On December 22, 2022 Acorda Therapeutics, Inc. (Nasdaq: ACOR) reported that it has
revised and updated the long-term nancial guidance most recently included in its November 1, 2022 press release
announcing its nancial results for the third quarter of 2022 (Press release, Acorda Therapeutics, DEC 22, 2022, View Source [SID1234625527]). The revised guidance corrects certain errors identied
in the Company’s year-end budgeting process that overstated the Company’s projected Adjusted EBITDA and
ending cash balances for 2022-2027.
The revised guidance also reects updates from actual nancial results from October and November 2022 and from
the Company’s year-end budgeting process. These updates include the Company’s projected sales of Inbrija outside
the United States and total Inbrija sales for 2024-2027. The revised long-term nancial guidance does not aect
Acorda’s previously reported nancial results for the period ended September 30, 2022 or Inbrija U.S. net revenue
guidance for 2022 of between $27.8 – $28.7 million.
In addition, the Finnish government has advised the Company that it has satised all conditions to receive a waiver
of approximately $27.0 million of loans including accrued interest (based on the current exchange rate), that were
issued to its wholly owned subsidiary, Biotie Therapies Ltd. Upon receipt of formal notication, which is expected
shortly, these will no longer be carried on the Company’s balance sheet and will result in a corresponding increase
in net income in 2022. This will have no impact on the nancial guidance below, which does not reference net
income, and will be reected in the Company’s annual audited nancial statements.
Key Assumptions Underlying Business Plan and Guidance Remain Unchanged
INBRIJA will continue to grow in the U.S.
INBRIJA will expand into additional ex-U.S. markets
AMPYRA will continue to lose market share, but at a stabilizing rate
1
Acorda expects to be cash-ow positive in 2023
Continued Nasdaq listing
Renancing of 6.00% convertible senior secured notes due December 1, 2024
INBRIJA
The Company believes that INBRIJA has a signicant opportunity to expand the total market for on-demand
treatments
INBRIJA currently enjoys a 67% market share within the on-demand treatment class1
Healthcare professionals report they are generally more comfortable with INBRIJA than apomorphinebased on-demand treatments2
<2% of the 380,000 people with Parkinson’s who experience OFF periods are actively on any on-demand
treatment3
Acorda is implementing high-potential initiatives to grow the INBRIJA business
Launching new brand campaigns for physicians and people with Parkinson’s
Expanding usage of recently launched E-prescribing platform, which has increased fulllment rates
Introducing cash-pay option to improve patient access
Ex-U.S. revenue is expected to increase in 2023 and 2024 as the Germany launch progresses and additional
launches commence in Spain and Latin America
Partner discussions are in progress for Asia and additional EU markets

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AMPYRA

Alkermes arbitration ruling signicantly improves operating margins
An aggregate of $18.2 million received in fourth quarter 2022, which is $1.7 million greater than
previously announced due to correction of a computational error by the arbitration panel subsequent
to the initial award
No further royalty payments and ability to nd lower-cost supply, which has already been secured
$10 – $12 million savings in 2023 annual cost of goods (based on volume)
AMPYRA net sales currently at ~13% of peak sales
AMPYRA currently holds ~15% of dalfampridine market4
Long-term value of the brand expected at ~10% of peak sales through 2027
Field team continues to promote the brand
~200 health care professionals resumed prescribing AMPYRA in 2022
~70% of all covered lives have access to AMPYRA5

