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Acorda Therapeutics Inc

Announcement: ACOR 8-K Special Filing

Part 1: Analysis of company performance

Acorda Therapeutics Inc is a biopharmaceutical company that focuses on neurological disorders. The company’s two main products are Inbrija, approved for intermittent treatment of OFF periods for Parkinson’s disease patients, and Ampyra Extended Release Tablets, used to improve walking in patients with multiple sclerosis or MS. In 2022, the company’s net revenue for Inbrija was $28 million, while Ampyra’s net revenue was $72.9 million. However, the company experienced a significant decline in Ampyra sales due to competition from several generic versions of Ampyra. Although there is a patent challenge for Fampyra in Germany, the company expects Fampyra patents to be similarly challenged in other countries where it’s marketed by Biogen, leading to generic competition. 

Inbrija, on the other hand, is the first and only inhaled levodopa for Parkinson’s disease. Over one million people in the US and 1.2 million in Europe are diagnosed with Parkinson’s, where about 40% of people with Parkinson’s in the US experience OFF periods. The US FDA approved Inbrija for a single dose of 84 mg, which may be taken up to five times per day. In 2022, the company's net revenue for ex-U.S. Inbrija sales was $2.9 million. 

In terms of manufacturing, the company sold its Chelsea manufacturing operations to Catalent Pharma Solutions and entered into a manufacturing services agreement with them. Under the amendment, the minimum payment obligation for the Adjustment Period was replaced with payments to Catalent for actual product delivered during the Adjustment Period subject to a cap for the Adjustment Period that corresponds to its original minimum purchase obligation for that period. During the year ended December 31, 2022, Acorda Therapeutics Inc incurred approximately $18.7 million of purchase commitments with Catalent.

Part 2: Forward-looking analysis

Looking ahead, the company's net revenue for Ampyra is expected to continue to decline over time due to competition from several generic versions of Ampyra. Furthermore, the patent challenges for Fampyra in Germany could lead to generic competition, which could potentially impact the company’s net revenue. However, the company has entered into agreements to commercialize Inbrija in Spain, Germany, and Latin America, and is in discussions with potential partners for commercialization of Inbrija in other jurisdictions outside of the US. There is potential for the company’s revenue for Inbrija to increase in the future. 

Moreover, the company is discussing potential collaborations with other companies that express interest in formulating their novel molecules for pulmonary delivery using ARCUS. The company has already performed feasibility studies for a number of these opportunities. Collaborations could potentially generate additional revenue streams for the company.

In summary, while the company's revenue for Ampyra is expected to continue to decline, Acorda Therapeutics Inc has potential to generate more revenue for Inbrija and ARCUS inhalation technology through commercialization and collaborations with other companies. It is important for investors to keep monitoring the competition in the market and the progress of patent challenges for Fampyra, as they could significantly impact the company’s financial performance in the future.

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Form 10-K - Annual report [Section 13 and 15(d), not S-K Item 405]

Acorda Therapeutics: Inbrija sales rise, while Ampyra sales decline due to generic competition.

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.

Form 8-K - Current report - Item 2.02 Item 9.01

$ACOR reports Q4 and FY2022 financial results, meets INBRIJA guidance and expects decline in AMPYRA revenue in 2023

Form 8-K - Current report - Item 3.01 Item 9.01

Form SC 13G/A - Statement of acquisition of beneficial ownership by individuals: [Amend]

Announcement: ACOR 8-K Special Filing

Announcement: ACOR 8-K Special Filing

Acorda Therapeutics: Inbrija sales rise, while Ampyra sales decline due to generic competition.

Acorda Therapeutics: Inbrija sales rise, while Ampyra sales decline due to generic competition.

$ACOR reports Q4 and FY2022 financial results, meets INBRIJA guidance and expects decline in AMPYRA revenue in 2023

$ACOR reports Q4 and FY2022 financial results, meets INBRIJA guidance and expects decline in AMPYRA revenue in 2023

Announcement: ACOR 8-K Special Filing

Announcement: ACOR 8-K Special Filing

Announcement: ACOR SC 13G/A Statement of acquisition of beneficial ownership by individuals - amendment

Announcement: ACOR SC 13G/A Statement of acquisition of beneficial ownership by individuals - amendment

Announcement: ACOR SC 13G/A Statement of acquisition of beneficial ownership by individuals - amendment

Announcement: ACOR SC 13G/A Statement of acquisition of beneficial ownership by individuals - amendment