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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Acorda Therapeutics Inc | NASDAQ:ACOR | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.661 | 0.565 | 0.5878 | 0 | 01:00:00 |
Acorda Therapeutics, Inc. (Nasdaq: ACOR) today provided a business update and reported its financial results for the fourth quarter and full year ended December 31, 2020.
“We have improved our financial position materially through the sale of our manufacturing operations in Chelsea and our restructuring, which also have reduced both our annual operating expenses and cost of goods for INBRIJA,” said Ron Cohen, M.D., Acorda’s President and Chief Executive Officer. “In 2020, we continued to improve access to INBRIJA and saw excellent results from our new patient education and training programs; for example, approximately 1,250 patients who had either never filled or had discontinued their original INBRIJA prescriptions responded to our educational outreach and training by returning to therapy. We also saw quarter over quarter growth in INBRIJA despite the substantial negative impact of COVID-19, and believe we are well-positioned for further growth when the pandemic subsides. We also believe that the reduced cost of goods for INBRIJA will help potentiate commercial partnerships outside the US.”
Fourth Quarter 2020 Financial Results
For the fourth quarter ended December 31, 2020, the Company reported AMPYRA net revenue of $25.3 million compared to $40.8 million for the same quarter in 2019 and INBRIJA net revenue of $9.3 million compared to $6.1 million for the same quarter in 2019.
Research and development (R&D) expenses for the quarter ended December 31, 2020 were $4.3 million, including $0.3 million of share-based compensation, compared to $9.0 million, including $0.6 million of share-based compensation, for the same quarter in 2019.
Sales, general and administrative (SG&A) expenses for the quarter ended December 31, 2020 were $32.9 million, including $1.2 million of share-based compensation, compared to $41.2 million, including $2.0 million of share-based compensation, for the same quarter in 2019.
Benefit from income taxes for the quarter ended December 31, 2020 was $3.1 million, compared to a benefit from income taxes of $0.8 million for the same quarter in 2019.
The Company recorded a loss on assets held for sale related to the sale of the manufacturing operations in Chelsea, Massachusetts to Catalent. The Company recorded a loss on the assets held for sale of $57.9 million as of December 31, 2020, which represents the amount by which the carrying value of the assets to be sold exceeds the purchase price less estimated selling costs. The Company segregated the assets held for sale on the balance sheet at the resulting carrying amount of $71.8 million as of December 31, 2020.
The Company reported GAAP net loss of $83.0 million for the quarter ended December 31, 2020, or $9.82 per diluted share. GAAP net income in the same quarter of 2019 was $65.7 million, or $8.26 per diluted share.
Non-GAAP net loss for the quarter ended December 31, 2020 was $21.1 million, or $2.50 per diluted share. Non-GAAP net loss in the same quarter of 2019 was $7.1 million, or $0.89 per diluted share. This quarterly non-GAAP net loss measure, more fully described below under “Non-GAAP Financial Measures,” excludes share-based compensation charges, non-cash interest charges on our debt, restructuring expenses, changes in the fair value of acquired contingent consideration, losses on assets held for sale, gain on extinguishment of debt, and changes in the fair value of derivative liability related to the 2024 convertible notes. A reconciliation of the GAAP financial results to non-GAAP financial results is included with the attached financial statements.
Full Year Ended December 31, 2020 Financial Results
For the full year ended December 31, 2020, the Company reported AMPYRA net revenue of $98.9 million compared to $163.2 million for the full year 2019 and INBRIJA net revenue of $24.2 million compared to $15.3 million for the full year 2019.
Research and development (R&D) expenses for the full year ended December 31, 2020 were $23.0 million, including $1.7 million of share-based compensation, compared to $60.1 million, including $2.8 million of share-based compensation for the full year 2019.
Sales, general and administrative (SG&A) expenses for the full year ended December 31, 2020 were $152.6 million, including $6.0 million of share-based compensation, compared to $192.8 million, including $10.8 million of share-based compensation for the full year 2019.
Benefit from income taxes for the full year ended December 31, 2020 was $8.0 million, compared to a benefit from income taxes of $1.3 million for the full year 2019.
For the full year ended December 31, 2020, the Company reported GAAP net loss of $99.6 million, or $12.32 per diluted share, compared to a GAAP net loss for the full year 2019 of $273.0 million, or $34.43 per diluted share.
