Acorda Therapeutics (ACORQ) 5 May 202020 Q1 Earnings call transcript

Welcome to the Acorda Therapeutics First Quarter 2020 Update. [Operator Instructions]. Please be advised that this call is being recorded at the company's request. I will now introduce your host for today's call, Tierney Saccavino, Executive Vice President, Corporate Communications at Acorda. Please go ahead.

you. Thank good or everyone. afternoon, morning Good

are let Before on those presentation in filings. you encourage to which our I will the CEO, remind contain we our to forward-looking call to filings, found our begin, will be statements. that can Ron we pass me Detailed refer and public, now SEC you disclosures Cohen.

country COVID-XX this challenge throughout the unprecedented has for an Starting and created pandemic, world. with the the businesses

associates communities. manage Acorda's their the Parkinson's now health keep our the and also number manufacturing a with top to families associates compliant exception home, Our Ardsley are offices. operations continuing small to of while our facility of priorities ensuring disease the safety our in Most are and serve of who the employees needed of and from multiple working sclerosis of are

associates distancing. regular have import sanitizer. receive social cleaning. access deep masks, facilities And gloves to in, Our need hand and Those to go also we who

in We disruption. we circumstances a haven't cause had any that would of the supply don't know currently our any and medications, of interruptions

hospitals medical level and these from sales professionals PPE, and a made both personal equipment Boston patients. support They're Acorda of care protective New in adapted local a to have and to in or provide to field Our York. education now working at information seeing We're also has and of health rapidly. interest high virtually teams groups. programs our substantial donation workers

quarter. patients these account with health traditional our the of for and plans switch $XX.X that million, the with Moving year projections. and business our consistent fact include both and on million coverage. took These factors the of $X.X the in in respectively, to deductibles INBRIJA at beginning the of changes into review resetting first seasonal many the QX. And AMPYRA impact, Revenue were at internal

their of for the the coverage addition, form patients phase are ex-factory Medicare through lowest by Parkinson's beginning January they increased February a from the costs the this, which products for both And increased Consistent results for to April. which date. year month-over-month of in calendar to impacted with initial out-of-pocket In medications. obtain patients, then the sales were year, at majority them

February March and greater than January, greater was greater that So than February April than March.

the a that into visits some In March at the recovery the people in week as the adjusting that of an new staying in-person virtual in-person been and new ensuing spread in the social clear it home prescriptions at-risk continued have and help home. to XX% weeks became new offices have moving we to has to of April, at Consequently, X living at March, decrease the was interactions. and we among to weeks physicians physicians' an first who Parkinson's research were that beginning many at with themselves Independent visits that are the the shown neurologists operations population destining to as weeks. patients shelter and of also last drop coronavirus, time, virtual X during to would slow in and last were saw approximately begun prescriptions first over see

the information was for program, attendees. attended XXX fields samples even our engaging and initiatives, speaker and virtual programs, program, other consumer ordering been over the access new also Our offices. also ambassador. to both example, They're had speaking moved we've both by consumer physicians platforms. speaker their a of by service a to hub, our patient quickly. presentations physician with about recently We teams leading all our virtual and staffs. education a with moved peer-to-peer It Among through customer virtually providing and They've prescribe and without have to how

passed based in demonstrated large effectively. has techniques these will to power both that and current technologies of We cost believe on even and reach HCPs COVID the crisis numbers continue the patients when

of now a assist about have We INBRIJA patients also administer available AMPYRA nurse patients medications customer INBRIJA educators to their team and available service also to insurance the with to teams INBRIJA, assist we have coverage. correct with and questions way questions or about

people specialty AMPYRA particularly visit model get These and of about for how also training, an with order a launched which leave to with focusing INBRIJA, process the dispensing, both the step. more a XXXX video now We've medications with updated and and cough. pharmacy. without detailed retail with Our having takes MS on house their mail new is Helpful patients and both developed in more to pharmacy for tools Parkinson's or to to services website print with new available and INBRIJA allows how-to to information guide, administer through we video, patients administration on need include provide that the supplementary Parkinson's in by step respect our that understanding the Hints

