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ACOR - Acorda Therapeutics cutting staff by 15% sees $20M in annual savings
Acorda Therapeutics Inc.
Acorda Therapeutics (ACOR +2.5%) will cut its headcount by 15% to reduce costs and operating expenses, a move the company says will save $20M per year. Most of the cuts will take place immediately, with the entirety completed by Q1 2022. Acorda estimates it will incur $3M in pre-tax charges due to severance. Last month, Acorda missed on EPS in its Q2 2021 financial results and revenue was $31.8M.