Relatively small scale of operations and meaningful product concentration with top five products generating 85% of revenues. Narrow therapeutic focus on central nervous system disorders. Weak late-stage pipeline. High investment in research and development (R&D) and selling, general, and administrative (SG&A) costs that has pressured profitability and cash flow generation. Strong market exclusivity profile of most products in the portfolio. Above-average growth prospects of existing products and pipeline candidates. Leverage of more than 5x as of March 31, 2017, which we expect will improve to the 4x-5x area by the end of 2018. Cash and short-term investments, which we expect will exceed debt over the next two years. The stable rating outlook on Alkermes PLC reflects S&P Global Ratings' expectation