INBRIJA with to properly that new educators nurse connecting patient also trained. ensure are Our they're every

announced them In reach to year additional INBRIJA. quarter, in programs with with Parkinson's of people fourth through call, online first quarter reach educate about our Parkinson's, the we top this As people to venues. to priority a our initiated variety is we

about of prescription. Our a that patients research health when INBRIJA, them providers ask their indicates X/X about receive

of visits INBRIJA the compared people impression at generated delivering graph the goal, XX,XXX first as XXXX between QX. in to in to quarter, This quarter ads. first first to initial in approximately banner XX impressions. one person who Our the website exceeded QX self-identified community. metrics well Parkinson's the day, deliver to was quarter specifically digital and per as this least Through as or million members the we shows consumer We are ad between breakdown the the well Facebook increases per goal XXX,XXX and

these encouraged of ads. impact continued both portion increase an engines. of This are also We're These AI and to is that process. tied machine to have a optimize programs helping these to in these metrics iterative and are April, learning measure us the

months. We expect next increasing over impact the over time, few specifically

quarter a liability, our ended in equivalents, a a We outlines and This the quarterly you'll in value a performance feature liability. quarter, which to the guidance. table $XXX.X is first investments which on first financial $XX.X XXXX and change moving quarter notes. financials of basis. fair reduction of release. our of the will in reevaluation million require XXXX XXXX value derivative the key cash was cash, restricted of contained conversion recorded notes result a the we the in convertible with cash press for So In that detail of million. year, the This is the Change a addressed find first new fair in

revenues are year rate of revenue pace XXXX still for established an Its of is our on and patients. significantly new more year, the by for expanding and and million driven are reiterating prescriptions. more than confident $XX persistence, we to revenue of on $XXX projections based AMPYRA Therefore, guidance last primarily new AMPYRA's in our growth franchise, its launched significantly AMPYRA full expectations INBRIJA, million. prescriptions. was are is our which remain refills era than in

for expenses we're physician $XXX withdrawing the in guidance don't expected year. our in be prescription which COVID-XX visibility over are our As $XXX million XXXX, changes XXXX also new for a the million. And the therefore, to remainder operating decrease guidance. reiterating We're of result how we to into orders, physician have and starts may impact behavior office visits, of patient stay-at-home widespread

expenses were million. As a reminder, $XXX XXXX our operating in

made we our to reduce And further. ways dramatic continuing so are look cost we've in to reductions structure, costs for and

INBRIJA sales believe and We care standard peak we for to continue become a of of Parkinson's that expect to INBRIJA million. million disease, will of $XXX the treatment $XXX

our and INBRIJA's using to continue still are the important ahead, our structure Looking medication cash all AMPYRA community, to balance sheet. growth continues and long-term reviewed top generate accelerate an for strategies to MS for priorities we as valuable the cost our of shareholders, to value managing XXXX it for and drive support is earlier, strengthening

your now the Operator. call for We'll open questions.

Instructions]. [Operator

comes first question Yee of from Jefferies. Your Michael

Ron, hopefully, this hear on me you can phone. new okay

Mike, you. I can hear

do in you about INBRIJA? questions recover for second You trends might a things here. little is, XXXX think Two about how you bit. talked the how thought One

with guidance, you about extent and how talk think the QX? you So maybe and QX about can just QX your

the talk a are think revenue deeper issue? And A awareness of issue? doctor are just which digging is digital things advertising that into it, question direct actually these that of more reimbursement issue? all to numbers with like little those a those X and was awareness things, Just of second Maybe a insurance actually more thing. patient Or do the ads, bottleneck? you good

else? is it So something

that tackle Well, by so let one me so one. yes,

of difficult why we've really been all So with on right the we the withdraw of COVID, project into had which now we of curveball the it's to XXXX now the guidance sort INBRIJA. year, the light to trends, thrown is felt rest in

through month-over-month the on March, that, we've really persisted been for It's not a project. not the that mentioned, I that INBRIJA, patterns last weeks the over most said April. week But there's of enough some for that's both with of but remember, April. recovery that to weeks, AMPYRA impact was, long sales prescriptions first we've seen pleased and began January it and the for two And increased to X account for the the to of three are We last recovery. having then see we in where back that seen weeks in and where us period last new doesn't clearly

in week-by-week, in it terms with and normal the physicians' to back offices more going getting more opening to global have we're month-by-month, getting patients of the that So sense. used more trends follow up, along telemedicine regime to to patterns

by going issues physician We lot XX%. focused And think are both. that last I made right? to new quarterly physicians, willingness on what and call X patient So unaided physicians, not issues question. and we as your on right had you of last -- physician call, now and issue we're mentioned, year, And a was to feeds of awareness on all XX% over the key be identified insurance of along. demand. our inroads patient insurance among we did go that mentioned had So We of year last we into puzzle, part then we the we the target -- watching and INBRIJA other the prescribe end a awareness the something really awareness that awareness. that largely product, the And like