Non-GAAP net loss for the full year ended December 31, 2020 was $72.9 million, or $9.02 per diluted share. Non-GAAP net loss for the full year ended December 31, 2019 was $81.8 million, or $10.31 per diluted share. This full year non-GAAP net loss measure, more fully described below under “Non-GAAP Financial Measures,” excludes share-based compensation charges, non-cash interest charges on our debt, restructuring expenses, changes in the fair value of acquired contingent consideration, asset impairment charges, losses on assets held for sale, gain on extinguishment of debt, and changes in the fair value of derivative liability related to the 2024 convertible notes. A reconciliation of the GAAP financial results to non-GAAP financial results is included with the attached financial statements.
At December 31, 2020, the Company had cash, cash equivalents, investments, and restricted cash of $102.9 million. Restricted cash includes $31 million in escrow related to the 6% semi-annual interest portion, payable in cash or stock, of the convertible note exchange completed in December 2019. If the Company elects to pay interest due in stock, the restricted cash will be released from escrow.
Financial Guidance
Recent Highlights
Webcast and Conference Call
The Company will host a conference call and webcast in conjunction with its fourth quarter/year end 2020 update and financial results today at 4:30 p.m. EST.
To participate in the Webcast/Conference Call, please note there is a new pre-registration process.
**When registering please type your phone number with no special characters**
A replay of the call will be available from 7:30 p.m. EST on March 4, 2021 until 11:59 p.m. EDT on April 4, 2021. To access the replay, please dial (800) 585-8367 (domestic) or (416) 621-4642 (international); reference code 9854802. The archived webcast will be available in the Investor Relations section of the Acorda website at www.acorda.com.
Non-GAAP Financial Measures
This press release includes financial results prepared in accordance with accounting principles generally accepted in the United States (GAAP), and also certain historical and forward-looking non-GAAP financial measures. In particular, Acorda has provided non-GAAP net loss, adjusted to exclude the items below, and has provided 2021 operating expense guidance on a non-GAAP basis. Non-GAAP financial measures are not an alternative for financial measures prepared in accordance with GAAP. However, the Company believes that the presentation of non-GAAP net loss, when viewed in conjunction with actual GAAP results, provides investors with a more meaningful understanding of our ongoing and projected operating performance because this measure excludes (i) non-cash compensation charges and benefits that are substantially dependent on changes in the market price of our common stock, (ii) non-cash interest charges related to the accounting for our convertible debt which are in excess of the actual interest expense owing on such convertible debt, as well as non-cash interest related to the Fampyra monetization and acquired Biotie debt, (iii) changes in the fair value of acquired contingent consideration which do not correlate to our actual cash payment obligations in the relevant periods, (iv) asset impairment charges that are not routine to the operation of the business, (v) gain on extinguishment of debt that pertains to an event that is not routine to the operation of the business, (vi) expenses that pertain to our 2019 restructuring, which is not routine to the operation of the business, (vii) changes in the fair value of derivative liability relating to the 2024 convertible notes, which is a non-cash charge and not related to the operation of the business, and (viii) losses on assets held for sale that pertain to a non-routine sale of manufacturing operations. The Company believes its non-GAAP net loss measure helps indicate underlying trends in the Company's business and is important in comparing current results with prior period results and understanding projected operating performance. Also, management uses this non-GAAP financial measure to establish budgets and operational goals, and to manage the Company's business and to evaluate its performance.
In addition to non-GAAP net loss, we have provided 2021 operating expense guidance on a non-GAAP basis, as the guidance excludes restructuring costs and share-based compensation charges. Due to the forward looking nature of this information, the amount of compensation charges needed to reconcile these measures to the most directly comparable GAAP financial measures is dependent on future changes in the market price of our common stock and is not available at this time. Non-GAAP financial measures are not an alternative for financial measures prepared in accordance with GAAP. However, the Company believes that the presentation of this non-GAAP financial measure, when viewed in conjunction with actual GAAP results, provides investors with a more meaningful understanding of our ongoing and projected operating performance because it excludes (i) expenses that pertain to non-routine restructuring events, and (ii) non-cash charges that are substantially dependent on changes in the market price of our common stock. We believe this non-GAAP financial measure helps indicate underlying trends in the Company’s business and is important in comparing current results with prior period results and understanding expected operating performance. Also, management uses this non-GAAP financial measure to establish budgets and operational goals, and to manage the Company's business and to evaluate its performance.
