Slide 1: Alkermes Presentation
Alkermes Presentation June 15, 2023
Slide 2: Vote the universal card to upgrade Alkermes
VOTE THE [sj&8}5 UNIVERSAL CARD TO UPGRADE ALKERMES ONLY VOTE 1 CARD. DISCARD THE WHITE PROXY CARD > Vote “FOR” the election of Sarissa Nominees > Vote “AGAINST” the compensation of the Company’s named executive officers > Vote “FOR” all other proposals in our proxy statement We urge all shareholder
Slide 3: Alkermes has underperformed the market for >30 years with Pops at the helm
Alkermes has underperformed the market for >30 years with Pops at the helm Honesty is the first chapter in the book of wisdom. — Thomas Jefferson 2750% 2250% —ALKS ——NBI NBI: +1,971.6% 1750% Ss 1 i 0, 1 1250% etree ote 750% y ALKS: +566% 250% % t () % % % -250% % eas on %, & %y, S X 2 2 2 S se Be %,
Slide 4: Pops has made Alkermes into a fundamentally inefficient hodgepodge of subscale businesses
Pops has made Alkermes into a fundamentally inefficient and hodgepodge of subscale businesses licensed Alkermes . royalties burned Rovallilas tite ches wiki Billions of cheap free cash flows from technology addiction and mental . , . competing against pharma giants Commercial products for . p Bloate
Slide 5: Alkermes touts revenue growth but continues to operate at a loss
Alkermes touts recent revenue growth but with years of revenues exceeding $1 Bn, Alkermes continues to operate at a loss Alkermes Revenue vs Operating Loss mRevenue Operating Loss $1400 »—_=—-—-—-—-—--------------------- $1,200 1 $1,094 sii7i $1i74 $4,112 ! Revenue > $1 Bn 1 _ Su 039 $1,000 = --- $8
Slide 6: Even 2023 commercial revenue growth comes at a steep cost
Even 2023 commercial revenue growth comes at a steep cost and barely overcomes SG&A growth Alkermes GAAP SG&A $950 $750 +18% $900 +17.2% = $700 = = & $850 S rr & 3 < $650 % $800 3 3 a 2 $750 $600 $700 $550 2022 2023 Guidance (midpoint) 2022 2023 Guidance (midpoint) Sources: Alkerme: s re 4 = Commerc
Slide 7: Expenses are greater than revenues, leaving shareholders a net loss
In the end, expenses are greater than revenues > costs are out of control, leaving shareholders a net loss 2018 2019 2020 2021 2022 Seuss Expenses “@. Revenues — CAPITAL MANAGEMENT LP
Slide 8: As a result, the stock market has weighed in with poor performance
As a result, the stock market has weighed in with poor performance SARISSA CAPITAL MANAGEMENT LP
Slide 9: Only after years and shareholder pressure did Alkermes consider shareholders
Only after 30 years and shareholder pressure did Alkermes consider shareholders (Alkermes Continued Board Refreshment SARISSA CAPITAL Shareholder ANAGEMENT LP pressure ELLIOTT pd +Othershareholders 0 SI IISSSIE eiSi0- ge y SARISSA CARTTAL
Slide 10: Alkermes touts disingenuous future profitability targets
Alkermes touts disingenuous future profitability targets after shareholder pressure A\ SARISSA CAPITAL MANAGEMENT LP
Slide 11: The profitability commitments are on non-GAAP and vague metrics
The profitability commitments are on non-GAAP and vague metrics, giving the board plenty of “adjusting” room to obfuscate poor performance Alkermes Press Release December 2020 3h 1 2 bf 20% of ee ! a om) total revenués « FY 2024 non. revenues 25% of total share-based compensation expenses SARISSA CA
Slide 12: Alkermes' profitability targets are squishy, with the bar set low
Alkermes’ profitability targets are squishy, with the bar set low and do not seek to maximize shareholder value « p maximizing shareholder value What Alkermes provides: low bar of “non-GAAP” net income targets that also allow the company to “adjust” numbers to meet/exceed its targets *NGNI: Non-GAAP
Slide 13: Profitability targets include royalties from drugs sold by third parties
Profitability targets include royalties from drugs sold by third parties which are independent from Alkermes’ operating performance Year Ended December 31, 2022 (i thousands) Manufacturing Revenue Royalty Revenue ong-acting INVEGA products(!) — 115,655 VUN 4 32,493 RISPERDAL CONSTA 42,670 Other 37,2
Slide 14: Pops controls director nomination process with Sarissa
After 30 years at the helm, Pops controls director nomination process with Sarissa IB conversations with Pops i Il Conversations with independent directors =< businesswire ith CEO P. Alkermes governance among worst hat Sarissa has seen the benefits of shareholder Nh presence on the Boa Only after Bw
Slide 15: Alkermes' argument that Sarissa did not ask to speak to independent directors is not true
