Acorda Therapeutics (ACORQ) 8 Aug 232023 Q2 Earnings call transcript

Welcome to Acorda Therapeutics Second Quarter 2023 Financial and Business Update. At this time, all participants are in a listen-only mode. There will be a question-and-answer session to follow. 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 with Acorda. ahead. go please Tierney,

and everyone. Lauren, good you, afternoon, Thank

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

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

Tierney, good everyone. Thanks, and afternoon

of net XXXX XX% U.S. So revenue that's same second quarter $X.X for a was INBRIJA, increase quarter the million, in the over XXXX.

of And this shows net quarter the pattern since launch. U.S. each sales

a Now XXXX We who permanently been lost due substantial And lost we on recall Omicron had we weren't INBRIJA the back. in approximately COVID get surge. that us the going year. of to set to that people first quarter effectively that business by back

quarterly second increased QX similar XXXX, where total to have over XXXX had we XXXX. QX the to or pattern Now point X% by highest sales quarter second cartons back the patients back XX% and come quarter They dispensed saw TRx. a of set prescriptions launch. over We that net of the by in from of the increased since any

half looking XXXX. the of the Now, at first first versus XXXX half of

the requests increased by patients to half prescription the prescriptions XX% of period. and over forms dispensed cartons increased first X% New increased XXXX. XX% And total same over

that by this sales impact indicator are We television new have our a the of basis. increase patients commercial. leading pandemic go including enabled performance, and the the on the been challenges. marketing launched a base of we're and prescriptions prescriptions year, receiving the of key seeing believe, Now, also streaming total new then future we These refill of programs as forward

$XX million INBRIJA guidance beginning updating at between million net $XX $XX $XX and that sales range guidance our the believe year our full of to therefore original our from lower of be the XXXX to than to We will year, XXXX guidance million. we're

sales net seen this new And the sales prescription the Now continued if growth we've to first that growth half expect forward. XXXX. going over year net in in acceleration that substantial still in continues, we see represents requests

Now, we brand and campaign. INBRIJA a new consumer launched recently website

You inbrija.com. campaign Fighters". It's whether OFF for their and on encourages period called such augment considering of as can people right "For Parkinson's we've fight is and by them. see have feedback who is this fighting the it gotten treatment the at The to that for recognizes the with based INBRIJA on-demand extensive people for spirit them an Parkinson's,

Now the people campaign lives make plans highlights with cause related interest, family those such return of of their medications to their moments their exercise. periods symptoms that regular doses of avoid going OFF out to may their or as important to the Parkinson's friends, their or miss or between

community And the was to now since other only periods, of and therapy. the the one to on-demand support we OFF it's important market of Kynmobi, Parkinson's which provide potential on-demand for therapies recent education regarding withdrawal Parkinson's from the more needed us believe the for even two of benefits

have views have the augments widespread had on with subsequently reports channels seen launched launch March. months doing extraordinarily it been of since commercial TV patients about campaign This physicians asking INBRIJA. and X been the well. at that over end XX their about streaming It's million of four just who we It's the in

the who who Parkinson's. is this to healthcare that recall Parkinson's by viewed treat professionals in or commercial household have I be targeted specifically being people

for they in of have patients commercial which XXXX the time of large XXX Speaking either the since saw INBRIJA healthcare providers and their numbers have or seen it. prescribed first

has of Germany. U.S., of outside Regarding its product high slower been well in Esteve's ahead to going than report is enthusiasm continues and to in and levels in Germany Esteve Spain the very projections the initial Uptake launch the performance Esteve's INBRIJA's projections.

some and specifically for providing meet to train boxes market, unique help issues in-hospital smaller of They've educators person been needs that to the addressing are distribution. the German including INBRIJA in nurse patients deploying to

in provide Now, then therapy for that's sent hospital INBRIJA many to and Parkinson's continue collaborating because their Esteve therapy, patients initiate but needs to been the out are uniquely Germany hospital short-term we've of packages actually smaller that. stay a there doctors with in to and for their are regular

in get from to path result Chance approval regulatory $X from the authorities Acorda regulatory about milestone now update update in to that an to to XXXX payment early million. Chance Chinese XXXX, Pharma the late up a will expects or of

also upfront QX the year. of of received million in this payment We $X.X

on they're needed least the working to America filings XXXX. Biopas in five INBRIJA potential at the in with for now Latin us and telling in one regulatory approval up is launch countries

around continue world. the discussions to companies in the We in be countries agreements also with in other for and EU additional

quarter AMPYRA as of for $XX.X million, in the of decline slope of decline QX first you the to over And you Moving competition of performance sales see generic XXXX, revenue into X% the QX was net from a to of beginning U.S. the AMPYRA XXXX. QX has here AMPYRA. XXXX. continued flat that's see, and

$XX the net plus the believe patterns on several XXXX approximately at over between We're we pay. sales of next sales our stabilize and based years $XX that and reiterating million guidance will to million $XX for million

on lives Now over competition. against strategy high their generic we AMPYRA insurance. remains to the for brand get the access covered continue to of Access execute through AMPYRA XX% can maintain our effectively

most the in XXX maintaining the we're that And prescribed a XXX they're in for the brand. first field Our of one provide half brand. of they call the success prescription XXX, our AMPYRA on encouraging to team sales not who wrote prescribed of for requests a the wrote XXXX to had new physicians in and XXXX brand branded all the for and signs they it continues that continuing to specialists MS support ensure aware

financials. review call Mike our I'll turn to CFO, Now the who over Gesser, will the

million. revenue $X.X to Last in from flat revenue Net of Net of AMPYRA XXXX, or made Ron. QX year, X% XXXX. million the QX essentially that shipment Esteve you, QX decreased $X.X initial recall XXXX. was we global Germany Thank INBRIJA

