Acorda Therapeutics (ACORQ) 11 May 232023 Q1 Earnings call transcript

Welcome to Acorda Therapeutics First Quarter 2023 Financial and Business 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 at Acorda. Tierney, please go ahead.

good and Terry, you, afternoon, everyone. Thank

call. we begin, will in they contain we in Today, SEC public, during the let those will registered refer can some me presentation our our investors and are which questions that Q&A, everyone filings, you forward-looking filings. when found to to remind be Before encourage take statements. that we disclosures Detailed written have for

I'll the Cohen. over Ron? our to Ron now CEO, pass call

Thanks, Tierney. Welcome, everyone.

INBRIJA INBRIJA. of increased with or start net million. revenue a last quarter will We request over XX% PRFs, first the U.S. same quarter quarter year. XXXX That's forms, for the new prescription XXXX. $X.X was versus the XX% increase first

that COVID building impact We after the XXXX. we in back are to that are the pleased INBRIJA of see substantial quarter-over-quarter indicate increases,

Now quarter, the pattern this each in of pharmacies, we've sales the specialty launch. Each during net sales launch. increased a and you'll resetting seen then buy-ins And quarter by also as the deductibles result since throughout sales dipped slide the see insurance pattern and that steadily the year, that year. first QX of shows because of

COVID in QX at the QX first the we XXXX, sales of surge the we believe substantially quarter when XXXX, time. to any Now had Omicron marked related that since note the rebounded QX This in launch. highest from decline was that

of million INBRIJA We are $XX $XX sales for guidance of net our XXXX. reiterating U.S. for million to

of a smaller QX prescriptions than in slide, Now in XXXX. showed XXXX or QX first over we you we increase total XXXX far of QX TRx, XX% see, saw which and a versus from saw in quarter an drop this similar pattern the

XX%, we to the prescription the new months. I coming over of and the XXXX Now requests in by versus see expect impact importantly, that XXXX, QX of mentioned, increased first quarter as

with highest in dispenses dispensed branded of We're again, Disney measure services, That first the followed that up accurate quarter Plus, pattern quarter cartons was first The on of professionals Paramount Parkinson's have XX. since we which XX% is XXXX. to directed also and number see airing Hulu, that the a to streaming including impacted the you approximately report demand. and to it's commercial launch. true on to care as similar over Here, launched March treat patients, And the pleased most very Channel, health XX commercial self-identified Parkinson's households by for INBRIJA a being disease. who disease is specifically this

coincides branded digital directly also speak and nurse surround We've social Internet a more obtain INBRIJA media educator. can the with of sound in content commercial. what we Viewers or launched campaign information call opt that with to the

of the target XX% views just in driving care audience. commercial our streaming, first That's times, it's already In professional substantial the of X the viewed also million to by X has including the X.X just website. first traffic over weeks and been health weeks,

you Commercial, full Now would at G-E-T the is if inbrija.com. see regular it like The www.getinbrija.com. getinbrija.com, inbrija.com. commercial, can INBRIJA again, you watch to site

million. people X by Parkinson's We'll will fixed And Chance. million that's each supplied fee additional have an into also $X payment and carton INBRIJA receive of payment we've it's estimated Pharmaceuticals a of a million, $X.X with of the earlier for China up the the upon of agreement is commercialize the As in largest we milestone world. in Acorda Under with up sales Chance upfront of approval $X an entered population INBRIJA approximately disease, INBRIJA that announced agreement, milestones this of receiving near-term week, regulatory to million to China. single $XXX.X to in XXXX, China Hangzhou terms million; to

make CEO, It's did Langer Dr. worth that's invented is work therapies. in founder and MIT, commercializing novel company at that's INBRIJA. Chinese that worked platform. CMC inhalation was inhalation Donghao focused developing on inhaled where insulin based Dr. used Advanced his the lead of at Chance technology laboratory Chen, Alkermes, ARCUS was which He for Bob the and a therapy AIR, Inhalation also on post-doctoral an its he that the to and the Pharmaceuticals noting also Research, also ARCUS or

this in So very it. marketing very the is China that possible. a about is as seek about Chance company very quickly it, to authorization excited And about technology, plans as knowledgeable passionate

was the see revenue And the in net continuing beginning quarter the XXXX. million, competition over So moving flatten of to slope sales the XX% of performance through decline the shows XXXX. generic for fourth to quarter And XXXX. of from a that's $XX.X AMPYRA. is AMPYRA QX U.S. first this decline can AMPYRA's you

