Ireland-based biopharmaceutical company Alkermes PLC recently prepaid its remaining outstanding debt, at the end of the first quarter with more than $900 million of cash and investments on the balance sheet. We believe the company will continue to invest in its pipeline to ensure future growth and could increase leverage to do so. Therefore, we affirmed our 'BB' issuer credit rating on Alkermes. The stable outlook reflects our expectation that Alkermes' growth from ARISTADA and LYBALVI will mitigate the impact of VIVITROL's loss of exclusivity in 2027 and the manufacturing and royalty decline. It also reflects our expectation the company will seek to supplement its growth through internally developed products as well as some acquisitions, which could bring leverage back