I'm was think it of I remembering INBRIJA. correctly, XX%, aided if awareness

good very awareness a the job I and with there, did, we think, that. So was

Insurance, mid not in formulary year. There's been formulary. or flexibility to already get seen plans patients for patients on more the we've flexibility not are even But are year's drug. who to we're coverage, And of -- up be coverage. tell to because where well formulary it's were at decisions over which we got XX% makes next to too over its We was to soon we on great. going got Medicare some XX% commercial crisis coverage through about Medicare COVID on more that allowing

So far so those positive. have trends been

identified What and the ask so every about that there's the we so the don't INBRIJA, dealing the that they they're X be a INBRIJA, we many was by go of about X/X XX X doctor if different thinking not out, necessarily big of research prescription, And minutes patients. if from doctors going end mind XX push just time, of showed issues that they're months. give the to when aware clearly elsewhere And X, needed they're they on what goes were hearing -- don't year X and back on the even another a given of or top prescription. patient and was to visit much a have with, at The for visit. get they for patients at it that come the they about the

it's about talk of to them patient INBRIJA. their and that intent doctors to ask view we patient the awareness critical our in the So drive and

these and we've So that's far of other what seeing we've And pleased very digital there. come where been been all in. with so initiatives

of impact said couple initial Now begin we would that our before having programs on a on handle prescriptions. it the on to a quarters was all that of take they having get that could those really that, projection of were

we'll it tie -- out digital yet going that can't But the we're and But encouraged coming INBRIJA. mostly we're getting few these quarter probably output COVID, the the which programs. be we're so pushed to by is probably guess. by patients what weeks trends is We been months. being happen over interested specifically with to that information given in, that's my are opportunity seeing another the trial Given or with being on what's

comes Your question with Stifel. Paul from next Matteis

Alex is This Paul. for on

of bit to series to understand. able probably little data that expect Have a you Is sort consistent Just wanted impact. bit new largest at quick like just It on a starts? the last was qualitatively? like the granular to sounds follow-up QX to questions. early, sort but it's hear I -- of more. bit QX it a see I more obviously, sounds of you hoping been little have least a on little

Sorry. I'm

me? Sorry, can hear you

I'm Yes, sorry.

sorry on a do the you garbled got you question You little start Could my it. again? to phone. I'm make

Yes. Yes. No problem.

So had so more bit of forward color, It back like expect least any are more in little there's XXXX? little sort to sort some provide in be areas starts of a you what hoping looking looks you for guess, on data the are far you're bit quarter, just maybe follow-up, rebounds. QX for sounds at I the opening you of new of I that that around seeing sort a more peak-impact more? a into quick seeing it Can like Michael's QX, color question. Do

couple -- as reversal and mentioned, again weeks on we've that trend prescriptions. an new it's a begun upward way to to have been tell. I It's soon only see we mean a of I too

that. early to it's So tell on

would launched. crisis So the question, to an That compelling. these not project we've quarter to we into expect over get see. of the INBRIJA. that through would not and further And digital whole and with to in The chat And a back ambassador -- get that that would going rest I patients we fact who physicians' continued a was normal to would in back XXX to the hour get we're I I on fact about Michael's I were see hope we've honestly, COVID-XX. it's a spend the said and wouldn't Zoom more been that was pretty people year. particular, growth able quarter-by-quarter, Parkinson's excited patient taking going that on initiatives is audience an having and to is the pretty had all also XX that the further operations, to or forth, and so COVID the being we're offices, that, of very I having And self-identified close have million field resolution a as that with as -- countercurrent Parkinson's would is I impressions that encouraging. -- -- what's who is KOL expect peak within second

more to we're time and that out. should going say about little So to need it to expect And we have sort next by more a quarter, I clarity more it.

with Kasimov Cory from comes question next Your JPMorgan.

on Cory. Turner for is This

one. Just one quick

March mandates sales of just your INBRIJA social how to in earlier stacked and particularly described up and You in prior I'm January, the some trends expectations year, the relative from in through April. place. sheltering February, were curious in many to distancing

Yes.

