Slide 1: Executing on our Strategy to Drive Shareholder Value
© 2023 Alkermes. All rights reserved. Executing on our Strategy to Drive Shareholder Value June 7, 2023
Slide 2: Forward-Looking Statements and Non-GAAP Financial Information
© 2023 Alkermes. All rights reserved. 2 Forward - Looking Statements and Non - GAAP Financial Information About Alkermes plc: Alkermes plc (“Alkermes”, “we”, or the “Company”) is a fully - integrated, global biopharmaceutical company developing innovative medicines in the fields of neuroscience and
Slide 3: Table of Contents
© 2023 Alkermes. All rights reserved. 3 4 Executive Summary 6 Alkermes at a Glance 9 Executing on Our Strategic Priorities to Drive Value Creation 27 Our Commitment to Board Refreshment and Strong Corporate Governance 33 Our Experience with Sarissa and Our Views on the Sarissa Nominees 41 Concluding
Slide 4: Executive Summary: Transformation Has Delivered Significant Value
© 2023 Alkermes. All rights reserved. 4 Executive Summary: Transformation Has Delivered Significant Value 1 Peers include: Acadia Pharmaceuticals Inc., Alnylam Pharmaceuticals, Inc., Blueprint Medicines Corporation, Emergent BioSolutions Inc., Exelixis , Inc., Incyte Corporation, Ionis Pharmaceutica
Slide 5: Executive Summary (Cont'd): Transformation Has Delivered Significant Value
© 2023 Alkermes. All rights reserved. 5 Executive Summary (Cont’d): Transformation Has Delivered Significant Value • The Board has considered Sarissa’s nominees and determined that they could create potential conflicts (in the case of Denner ) and would not be additive to the Board in comparison to
Slide 6: Alkermes at a Glance
Alkermes at a Glance
Slide 7: Alkermes at a Glance
© 2023 Alkermes. All rights reserved. 7 Alkermes at a Glance ADVANCED PIPELINE OF NOVEL DEVELOPMENT CANDIDATES Neuroscience ALKS 2680 Phase 1 Narcolepsy Discovery Programs Neurology / Neuropsychiatry Oncology * Nemvaleukin Alfa Phase 2/3 Advanced Solid Tumors IL - 12 & IL - 18 Discovery Advanced Sol
Slide 8: Established Three Strategic Priorities to Drive Shareholder Value
© 2023 Alkermes. All rights reserved. 8 Established Three Strategic Priorities to Drive Shareholder Value • Focused on disciplined capital allocation and optimized cost structure • Restructured commercial organization to support launch of LYBALVI • Initiated nemvaleukin alfa studies in mucosal melan
Slide 9: Executing on Our Strategic Priorities to Drive Value Creation
Executing on Our Strategic Priorities to Drive Value Creation
Slide 10: Focus, Profitability and R&D Progress
© 2023 Alkermes. All rights reserved. 10 Focus • Separation expected to be completed in H2 2023; CEO appointed for oncology business • Separation to accelerate and enhance profitability for neuroscience business Establish clear value propositions for neuroscience & oncology businesses Simplify capit
Slide 11: Strong Stock Price Performance Through the Unaffected Date
© 2023 Alkermes. All rights reserved. 11 58% (8%) (1%) 19% ALKS Peer Median XBI NBI TSR – L3Y 2 Strong Stock Price Performance Through the Unaffected Date 1 1 Unaffected date is 2/3/2023, the last trading day prior to Sarissa’s Schedule 13D/A disclosing its notice of director nominations 2 TSR - Tot
Slide 12: Outperformance Also Since the Unaffected Date
© 2023 Alkermes. All rights reserved. 12 13% 1% 1% (2%) ALKS Peer Median XBI NBI (1%) (4%) (5%) (2%) ALKS Peer Median XBI NBI 27% 9% (3%) 2% ALKS Peer Median XBI NBI Outperformance Also Since the Unaffected Date 1,2 1 Unaffected date is 2/3/2023, the last trading day prior to Sarissa’s Schedule 13D/
