977
280,032
Total Proprietary Sales
233,536
269,273
272,999
307,726
1,083,534
PARTNERED LONG-ACTING ANTIPSYCHOTICS (1)
65,391
82,297
60,876
51,267
259,831
VUMERITY
31,254
35,234
32,574
34,985
134,047
Key Commercial Product Revenues
330,181
386,804
366,449
393,978
1,477,412
Legacy Product Revenues
20,188
12,327
11,694
36,008
80,217
Research and Development Revenues
3
—
—
—
3
Total Revenues
$ 350,372
$ 399,131
$ 378,143
$ 429,986
$ 1,557,632
(In thousands)
Three Months Ended March 31, 2023
Three Months Ended June 30, 2023
Three Months Ended September 30, 2023
Three Months Ended December 31, 2023
Year Ended December 31, 2023
Revenues:
VIVITROL
$ 96,659
$ 102,070
$ 99,305
$ 102,385
$ 400,419
ARISTADA
80,077
82,410
81,834
83,369
327,690
LYBALVI
37,991
46,997
50,683
56,218
191,889
Total Proprietary Sales
214,727
231,477
231,822
241,972
919,998
PARTNERED LONG-ACTING ANTIPSYCHOTICS (1)
24,543
326,380
90,993
81,461
523,377
VUMERITY
28,874
32,295
34,561
33,596
129,326
Key Commercial Product Revenues
268,144
590,152
357,376
357,029
1,572,701
Legacy Product Revenues
19,445
27,238
23,559
20,443
90,685
Research and Development Revenues
6
7
3
3
19
Total Revenues
$ 287,595
$ 617,397
$ 380,938
$ 377,475
$ 1,663,405
(1) - Includes RISPERDAL CONSTA, INVEGA SUSTENNA/XEPLION, INVEGA TRINZA/TREVICTA and INVEGA HAFYERA/BYANNLI.
Alkermes plc and Subsidiaries
2025 Guidance — GAAP to EBITDA and Adjusted EBITDA
An itemized reconciliation between projected net income on a GAAP basis, EBITDA and Adjusted EBITDA is as follows:
(In millions)
Amount
Projected Net Income — GAAP
$ 190.0
Adjustments:
Interest income
(30.0)
Depreciation and amortization expense
30.0
Provision for income taxes
40.0
Projected EBITDA
$ 230.0
Share-based compensation expense
95.0
Projected Adjusted EBITDA
$ 325.0
Projected Net Income on a GAAP basis and Projected EBITDA and Projected Adjusted EBITDA reflect mid-points within ranges of estimated guidance.