Relatively small portfolio of products. Product concentration. Manufacturing concentration. The absence of scale. Susceptibility to the marketing priorities of their partners. Leverage of 2.4x. Funds from operations to total debt of 32%. Our stable outlook on Alkermes reflects our expectation of low-single-digit revenue growth in the fiscal year ending March 31, 2013, and high–single- to low-double-digit growth in the fiscal year ending March 31, 2014. We also expect the company to continue generating sufficient free operating cash flow that it will use for further debt reduction. We could lower the rating if revenues and EBITDA grow at a slower rate than we expect, possibly from decreased market acceptance of Vivitrol, or slower-than-expected growth of Bydureon, Ampyra, or Invega Sustenna. In