Slide 13: Significant Expansion of Alkermes' Valuation Multiple over the Last Three Years
© 2023 Alkermes. All rights reserved. 13 2.5x 3.8x Prior to Value Enhancement Plan Announcement (12/9/2020) 2/3/2023 Enterprise Value / NTM Revenue Significant Expansion of Alkermes’ Valuation Multiple over the Last Three Years 1 Abbrev: NTM - Next - twelve - months; NTM forward revenue as reported
Slide 14: Analysts Agree: Optimism around Alkermes' Progress & Prospects
© 2023 Alkermes. All rights reserved. 14 Analysts Agree: Optimism around Alkermes’ Progress & Prospects “ALKS clearly has the flexibility to not only effectuate the spin - out of a funded oncology business but also execute on the addition of assets that can bolster the neuropsychiatry pipeline. We b
Slide 15: Overview of Recent Board Refreshment
© 2023 Alkermes. All rights reserved. 15 Overview of Recent Board Refreshment = Joined since 2019 1 Director tenure excludes service on the Alkermes, Inc. board prior to the carve - out acquisition of Elan Drug Technologies from Elan Corp. plc, effective Sept. 16, 2011; following the transaction, th
Slide 16: Driving Value Creation through 4 Years of Strategic and Governance Change
© 2023 Alkermes. All rights reserved. 16 10 20 30 40 50 Jun-19 Aug-19 Oct-19 Dec-19 Feb-20 Apr-20 Jun-20 Aug-20 Oct-20 Dec-20 Feb-21 Apr-21 Jun-21 Aug-21 Oct-21 Dec-21 Feb-22 Apr-22 Jun-22 Aug-22 Oct-22 Dec-22 Feb-23 ALKS Earnings Release ALKS Key Governance Initiatives ALKS Key Operational Initiati
Slide 17: Developed Attractive Commercial Neuroscience Portfolio
© 2023 Alkermes. All rights reserved. 17 Developed Attractive Commercial Neuroscience Portfolio *Under the terms of a settlement and license agreement entered into in July 2019 with Amneal Pharmaceuticals LLC (“Amneal”), Alk ermes granted Amneal a non - exclusive license under certain patents coveri
Slide 18: Execution Has Yielded Significant Growth Across Our Portfolio
© 2023 Alkermes. All rights reserved. 18 $0 $50 $100 $150 2020 2021 2022 2023E Execution Has Yielded Significant Growth Across Our Portfolio $0 $100 $200 $300 $400 2016 2017 2018 2019 2020 2021 2022 2023E Re - Established VIVITROL ® Growth After COVID - 19 Disruption ARISTADA ®* Growth Outpaced the
Slide 19: Exceeded Expectations for LYBALVI Launch
© 2023 Alkermes. All rights reserved. 19 Exceeded Expectations for LYBALVI® Launch; Highlights Strong Commercial Execution and Capabilities LYBALVI Launch Has Exceeded Analyst Expectations LYBALVI’s Differentiated Product Profile has Resonated with Prescribers • Proven efficacy with evidence of atte
Slide 20: Increased Proprietary Revenue by ~75%
© 2023 Alkermes. All rights reserved. 20 Increased Proprietary Revenue by ~75% in 4 years * Inclusive of ARISTADA INITIO® 1 Reflects midpoint of financial expectations provided on June 6, 2023 , which are effective only as of such date. The Company expressly disclaims any obligations to update or re
Slide 21: Revamped R&D Approach
© 2023 Alkermes. All rights reserved. 21 Neuroscience LYBALVI® Schizophrenia / Biopolar I VUMERITY® Multiple Sclerosis Oncology Nemvaleukin alfa 1 IL - 10 Fusion Proteins Revamped R&D Approach: • Employ a disciplined and integrated approach to target selection, development and lifecycle management w
Slide 22: Streamlined Operations, Improved Efficiencies Across the Company
© 2023 Alkermes. All rights reserved. 22 Streamlined Operations, Improved Efficiencies Across the Company 5 Optimized commercial team to efficiently support launch of LYBALVI® Streamlined enterprise support infrastructure Significantly restructured business operations (R&D, Commercial & G&A) ENTERPR
