Alkermes wins arbitration vs Janssen, raises 2023 outlook by ~$425M

Alkermes plc.

Final arbitration award confirms Janssen must pay royalties on INVEGA and CABENUVA products; back royalties of ~$194M (incl. interest) received.
2023 total revenue guidance raised to $1.55B-$1.68B from $1.13B-$1.25B; GAAP net income now $225M-$265M vs prior loss.
Royalty terms clarified: INVEGA SUSTENNA until Aug 2024, INVEGA TRINZA until Q2 2030, INVEGA HAFYERA until May 2030, CABENUVA until Dec 2036.
Non-GAAP net income guidance raised to $230M-$270M from $0M-$40M; back royalties excluded from non-GAAP.
Company reiterates FY2024/2025 profitability targets (25%/30% non-GAAP net income margin) excluding Janssen royalties.

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