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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Provision (Benefit) for Income Taxes from Continuing Operations

The Company’s provision (benefit) for income taxes from continuing operations consists of the following:

		Year Ended December 31,
(In thousands)		2024				2023				2022 (1)
Current income tax provision (benefit):
U.S. federal		$	25,640			$	(981	)		$	11,169
U.S. state			4,259				722				4,401
Ireland			1,192				—				—
Deferred income tax provision (benefit):
U.S. federal			(19,870	)			10,192				(10,536	)
U.S. state			(1,392	)			(507	)			(3,010	)
Ireland			61,783				(107,064	)			—
Total tax provision (benefit)		$	71,612			$	(97,638	)		$	2,024

(1)Prior period amounts have been retrospectively adjusted to reflect the effects of the Separation.

Schedule of Income (Loss) Before Provision (Benefit) for Income Taxes by Geographical Area

The distribution of the Company’s income (loss) before the provision (benefit) for income taxes by geographical area consists of the following:

		Year Ended December 31,
(In thousands)		2024				2023				2022 (1)
Ireland		$	440,674			$	411,767			$	(32,198	)
U.S.			3,076				9,752				1,070
Income (loss) from continuing operations before provision (benefit) for income taxes		$	443,750			$	421,519			$	(31,128	)

(1)Prior period amounts have been retrospectively adjusted to reflect the effects of the Separation.

Schedule of Components of Net Deferred Tax Assets

The components of the Company’s net deferred tax assets consist of the following:

		December 31,				December 31,
(In thousands)		2024				2023
Deferred tax assets:
Net operating loss carryforwards		$	80,209			$	195,658
Research and development expenses			71,167				49,206
Accrued expenses and reserves			41,189				37,367
Operating lease liabilities			17,537				18,716
Share-based compensation			33,773				37,727
Tax credits			26,882				27,116
Other			3,695				5,582
Less: valuation allowance			(79,727	)			(129,296	)
Total deferred tax assets			194,725				242,076
Deferred tax liabilities:
Property, plant and equipment			(21,917	)			(26,271	)
Right-of-use assets			(16,337	)			(17,748	)
Other			(1,940	)			(2,716	)
Total deferred tax liabilities			(40,194	)			(46,735	)
Net deferred tax assets		$	154,531			$	195,341

Schedule of Activity in Valuation Allowance Associated with Deferred taxes

The activity in the valuation allowance associated with deferred taxes consists of the following:

(In thousands)		Balance at Beginning of Period (1)				(Additions) / Reductions (2)				Balance at End of Period (1)
Deferred tax asset valuation allowance for the year ended December 31, 2022		$	(249,112	)		$	(22,405	)		$	(271,517	)
Deferred tax asset valuation allowance for the year ended December 31, 2023		$	(271,517	)		$	142,221			$	(129,296	)
Deferred tax asset valuation allowance for the year ended December 31, 2024		$	(129,296	)		$	49,569			$	(79,727	)

(1)Inclusive of continuing and discontinued operations for the periods prior to the Separation in November 2023.

(2)(Additions) reductions represent continuing and discontinued operations for the periods prior to the Separation in November 2023. The reductions during the year ended December 31, 2024 primarily relate to the abandonment of certain Irish NOLs following the sale of the Athlone Facility to Novo. These NOLs were transferred from Elan Corporation, plc as part of the combination of the drug technology business of Elan Corporation, plc with the business of Alkermes, Inc. A number of restrictions applied to these NOLs thereby restricting the Company’s ability to utilize such NOLs. Following the sale of the Athlone Facility, the Company believes that its ability to utilize these NOLs is remote. The reduction during the year ended December 31, 2023 primarily relates to the partial release of the valuation allowance maintained by the Company against certain Irish net deferred tax assets. The additions in 2022 relate primarily to Irish NOLs.

Schedule of Reconciliation of Statutory Tax Rate to Effective Tax Rate

A reconciliation of the Company’s statutory tax rate to its effective tax rate is as follows:

		Year Ended December 31,
(In thousands, except percentage amounts)		2024					2023					2022 (1)
Statutory tax rate			12.5		%			12.5		%			12.5		%
Income (loss) from continuing operations before income taxes at statutory rate		$	55,469				$	52,690				$	(3,891	)
Share-based compensation			5,607					4,177					4,347
Foreign rate differential(2)			4,844					4,701					521
Change in valuation allowance			(49,517	)				(142,424	)				1,102
Intercompany amounts(3)			708					(16,551	)				(1,694	)
Irish rate differential(4)			5,798					235					4,926
Uncertain tax positions			(667	)				(234	)				602
Non-deductible lobbying expenses			767					705					775
U.S. state income taxes, net of U.S. federal benefit			2,802					347					1,272
Foreign derived intangible income			(281	)				—					(4,530	)
R&D credit			(7,815	)				(2,823	)				(2,531	)
Abandonment of NOLs(5)			49,897					—					—
Other permanent items(6)			4,000					1,539					1,125
Income tax provision (benefit)		$	71,612				$	(97,638	)			$	2,024
Effective tax rate			16.1		%			(23.2	)	%			(6.5	)	%

(1)Prior period amounts have been retrospectively adjusted to reflect the effects of the Separation.

(2)Represents income or losses of U.S. subsidiaries, subject to tax at a rate other than the Irish statutory rate.

(3)Intercompany amounts include cross-territory eliminations, the pre-tax effect of which has been eliminated in arriving at the Company's consolidated income (loss) before taxes from continuing operations. In 2023, this included a tax benefit of $15.7 million related to the intercompany transfer of inventory that was owned by the Company at December 31, 2023.

(4)Represents income or losses of Irish companies subject to tax at a rate other than the Irish statutory rate.

(5)Represents the tax effect of the abandonment of Irish NOLs following the sale of the Athlone Facility to Novo.

(6)Other permanent items include, but are not limited to, non-deductible meals and entertainment expenses and non-deductible compensation of senior officers of the Company. For the year ended December 31, 2024, permanent items also included amounts relating to the sale of the Athlone Facility.

Schedule of Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

		Unrecognized
(In thousands)		Tax Benefits
Balance, December 31, 2021		$	8,372
Reductions based on the lapse of applicable statutes of limitations			(438	)
Additions based on tax positions related to prior periods			449
Additions based on tax positions related to the current period			590
Balance, December 31, 2022		$	8,973
Reductions based on the lapse of applicable statutes of limitations			(1,073	)
Additions based on tax positions related to the prior period			281
Additions based on tax positions related to the current period			558
Balance, December 31, 2023		$	8,739
Reductions based on the lapse of applicable statutes of limitations			(1,306	)
Additions based on tax positions related to the prior period			59
Additions based on tax positions related to the current period			581
Balance, December 31, 2024		$	8,073

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