On October 27, 2022 Acorda Therapeutics, Inc. (Nasdaq: ACOR) reported a detailed, long-term business plan to drive shareholder value and also provided long-term financial guidance (Press release, Acorda Therapeutics, OCT 27, 2022, View Source [SID1234622449]).

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Acorda has developed a long-term business plan to increase the value of the Company, focused on growing INBRIJA (levodopa inhalation powder), maximizing AMPYRA (dalfampridine), and implementing additional operational and manufacturing efficiencies. Due to the recent Alkermes arbitration award, along with continued fiscal discipline, Acorda has substantial liquidity, which the Company expects will allow it to execute on its business plan. Acorda expects to be cash-flow positive in 2023. The outcome of the reverse stock split proposal at the upcoming Special Meeting of Stockholders, scheduled for November 4, 2022, will be a key determinant of Acorda’s strategic alternatives and ability to execute its business plan.

Key Assumptions Underlying Business Plan and Guidance

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
Acorda’s expectation is to be cash-flow positive in 2023
Shareholder approval of reverse stock split proposal; continued Nasdaq listing
INBRIJA

The Company believes that INBRIJA has a significant opportunity to expand the 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 apomorphine-based 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 removes barriers to prescribing and has increased fulfillment rates
Introducing cash-pay option to improve patient access
Focusing sales team with a hyper-targeted call strategy
Ex-U.S. revenue expected to increase in 2023 and 2024 as Germany launch progresses and additional launches commence in Spain and Latin America
Partner discussions are in progress for Asia and additional EU markets
AMPYRA

Alkermes arbitration ruling significantly improves operating margins
$16.5M cash received October 2022
No further royalty payments and ability to find lower-cost supply, which has already been secured
$10-$12M 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
Tenacity of prescribers and patients has resulted in fewer payer restrictions5
~70% of all covered lives have access to AMPYRA6
Financial Guidance

Acorda provided the following long-term financial guidance ranges, assuming successful implementation of the business plan and its key assumptions:

CEO Video Q&A Friday, October 28 at 1:00pm ET / 10:00am PT

Acorda will hold a video Q&A with its CEO, Ron Cohen, M.D., on Friday, October 28 at 1:00pm ET / 10:00am PT. The call will review Acorda’s long-term business plan and the items on the ballot for Acorda’s Special Meeting of Shareholders on November 4, 2022. Participants will be able to submit questions to Dr. Cohen, which he will address live.

Video Q&A Participation Instructions

To participate in the video event:

Click the link below from a laptop or mobile device. (Mobile device users will be prompted to download the BlueJeans app.) View Source
If prompted, enter the following case-sensitive Event ID: rraraavy