Analyst Summary:
Acorda Therapeutics has reported its financial results for Q4 and the full year ended December 31, 2022. While the Q4 2022 INBRIJA U.S. net revenue decreased by 13.1%, the company's full-year global INBRIJA net revenue of $30.9 million met its financial guidance for 2022. The company also reported a full-year AMPYRA net revenue of $72.9 million, compared to $84.6 million in 2021. Moreover, the company is targeting INBRIJA U.S. and AMPYRA net revenues of $38-42 million and $65-70 million, respectively, for the full year 2023. The expected decline in AMPYRA revenue is due to generics entering the market in 2018. Acorda's President and Chief Executive Officer, Ron Cohen, stated that the company expects to reduce operating expenses, increase the trajectory of INBRIJA, and maintain the strength of the AMPYRA brand. Acorda is targeting adjusted OPEX of $93-$103 million and an ending cash balance of $43-$47 million for the full year 2023. The 2023 guidance includes the impact of the new global supply agreement with Catalent.