Alkermes Wins Final Award in Janssen Pharmaceutica Arbitration
Company raises 2023 net income expectations by an estimated $425 million.
Alkermes, a biopharma organization, has announced receipt of a final award in its arbitration proceedings with Janssen Pharmaceutica, a subsidiary of Johnson & Johnson. As a result, the company has raised its financial expectations for 2023 by approximately $425 million, which includes back royalties of approximately $194 million related to 2022 US net sales of the long-acting Invega products and Cabenuva that the company has now received from Janssen.
"We are gratified to have final resolution in this arbitration. Alkermes' technology and know-how enabled the development of the products covered by the license agreements — medicines that have benefited millions of patients around the world. From the outset, we believed strongly that Janssen was not entitled to cease paying royalties due to Alkermes on sales of these products," said Richard Pops, Chief Executive Officer of Alkermes. "This outcome reestablishes significant cash flows to Alkermes, provides strategic capital to our balance sheet and strengthens our longer-term financial profile by clarifying the distinct royalty term for each product covered by the license agreements."
Reference: Alkermes Announces Final Award in Janssen Pharmaceutica Arbitration and Provides Updated Financial Expectations. Alkermes. June 6, 2023. Accessed June 7, 2023. https://investor.alkermes.com/news-releases/news-release-details/alkermes-announces-final-award-janssen-pharmaceutica-arbitration
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