Independent Proxy Advisory Firm Glass Lewis Recommends Alkermes Shareholders Vote "FOR" All Seven of the Company's Highly Qualified Director Nominees

Supports Alkermes' Existing Board and Notes Strong Positive Momentum  

Shares Board's Belief that Sarissa's Nominees Would Not Be Additive to the Board

Notes Alkermes Board is "sufficiently independent, qualified and capable to oversee the Company"

Reveals Material Underperformance at Majority of Companies During Sarissa Nominee Sarah Schlesinger's Board Tenure

DUBLIN, June 21, 2023 /PRNewswire/ -- Alkermes plc (Nasdaq: ALKS) (the Company) today announced that leading proxy advisory firm Glass, Lewis & Co. (Glass Lewis) has recommended that Alkermes shareholders vote the WHITE proxy card "FOR" all seven of Alkermes' highly qualified director nominees at the Company's upcoming 2023 Annual General Meeting of Shareholders (the Annual Meeting), which is scheduled to be held on June 29, 2023.

In making its recommendation, Glass Lewis noted¹:

• "[W]e believe the Company has been exhibiting strong positive momentum in terms of its operating and share price performance, particularly since the announcement of the Value Enhancement Plan."
• "The Company's TSRs for the more recent medium-term periods rank in the upper quintile of the corresponding ranges of TSRs observed in both the Glass Lewis Peer Group and the 2023 Proxy Peer Group. We also see that the Company has meaningfully outperformed its peers in the seven-plus months since the announcement of the planned spin-off of the oncology business. Our findings suggest that the Company's TSR has largely continued on an upward trajectory, on both an absolute and relative basis, through the more recent end date."
• "We see that between CY2020 and the year-to-date period ended June 16, 2023, the average forward revenue trading multiple of the Company has expanded by over a full turn, whereas the peer group multiples have contracted by around 2.6 and 3.5 turns."
• "[T]he Dissident is arguing that the Company is subscale and over-extended in its business focus. Yet, it appears to us that the Company is already taking meaningful steps to address Sarissa's stated concerns."
• "[W]e believe the recent developments at Biogen regarding Dr. Denner represent, at a minimum, poor optics in the context of this proxy contest, as investors may reasonably question whether the arrangement of having a close personal partner of Dr. Denner on Biogen's board truly resolves the Company's stated concerns regarding a potential conflict of interest."
• "[T]he Company has been undergoing a steady board refreshment in recent years, and we believe the current board is, on balance, sufficiently independent, qualified and capable to oversee the Company. Therefore, we believe shareholder support of the Dissident's slate is not warranted at this time."
• "[W]e believe the Dissident has not presented a sufficiently compelling case to warrant the board changes it is seeking here. In our view, the Company has been reasonably responsive to the concerns raised by the Dissident over the years."

In addition, the Glass Lewis report thoroughly reviewed each Sarissa Capital Management LP (together with its affiliates, Sarissa) candidate, including Sarah Schlesinger, and noted that Schlesinger's skills are redundant with those of multiple directors already on the Alkermes Board of Directors (the Board). Glass Lewis also conducted its own analysis of Schlesinger's board tenure underperformance. On these issues, Glass Lewis stated: