Alkermes plc

Greetings. Welcome to the Alchemy's fourth quarter 2023 financial results conference call. My name is Rob and I'll be your operator for today's call. All participant lines will be placed on mute to prevent background noise. If you should require operator assistance during the call, please press star zero on your telephone keypad. Please note this conference is being recorded. I'll now turn the conference over to Sandra Coombs, Senior Vice President of Investor Relations and Corporate Affairs. Sandy, you may begin.

Thank you, Rob. Good morning. Welcome to the Alkermes PLC conference call to discuss our financial results and business update for the quarter and year-ended December 31, 2023. With me today are Richard Pops, our CEO, Todd Nichols, our Chief Commercial Officer, and Blair Jackson, our Chief Operating Officer, who will be reviewing our financial results and expectations while our Chief Financial Officer, Ian Brown, is on medical leave. During today's call, we will be referencing slides These slides, along with our press release, related financial tables, and reconciliations of the GAAP to non-GAAP financial measures that we'll discuss today, are available on the investor section of Alkermes.com. We believe the non-GAAP financial results, in conjunction with the GAAP results, are useful in understanding the ongoing economics of our business. Our discussions during this conference call will include forward-looking statements. Actual results could differ materially from these forward-looking statements. Please see slide two of the accompanying presentation, our press release issued this morning, and our most recent annual and quarterly reports filed with the SEC for important risk factors that could cause our actual results to differ materially from those expressed or implied in the forward-looking statements. We undertake no obligation to update or revise the information provided on this call or in the accompanying presentation as a result of new information or future results or developments. After our prepared remarks, we'll open the call for Q&A, and now I'll turn the call over to Richard for some opening remarks.

That's great. Thank you, Sandy, and good morning, everyone. So 2023 was an eventful and productive year at Alkermes, one in which we repositioned the company and established a strong foundation for growth. We had an ambitious agenda last year, and we successfully achieved the major goals we set for ourselves. We entered 2023 in arbitration with J&J and prevailed in that matter decisively, which reinstated significant cash flows to us, strengthened our balance sheet, and enabled us to raise our financial expectations. We had another pending matter relating to Vivitrol's patent protection, which we also resolved on favorable terms. We entered the year with a goal of generating critical decision-making data for our orexin-2 receptor agonist, ALX2680, in a multifaceted Phase I program. We were successful in doing that, generating narcolepsy Type I data that support advancing into Phase II in NT1 this year. We completed the separation of our oncology business a major milestone for the company, freeing resources and focusing our R&D efforts in neuroscience. We delivered on a significant element of our multi-year initiative to drive operational efficiency by announcing the sale of our Athlon Ireland GMP manufacturing facility, and that transaction is expected to close mid-year. And we also met our goal of continuing to drive our top-line revenue from proprietary products, including the continued strong launch of Levolving. Through these accomplishments, we emerged as a pure-play neuroscience company. Today, Alkermes can be characterized by three distinctive attributes. First, a commercial business with revenues over a billion dollars, driven by four core products all developed by Alkermes. Second, proven development capabilities with an advancing neuroscience pipeline. And third, an efficient operating structure that positions the business for sustained profitability and significant cash generation. So with that as an intro, I'll turn the call over to Todd to review the commercial performance.