Slide 1: Alkermes Presentation
Alkermes Presentation June 9, 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 had poor performance for over 30 years
Although Alkermes attempts to create misdirection in this contest, let’s simply state the facts: Alkermes has had poor performance for over 30 years 3000% 2500% NBI: +1,966.7% 2000% 1500% eS 1 Difference of +1,394% ! 1000% I I 500% : ALKS: +572.9% 0% -500% %, %, % " % %, Ne & %, % Be <, Nasdaq Biote
Slide 4: Pops has sat at the head and squandered shareholder value
For over 30 years, Pops has sat at the head of the company and squandered away shareholder value $120 $100 $20 Jul-91 Jan-97 Jun-02 Dec-07 Jun-13 Dec-18 “The definition of insanity is doing the same thing over and over and expecting different results” - misattributed to Albert Einstein SARISSA CAPIT
Slide 5: Despite revenues over $1Bn, the company operates at a loss
Even recently, despite multiple years with revenues >S1Bn, the company continues to operate at a loss Alkermes Revenue vs Operating Loss @Revenue # Operating Loss $4400 LLL ' ! $1,200 $1,094 $1,112 ! $1,039 I Revenue > $1 Bn $1,000 | $903 L _! $800 600 5 $ $400 $200 $0 — ] “1 | Operating loss -$200
Slide 6: Over $1Bn revenue yet operating loss indicates fundamental problem
That Alkermes has generated >$1 Bn in annual revenue for 5 years and still operates at a loss indicates a fundamental problem with the business model Impressive, | know. You try to do it! SARISSA CAPITAL
Slide 7: Shareholder pressure has driven recent changes at the company
Shareholder pressure (and not >30 years of poor returns at Alkermes) has driven recent changes at the company Source: Reuters, CNBC Biopharma company faces pressure to trim costs and maximize value for shareholders oo Sacer eee 2020 7 ting. fter Elliott pressure fy BOSTON (Ret ) designed to boost re
Slide 8: Sarissa has pushed for better governance and shareholder returns
Since Sarissa’s interactions with Alkermes (Pops), we’ve pushed for better governance, capital allocation decisions, and for shareholder returns ALKS: +56.3% g 60.0% BE ay ee BB -- e r Difference up to 51% | H By OM nl th Ln 2 @ ~ IBB: +17.1% XBI: +5.4% % %e , , , %, a, ay, Xe, %,
Slide 9: Alkermes would benefit from shareholders on board for oncology spin-off
Alkermes would benefit significantly with shareholders on the board to optimize the oncology new company spin-off Sarissa Capital Issues Statement On Ironwood Pharmaceuticals Ne oBy Compan any 1 NU W/ Ironwood 7gyelerion > Biogen Completes Separation of Global Bioverati etc i i H. hilia B saat t FEB
Slide 10: Alkermes touts flexible profitability targets with low bar
Alkermes touts flexible profitability targets with bar set low, rather than goal of maximizing 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-GAA
Slide 11: Alkermes is a hodgepodge of businesses that destroys value
Alkermes is a hodgepodge of businesses that destroys shareholder value Alkermes royalties burned alr eee tigeuin rugs at Billions of cheap free cash flows from technology addiction and mental . : . . competing against pharma giants Commercial products for » | Bloated infrastructure, subscale and unp
Slide 12: We do not trust Pops to turn around his own company
We do not trust Pops to turn around his own company after >30 years at the helm a) SARISSA CAPITAL
Slide 13: Alkermes' smearing of Sarissa's board candidates
Alkermes’ smearing of Sarissa’s board candidates shows they will say anything to keep us off the board \ SARISSA CAPITAL 13 MANAGEMENT LP
Slide 14: Alkermes raises a frivolous Bioverativ lawsuit
Alkermes attempts to sully Alex Denner and Sarissa’s reputation by raising a frivolous Bioverativ lawsuit MANAGEMENT LP
Slide 15: Denner's spin of Bioverativ generated $11.6Bn of value
Alex Denner’s orchestrated spin of Bioverativ generated $11.6Bn of value for shareholders Investment Thesis * Biogen Inc.’s hemophilia assets were underappreciated and not reflected in the share price The most optimal method to maximize shareholder value was to spin the hemophilia assets into a new,
Slide 16: Shareholder suits are common after virtually every deal
Shareholder suits are common after virtually every deal BUSINESS INSURANCE. RISKMANAGEMENT WORKERSCOMP INTERNATIONAL RESEARCH & REPORTS PEOPLE EMPLOY! judy Greenw: January 21, 2013 4 IVS Firms that announce a merger or acquisition almost always find a headache to go along with it: lawsuits by aerate
Slide 17: The baseless suit is led by ambulance chasing law firms
The baseless suit Alkermes highlights is led by ambulance chasing law firms -y A CAPITAL SARISS
