On January 15, 2020 Acorda Therapeutics, Inc. (Nasdaq: ACOR) reported 2019 highlights and 2020 guidance and priorities at the 38th Annual J.P. Morgan Healthcare Conference in San Francisco (Press release, Acorda Therapeutics, JAN 15, 2020, View Source [SID1234553225]).
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"The approval and launch of INBRIJA was an important milestone for Acorda; we believe this product will become a standard of care in the treatment of OFF episodes in Parkinson’s Disease," said Ron Cohen, M.D., Acorda’s President and CEO. "In 2020, we plan to build on our experience from the first nine months of launch, focused on driving patient demand for INBRIJA."
Dr. Cohen continued, "In 2019, we also took important steps toward strengthening our capital structure and improving our balance sheet by implementing a corporate restructuring in October, reducing 2020 expenses by about $60 million, and restructuring our convertible debt. Notably, we successfully exchanged $276 million notional value of 2021 convertible notes, at a 5% discount, for $207 million of December 2024 notes, convertible at a significant premium, and $55 million of cash. We are also working to identify additional opportunities to manage costs. These actions have positioned Acorda to deliver long-term value for our shareholders."
2019 Financials
AMPYRA (dalfampridine) Extended Release Tablets, 10 mg net revenue for 2019 of $162.6 million (unaudited).
INBRIJA (levodopa inhalation powder) net revenue for 2019 of $15.3 million (unaudited).
Product net revenue for 2019 of $178 million, with total revenue of approximately $188 million (unaudited). Product revenue excludes royalty revenue, primarily Fampyra royalty revenue obligations owed to Healthcare Royalty Partners.
The Company continues to expect full year non-GAAP 2019 operating expense of $240 – $250 million. This is a non-GAAP projection that excludes restructuring costs and share-based compensation as more fully described below under "Non-GAAP Financial Measures".
In December 2019, the Company successfully exchanged $276 million notional value of 2021 convertible notes.
2019 year-end cash, cash equivalents, short term investments and restricted cash were approximately $169 million (unaudited). Restricted cash includes $42.7 million in escrow related to the 6% semi-annual interest portion, payable in cash or stock, of the convertible note exchange completed in Q4 2019. If the Company elects to pay interest due in stock, the cash equivalent will be released from escrow.
Final results are subject to completion of the Company’s year-end audit.
Financial Guidance
Total product net revenue for the full year 2020 is expected to be $120 – $150 million, with total revenue expected to be $130 – $160 million.
INBRIJA net revenue for the full year 2020 is expected to be $35 – $40 million.
Expected INBRIJA U.S. annual peak sales has been revised to $300 – $500 million
AMPYRA net revenue for the full year 2020 is expected to be $85 – $110 million.
Operating expenses for the full year 2020 are expected to be $170 – $180 million, reduced from previous guidance of $180 – 190 million. This guidance is a non-GAAP projection that excludes restructuring costs and share-based compensation as more fully described below under "Non-GAAP Financial Measures."
Presentation/Webcast Details
Dr. Cohen will present at the 38th Annual J.P. Morgan Healthcare Conference in San Francisco on Thursday, January 16 at 9:30am PST / 12:30pm EST.
A live audio webcast of the presentation can be accessed under "Investor Events" in the Investor section of the Acorda website at www.acorda.com, or you may use the link: