ACOR - Acorda stock dips as Q4 revenue slumps ~15%

2023-03-09 12:52:22 ET

Acorda Therapeutics ( NASDAQ: ACOR ) stock fell ~4% on Thursday following Q4 results.

Q4 Net income was $19.14M, compared to net loss of -$20.57M in Q4 2021.

Total revenues declined -14.8% to -$31.47M. Net product revenues fell -15.4% Y/Y to $27.82M.

Acorda said Q4 U.S. net revenue of Inbrija declined -13.1% Y/Y to $9M. The company noted that it did not report any ex-U.S. Inbrija sales in Q4 for either period.

Q4 Ampyra net revenue declined -16.6% Y/Y to $18.8M.

The company added that Ampyra lost its exclusivity and generics entered the market in 2018. Acorda expects Ampyra sales to continue to decline.

Fampyra royalty revenues fell -25.1% Y/Y to of $2.7M in Q4.

According to the company, the decline in royalty revenues was mainly due to the launch of generic competition in the German market in 2022.

Q4 Royalty revenues decreased -10.4% Y/Y to $3.65M.

At Dec. 31, 2022, the company had cash, cash equivalents, and restricted cash of $44.7M, compared to $65.2M at year end 2021.

Outlook :

"In 2023 we expect to make further progress in reducing operating expenses, increasing INBRIJA’s trajectory, and maintaining the strength of the AMPYRA brand. We are also in active discussions for additional agreements to commercialize INBRIJA in multiple ex-U.S. territories; and we also expect Biopas to launch in Latin America in early 2024," said Acorda's President and CEO Ron Cohen.

For full year 2023, Acorda expects Inbrija U.S. net revenue to be between $38M and $42M.

Ampyra net revenue is anticipated in the range of $65M to $70M by the company.

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