Acorda Therapeutics (ACOR) Tops Q2 EPS by 13c

Acorda Therapeutics (NASDAQ: ACOR) reported Q2 EPS of ($0.35), $0.13 better than the analyst estimate of ($0.48). Revenue for the quarter came in at $33.62 million versus the consensus estimate of $27.4 million.

“We were pleased with INBRIJA’s performance in the second quarter, especially in light of the significant disruption of COVID-19. Net sales increased by 7% over the first quarter, and dispensed cartons, which reflect actual demand, increased by 13%. This trend continued into July, with dispensed cartons increasing 8% over June, to the highest number since the beginning of the launch,” said Ron Cohen, M.D., Acorda\'s President and Chief Executive Officer. “We also saw several indications that our programs to improve the experience of patients and physicians are having a positive effect. INBRIJA new prescription requests, which declined dramatically beginning in mid-March, began to rebound in late April and have continued to increase through July. We also saw a 6% increase in new prescribers in the quarter, and the percent of new prescription requests that converted to filled prescriptions increased to 75%, up from 57% in Q1, the highest rate since launch.”

Dr. Cohen continued, “We incurred higher-than-expected Medicare rebates in the first half of the year, which impacted net sales. We believe that such rebates are likely to be lower in the second half of 2020, as more patients get through the Medicare Part D donut hole.”

GUIDANCE:

For the full-year 2020, Acorda continues to expect AMPYRA net revenue to be $85 - $110 million, and operating expenses to be $170 - $180 million. The operating expense guidance is a non-GAAP projection that excludes restructuring costs and share-based compensation as more fully described below under “Non-GAAP Financial Measures.”

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

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