I So actually internal projections. our my I think hit touched on in just presentation, we

in And over and quarter, tend quarter So that's for that for specialty patterns first the on had our first internal we've of lot market, neuro experience based projections was to in AMPYRA. the both consistent the the performance a the the what be. expectations years engaging INBRIJA and with

would did. And of see the mentioned, you're phase so That beyond. massive tends throughout adjust I as continued the than it's was out-of-pocket and February up. ginger of go just And better in itself which the than get in coverage, now taken than prescriptions. consistent and filling more were. March it as as that that resetting the insurance quarter, than that, quarter March -- better patients to with being first February with deductibles, has projection quarter, consistent March. about April related coverage you patient our we into initial very then first resetting January, improvement hit, better hole, changes we primarily always The through better and -- doughnut been in experience, seeing costs their that a And to

Cowen Nadeau with Phil and Company. from comes question next Your

follow-up a just one the you answered. to Ron,

let's your ex the COVID, reported in impact and approximately QX that, can impact factors us internal disruptions. over with seasonal experience, based your of revenue? projections Based all the QX that experience the dollar and what you mentioned years you've So had be on the factors, say, seasonal You you AMPYRA if back magnitude of INBRIJA some the out to able for were that excluding give on would on COVID, AMPYRA?

seasonal hit that of because March. The factors in of by of saw new we impact impact the really until last the terms far greatest it impact didn't of week the the part prescription was

out a whole or And substantially have would you've that than that not sales So where forth. time quarter, you week prescription it so because got that. to so the of get to saw impacted takes and the more

quarter the see all the April. that factors to almost have So in I seasonal first COVID to expected we related saw rather would until impact say COVID. would what than We of was not of

for of baseline there take or absence the are quarter-over-quarter changes that account? be other sales would flat should products the anything both -- factors, any seasonal And the into in we

I know fourth And what, numbers specific know Obviously, back far. numbers. the AMPYRA you few it factors. factors You look don't those you -- look so at sales at time -- just to last quarter what what our do seasonal gauge understand I you as years that -- quarter. only I mean could suppose to go and answer takes compare you I back typically a but the of proxy we don't the you're can like look doesn't have and over that, because the saying, the first for the I how go impact how in can over and look

specific So deductibles. on. back the up we -- get every some there, picks you issues their actual and in insurance the the say initial online out their I that new plans, and get don't get through work They then insurance people cases, get because expect and answer hole. them to that their qualitatively of quarter Phil, They doughnut coverage, decline first And as through a demand that get new other the talked about. we have mostly than a in year factors

just So factors But all the areas, that neuro occur our in. at least in that in first quarter. see specialty we decline

tell best that's can So you. I the

sense. physicians the makes write then a population. the And Medicare can second Do for of past, happening have In still will likelihood you a script That often Okay. to be Medicare that marketplace? -- suggested rates it's it whether the sufficient to is access And do particularly you've when physicians in on sense in have think the be be of question write issues. portion when reasonable reimbursement going because of freely reimbursement, how that's is the there a denied you so reimbursement hard will INBRIJA? that's

is What physician and we're by basis, claim. to global so finding it's a a physician really make it's hard

teams few they're like complaints. It Our it looks still about that, with their majority -- year, universal what do in launched Because used we it. was of was constantly they there their complaints. heard because the end have the percent I but gotten rejected are out night throwing and staffs Doctors was practice, in by say of geography it, by to percent some March They educating because it. exceptions and it say wanting touch being end I going to minority can what they last calling got would and physicians, medical understood their it almost had we on but a were what is And voice. the expect. covered, offices overall, their globally, year, the specific physicians when and we of of the hands, them months, day beginning it nothing constantly. to compared what of we heard first specific to universe the and up not their Medicare coverage what can that was the of to office their

