... PLC recently updated its financial forecast for 2023 based on the final award in relation to the arbitration with Janssen Pharmaceutica N.V. - This development should result in a significant increase in revenue, EBITDA, and cash flow in 2023. We now forecast the company's S&P Global Ratings-adjusted leverage will be about 2x by the end of 2023. - As a result, we affirmed our '##-' issuer credit rating on Alkermes and '##' issue-level rating on its term loan. We also revised the outlook to positive from stable. The recovery rating on the term loan remains '2', indicating our expectation for substantial (70%-90%; rounded estimate: 85%) recovery in the event of a payment default. - The positive outlook indicates our expectation that if the company successfully spun off its oncology business, leverage would remain well under 3x....
