Slide 1: Fourth Quarter and Year-End 2023 Financial Results & Business Update
Fourth Quarter and Year-End 2023 Financial Results & Business Update February 15, 2024
Slide 2: Forward-Looking Statements
Forward-Looking Statements Certain statements set forth in this presentation 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: Alkermes plc’s (the “Company”) expectatio
Slide 3: 2023 Accomplishments Enabled Repositioning of Alkermes and Established Strong Foundation for Growth
2023 Accomplishments Enabled Repositioning of Alkermes and Established Strong Foundation for Growth Prevailed in Janssen arbitration; Raised 2023 financial expectations Successfully settled VIVITROL® patent litigation Generated ALKS 2680 initial clinical proof-of-concept data in patients with narcol
Slide 4: Alkermes 2024: Profitable, Pure-play Neuroscience Company
Alkermes 2024: Profitable, Pure-play Neuroscience Company >$1B commercial business driven primarily by 4 core products* Proven development capabilities with advancing neuroscience pipeline Positioned for sustained profitability and significant cash generation *Based on revenues from VIVITROL®, ARIST
Slide 5: Q4 & FY 2023 Financial and Operational Performance
Q4 & FY 2023 Financial and Operational Performance
Slide 6: FY 2023 Financial Results Summary
FY 2023 Financial Results Summary Total Revenue GAAP Net Income (Loss) GAAP Earnings (Loss) Per Share (Diluted) In millions In millions $1,663.4 $355.8 $2.10 $1,111.8 ($158.3) ($0.97) FY 2022 FY 2023 FY 2022 FY 2023 FY 2022 FY 2023 6 © 2024 Alkermes. All rights reserved.
Slide 7: FY 2023 Profitability From Continuing Operations
FY 2023 Profitability From Continuing Operations GAAP Net Income (Loss) EBITDA Non-GAAP Net Income From Continuing Operations From Continuing Operations* From Continuing Operations* In millions In millions In millions $519.2 $486.3 $396.5 $174.9 ($33.2) $50.6 FY 2022 FY 2023 FY 2022 FY 2023 FY 2022
Slide 8: Q4 2023 Revenue Summary
Q4 2023 Revenue Summary ∆ In millions, except % Q4’23 Q4’22 Q4’23 vs. Q4’22 Total Proprietary Net Sales $242.0 $216.1 12% VIVITROL® $102.4 $102.0 - ARISTADA®* $83.4 $79.2 5% LYBALVI® $56.2 $34.9 61% Manufacturing & Royalty Revenue** $135.5 $88.5 53% Research & Development Revenue $0.0 $0.0 - Total R
Slide 9: FY 2023 Revenue Summary
FY 2023 Revenue Summary ∆ In millions, except % FY’23 FY’22 FY’23 vs. FY’22 Total Proprietary Net Sales $920.0 $777.6 18% VIVITROL® $400.4 $379.5 6% ARISTADA®* $327.7 $302.1 8% LYBALVI® $191.9 $96.0 100% Manufacturing & Royalty Revenue** $743.4 $332.0 124% License Revenue - $2.0 (100%) Research & De
Slide 10: Alkermes: 2024 Financial Expectations
Alkermes: 2024 Financial Expectations* Financial Expectations for Year (in millions) Ending Dec. 31, 2024 Total Revenues $1,500 – $1,600 Expected net sales of proprietary products: COGS $230 – $250 • VIVITROL® net sales of $410M – $430M R&D Expense $225 – $255 SG&A Expense $625 – $655 • ARISTADA® ne
Slide 11: 2023 Commercial Review
2023 Commercial Review
Slide 12: Topline Growth and Diversification Reflect Evolving Business
Topline Growth and Diversification Reflect Evolving Business Key Product Revenues ($M) $1,049 $893 $715 $574 FY'20 FY'21 FY'22 FY'23 VIVITROL® ARISTADA®* VUMERITY®** LYBALVI® *Inclusive of ARISTADA INITIO® **Licensed product (royalty & manufacturing revenue) 12 © 2024 © 2022 Alkermes. All rights res
Slide 13: LYBALVI Performance and Expectations
LYBALVI® Performance and Expectations LYBALVI Quarterly Net Sales ($M) $60 Q4’23 net sales of $56.2M reflect 11% sequential growth compared to Q3’23 $50 • Q4’23 gross-to-net deductions: ~29% $40 Outlook: $30 • FY’24 net sales expected to range from $275M – $295M* $20 $10 $0 Q4'21 Q1'22 Q2'22 Q3'22 Q
