Acorda Therapeutics (ACOR) Tops Q1 EPS by 8c

Acorda Therapeutics (NASDAQ: ACOR) reported Q1 EPS of ($2.46), $0.08 better than the analyst estimate of ($2.54). Revenue for the quarter came in at $28.86 million versus the consensus estimate of $22.15 million.

“We were pleased to see the increase in INBRIJA net sales in the first quarter of 2021 over the same quarter of 2020. In addition, our organic growth, measured by the increase in dispensed cartons, was 25% compared to the first quarter of 2020 and also an acceleration versus last quarter. This is an encouraging sign that we may be starting to see the impact of a receding pandemic on our business,” said Ron Cohen, M.D., Acorda’s President and Chief Executive Officer. “We continue to see renewed interest in ex-US commercial partnerships for INBRIJA, owing to the reduced cost of goods that resulted from the sale of our manufacturing operations to Catalent earlier this year, as well as clarity from the GBA in Germany indicating that an early benefit assessment would not be required. We are in active discussions with several parties for commercialization both in Europe and around the world.”

“We were also pleased to see stable year-over-year quarterly sales for AMPYRA for the first time since it went generic in September 2018 and believe this is due to the strategies we have executed to maintain the brand. The strength of the AMPYRA brand is an important contributor to Acorda’s financial stability and to our goal of becoming cash-flow neutral by the end of 2022,” Cohen continued. “We also plan to address our $69 million convertible debt payment that is coming due in June of 2021.”

GUIDANCE:

For the full-year 2021, Acorda continues to expect AMPYRA net revenue to be $75 - $85 million, and operating expenses to be $130 - $140 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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