Slide 18: Alkermes directors subject of numerous shareholder lawsuits
Alkermes directors have been subjects of numerous shareholder lawsuits fo Sources: Bloomberg Law A SARISSA CAPITAL r
Slide 19: Lead independent director Wysenski accused in securities fraud suit
For example, 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 ~S22M worth of stock * May 7, 2012, Vertex issued a press rel ing i im clinical trial results tk ggerated . Wy
Slide 20: After Senator Grassley wrote to SEC, Wysenski retired
After US Senator Charles Grassley wrote to the SEC to investigate the stock sales, Wysenski suddenly retired June 7, 2012 Wnited States Senate Via Electronic Transmission pclae acme enator Grassley s' : The Honorable Mary L. Schapiro Senator Grassley stated Chairman ..it could appea reet, Washington
Slide 21: Alkermes' cherry picking to undermine Sarissa's character
Alkermes’ cherry picking to undermine Sarissa’s character and mislead shareholders on the litigation is dishonorable Critical Commentary Fri the Court Alkermes’ slides are very misleading, [ix he ni a | Also, the decision was . a. . This is erroneous, . : : as they site a decision against a ™ *| iss
Slide 22: Sarissa disclosed and pre-cleared all trades at Bioverativ
Fact: Prior to all trades at Bioverativ, Sarissa disclosed them to the board and pre-cleared them in accordance with our policies and Bioverativ’s policies CY -A SARISSA CAPITAL
Slide 23: Plaintiffs sought settlement; Sarissa chose to fight in court
Plaintiffs were seeking a settlement and asked for the claims against Denner (which were subject to indemnification from Bioverativ) to be included in a global settlement Sarissa and Alex Denner out of principle determined to fight the case in court and not settle. We are in the right, these claims
Slide 24: Board never indicated lawsuit was reason for rejecting nominees
The Alkermes board never indicated that the Bioverativ lawsuit was a reason why they rejected our nominees SARISSA CAPITAL MANAGEMENT LP
Slide 25: Alkermes' cheap attempt to tarnish Sarissa's board candidates
Alkermes’ cheap attempt to tarnish the image of Sarissa’s board candidates prove they will say anything to keep us off the board
Slide 26: Shareholders needed on board for accountability and oversight
Shareholders need to be added to the board to provide accountability and oversight of management SARISSA CAPITAL MANAGEMENT LP
Slide 27: Sarissa is nominating three qualified individuals
Sarissa is nominating three qualified individuals who are dedicated to unlocking shareholder value at Alkermes NAGE MENT CP IRONWOOD PHARMACEUTICALS a a a Biogen WV Ironwood Bioverativ= , IAD P| Alex Denner, Ph.D. SARISSA CAPITAL AMARIN svbatet capitat[) anne eeranrnens Ridgefield Capital ARISSA CAP
Slide 28: 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 $100 $o Jul-91 Jan-97 Jun-02 Dec-07 Jun-13 Dec-18 “The definition of insanity is doing the same thing over and over and expecting different results” - misattributed to
Slide 29: 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 Alkermes \ppointment of Richard ,M.D. and Andy Wil its Board of Direct 1 the Retit of Director Floyd Bloom, M.D. Bajror versio | DUBLIN, Sept. 13, 2019 /PRNews' wire/! Dr. Gay
Slide 30: 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 Mr. Cooke served as President of Alk ber 2011 until hi i in March 2018. He became a Director of Alkermes upon his retirement. Mr. Cooke is Chairman of the Board of
Slide 31: 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 32: Shareholders strongly encouraged to submit 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 33: Questions regarding your proxy card: contact D.F. King
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 34: Disclosures
Disclosures GENERAL CONSIDERATIONS The views expre: own shares of Alkermes plc (the “Company”! api Bt in of i i i “Sarissa”), which beneficially ilable i i i i: Commission (“SEC’ i filings have any liability fc party report: regulatory filing or third party repo i i i IFRS ws soneraiy Scored account
Slide 35: Disclosures
Disclosures NOT AN OFFER TO SELL OR BUY ity. This trading i holding: or trade in options, puts, call: appropriate, presentation i ‘ify the market or changes, except as required by law. and the words “anticipate,” “believe,” “expect,” “potential,” “could,” “opportunity,” “estimate,” “plan, foregoing
Slide 36: 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.2OV. le at no charge at www.upgradealkermes.com or by directing a req led ilabl