Acorda Therapeutics (ACORQ) 12 May 222022 Q1 Earnings call transcript

Good afternoon. Welcome to Acorda Therapeutics First Quarter 2022 Financial and Business Update. Please be advised that this call is being recorded at the company's request. I will now introduce you to our host, Tierney Saccavino, Acorda's Communications Consultant. Tierney, please go ahead.

good and Bethany, you, afternoon, everyone. Thank

we begin, will to contain we in Today, SEC public, during let those refer can me presentation our our and are which that Q&A, everyone filings, you forward-looking filings. found to to remind be Before encourage statements. we for disclosures our Detailed the and investors in written who we take CEO, the I'll take pass will our registered now call. first over Ron? will analysts some Cohen. calls call have when from then questions other Ron they from

INBRIJA's sales net everyone. for to was the and pleased of Thanks, the dive decrease of particular, INBRIJA of our were Tierney. Welcome, performance wave Omicron We'll that We a year. sales for continued over the to does February the million, through first were by right over whereas see waned XXXX April. for significantly. in. of increase beginning from March the February and This sales increased In INBRIJA first quarter reflect January XXXX. revenue rest approximately quarter then the XX% rebounded XX% the not year, $X.X as expectations similar,

believe happened? the affected what results. factors We So quarter's the following

as of the end see the in typically overstocking that's year changing And a each of patients insurance First, by we year. the year. of beginning the of over net by first pharmacies sales decline the in quarter prior quarter carriers seasonal well as fourth due at the and to

So we that. expect

in the each and gross exacerbated And in to higher a sales allowances were QX compared fact, XXXX. we due period. to have were the significantly XXXX as However, large for this in in essentially year, QX estimate the same discounts part in that estimate declines

year. We the expect of rates during to this rest decline D&A

in Biopas of usage most to commercializing therefore the our cases by third our reduce in significantly in December supply And the Latin companies saw in prescriptions Brazil. other saw we additional an in we the believe therapies countries Germany refills the national that activity rights spike Laboratories in QX the and to we the to By with ex-U.S. INBRIJA Germany of revenue We're current June. Esteve is agreement market And with leader today the in in countries. pharmaceutical reminder, to agreement. launch June. expect update, including from in commercialization largest a active Esteve receive to CNS the America, world, begin the discussions the that also INBRIJA largest commercialize agreement way INBRIJA largest the This to America. is to and plans as in fourth in and signed nine Latin Omicron also commercialize both in both for COVID overstocking reduce in Biopas Mexico the is quarter net with patients Europe, to large QX fewer and reflects depletion which who their related major periods. caused we subsiding the that We their of Also vulnerable in OFF the from active their believe related sales INBRIJA, of the among we was in Parkinson's more to to QX. with February, of extreme INBRIJA delighted We to in rebound April and wave are overstocking patients announce that that INBRIJA March are in again. treat levels, becoming

the XX% net XX.X QX revenue was AMPYRA million, decline for quarter AMPYRA. first over to XXXX. Moving a

million the the net expect $XX guidance and XXXX. sales in of of with decrease for that sales to was we remaining D&A over QX of over reduced AMPYRA and XXXX projections. our D&A between consistent XXXX, XXXX. with only quarters had We're $XX QX in we about higher And QX However, gross by estimated INBRIJA, Again, AMPYRA internal our as XX% a XXXX million. were than reiterating for

So to provide bit depth INBRIJA. on more a

'XX. noted versus net were QX in previously, we lower 'XX XX% sales As

decreased In by addition, total XX%. prescriptions

and we this INBRIJA However, believe we're field for activity, worth the more. which XX% our normal April are in is hearing that true not to that Very sales dispensed expectations net people spike to importantly the is by them decreased that to in to again, as motivates does continued their with contributor of the The anxious these And of through cartons, performance overtime a major increase reflect the in to more demand, saw their rest then believe address for spike in and December fact year. X%. growth levels we subsided. that and February the just in that was declines. COVID indicator March We Parkinson's really periods major again, of emphasizing feedback return OFF

we've with of that tracked IQVIA Now, the INBRIJA new data here, increases data. for color waves and visits some impact to prescriptions This illustrates This the various decreases on office periodically you COVID I have is about of color the some INBRIJA. in the talked COVID. that. on in-person of some provide graph launch want average give during to

up, that you go So see as office prescriptions visits go up.

on down, go expect, XXXX. as here. office visits down, go you it prescriptions see but We don't the might actually have can data for they then As we yet QX

There January experienced saw and as of we of peaks. we subsiding as decrease refills that I alone so even will modest of previous number XX in over see also was more improvements over And new that a utilization wave, mentioned in those as in Xx far is we QX million there. However, were cases. COVID record cases hopefully XXXX, the with daily that earlier,

go and the our you through XXXX, Mike, please for would goal Moving financials? financials our to

