Product concentration; Reliance on marketing partners; High investment in research and development (R&D) and selling, general, and administrative (SG&A) costs are pressuring near-term profitability ; and Manufacturing concentration. Near-term leverage well more than 5x, stemming from a temporary increase in R&D costs, but average debt to EBITDA in the 3x to 4x range over the longer term; Funds from operations (FFO) to total debt will be temporarily weak for the rating before returning to a longer-term average of more than 16%; EBITDA coverage of interest will average more than 4x; and The company's cash balances exceed total debt, and we expect that to remain so, over the next several years. Our stable rating outlook on Alkermes reflects our expectation for
