Acorda Therapeutics Inc. (ACOR) shares rallied 24.67% in after-hours on Thursday, July 22, 2021, and closed the daily trading at $4.75 per share. Earlier in the morning session, ACOR’s stock went down 4.27% to close Thursday’s normal session at $3.81. ACOR shares have fallen 25.43% over the last 12 months, and they have moved down 1.80% in the past week. Over the past three months, the stock has lost 19.45%, while over the past six months, it has shed 47.23%.
Commercialization agreement with Esteve Pharmaceuticals forINBRIJA in Spain
On July 22, 2021, Acorda Therapeutics, Inc entered into distribution and supply agreements with Esteve Pharmaceuticals S.A (ESTEVE) to commercialize INBRIJA 33 mg (levodopa inhalation powder, hard capsules) in Spain. 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.
ESTEVE will have exclusive distribution rights to INBRIJA in the territory and ACORDA will supply the product to ESTEVE. ESTEVE expects to launch INBRIJA in Spain in the fourth quarter of 2022. In return, ACORDA will receive a significant double-digit percentage of the selling price of INBRIJA in Spain in exchange for the supply of the product.
Repayment of Convertible Senior Notes
On June 15, 2021, Acorda Therapeutics, Inc repaid in full its 1.75% Convertible Senior Notes due 2021. Before their maturity and repayment, there were $69.0 million aggregate principal amount of 2021 notes outstanding. The 2021 notes were repaid using cash on hand.
Latest financial results announcement
On May 6, 2021, Acorda Therapeutics, Inc reported its financial results for the first quarter of 2021 which ended on March 31, 2021.
Q1 2021 financial highlights
- Acorda Therapeutics reported revenue of 5 million in Q1 2021, compared to $4.4 million for the same quarter in 2020.
- Research and development expenses were $4.7 million in Q1 2021 compared to $7.7 million in Q1 2020.
- Sales, general and administrative expenses were $34.0 million in Q1 2021 compared to $41.1 million in Q1 2020.
- The Company suffered a GAAP net loss of $33.5 million, or $3.53 per diluted share in Q1 2021 compared to GAAP net loss of $6.5 million, or $0.81 per diluted share in Q1 2020.
- The Company had cash, cash equivalents, short-term investments, and restricted cash of $148.4 million on March 31, 2021, compared to $102.9 million at the end of 2020.
The financial outlook for FY 2020
For the full year of 2021, Acorda is expecting
- Net revenue to be in the range of $75 to $85 million.
- Operating expenses to be in the range of $130 to $140 million.
The ACOR stock flipped in the after-hours after the company announced its recent agreement with Esteve Pharmaceuticals. It can continue its positive momentum on Friday as well.