Ron. Thanks

stable quarter-over-quarter, described due essentially For previously, as down revenue to INBRIJA, on net to flat was increase the D&A. in XX%

XXXX to $X AMPYRA estimate. revenue of were the XXXX. prior million, on the gross $X to of proceeds our the the by of quarter-to-quarter the million was sale decrease cash For facility the in AMPYRA, going reduce our $X due On Chelsea net sales increase reflecting our to down OpEx actions expectations. taken quarter-over-quarter to debt Note QX we paydown of OpEx, are lower lower included in D&A XXXX forward. internal million sales The that gross and QX within XX.X%

As we aiming basis we flow of on to the run be year. end neutral are rate the have by cash a noted,

For XXXX, AMPYRA to expect continues our $XX quarter of be net to range to revenue million $XX the within million.

the We operating within to expect be expenses to $XXX million of million. range $XXX

impact the how INBRIJA uncertainty this guidance the on previously As about announced, we not at pandemic revenues, providing continue are will given to INBRIJA revenue long time.

Ron. I'd Now, it Ron? to like to back turn

Mike. Thanks,

to through execution. and see building that first, The on look INBRIJA's forward ahead focus goals with you long-term key So moving to look is to here; driving value, respect our build growth.

that having anxious patients patients regimen had than with overall, they the are And even recede, their have continue been I to offices. to there's doctors they that's from Now, the as sequestered effects that of vulnerable we've with overall address healthcare of especially And the come their become activity is field regular been since fact, to people more managing Parkinson's. mentioned. back heard believe and that felt an as in -- medication more to part the active, the in to providers much begin that so as they the plus population. And Parkinson's pandemic important are the we more laxity

lives patients back, going are trajectory. now with accelerating, expect active We back impact to the coming getting INBRIJA's to positively trends that

largest Esteve expect mentioned, nine the June I Biopas is early EU's the as and we with for Plus, also, Latin launch to market in into have largest in We going just America. Germany deal countries the that in Spain this XXXX. entered in

several with rest we're that, active for in of So territories and and pleased very are discussions Europe with world. parties in additional the we the

about as COVID it. Obviously, everyone what I'd we just that. I we begins the over So, I like couple to to have about And of the of picture big quarter we've a was see take like is tired of them. sound an time. am And to know would tired talk explanations. liked It to excuse talked see. minutes more not

of data. did I our some show Now you

of It's a device. overlap training. that it of the It's It's data. This not have challenges more inhalable. makes pill. an It's to excuse. happen not We that this an reality. requires with particular, in It's a a clear. a drug, drug set It's It's drug. launch

to proper a access the it prescriber tender appropriately, offices some the care the them loving not both over to drag. And give the patients with couple You a having train just appropriately. in-person been and of been do to has have challenge. last educate them years It's

continue It Parkinson's. tell periods is us having we been the a to that do, moment them drug. on-demand periods the empowers drug of the number their for time research happened. treat therapy Now prescribed a great superb have for had to the patients. personally, this and number the doing, many is one in all of one it's I've still that conversations, It OFF all that, said in It of still -- patients it the at is OFF selling that

So their it by a very medications adjunct regimen needed is to appreciated daily the patients Parkinson's. and for much of

We research. have our been doing

listening. have been We

of Web modifying of of of various hundreds our accordingly. programs views on views site. with a amending and of been success have assets of online our had We amount We've thousands huge our millions driving ads

effect One patient and of actual go things is you to videos INBRIJA.com. new I the want you the showing We've after if would to added do more INBRIJA. encourage to learn before of

doctors with out about having patients therapies. that messaging to new have regard on-demand We talk their going to is

last an have We new data we -- as of we as get as the been society couple several trajectory implementing the still sequestering out as of and that or start INBRIJA We the growth over patients a tailwind Parkinson's so couple months. of long the see programs that have just will last in we keep happens. out us that and that coming of all coming long years, of the tell acceleration will the

to that, we continue generics. with decline brand to So against expect AMPYRA, on the

been and it's very the than durable we're that off, flattening many very the However, decline durable, pleased has tail time. expected, more rate, that over been

million net relation We million sales. discipline With to to regard exercise our fiscal are of way. continuing revenue ongoing to in an heard, finances, sales of reiterating, year net OpEx this XX XX to our are guidance we in evaluate to you as

and systemically ARCUS may be past, be via validated of which in the the advantageous to as drugs U.S. we've relatively means. technology of approvals building we're we has to other June. been in in the or also mentioned allows quantities versus EU, year. from INBRIJA that of expect platform, the gut delivered as large going begin in where which to see double I Those sales. royalties as then, Biogen this a And the of the this FAMPYRA sales And mentioned, to have revert middle are Germany tiered sales also revenue digit from to quarter expect net ex-U.S. on of We on INBRIJA back royalties on the also quantities, of the lungs large by through

collaborations on already ARCUS. interest We performing have discussions other novel are that about with And molecules for in pulmonary a been to feasibility potential studies we've companies expressed their formulating in of number those opportunities. the delivery

that, for call with your open I So will questions. the

Thank you.