About Acorda Therapeutics
Acorda Therapeutics develops therapies to restore function and improve the lives of people with neurological disorders. INBRIJA is approved for intermittent treatment of OFF episodes in adults with Parkinson’s disease treated with carbidopa/levodopa. INBRIJA is not to be used by patients who take or have taken a nonselective monoamine oxidase inhibitor such as phenelzine or tranylcypromine within the last two weeks. INBRIJA utilizes Acorda’s innovative ARCUS® pulmonary delivery system, a technology platform designed to deliver medication through inhalation. Acorda also markets the branded AMPYRA® (dalfampridine) Extended Release Tablets, 10 mg.
Forward-Looking Statements
This press release includes forward-looking statements. All statements, other than statements of historical facts, regarding management's expectations, beliefs, goals, plans or prospects should be considered forward-looking. These statements are subject to risks and uncertainties that could cause actual results to differ materially, including: we may not be able to successfully market AMPYRA, INBRIJA or any other products under development; the COVID-19 pandemic, including related quarantines and travel restrictions, and the potential for the illness to affect our employees or consultants or those that work for other companies we rely upon, could have a material adverse effect on our business operations or product sales; our ability to raise additional funds to finance our operations, repay outstanding indebtedness or satisfy other obligations, and our ability to control our costs or reduce planned expenditures; risks associated with the trading of our common stock and our reverse stock split; risks related to our workforce, including our ability to realize the expected benefits of our corporate restructuring; risks associated with complex, regulated manufacturing processes for pharmaceuticals, which could affect whether we have sufficient commercial supply of INBRIJA to meet market demand; our reliance on third-party manufacturers for the production of commercial supplies of AMPYRA and INBRIJA; third party payers (including governmental agencies) may not reimburse for the use of INBRIJA or our other products at acceptable rates or at all and may impose restrictive prior authorization requirements that limit or block prescriptions; competition for INBRIJA, AMPYRA and other products we may develop and market in the future, including increasing competition and accompanying loss of revenues in the U.S. from generic versions of AMPYRA (dalfampridine) following our loss of patent exclusivity; the ability to realize the benefits anticipated from acquisitions, among other reasons because acquired development programs are generally subject to all the risks inherent in the drug development process and our knowledge of the risks specifically relevant to acquired programs generally improves over time; the risk of unfavorable results from future studies of INBRIJA (levodopa inhalation powder) or from our other research and development programs, or any other acquired or in-licensed programs; the occurrence of adverse safety events with our products; the outcome (by judgment or settlement) and costs of legal, administrative or regulatory proceedings, investigations or inspections, including, without limitation, collective, representative or class action litigation; failure to protect our intellectual property, to defend against the intellectual property claims of others or to obtain third party intellectual property licenses needed for the commercialization of our products; and failure to comply with regulatory requirements could result in adverse action by regulatory agencies.
These and other risks are described in greater detail in our filings with the Securities and Exchange Commission. We may not actually achieve the goals or plans described in our forward-looking statements, and investors should not place undue reliance on these statements. Forward-looking statements made in this press release are made only as of the date hereof, and we disclaim any intent or obligation to update any forward-looking statements as a result of developments occurring after the date of this press release.
Financial Statements
Acorda Therapeutics, Inc.
Condensed Consolidated Balance Sheet Data
(in thousands)
December 30,
December 31,
2020
2019
(unaudited)
Assets
Cash, cash equivalents and short-term investments
$
71,369
$
125,839
Restricted cash - short term
12,917
12,836
Trade receivable, net
20,193
22,083
Other current assets
16,384
15,134
Inventories, net
28,677
25,221
Assets held for sale - current
71,795
—
Property and equipment, net
7,263
142,527
Intangible assets, net
366,981
402,329
Restricted cash - long term
18,609
30,270
Right of use assets, net
18,481
23,450
Other assets
11
29
Total assets
$
632,680
$
799,718
Liabilities and stockholders' equity
Accounts payable, accrued expenses and other current liabilities
$
50,322
$
65,335
Current portion of lease liability
7,944
7,746
Current portion of royalty liability
8,731
10,836
Current portion of contingent consideration
1,624
1,866
Current portion of loans payable
68,631
603
Convertible senior notes non-current
137,619
192,774
Derivative liability related to conversion option
1,193
59,409
Non-current portion of acquired contingent consideration
46,576
78,434
Non-current portion of lease liability
17,200
22,995
Non-current portion of royalty liability
6,526
13,565
Non-current portion of loans payable
28,555
25,495
Deferred tax liability
19,116
9,581
Other long-term liabilities
688
259
Total stockholder's equity
237,955
310,820
Total liabilities and stockholders' equity
$
632,680
$
799,718
Acorda Therapeutics, Inc.