Slide 23: Commitment to Profitability Targets Guides Strategic Decisions
© 2023 Alkermes. All rights reserved. 23 Commitment to Profitability Targets Guides Strategic Decisions *The Company is not providing reconciliations of, or comparable GAAP measures for, forward - looking non - GAAP profitability target s because the comparable GAAP measures are not determinable wit
Slide 24: Janssen Arbitration Timeline
© 2023 Alkermes. All rights reserved. 24 Nov - 8 - 21: Alkermes announces receipt from Janssen Pharmaceutica of notice of partial termination of two license agreements , pursuant to which Janssen ceased payment of all know - how royalties related to INVEGA SUSTENNA®, INVEGA TRINZA®, INVEGA HAFYERA®
Slide 25: Separating the Alkermes Oncology Business Expected to Yield Value
© 2023 Alkermes. All rights reserved. 25 Separating the Alkermes Oncology Business Expected to Yield Value for Shareholders • Separation anticipated H2 2023 • Submitted confidential Form 10 • Appointed Caroline J. Loew, Ph.D. as CEO 1 VUMERITY® is licensed to and commercialized exclusively by Biogen
Slide 26: Separating the Alkermes Oncology Business (Cont'd)
© 2023 Alkermes. All rights reserved. 26 • Creates opportunity to attract oncology - focused investors • Late - stage development asset with potential pivotal data readout in 2024 – Nemvaleukin alfa: novel, investigational, engineered IL - 2 variant with durable responses as both monotherapy and com
Slide 27: Our Commitment to Board Refreshment and Strong Corporate Governance
Our Commitment to Board Refreshment and Strong Corporate Governance
Slide 28: Qualified Board Driving Growth, Profitability, and Value Creation
© 2023 Alkermes. All rights reserved. 28 Brian P. McKeon – Independent Director • EVP / CFO / Treasurer of IDEXX Laboratories • Former EVP / CFO of Iron Mountain • Former EVP / CFO of Timberland Co. F C Emily Peterson Alva – Independent Director • Former M&A Partner at Lazard (focus on transactions
Slide 29: Board Committee Membership and Key Experience
© 2023 Alkermes. All rights reserved. 29 Nominating and Corporate Governance Committee Financial Operating Committee, Nominating and Corporate Governance Committee Compensation Committee, Financial Operating Committee (Chair) Audit and Risk Committee, Financial Operating Committee ALKS Committee Mem
Slide 30: Board Focused on Risk Oversight
© 2023 Alkermes. All rights reserved. 30 Board Focused on Risk Oversight The Board and its committees closely monitor, manage, and mitigate risk Committees and Responsibilities / Oversight • Review operating and corporate strategy, including key risks and mitigations • Oversee enterprise risk manage
Slide 31: Transformed Corporate Governance
© 2023 Alkermes. All rights reserved. 31 Transformed Corporate Governance Recent and Ongoing Governance Developments Alkermes Governance Highlights x Starting with the Company’s 2022 Annual General Meeting, all directors to be elected for one - year terms x Board to be fully declassified as of the 2
Slide 32: Responded to Shareholders and Improved Compensation Program
© 2023 Alkermes. All rights reserved. 32 Responded to Shareholders and Improved Compensation Program Significant Changes Made to Compensation Program Design in Response to Shareholder Feedback x Refined peer group x Expanded use of performance - based equity x Established long - term incentive plan
Slide 33: Our Experience with Sarissa and Our Views on the Sarissa Nominees