Wainwright. We H.C. line have one of Muzamil from Please phone with the go Saleem ahead. by the question

Thanks afternoon. the Good the on way. my by for questions. deal, America Latin taking Congratulations

Just Acorda from your programs? the from that restarting you have one promising share neurological can research pipeline any in pipeline preclinical perhaps including clinical any us? movement you us. Grant Is for on there Program with Do your disease,

step one right. Muz. before It's the Thanks, other,

to focus And we ultimately, believe should now believe is get it the be. we entire it right INBRIJA will be. where absolutely So

the the of for of fundamental changes field, people seen In people being OFF this with terms with in there care evaluation to is have drug Parkinson's. periods that benefits about nothing of that standard we a

we're then to And to the to time more straight. So attention going of we that need to We we in get believe trends we the see can rest the our pipeline. turn see. some need that investment

continue to said initially particular have Now asset are heart but and the GGFX we about currently. excited And to our failure. the spare that now, cash would in not in we pipeline to be invest be one in having able right we very just for that, assets that it

addition -- think into We we data get human talked point we much that's opportunity. substantial -- Phase then get to past. once something out where in have And we INBRIJA, trial. X to very our broaden that exciting We to in a and branch that about And very a it's a that's we're something able focus that want back to on the

Parkinson's patients, Great. Thanks of particularly education going thinking for about Web And else initiatives or in terms nature? the efforts, and into and the you marketing perhaps apps past the of color. to the that are something evolving

Yes.

to that get a what thing. is has patients pandemic been front already three their more talk actually now. that a you And speaker device, as where more to thing, or can much care drug going you And doing to of been the programs, and can So is partners. think effective actually, a it's we have single we already can XX, We XX in them, back found it, you and that other. You dimensional talk have most means allowed, -- in-person going right? people directly that back we've room, we're the effective they demonstrate that in each is

we have So programs we programs. allowed, as digital conditions in have to the back in-person getting addition have -- to been those

digital that well. We to specific don't apps. team exploring yet, we is say are exploring anything Our but that have about as

All our right, excellent. taking I appreciate questions. you

Muz. Thanks,

now it Tierney I'll to written pass Saleem. Mr. for Saccavino you, questions. Thank

Thanks, Bethany.

they some to Thank to We combined have several had write opportunity into when quarter, the so to participated. you this similar who question. I everyone So topics, them team the gave questions register. the following we in management investors questions on

question, believe price? behind What improve of are company not should the First as is poor going a keep you this stock to for COVID good can't quarter. do reason you a down? that Why You hiding the reported to anywhere investors sales? but performance going

questions, straightforward a that's and very question. straight appreciate We

at I quarter. Look, with what I the not of I I'm quarter the in them the mitigating of were is. question. But think we happy the happy. We're I'll this not is factors addressed address discussed. agree. formal context it the the remarks, of the There but most end

the excuse. the look, no complexity that There's are question this data need stayed of not them, experienced during reasons are there gone we added we that Parkinson's them, are They've People to other And pandemic. challenging Parkinson's doctor of an older. is It the impacted number regular you which visits. issues a messages pandemic have be it. to of say. of with so home And drugs has they various other quarter. And what to more Parkinson's it do They've Even continued that at launch. the in. makes managing not COVID compromised. not parts it has clear related have, even layers a for about get generally these with can when be of deal It think to into reality. They there number to if is beginning the are I all to have but drugs, also a this. immune to

of essentially Importantly, this sales. the I to I quarter emphasize think one again you're that quarter year. want looking at net year versus Gross one flat sales to last were

I quarter what up that later. was just happened XXXX. put affected in in we're to Now and trued the like. was line what not And by disappointing. issues, then flat addition which the Again, sales estimates higher the not as were substantially are is it's also this it D&A to in was do as it dramatic but D&A than sales And are net what largely that net those point look going for, want

is not it but right? again coming thesis of and beginning intact. what been also what they are And with you need thesis, were something, that to encouraging. the having truly April is us, the and is in don't INBRIJA. And a and we XX% jump, we data consistent that and find That very our think through We an about like while increase encouraging. back consistent does to sales February, I saw telling encouraging to January rebound with net sound our that We we continued sequestering what find it do assess tells then in March. I believe that refilling say then patients

the dealing the the whole dealing the We're last plus society with and pandemic So and of I challenges think like with as world it been has negatives for whole the this just two years. well.