Alkermes’ argument that Sarissa did not ask to speak to independent directors is simply not true a latianch; ith Richard Pops and did Alex Denner had al Pd ip iF ry 4 el ‘ho FR. I Becnll oi hoon A ‘hoe RB di, 2022 oD ovchininnrs proxy statement “Dr. Denner never asked to speak with independent di ti
Slide 16: Sarissa filed proxy materials yet no independent directors reached out
Fact: Sarissa in 2021 and 2022 filed proxy materials and yet no independent directors reached out to Sarissa and/or its candidates even before rejecting them Two possible explanations: A) Pops did not notify independent directors of our nominations or B) Independent directors blindly allowed Pops to
Slide 17: Alkermes' directors blatantly abdicated their fiduciary duties
Alkermes’ directors blatantly abdicated their fiduciary duties Why aren’t you é ay Ee = complying with your (Alkermes.. | fiduciary duty to vet ; director candidates? Even before rejecting them? Because no one asked me to... Gross corporate governance malfeasance at Alkermes suggests issues may run
Slide 18: After years, Alkermes is asking for more time
After 30 years, Alkermes (Pops) is asking for more time to now start running the company for shareholders $100 $80 %, % & % Ze 2, % 2 © Ms z Zz z 2 a So, %y %, es & “The definition of insanity is doing the same thing over and over and expecting different results” - misattributed to Albert Einstein S
Slide 19: Shareholders need to be added to the board
Shareholders need to be added to the board to provide accountability and oversight MANAGEMENT LP
Slide 20: Sarissa has a great track record of creating value for shareholders
Sarissa has a great track record of creating value for shareholders in the healthcare space The a 1 = . 8 Medicines ba Idenix RIAD Bioverativ = Company Acquired 2014, $3.85 Bn Acquired 2017, $5.2 Bn Acquired 2018, $11.6 Bn Acquired 2020, $9.7 Bn * Position initiated 2013 * Position initiated 2013 *
Slide 21: Alkermes refuses to add Sarissa, one of its largest shareholders, to the board
It is disappointing that Alkermes refuses to add Sarissa, one of its largest shareholders, to the board We are your 3" largest shareholder, and the largest non-index fund holder ty, ar) , ; ¥ 7 ar =_ You can’t come in bx us MANAGEMENT LP
Slide 22: Argument to exclude Alex Denner because of Biogen directorship is now moot
Alkermes’ argument to exclude Alex Denner’s candidacy because of his Biogen directorship is now moot Biogen Announces Changes to Its Board of Directors JUNE 12,2023 »« NEWS RELEASE Source: Biogen Press Release (6/12/2023) SARISSA CAPITAL
Slide 23: Alkermes ignored that it previously cleared a different Biogen director
Alkermes conveniently ignored that it previously cleared a different Biogen director to become a director candidate Alkermes email Alkermes email Mark, ms that Richard and Alex had a good c Itseer To summarize our discussion, we agreed: 1 /een Oct. 30 and Dec. 31, 2021, | /select a director right. G
Slide 24: Alkermes' disputes with Biogen center around Vumerity manufacturing
Alkermes admits that its disputes with Biogen center around Alkermes’ issues with manufacturing Vumerity The Company’s agr ith April 2021, over two years ago Ss Since 2021, Alkermes’ iP Parties invoking te aispute L VUMERFI manufacturing ) y AL ey re re les of VUMERITY. VUMERIT i $ Y on Q1 2023 LTM
Slide 25: Vumerity manufacturing issues negatively impacted commercialization and royalties
Alkermes’ issues with manufacturing Vumerity negatively impacted its commercialization and potential royalties to Alkermes Alkermes 10-Q for 3Q22 We receive a 15% r Idwid i di d and packaged t , Subject to increase: VUMERITY We al: i: i VUMERITY at cost plus _ upon release of bulk batches of VUMERIT
Slide 26: Alkermes' manufacturing is subscale, not a core competency
As we've previously noted, Alkermes’ manufacturing is subscale, not a core competency and likely not profitable SARISSA CAPITAL MANAGEMENT LP
Slide 27: Alkermes previously approved Sarah Schlesinger to join the board
Contrary to what Alkermes now says, Alkermes previously approved Sarah Schlesinger to join the board Alkermes email Alkermes email Alex, Mark, Thank you for such a productive call. To summarize our discussion, we agreed: © summarize our discussion, we agreed It seems that Richard and Alex had a good
Slide 28: Alkermes attempts to smear Alex Denner and Sarissa
Alkermes attempts to smear Alex Denner and Sarissa with a frivolous Bioverativ strike suit despite strike suits arising after virtually every M&A transaction ~ fA SARISSA CAPITAL