Our Experience with Sarissa and Our Views on the Sarissa Nominees
Slide 34: Record of Effectively Collaborating with Shareholders on Value Enhancement
© 2023 Alkermes. All rights reserved. 34 Record of Effectively Collaborating with Shareholders on Value Enhancement • We are focused on driving long - term shareholder value and consider feedback from all of our shareholders – In December 2020, we announced our Value Enhancement Plan, which followed
Slide 35: Good Faith Engagement with Sarissa
© 2023 Alkermes. All rights reserved. 35 Good Faith Engagement with Sarissa, Despite Their Lack of Additive Plans or Proposals • After receiving a second nomination notice from Sarissa in January 2022 , the Company repeatedly offered to work with Sarissa to identify another mutually agreeable direct
Slide 36: Thorough Review of Candidates by Alkermes Board
© 2023 Alkermes. All rights reserved. 36 Thorough Review of Candidates by Alkermes Board • The Nominating and Corporate Governance Committee — currently comprised of Dr. Snyderman, Dr. Wright, Elliott designee Ms. Alva, and Sarissa designee Dr. Laurencin — oversees an annual Board evaluation to : ‒
Slide 37: Two Sarissa Employees and Sarissa's Innoviva Nominee Add No New Value
© 2023 Alkermes. All rights reserved. 37 Two Sarissa Employees and Sarissa’s Innoviva Nominee Add No New Value to the Board Sarissa’s nominees will not bring any new skills to the Board; the current Board is already well - rounded in key areas of importance to th e Company Skills are Not Additive to
Slide 38: Allegations of Breach of Fiduciary Duty Against Alex Denner
© 2023 Alkermes. All rights reserved. 38 Allegations of Breach of Fiduciary Duty Against Alex Denner Raise Issues of Judgment and Time Commitment In May 2017, Denner and another director of Bioverativ were approached by a prospective buyer, Sanofi S.A. Shares of Bioverativ were trading in the mid -
Slide 39: Board Skills Matrix
© 2023 Alkermes. All rights reserved. 39 Board Skills x x x x Neuroscience Experience x x x x x x x x x Financial and/or Transactional Expertise x x x x Commercial Expertise x x x x x Medical Practitioner/R&D Expertise x x x x x x x x x Global Business Experience Proactive and Thoughtful Refreshment
Slide 40: Public Pharmaceutical Company Leadership and Global Strategy Expertise
© 2023 Alkermes. All rights reserved. 40 • Drug development and R&D leadership roles at companies including BioNTech US Inc. (f/k/a Neon Therapeutics, Inc.), Eli Lilly, and Leap Therapeutics • Financial and strategic focused C - Suite positions held at Alkermes and Elan Corporation plc • Long
Slide 41: Transformation Has Delivered Significant Value
© 2023 Alkermes. All rights reserved. 41 Transformation Has Delivered Significant Value 1 Peers include: Acadia Pharmaceuticals Inc., Alnylam Pharmaceuticals, Inc., Blueprint Medicines Corporation, Emergent BioSolutions Inc., Exelixis , Inc., Incyte Corporation, Ionis Pharmaceuticals, Inc., Ironwood
Slide 42: Transformation Has Delivered Significant Value (Cont'd)
© 2023 Alkermes. All rights reserved. 42 Transformation Has Delivered Significant Value (Cont’d) • The Board has considered Sarissa’s nominees and determined that they could create potential conflicts (in the case of Denner ) and would not be additive to the Board in comparison to Alkermes’ incumben
Slide 43: Please Vote FOR All Seven Alkermes Director Nominees Using the WHITE Proxy Card
