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Acorda Therapeutics(ACOR) - 2023 Q2 - Earnings Call Transcript
ACORAcorda Therapeutics(ACOR)2023-08-09 02:24
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Financial Data and Key Metrics Changes - U.S. net revenue for INBRIJA in Q2 2023 was 8.3million,a128.3 million, a 12% increase compared to Q2 2022 [4] - Total prescriptions for INBRIJA increased by 11% over Q2 2022, while cartons dispensed to patients rose by 5% [4] - For the first half of 2023, new prescription requests increased by 42% compared to the first half of 2022 [5] - AMPYRA U.S. net revenue for Q2 was 16.9 million, a 7% decline from Q2 2022 [11] - Adjusted operating expense guidance tightened to between 93millionand93 million and 98 million, down from 93millionto93 million to 103 million [15] Business Line Data and Key Metrics Changes - INBRIJA's U.S. net sales are expected to be between 34millionand34 million and 38 million for 2023, revised down from 38millionto38 million to 42 million [5][14] - AMPYRA's sales are projected to stabilize at approximately 60millionplusoverthenextseveralyears[11]MarketDataandKeyMetricsChanges−INBRIJA′sperformanceoutsidetheU.S.isstronginSpain,whileuptakeinGermanyisslowerthaninitialprojections[9]−ThecompanyisindiscussionsforpotentialINBRIJAapprovalsinuptofiveLatinAmericancountries[10]CompanyStrategyandDevelopmentDirection−ThecompanylaunchedanewconsumerINBRIJAwebsiteandbrandcampaigncalled"FortheFighters"tosupportpatientswithParkinson′s[7]−ThestrategyincludesmaintainingtheAMPYRAbrandagainstgenericcompetitionandimprovingfiscaldiscipline[17]−ThecompanyisexploringcollaborationsfornewinhaledtherapiesusingitsARCUStechnology[18]Management′sCommentsonOperatingEnvironmentandFutureOutlook−ManagementacknowledgedtheneedtolowerINBRIJAguidancebutemphasizedpositivetrendsinnewprescriptionrequestsandphysicianengagement[16]−Thecompanyisfocusedonimprovingcashflowandmaintainingopencommunicationwithconvertibledebtholders[17]OtherImportantInformation−Thecompanyreceivedanupfrontpaymentof60 million plus over the next several years [11] Market Data and Key Metrics Changes - INBRIJA's performance outside the U.S. is strong in Spain, while uptake in Germany is slower than initial projections [9] - The company is in discussions for potential INBRIJA approvals in up to five Latin American countries [10] Company Strategy and Development Direction - The company launched a new consumer INBRIJA website and brand campaign called "For the Fighters" to support patients with Parkinson's [7] - The strategy includes maintaining the AMPYRA brand against generic competition and improving fiscal discipline [17] - The company is exploring collaborations for new inhaled therapies using its ARCUS technology [18] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the need to lower INBRIJA guidance but emphasized positive trends in new prescription requests and physician engagement [16] - The company is focused on improving cash flow and maintaining open communication with convertible debt holders [17] Other Important Information - The company received an upfront payment of 2.5 million in Q2 2023 related to regulatory updates in China [10] - The ending cash balance is expected to be between 39millionand39 million and 44 million [19] Q&A Session Summary Question: Why does the company expect INBRIJA sales to grow despite reducing guidance? - Management explained that while guidance was lowered, it still represents growth over last year, and new prescriptions are a leading indicator for future revenue growth [22][24] Question: Is the company looking to expand INBRIJA in Canada and other European countries? - Management stated they are in discussions for other territories but did not break out specific countries [26]