Slide 29: Alkermes uses a baseless Bioverativ strike suit to misdirect shareholders
Alkermes and their lawyers shamelessly use a baseless Bioverativ strike suit to misdirect shareholders Alkermes cites a decision against a motion to dismiss where the judge MUST ASSUME ALL FACTS presented by the plaintiff are TRUE. This is erroneous, roved tnat many of the facts the plaintiff allege
Slide 30: Alkermes wants to tarnish Alex Denner for standing on his principles
Alkermes wants to tarnish Alex Denner for standing on his principles American legal system allows lawyers to reap huge profits from filing baseless lawsuits irrespective of facts y Lawyers know that indemnification of directors by large corporations encourages settlements As is typical, Alex Denner
Slide 31: Lead independent director Nancy Wysenski accused in securities fraud suit
Ironically, Alkermes lead independent director Nancy Wysenski was accused in a securities fraud and insider trading suit of overstating clinical trial results and then profiting by selling ~S22 M worth of stock * May 7, 2012, Vertex issued a press release announcing interim clinical trial results th
Slide 32: Sarissa's three qualified nominees
Sarissa’s three qualified nominees are dedicated to unlocking shareholder value at Alkermes -fe- Gp: ; _ SARISSA CAPITAL Biogen \/ Ironwood Bioverativ= ONWOOD PHARMACEUTICALS ARIAD Alex Denner, Ph.D. SARISSA CAPITAL AMARIN | Arbatet capitat(\) MANAGEMENT UP ane ‘ee rantnens Ridgefield Capital Ea Pat
Slide 33: Do not re-elect Richard Pops
|DO NOT RE-ELECT RICHARD POPS|> Despite poor performance since 1991, one thing has been a constant: CEO Pops at the helm of Alkermes $120 $100 Perpetual CEO/Chairman “The definition of insanity is doing the same thing over and over and expecting different results” - misattributed to Albert Einstein
Slide 34: Do not re-elect Richard Gaynor
|DO NOT RE-ELECT RICHARD GAYNOR|> a cancer specialist is no longer needed on the board as Alkermes refocuses on neuroscience Cancer doctor Alkermes definitive proxy statement — June 2023 Qualifications and Skills: Dr. Gaynor brings to our Board a deep background in the field of | dicine; conducted e
Slide 35: Do not re-elect Shane Cooke
IDO NOT RE-ELECT SHANE COOKE| > Alkermes needs a fresh perspective and not another long-term member of Alkermes’ management on its board Pops’ prior President Mr. Cooke served as President of Alk 2011 until hi i in March 2018. He became a Director of Alkermes upon his retirement. Mr. Cooke is Chairm
Slide 36: Vote the universal card to upgrade Alkermes
VOTE THE [sj&8}5 UNIVERSAL CARD TO UPGRADE ALKERMES ONLY VOTE 1 CARD. DISCARD THE WHITE PROXY CARD > Vote “FOR” the election of Sarissa Nominees > Vote “AGAINST” the compensation of the Company’s named executive officers > Vote “FOR” all other proposals in our proxy statement We urge all shareholder
Slide 37: Shareholders are strongly encouraged to submit their votes today
Shareholders are strongly encouraged to submit their votes today or risk having their votes not counted Shareholders can vote in one of three easy ways: * Voting by Internet — Visit www.cesvote.com. You will be prompted to provide the unique control number featured on your BLUE universal proxy card.
Slide 38: Questions regarding your proxy card
If you have any questions regarding your [s]MU8 proxy card or need assistance in executing your proxy card, please contact: D.F. King & Co., Inc. 48 Wall Street New York, New York 10005 Shareholders call toll-free: (866) 207-3648 Banks and Brokers call: (212) 493-6952 By Email: ALKS@dfking.com VOTE
Slide 39: Disclosures
Disclosures GENERAL CONSIDERATIONS The views expre: in thi i own shares of Alkermes plc (the “Company”! -apit ilable i “Sarissa”), which beneficially Commission (“SEC’ i filings have any liability fc nerally accepte party reports. Nei i regulatory filing or third party repo i i IFRS GAAP and IFRS y
Slide 40: Disclosures
Disclosures NOT AN OFFER TO SELL OR BUY ity. This trading i holding: or trade in options, puts, call: presentation changes, except as required by law. and the words “anticipate,” “believe,” “expect,” “potential,” “could,” “opportunity,” “estimate,” “plan, all of which are foregoing involve judg diff
Slide 41: Disclosures
Disclosures CONCERNING INTELLECTUAL PROPERTY and Sarissa’ ADDITIONAL INFORMATION Sarissa Capital Management! LP (“Sarissa Capital”), tog y sta the 2023 annual gen: it ‘Annual Meeting”) al Meeti in ii information. WWw.seC.gOv. le at no havte at www.upgradealkermes.com or roy directing a req led ilabl