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.