AMPYRA one team commercial point just and the that as is largely think blew same same largely INBRIJA, that the launched the expectations. the one out, the launched I'll way through I certainly people's has way, leadership which is

educating their a matter and that state, to disease of conditions didn't to frankly, not of It's team modality use and their the new in that. mindset adapting to lose different different to these to based to just that which also, different them on our professionals tweaking this set periods patient healthcare therapy patients, of their ability a these real a marry just that an daily important. regimen, algorithms to a empowers on address on OFF also So on-demand how time, their adapting is and

based set pandemic am on to seeing considered, out that as I of this challenges. of long we're all be optimistic of as what are we coming So going

know And of with your says, enough. and management evaluations next The this aligned market what to is like not, are the a related. executing address I'd public to down doing is team it you. dislocation? head valuations. is Thank If internal not Keeping assets strategy if these the question

As years, weaknesses are the growth INBRIJA lack excuses market broader stock and we've of seen COVID over three price? the not the past current for valid and the

unpack couple was, I INBRIJA things you not, not excuses talk the market there. at stock valid it's is guess growth data being that both COVID data. there can weaknesses that We question affect no a offline, look do broader there of Well, to and/or And whoever are excuse, price. or those an factors of more if and the it's on

think though what -- that believe We we ARCUS AMPYRA challenges. we is address it Again, time. very product. superb on-demand we is that, Now do can it still a for having number will are are is adapted the has And the talked and where a excellent to believe product. is to I've a still said all we an real issues of periods that that valuable those It technology and all to already actually indications. prescribed different doing need with be and over that number drugs treatment even believe platform about value, decline we I is. what it INBRIJA is one And it challenges, and

working of that I'm us here we're to value. frustrated. shareholder. So value all to are -- -- We're the a I'm realize exploit frustration. also shareholders. Look, I that appreciate all

So our interests, should as they aligned. be, are

as I pandemic, of or by daylight I get I their the of of end repeating the at to out long tunnel on as we as myself, the the certain light saying see we I'll long as am think at end the already think the to as tunnel degree. the but in on -- shells the already of based are. they continue, Parkinson's coming They're long behaviors change patients a and them close

As long to respect believe that and educate active. in want say, to as educate gives years. and continues, unique I its issue, turn to be that the over it with to you've been us actually actually know them hibernation for We two on message challenge look, a to head opportunity you

Your doctor to be tells you active.

active. You want be to

something That activity occur be can And getting OFF active. whole been impacts for more the haven't everything. level, you they emotional back would whole from your you like to being welcome OFF prevent periods And of as life just the the are periods ideally You when to kind to your well is that live. you that ability address even your you health, kind being, active. of

optimistic. this. said, with where So again, I'm going as that's we're I And

it use Thank The use company equity the is is, Why cash decisions stock? payment? pay interest? next has June the Will consistent we debt made you interest you. to any question the or on

The large and a I'm shareholders. all team whole we're Board again, leadership shareholders. here are shareholder. Well,

to in healthy, myriad growing position, get respect we cash, with factors getting to Our of to We discuss of other long-term vibrant, strategy, to the ourselves shareholders, the is a We and we here. decisions. other go have a all interest company how cash have possible When what is goal, payments, these the and which consider consider included, that to details? put decision consider into growing we there, goals, that we together, on need make at the to heavily the circumstances look we and aligned assets. these ultimate with anticipated looking interests how are it we're the impact all do pay best

say pay stock. can empathetic and So I of shareholders. think absolutely time, to except I when we with that say are dilution we that's in at the this best I very the all I'm understand notion

cash the account. we take We also consider given to the use at any optimal or ideal all what of that So impact into have time? of of is that

is And in that Thank itself? final the written the strategic conduct to company Okay. review question sell been has a you. will

any I always think is of of that realistic the consider be maximizing answer value value, our the that we way legitimate to need company to stakeholders. shareholder maximizing to prepared and to

out be that or if the company is So must something that sale way turns we of to do. acquisition that

company's sense So whatever most value. we to are open of maximizing makes the the means

So I at it leave that. think I'll

is the That Thank Okay. questions. you. the written end of

all close tell in All the third us. more a to for on and forward major the right. hopefully great everyone. things look note INBRIJA of you you Well, high I'll thank this having to for positive deal joining Have week, And quarters. coming

the and This quarter first XXXX participation. Acorda Therapeutics financial your for business Thank concludes update. you

You your line. may now disconnect