AMPYRA are next several years. reiterating We're sales net project stabilize million brand. million, XXXX of and we $XX our on maintain guidance the $XX-plus sales to between and will approximately We for $XX our to million the at that over strategy execute continuing

specialists team call ensure that the MS to various we're Our programs brand. the to of to continuing aware field is on for support continuing sales that they're provide

the value lives get we've access hear always to and are provided About health care support or insurance. providers continuing to the remains high it for through can Also, AMPYRA. health XX% AMPYRA. care of and for also that from both professionals continuing Access provide we're to covered branded patients who

Mike to And now the call I'll CFO, our financials. Mike? Gesser, the review who'll over turn

Ron. you, Thank

is our alignment global OpEx, continuing to 'XX, XXXX align Acorda's stated, are $X.X million revenue Adjusted is QX shows with is SG&A, and Ron from spending which up from significantly revenue. balances over efforts with expectations. and QX INBRIJA down in XXXX. R&D approximately Cash As down QX

in reported addition royalties. $X.X U.S. sales; royalties; INBRIJA ex-U.S. in FAMPYRA and $XXX,XXX we our million revenue, Neurelis in $XXX,XXX In to

Ron guidance XXXX, on million $XX million and revenue as between $XX net we INBRIJA between reiterating financial and U.S. mentioned, million. our U.S. revenues AMPYRA and are net with For $XX million $XX

expenses operating adjusted and million $XXX expect $XX million. between We of

a net expect neutral cash achieving $XX year. on of million, between We positive ending flow balance cash plan and and flow $XX cash or for the million we

over back call the turn Ron. I'll to now And

Thanks, Mike.

Board Audit stepping be on update Randall, our Jeff on down the Chair Shareholder Board and from has an of the Board will at Directors. our XXXX served since Committee, Annual who of in Meeting. to June is currently Moving the

deeply for been He are best in Jeff grateful future. has We very to contributions And Acorda. the the terrific. wish his to him we superb

pleased We're who Tom the that to has that will accounting our in high of serve years in also is we're and June. XX accepted and of has biotech CFO to very delighted Board he tech, invitation Board. Burns, election experience Acorda's XOMA for finance on and Corporation, Tom stand

shareholder which So in closing, on pillars value. X are building these we're the

environment, that I I discussed the commercial the We're commercial programs INBRIJA's First, large with the the continuing very in advantage trajectory to post-COVID to accelerate of with response other earlier. the that mentioned. U.S.; streaming pleased programs and our taking new early

I We're and and looking our as for now, partnerships territories China, the Latin to to earlier. roll also in as deals existing ex-U.S. launches America additional out EU close described continue commercial

MS various Second, to and much programs behalf maintaining provide to call continue we providers of as continuing AMPYRA we're MS health to them on patients about AMPYRA on the care the support to franchise. educate thereby possible, as

from you expenses, also Mike. We're operating heard as reducing

continuing technology. flow important evaluate further million, by neutral and We in $XX we're inhaled to creating reducing between therapies cash aiming collaborations XXXX. and million And them be to to we're XXXX for our $X positive ARCUS new in over XXXX are with

for the open questions. call now your I'll

[Operator Instructions].

any for pass to now pre-submitted Tierney back questions. investor will We

written have few We do have that a been questions in.

