Relatively small size and meaningful product concentration. Manufacturing concentration. High investment in research and development (R&D) and selling, general, and administrative (SG&A) costs that are pressuring profitability over the next year. Our expectation that leverage will average in the 3x to 4x range over the longer term despite high leverage of more than 5x, stemming from a temporary increase in R&D and SG&A costs to support pipeline development. We expect funds from operations (FFO) to total debt to remain temporarily weak for the rating before returning to a longer-term average of more than 20%. We expect the company to sustain cash and investment balances that exceed total debt over the next several years. Our stable rating outlook on Alkermes PLC