2022-2027 Financial Guidance

For the full year 2022, Acorda continues to expect AMPYRA net revenue and adjusted operating expenses to be
within the original guidance ranges. The nancial guidance provided below includes non-GAAP projections of
adjusted operating expenses (adjusted OPEX) and adjusted earnings before income taxes depreciation and
amortization (adjusted EBITDA), as described below under "Non-GAAP Financial Measures."
The EBITDA, Ending Cash Balance and Cash Flow gures in the table below have been revised to reect the
correction of an error embedded in the Company’s nancial forecasting model that did not impact other line items.
Net revenue gures increased slightly as a result of the Company’s year-end budgeting process.
Guidance Ranges in
U.S.$M 2022 2023 2024 2025 2026 2027
NET REVENUE
Inbrija U.S. $27.8 – $28.7 $37.3 – $41.2 $50.3 – $55.6 $58.8 – $65.0 $63.2 – $69.8 $70.3 – $77.7
Inbrija OUS $2.8 – $2.9 $7.3 – $8.1 $15.1 – $16.7 $27.3 – $30.2 $36.9 – $40.8 $48.2 – $53.2
Inbrija Sales $30.6 – $31.6 $44.6 – $49.3 $65.4 – $72.2 $86.1 – $95.1 $100.1 – $110.7 $118.5 – $131.0
Ampyra U.S. $71.4 – $73.6 $64.9 – $71.7 $61.9 – $68.4 $61.6 – $68.1 $64.3 – $71.0 $62.2 – $68.8
Fampyra Royalty $12.0 – $12.4 $9.7 – $10.7 $8.6 – $9.5 $8.6 – $9.5 $7.6 – $8.4 $7.6 – $8.4
Ampyra Sales $83.4 – $86.0 $74.6 – $82.4 $70.4 – $77.8 $70.1 – $77.5 $71.9 – $79.4 $69.8 – $77.2
ARCUS Development $0.0 – $0.0 $1.1 – $1.3 $1.5 – $1.6 $1.5 – $1.6 $1.5 – $1.6 $1.5 – $1.6
Neurelis Royalty $2.0 – $2.1 $1.9 – $2.1 $0.0 – $0.0 $0.0 – $0.0 $0.0 – $0.0 $0.0 – $0.0
Net Revenue
$116.0 –
$119.7
$122.2 –
$135.1
$137.3 –
$151.7
$157.7 –
$174.2
$173.5 –
$191.7
$189.8 –
$209.8
Adjusted OPEX $110.2 – $113.5 $89.6 – $99.0 $90.3 – $99.8 $93.0 – $102.8 $95.8 – $105.8 $98.6 – $109.0
Adjusted EBITDA $5.6 – $5.8 $22.0 – $24.3 $29.6 – $32.7 $39.1 – $43.2 $45.2 – $50.0 $50.5 – $55.8
Ending Cash Balance $43.2 – $44.5 $42.5 – $47.0 $55.4 – $61.2 $75.0 – $82.8 $97.6 – $107.9 $122.8 – $135.8
Cash Flow ($21.0) – ($21.7) ($0.4) – $2.8 $12.9 – $14.2 $19.6 – $21.6 $22.6 – $25.0 $25.3 – $27.9

Non-GAAP Financial Measures

This press release includes certain forward-looking non-GAAP nancial measures. In particular, Acorda has
provided 2022-2027 adjusted operating expense and adjusted EBITDA guidance on a non-GAAP basis. Non-GAAP
nancial measures are not an alternative for nancial measures prepared in accordance with GAAP.
Adjusted OPEX includes (i) research and development expenses and (ii) selling, general, and administrative
expenses and excludes (i) costs of goods sold, (ii) amortization of intangible assets, (iii) change in fair value of
derivative liability, and (iv) change in fair value of acquired contingent liability. Adjusted EBITDA is GAAP net income
(loss) before income taxes excluding (i) non-cash compensation charges and benets that are substantially
dependent on changes in the market price of our common stock, (ii) interest due on our convertible debt, (iii) noncash interest charges related to the accounting for our convertible debt which are in excess of the actual interest
expense owing on such convertible debt, as well as non-cash interest related to the Fampyra royalty monetization
and acquired Biotie debt, (iv) changes in the fair value of acquired contingent consideration which do not correlate
to our actual cash payment obligations in the relevant periods, (v) expenses that pertain to corporate restructurings
which are not routine to the operation of the business, and (vi) changes in the fair value of derivative liability
relating to the 2024 convertible senior secured notes, which is a non-cash charge and not related to the operation
of the business. We are unable to reconcile these forward-looking non-GAAP measures to GAAP due to the forwardlooking nature of the adjustments that are needed to determine this information, which includes information
regarding future compensation charges, future changes in the market price of our common stock, and changes in
the fair value of derivative and contingent liabilities, none of which are available at this time.
Non-GAAP nancial measures are not an alternative for nancial measures prepared in accordance with GAAP, and
the calculation of the non-GAAP nancial measures included herein may dier from similarly titled measures used
by other companies. The Company believes that the presentation of these non-GAAP nancial measures provides
investors with a more meaningful understanding of our ongoing and projected operating performance because it
excludes (i) expenses that pertain to corporate restructurings not routine to the operation of our business, (ii) noncash charges that are substantially dependent on changes in the market price of our common stock, and (iii) other
items as set forth above that are not ascertainable at the present time. We believe these non-GAAP nancial
measures help indicate underlying trends in the Company’s business and are important in comparing current
results with prior period results and understanding expected operating performance. Also, management uses these
non-GAAP nancial measures to establish budgets and operational goals, and to manage the Company’s business
and evaluate its performance.