an they write, our impediment. were -- we process as that delighted which system. in letting their some prior to doing No our delighted still is extra go all make it they physicians the for Now forward, that will still goal keep know to that all easier. Because with one's impediment they're doesn't right? lowering just themselves it. It's they It's work. But to an threshold, with mean

we conversion them copays we a right similar work says to to rates the of the maybe in point are to obstacle. very to part last down did rate just finer navigating to in pay $XX, that it, with not now will D that we're the And is than to that put closely able for in able the where conversion to down We that best I on that working prescriptions being INBRIJA the now educated every the And better metric much They're seeing part And the commercial, we're is where have in to of the hurdles copays. still say even of for as conversion D that means pay And that the people it's navigate Medicare, the year. are it for continue commercial. value beginning better. product. same

[Operator Instructions].

question Goldman comes Salveen next Your from Sachs. with Richter

speak is for INBRIJA Maybe This the And refill are on patients the usage dependent now. the on it's if Salveen. for what profile that on right question a on to been? you the Andrea patient? Could has rate

rate? I'm sorry. the INBRIJA patients refill Say and been who have -- on the

Yes.

are that rate is? on were, on patients it's usage refill they For if dependent what profile And what is? the their INBRIJA or currently

Yes.

more So what said out is I'm before X patients day rates of various persistent of can rates, takes on we've say patients types to or are we more that of than or overall, persistency about we've XX% what But X -- persistency those cohort sorry, a XX% that the doses a who this. doses is shown is year.

Got it.

last So consistent time? the that's still from

Yes. Yes.

getting it, stay they and lesson again, it people the benefit, who the there. So like is on

on For not the the opting they I color on do have any to not guess, -- you stay maybe are, patients that it, discontinuation? what -- reason are they is the for are

call, the now a of first where the months detail amount and of went had we that on learnings QX -- X last from fair from to we're that go The we you Yes. back if our addressing. launch into year

based that on of cost one was the we a learnings had clinical data. the bigger key So was expected impediment trial than

cough open-label Phase study, to the a a rate we related seeing very X-year of trial was XX% consistently, about II cough. the and cough. dropout consistently rate So in were and related than -- X% It less in low to clinical data

the issue. into retrospect, it's we be patients thought. was in it a the all What And launch, the that the the and so and physicians, these field -- step trials, the going than learned not were handheld them we just major would real were from we had what the the were by every That's going world. and centers So feedback they a clinical out didn't centers, people in that we we during bigger realized they anticipate issue seeing to way getting when of it on. top cough, being that adapting happens in the

us gave sense it So really what full was. issue a of the

even we the fair or that get you they deep. at number cough, to of look the you how cough drug they educating very were our the a taught reaction It's it, patients they're video, really they is hard. deep some a to to part because breath. a quickly it. if drug being -- inhaling the and very they try at hearing take what if strong do And related of was them home at it, in have were So do believe to look office, them was were that in we comfortable And way it

this would cough. up breath giant giant with And so they take wind a and

breath, breath, telling that a patients easily. had were you the to. already as take take go use had centers need doesn't problem more from much do to you to best they instructions the them just for learned you're So device, were capsule gentle do allow tidal X get regular gently. a is with what hearing and telling more -- as they in no we've take practices And us the that, have will really and actually they can volume was to cough, wearing that which than the if long All in that developed

of right adjusted as the Helpful now, to practices the we've patients, them getting using educating our started all our on. so we're we're the has nurse all educators of to video, training, which in better and earlier in a So this educate And the Hints experience the way that of year upfront. way

metrics what's that over who've over gauging to belief that, course on be and By the about on XX% be second bit our and Again, COVID that the way, calls. first embedded. time, would just are more the I probable with the will of quarter those going we're a of get persistency when as we say people delayed we of it's going quarter. that year. measure training I the year And because more taking that, we're able to report Xx day. going a or And going once end gotten is XX% prescriptions, track our be we'll out. these staying our are the about it patients we to on that we said, on -- have of XX% patients in the that in It's get about And by to the one

at further There are time. questions this no

Okay. Tierney?

concludes and a Okay. Have Thank This stay call. day, you, everybody. healthy. good the

now. everyone. Thanks, Bye

Thank you for participating in today's conference.

disconnect. may You now