Consolidated Statements of Operations
(in thousands, except per share amounts)
(unaudited)
Three Months Ended
Twelve Months Ended
December 31,
December 31,
2020
2019
2020
2019
Revenues:
Net product revenues
$
34,679
$
47,411
$
124,831
$
180,736
Milestone revenues
—
—
15,000
—
Royalty revenues
3,481
3,086
13,136
11,672
Total net revenues
38,160
50,497
152,967
192,408
Costs and expenses:
Cost of sales
10,842
8,666
33,513
34,849
Research and development
4,323
9,023
23,012
60,083
Selling, general and administrative
32,876
41,224
152,576
192,846
Amortization of intangible assets
7,691
7,691
30,763
25,636
Asset impairment
—
—
4,131
277,561
Loss on assets held for sale
57,896
—
57,896
—
Change in fair value of derivative liability
361
—
(39,959
)
—
Change in fair value of acquired
contingent consideration
2,566
(30,593
)
(30,889
)
(86,935
)
Total operating expenses
116,555
36,011
231,043
504,040
Operating (loss) income
$
(78,395
)
$
14,486
$
(78,076
)
$
(311,632
)
Gain on extinguishment of debt
—
55,073
—
55,073
Other expense, (net)
(7,764
)
(4,697
)
(29,591
)
(17,689
)
Loss (income) before income taxes
(86,159
)
64,862
(107,667
)
(274,248
)
Benefit from income taxes
3,111
798
8,073
1,282
Net (loss) income
$
(83,048
)
$
65,660
$
(99,594
)
$
(272,966
)
Net (loss) income per common share - basic
$
(9.82
)
$
8.27
$
(12.32
)
$
(34.43
)
Net (loss) income per common share - diluted
$
(9.82
)
$
8.26
$
(12.32
)
$
(34.43
)
Weighted average common shares - basic
8,454
7,938
8,084
7,927
Weighted average common shares - diluted
8,454
7,947
8,084
7,927
Acorda Therapeutics, Inc.
Non-GAAP Net (Loss) Income and Net (Loss) Income per Common Share Reconciliation
(in thousands, except per share amounts)
(unaudited)
Three Months Ended
Twelve Months Ended
December 31,
December 31,
2020
2019
2020
2019
GAAP net (loss) income
$
(83,048
)
$
65,660
$
(99,594
)
$
(272,966
)
Pro forma adjustments:
Non-cash interest expense (1)
4,203
3,522
16,422
15,724
Change in fair value of acquired
contingent consideration (2)
2,566
(30,593
)
(30,889
)
(86,935
)
Restructuring costs (3)
—
4,401
343
4,401
Loss on assets held for sale (4)
57,896
—
57,896
—
Asset impairment charge (5)
—
—
4,131
277,561
Loss (gain) on change in fair value
of derivative liability (6)
361
—
(39,959
)
—
Gain on extinguishment of debt (7)
—
(55,073
)
—
(55,073
)
Share-based compensation expenses
included in Cost of Sales
75
118
335
624
Share-based compensation expenses
included in R&D
327
609
1,745
2,812
Share-based compensation expenses
included in SG&A
1,187
2,029
6,020
10,814
Total share-based compensation expenses
1,589
2,756
8,100
14,250
Total pro forma adjustments
66,615
(74,987
)
16,045
169,928
Income tax effect of reconciling items above (8)
4,698
(2,264
)
(10,634
)
(21,284
)
Non-GAAP net loss
$
(21,131
)
$
(7,063
)
$
(72,915
)
$
(81,754
)
Net loss per common share - basic and diluted
$
(2.50
)
$
(0.89
)
$
(9.02
)
$
(10.31
)
Weighted average common shares - basic and diluted
8,454
7,938
8,084
7,927
(1)
Non-cash interest expense related to convertible senior notes, Biotie non-convertible and R&D loans and Fampyra royalty monetization.
(2)
Changes in fair value of acquired contingent consideration related to the Civitas acquisition.
(3)
Costs associated with the 2019 corporate restructuring.
(4)
Impairment loss on Chelsea manufacturing assets held for sale at December 31, 2020.
(5)
Charges related to the 2020 impairment of BTT1023 acquired in the Biotie acquisition and the 2019 impairment of goodwill associated with the Civitas and Biotie acquisitions.
(6)
Changes in the fair value of the derivative liability related to the 2024 convertible senior notes.
(7)
Gain on December 2019 extinguishment of a portion of the convertible senior notes due June 2021.
(8)
Represents the tax effect of the non-GAAP adjustments.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210304005901/en/
Tierney Saccavino (914) 326-5104 tsaccavino@acorda.com
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