Slide 14: LYBALVI Prescription Growth Trends
LYBALVI® Prescription Growth Trends Post-Launch TRx* (Through 2/2/24) Q4’23 total TRx: 4,500 • ~46,700 reflecting 11% 4,000 sequential growth compared 3,500 to Q3’23 3,000 2,500 TRx 2,000 1,500 1,000 500 0 13 17 21 25 29 33 37 41 45 49 53 57 61 65 69 73 77 81 85 89 93 97 1 5 9 101 105 109 113 117 By
Slide 15: ARISTADA Performance and Expectations
ARISTADA® Performance and Expectations ARISTADA Annual Net Sales* ($M) Q4’23 year-over-year net sales increased 5% to $83.4M FY’23 year-over-year net sales increased 8% to $327.7M $328 $302 $350 Outlook: $275 $300 $241 • FY’24 net sales expected to range from $340M – $360M†* $250 $200 $150 $100 $50
Slide 16: VIVITROL Performance and Expectations
VIVITROL® Performance and Expectations VIVITROL Annual Net Sales ($M) Q4’23 net sales of $102.4M were flat year-over-year $400 FY’23 year-over-year net sales increased 6% to $400.4M $450 $380 $400 $344 Outlook: $311 $350 • FY’24 net sales expected to range from $410M – $430M* $300 $250 $200 $150 $10
Slide 17: 2024 Outlook
2024 Outlook
Slide 18: Capital Allocation Strategy
Capital Allocation Strategy Maximize the potential of Invest in internal Pursue external proprietary commercial development pipeline opportunities to expand products with primary to advance new portfolio with assets that focus on LYBALVI® neuroscience candidates are a strong strategic fit Return exc
Slide 19: 2024 Strategic Priorities
2024 Strategic Priorities Driven by 4 core products Deliver strong commercial growth and profitability and streamlined operating structure Advance orexin 2 receptor agonist Initiate phase 2 program program Advance internal development candidates and explore Expand neuroscience pipeline external pipe
Slide 20: Appendix
Appendix
Slide 21: Appendix: Amounts Included in Discontinued Operations
Appendix: Amounts Included in Discontinued Operations Three Months Ended Three Months Ended Three Months Ended Three Months Ended Year Ended (In thousands) March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 December 31, 2023 Cost of goods manufactured and sold $ 11 $ 11 $ 11 $ 6 $ 39
Slide 22: Appendix: Financial Results GAAP to Non-GAAP Adjustments
Appendix: Financial Results GAAP to Non-GAAP Adjustments Year Ended Year Ended (In millions) December 31, 2023 December 31, 2022 Net Income (Loss) from Continuing Operations — GAAP $ 519.2 $ (33.2) Adjustments: Share-based compensation expense 92.7 87.7 Depreciation expense 36.9 40.0 Amortization ex
Slide 23: Appendix: Financial Results GAAP to EBITDA
Appendix: Financial Results GAAP to EBITDA Year Ended Year Ended (In millions) December 31, 2023 December 31, 2022 Net Income from Continuing Operations — GAAP $ 519.2 $ (33.2) Adjustments: Depreciation expense 36.9 40.0 Amortization expense 35.7 36.4 Interest income (30.9) (7.6) Interest expense 23
Slide 24: Appendix: 2024 Guidance GAAP to Non-GAAP Adjustments
Appendix: 2024 Guidance GAAP to Non-GAAP Adjustments Year Ending Earnings Per (In millions, except per share data) December 31, 2024 Shares+ Share Projected Net Income — GAAP $ 370.0 173.0 $ 2.14 Adjustments: Share-based compensation expense 86.0 Depreciation expense 35.0 Amortization expense 1.0 No
Slide 25: Appendix: 2024 Guidance GAAP to EBITDA
Appendix: 2024 Guidance GAAP to EBITDA Year Ending (In millions) December 31, 2024 Projected Net Income — GAAP $ 370.0 Adjustments: Net interest income (16.0) Depreciation expense 35.0 Amortization expense 1.0 Provision for income taxes 75.0 Projected EBITDA $ 465.0 Projected GAAP and non-GAAP measu
Slide 26: www.alkermes.com
www.alkermes.com © 2024 Alkermes. All rights reserved.