© 2023 Alkermes. All rights reserved. 43 PLEASE VOTE “FOR” THE ELECTION OF ALL SEVEN OF ALKERMES’ DIRECTOR NOMINEES USING THE WHITE PROXY CARD If you have any questions about how to vote your shares, or need assistance in voting, please call our proxy solicitor: I nnisfree M&A Incorporated Stockhold
Slide 44: Appendix
Appendix
Slide 45: ALKS 2680 Detail
ALKS 2680 Detail
Slide 46: Orexin Dysfunction: Well Defined Opportunity in Narcolepsy and Other Sleep Disorders
© 2023 Alkermes. All rights reserved. 46 Orexin Dysfunction: Well Defined Opportunity in Narcolepsy and Other Sleep Disorders 1 Global Narcolepsy Drugs Market, Forecast 2019 - 2025. Allied Market Research 2 Swick TJ. Treatment paradigms for cataplexy in narcolepsy: past, present, and future. Nat Sci
Slide 47: Leveraging Molecular Design Capabilities to Target Orexin Dysfunction
© 2023 Alkermes. All rights reserved. 47 Leveraging Alkermes’ Molecular Design Capabilities to Target Orexin Dysfunction Orexin 2 Receptor in Complex with Peptide - Agonist Orexin - B Figure adapted from: Hong, Chuan, et al. Nature communications. 2021:12; 3. PDB ID: 7L1U PK: pharmacokinetic; PD: ph
Slide 48: Additional Governance Information
Additional Governance Information
Slide 49: Leading Commitment to ESG and Corporate Responsibility
© 2023 Alkermes. All rights reserved. 49 We published our first Corporate Responsibility Report in 2018, crafted based on prior shareholder feedback and engagement, and have published a report annually since Leading Commitment to ESG and Corporate Responsibility 5 th Annual Corporate Responsibility
Slide 50: Executive Compensation Programs Designed to Align Incentives with Shareholder Interests
© 2023 Alkermes. All rights reserved. 50 Executive Compensation Programs Designed to Align Incentives with Shareholder Interests Key Features x Alignment of executive pay with performance x Annual advisory vote on executive compensation x Use of equity awards with performance - based vesting for all
Slide 51: Supplemental Financial Information
Supplemental Financial Information
Slide 52: Balance Sheet as of March 31, 2023
© 2023 Alkermes. All rights reserved. 52 Balance Sheet as of March 31, 2023 March 31, 2023 (In millions, unaudited) Current Assets: $ 321.4 Cash and cash equivalents 269.2 Receivables, net 279.1 Investments — short - term 185.0 Inventory 8.4 Contract Assets 47.0 Prepaid expenses and other current as
Slide 53: Quarterly GAAP to Non-GAAP Reconciliation
© 2023 Alkermes. All rights reserved. 53 (In thousands) 2023 2022 2021 2020 2019 Quarter Ended, Mar. 31 Dec. 31 Sep. 30 Jun. 30 Mar. 31 Dec. 31 Sep. 30 Jun. 30 Mar. 31 Dec. 31 Sep. 30 Jun. 30 Mar. 31 Dec. 31 Sep. 30 Net Income (Loss) — GAAP (41,845)$ (28,254)$ (63,974)$ (30,136)$ (35,903)$ 873$ (28,
Slide 54: Annual Financial Results GAAP to Non-GAAP Adjustments
© 2023 Alkermes. All rights reserved. 54 Annual Financial Results GAAP to Non - GAAP Adjustments (Loss) Earnings Per Share Shares Year Ended Dec. 31, 2019 (Loss) Earnings Per Share Shares Year Ended Dec. 31, 2020 (Loss) Earnings Per Share Shares Year Ended Dec. 31, 2021 (Loss) Earnings Per Share Sha
Slide 55: 2023 Financial Expectations GAAP to Non-GAAP Adjustments
© 2023 Alkermes. All rights reserved. 55 2023 Financial Expectations GAAP to Non - GAAP Adjustments * Pursuant to final award related to arbitration proceedings with Janssen Pharmaceutica N.V. Projected GAAP and non - GAAP measures reflect mid - points within ranges of estimated financial expectatio
Slide 56: www.alkermes.com
© 2023 Alkermes. All rights reserved. © 2021 Alkermes. All rights reserved. © 2023 Alkermes. All rights reserved. www.alkermes.com