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ACOR - Acorda Therapeutics: Situation Getting Worse Prompting A Restructuring
Acorda Therapeutics Inc.
Acorda Therapeutics (ACOR) pre-announced Q3 sales of Inbrija and Ampyra along with a restructuring plan. I wrote about the company in July before the company announced Q2 results, and I warned of the difficulties of a new launch and that caution is warranted. The situation has not improved much/at all since then and Acorda delivered two disappointing quarters and Inbrija sales approached a very modest $5 million in Q3. With this kind of a trajectory, Acorda is unlikely to reach the sales levels necessary to facilitate a refinancing of 2021 convertible notes. At