SG&A QX from $XX.X the XXXX. decreased of million from Cash million at XXXX. first the decreased half XXXX $XX half from first XXXX million $X.X QX in of

In second royalties, addition million ex we for our additional U.S. of to revenue, royalties; recorded $X.X $X.X INBRIJA a in sales; $XXX,XXX FAMPYRA $XXX,XXX Neurelis in total revenue of million U.S. the quarter. U.S. in ex and for

our noted, XXXX. As are Ron we guidance financial for updating

between to $XX U.S. of We $XX expect million $XX the INBRIJA original million $XX million. net versus revenue million and

million net AMPYRA our reiterating between and are million. We U.S. revenue $XX $XX of

tightened balance improvement an million $XX and million. $XX $XX guidance to and $XX our be million, $XX million of expect original the We to $XX guidance million expense be million. to our will million operating versus between cash to $XXX between now million ending from Adjusted $XX original

able through of in revenue flow sheet net mix the do to SG&A we we be items, mitigate were some XXXX. cash other INBRIJA and Although improved balance neutral to not expect

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

Mike. Thanks,

year, So a turn our lower all for it. our not moving INBRIJA priorities cash I forward, necessitated in miss, to before a we summarizing somewhat. flow the lowering guidance want acknowledge have That's preferred would projection we which to have and has own that

the trends half believe we of have that highly positive. year the first been in the said, that Now

environment trajectory, from accelerating post-COVID Our our INBRIJA's year, and represents we've discussed TV advantage earlier. been last taking growth successfully new INBRIJA U.S. campaigns the brand guidance and still new new with that of significant I commercial

INBRIJA increase in the a growth. prescribed We XX% it But in who over the for believe and that lot number year, are the first future especially that of since for last half, these this indicators the seen gained But we've in first of we key time in half the in traction first of believe requests physicians beginning new XXXX. have of the the year. prescription

fiscal attrition We're said, also we're brand, maintaining discipline. flattening and the of AMPYRA as continued the curve with exercising we

OpEx As lower to additional we're the year guidance costs million, down and to our further Mike million adjusting said, aiming $XXX on we're and to $XX to efficiencies. our from million million, $XX implement $XX for

we with approaches Now importantly, have next which due can of communications to end we holders the debt, at the collaborative continue at servicing arrive is so year. open Acorda's company's debt that convertible to

create team inhaled peptides therapies. to addition now, And and various and in we're technology, the important as shown finally, formulations proteins with as new continuing our molecules, well respect small to creating ability our to has mRNA shelf-stable for to ARCUS collaborations evaluate

And to he a believe back for going just needs to Mike the numbers I'm this of because turn seconds, to couple I one he mentioned. correct of

on clear the on misstated Yes. or -- slide. Ron. tab Thank number the you, a that's I

Our balance is My ending million. $XX $XX I said million and be to million. expected $XX mistake. between cash

your and Thank you, we'll now open All right. Thank the questions. all, Mike. call to you

this At trajectory questions INBRIJA the submit the say is, on Ron. couple Thanks, so you question, total that or wish do sales a are encouraged report the people question year net and of you the we If they guidance not reduced just in accelerate. prescription already. your a should forward, think so. downward, half the prescriptions requests call But of about there in new you the you're of have And first you going who time that cartons. and are increases sales first for reflected will your sales

do you to expect why So brand the grow?

Okay.

Let that bit. me a unpack little

year's a yes, said, over down. new our very still -- did the taken even have -- I guidance, we're as sales. increase we represents So still And last with we guidance that nice

is timing projections that our are said, So not have such to our as own it to as growth. and and that, -- we on we it's And the to we have had continue just are. seeing improve aggressive where that's originally. as I we It's projections,

refills, made prescription prescriptions, new that net of prescriptions, our ultimately which total in the forms, terms of is reflect vast in are of of total up the majority Now reflected -- request prescriptions. the revenue, not which

see minority up prescriptions New make that we of a time. small over total the prescriptions

that first physicians are we a are gratifying. of drug, from quite patients XX%, could year last when half view that's benefit who half So first our messages so over asking are more More their It means prescribing the of across. and it and of year see getting we this expanding for by it, bump on.

we given what and during especially working were challenges progress, with real the that's pandemic. the So

takes those then begin reflected minority. see we a it It those over the revenues, But the growth then a of those in starts for as being refill, totally growth product grow now to of to time. time out that total because prescriptions portion be prescriptions the patients new refills sizable new and the of

net prescriptions a seeing leading that's the into I are that come already indicator. increasing why that We're So are mentioned revenue revenue. because we new net

expect with going that point if to in revenue this see we're forward. from that and accelerating our total prescriptions, the net new this prescriptions totals trend We continues

you you further Canada? in expansion update Thank INBRIJA you. expand other to can And the for And next an question looking European in is, are provide countries?

to that we other breaking and out think say would it to have put we'll leave are we the discussions that except I a because in immediately. countries, is middle that in we new say what this that the before. And the I outside we're will U.S. immediately, guess around I have not specific publish at for we're we'll world. when of it we that, And and discussions, ready, obviously, out that deal said territories

have other We you. don't Thank Okay. at questions any this time.

to up. it to So over Ron, back turn it I'll wrap you

and right. evening, thanks, next looking a in joining again, good everyone, We're and All give everyone. thank Well, you beyond. to the quarter forward Tierney, you follow-up us. for the Have

you. Thank

Thank Second XXXX Financial you you. Therapeutics' participation. This for Business your concludes Update. Quarter Thank the Acorda