Acorda Therapeutics (ACOR) Tops Q2 EPS by 68c, Revenues Beat; Offers FY Guidance

Acorda Therapeutics (NASDAQ: ACOR) reported Q2 EPS of $1.40, $0.68 better than the analyst estimate of $0.72. Revenue for the quarter came in at $153.3 million versus the consensus estimate of $138.63 million.

• INBRIJA™ (levodopa inhalation powder) NDA under FDA review; PDUFA date October 5, 2018
• AMPYRA® (dalfampridine) 2Q 2018 net sales of $150.3 million; reiterating 2018 guidance of $330-$350 million
• Awaiting AMPYRA patent decision from U.S. Court of Appeals

“Our outstanding quarter reflected the continued excellence of our specialty neurology sales force and commercial, patient advocacy and affiliated teams. Our primary focus now is on the approval and launch of INBRIJA, which will benefit from these same capabilities,” said Ron Cohen, M.D., Acorda\'s President and CEO. “We expect INBRIJA, if approved, to help address the large unmet medical need for the approximately 350,000 people in the U.S. who are challenged by OFF periods related to Parkinson’s disease. Based on our continued market research, we believe the market opportunity for INBRIJA in the U.S. is greater than $800 million.”

“The company’s strong execution year to date is fueling our ability to launch INBRIJA, to invest in the ARCUS pipeline and remain well capitalized throughout the INBRIJA launch,” Dr. Cohen continued.

Guidance for 2018

• The Company reiterates AMPYRA 2018 net revenue guidance of $330-$350 million.
• R&D expenses for the full year 2018 are expected to be $100-$110 million and include manufacturing expenses associated with INBRIJA. This guidance is a non-GAAP projection that excludes share-based compensation, as more fully described below under “Non-GAAP Financial Measures.”
• SG&A expenses for the full year 2018 are expected to be $170-$180 million. This guidance is a non-GAAP projection that excludes share-based compensation, as more fully described below under “Non-GAAP Financial Measures.”
• The Company expects to end 2018 with a year-end cash balance in excess of $300 million.
• This guidance may be revised with a positive outcome of the pending appeal.

For earnings history and earnings-related data on Acorda Therapeutics (ACOR) click here.

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