so I'm great it still And INBRIJA of share with one. is company the first the price about the with small debt share cash, interest to is news partnerships with Here's shareholder. ability a that a outstanding low all the count? and pay the how even

not impossible, if it Obviously, of stock big comment it's price Okay. in to why market a with complex a general terms. difficult, factors. Well, is, is except very where lots on broad it's

in unusual we position are that, say in what said historically would industry. an having I However, our is

a be on very or in we're else that overriding We and -- that our that. $XXX lot in valuation revenue, that weight factor does is XXXX. heard. are to overhang We that an view, debt as bringing of is a books the not is reflect due on doing, and over personal That And in been convertible has everything believe which coming serves the is and the you've this overriding yet addressed. needs again, of as positive, million the that factor a remotely December that

We just are -- I'll we in we've bondholders. said reiterate, before, and our regular are touch with

considering top on that for that strategies at not various good issue. to addressing and are are but them We liberty, and that we any into in detail closely. seriously of working of mind, very at I'm looking go here, is

above and or plans question next is, every are shareholders to that The time your close goes to selling keep shorting $X the this? you. the it or to address in order what's a suppressed shareholder Acorda Thank stock or price appears

to day, are every do market. buy it's selling. to the free and our company. what similar way, and that very continuing a someone to What positive directly nothing question. from stop want. do to news is People company we Well, can a if generate positive hands is the that's in on free a and There's in sell -- can progress to little last It's they

leave I out are point, of positive the for what As that room over happened it positive -- just momentum the people you've to want following months, XX would they buy who they some people announced during selling the time. Chance say, at generate last to deal. you that you had several We've And if the the saw to the and week enough X been developments very run sell, stock. this when ability who overwhelms us we or

that right a generating to progress, If goes that the for short, at for an good it have sellers, you moving then if shorts, its for bit up, were of who same right? right? the advantage point, company stock to cover their short becomes do. is Because is the enough have if The selling But and liability people they we're and price shareholders. becomes a some them,

INBRIJA, my keeping free doing is to on and our need fiscal INBRIJA, keep guess I making getting ex-U.S. future We're more market. which summary that we discipline. generating way partnerships AMPYRA, what to growing it think do, with is more revenue there a progress, I and is maintaining current So

see we'll long can sell how people dollar. a So at

comment Thank progress little that? the says, can XXXX refinancing? next is, just already reiterate question want a you you. on The Okay. on addressed but bit, you any this Might to notes it

I'm you that? sorry, repeat can

the refinancing? XXXX progress on comment notes you on Can any Sure.

Okay.

So XXXX they notes, you think, I meant. mean the

I think that. just I addressed

Yes, correct.

So that at actively we addressing touch that, with XXXX. they're those the end -- are regular in the we are of ways and are currently due bondholders. And of notes exploring are our

INBRIJA Thank question far. the -- sales? any anticipate in Reduction do And Can benefit the of here's you so Act of removal the you. the Do anticipate or that you inflation written comment you hole impact were Inflation reduction on the Acorda? Great. last that on doughnut would the

of has IRA follow fair initially, the so is it's into here. Obviously, those. of limited to time. the will there be don't more higher-selling going that know, drugs be currently as But XX We all can't it -- of direct complexity, Medicare So of XX go and you it over that of to that don't a on the see a year impact us. those amount and negotiation then anticipate I who one of we each then

of ultimately doughnut to on, potentially going and advantageous, elimination year to that a is year, them more for out-of-pocket for get total the And again, With through patients the mention easier not fact Medicare. current is better be to patients, the no it much drugs hole, it makes to is $X,XXX copays system. the to that for than access regard to obviously, the for than limited so which

forward. new the the positive XX% those eliminated, that's has phase, drug in the continuing we but for that shifted. coverage to goes biopharmaceutical XX%. expense currently, while doughnut catastrophic in and take we'll analyze wide. That of coverage we the believe away, then as phase. we're hole. it it case, it's becomes companies all drugs. to of industry get so-called the for the responsible design, biopharmaceutical be the our And initial in the And the will patients doughnut In on to of XX% be doughnut Now go that's That's expense a Net-net, hole away, something for hole goes going who are

up. it you. no can There Thank more questions, wrap are new so we

All next updating forward us, joining We right. very Thanks you look pleased much quarter, the we everyone. were very and quarter. to for with

Thank Acorda Update. the Quarter your Financial you Therapeutics concludes This for participation. Business all First and XXXX