Acorda Inks Distribution Pact In Germany For Inhaled Levodopa Powder; Q3 Earnings Beat Expectations

  • Acorda Therapeutics Inc ACOR entered into distribution and supply agreements with Esteve Pharmaceuticals GmbH to commercialize Inbrija 33 mg (levodopa inhalation powder, hard capsules) in Germany. 
  • Inbrija is indicated in the EU for the intermittent treatment of episodic motor fluctuations (OFF episodes) in adult patients with Parkinson's disease treated with a levodopa/dopa-decarboxylase inhibitor. 
  • Acorda had previously announced an agreement with Esteve to commercialize Inbrija in Spain.
  • Acorda will receive a €5 million upfront payment and will receive additional sales-based milestones.
  • Esteve expects to launch Inbrija in Germany by mid-2022.
  • For Q3, Acorda reported Inbrija revenue of $7.8 million, compared to $5.8 million in Q3 FY20.
  • The Company reported Ampyra (dalfampridine) sales of $20.0 million, down from $27.3 million a year ago, hit by the loss of its exclusivity.
  • Overall revenues declined 41% Y/Y to $31.45 million, beating the consensus of $30.57 million.
  • Acorda posted an EPS loss of $(1.43), higher than $(1.36) a year ago but ahead of the consensus of $(1.56).
  • Q3 cash, cash equivalents, and restricted cash stood at $62 million.
  • The Company also appointed Michael Gesser as the new CFO.
  • Price Action: ACOR shares are up 2.93% at $3.87 during the premarket session on the last check Wednesday.
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