Alkermes plc. (ALKS) FY2023 results: revenue $1.7 billion, up 49.6% on the year

Alkermes plc. (ALKS) reported revenue of $1.7 billion for fiscal 2023, the year ended 31 December 2023, up 49.6% on the year before. Net income was $356 million, and diluted earnings per share $2.10. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2024.

Revenue

$1.7 billion

+49.6% on the year

FY2016FY2023

Operating margin

24.9%

-0.5% a year earlier

FY2016FY2023

Net income

$356 million

FY2016FY2023

Diluted EPS

$2.10

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	1,663	1,112	1,174	+49.6%
Cost of revenue	253	218	197	+16.0%
Gross profit	1,410	894	976	+57.8%
Gross margin	84.8%	80.4%	83.2%
Research and development	271	273	291	-0.7%
Selling, general and administrative	690	591	550	+16.8%
Operating income	414	-6.1	97.7
Operating margin	24.9%	-0.5%	8.3%
Interest expense	23.0	13.0	11.2	+76.6%
Pre-tax income	422	-31.1	87.7
Income tax	-97.6	2.0	11.3
Effective tax rate	-23.2%	n/a	12.9%
Net income	356	-158	-48.2
Net margin	21.4%	-14.2%	-4.1%
Diluted EPS	$2.10	-$0.97	-$0.30

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2023	FY2022	FY2021	On the year
Operating cash flow	401	21.0	102	+1,807.2%
Capital expenditure	48.0	38.3	28.0	+25.6%
Free cash flow	353	-17.2	73.7
Free cash flow margin	21.2%	-1.5%	6.3%
Cash from investing	53.4	-64.5	-66.2
Cash from financing	-290	-1.6	29.1
Depreciation and amortisation	74.9	77.9	78.7	-3.8%
Share-based compensation	101	94.3	87.6	+7.1%
Diluted shares, weighted	170m	164m	161m	+3.8%
Shares outstanding at period end	167m	164m	162m	+1.6%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	1,203	1,044	1,113	+15.2%
Debt	291	293	296	-0.9%
Operating lease liabilities	75.7	76.3	104	-0.8%
Other liabilities	567	551	512	+3.0%
Total liabilities and equity	2,136	1,964	2,024	+8.8%
Fixed assets	227	223	341	+1.8%
Goodwill	83.0	83.0	92.9	0.0%
Intangible assets	2.0	37.7	74.0	-94.7%
Investments	356	448	428	-20.5%
Cash and equivalents	457	292	338	+56.4%
Receivables	332	288	313	+15.5%
Inventory	186	181	150	+2.7%
Other assets	492	411	287	+19.7%
Total assets	2,136	1,964	2,024	+8.8%

10-K for the year ended 31 December 2023, filed 21 February 2024: the filing.