Acorda Therapeutics, Inc. (NASDAQ:ACOR) Q3 2023 Earnings Call Transcript

Acorda Therapeutics, Inc. (NASDAQ:ACOR) Q3 2023 Earnings Call Transcript November 13, 2023

Operator: Welcome to Acorda Therapeutics Third Quarter 2023 Financial and Business Update. At this time, all participants are in a listen-only mode. There will be a question-and-answer session to follow. Please be advised that this call is being recorded at the company's request. I will now introduce your host for today's call, Tierney Saccavino with Acorda. Tierney, please go ahead.

Tierney Saccavino: Thank you, Carl, and good afternoon, everyone. Before we begin, let me remind everyone that our presentation will contain forward-looking statements. Detailed disclosures can be found in our SEC filings, which are public, and we encourage you to refer to those filings. Today, during Q&A, we'll take questions from some of the investors have written in when they registered for the call. And I'll now pass the call over to our CEO, Ron Cohen. Ron?

Ron Cohen: Thank you Tierney. Welcome everyone. We'll dive right in, starting with INBRIJA U.S. net sales for the third quarter. They were $8.1 million. That was a 4% increase over the same quarter in 2022. And in this slide, you see the net sales trends since launch. Note that the growth in the first three quarters of 2023 versus the first three quarters of 2022 is actually 15%. The smaller increase, Q3 over Q3, is related in part to just lumpiness in pharmacy buying patterns across quarters each year, and also to some different adjustments to projected discounts and allowances in the respective quarters. We have also continued to see an increase in new prescription request forms. Those were up 32% over Q3 of 2022 and for the first three quarters of this year, they are actually up 38% over the first three quarters of 2022.

A scientist holding a vial of the cancer-fighting drug developed by the biotechnology company.

We believe that that is highly encouraging for the growth of the brand and also indicates that the various programs that we have been putting in place over the last year or so have been having a desired result. We are maintaining our guidance of $34 to $38 million for INBRIJA in the U.S. for 2023 as per our Q2 call. If we go to the next slide, these are the dispense cartons and you see that Q3 increased by 4% over Q3 of 2022 and by 6.5% for the first three quarters of 2023 versus the first three quarters of 2022. And TRX or total prescription trend since launch, we see a similar pattern. These increased by 10% over the third quarter of 2022 and for the first three quarters by 11% versus the first three quarters of last year. The INBRIJA TV commercial that we discussed earlier this year has been performing very well.

It is airing on about 50 streaming services and those include Hulu, Disney Channel, Paramount Plus. It is directed specifically to households that have self-identified as being impacted by Parkinson's disease and also to healthcare professionals who treat Parkinson's disease. In contrast to a typical broadcast or cable commercial, this is highly targeted to the audiences that need to have this information. Since we launched the commercial in April of this year, the commercial has had over 9.3 million views and very importantly, 270 physicians prescribed INBRIJA for the first time in 2023 after they saw the commercial. If you would like to see the commercial, you can watch it at www.getimbrija.com. For INBRIJA ex-U.S, as we announced last week, our partner Biopas has filed for the approval of INBRIJA in six countries now in Latin America.

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