Acorda Therapeutics, Inc. (ACOR)

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Acorda Therapeutics (ACOR)

Q3 2012 Earnings Call

October 31, 2012 8:30 am ET


Tierney Saccavino - Senior Vice President of Corporate Communications

Ron Cohen - Founder, Chief Executive Officer, President and Director

David Lawrence - Chief Financial Officer and Principal Accounting Officer

Jane Wasman - General Counsel, Corporate Secretary and President of International


Michael J. Yee - RBC Capital Markets, LLC, Research Division

Salim Syed - ISI Group Inc., Research Division

Joel D. Sendek - Stifel, Nicolaus & Co., Inc., Research Division

Michael E. Ulz - JP Morgan Chase & Co, Research Division

David Amsellem - Piper Jaffray Companies, Research Division

Raghuram Selvaraju - Aegis Capital Corporation, Research Division

Irene Lau - Leerink Swann LLC, Research Division

Philip Nadeau - Cowen and Company, LLC, Research Division

William Tanner - Lazard Capital Markets LLC, Research Division

Christopher J. Raymond - Robert W. Baird & Co. Incorporated, Research Division



Welcome to the Acorda Therapeutics Third Quarter 2012 Financial Results Conference Call. [Operator Instructions] Please be advised that this call is being taped at the company's request. Now I would like to introduce your host for today's call Tierney Saccavino, Senior Vice President of Corporate Communications at Acorda Therapeutics. Please go ahead.

Tierney Saccavino

Good morning, everyone, and welcome. Before I begin, let me tell you that we're having a little bit of a technical difficulty with the slides, so I won't be presenting slides today and we'll be sending them out later on. And also with me today are Dr. Ron Cohen, our President and Chief Executive Officer; and Dave Lawrence, our Chief Financial Officer. So let me remind you that this presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. 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 our ability to successfully market and sell AMPYRA in the U.S.; third-party payers, including governmental agencies may not reimburse for the use of AMPYRA at acceptable rates or at all, and may impose restrictive prior authorization requirements that limit or block prescriptions; the risk of unfavorable results from future studies of AMPYRA or from our other research and development programs including any acquired or in-license programs; the occurrence of adverse safety events with our products; delays in obtaining or failure to obtain regulatory approval or to successfully market FAMPYRA outside the United States and our dependence on our collaboration partner, Biogen Idec, in connection therewith; competition, including the impact of generic competition on ZANAFLEX CAPSULES revenues; failure to protect our intellectual property or to defend against the intellectual property claims of others or to obtain third-party intellectual property licenses needed for the commercialization of our products; failure to comply with regulatory requirements that could result in adverse action by regulatory agency; and the ability to obtain additional financing to support our operations. These and other risks are described in greater detail in Acorda Therapeutics filings with the Securities and Exchange Commission. Acorda Therapeutics may not actually achieve the goals or plans described in its forward-looking statements, and investors should not place undue reliance on these statements. Forward-looking statements are made in this presentation are made only as of the date hereof, and Acorda Therapeutics disclaims any intent or obligation to update any forward-looking statements as a result of developments occurring after the date of this presentation.

A housekeeping note for Q&A, we're going to ask that everybody limit themselves to 1 question and 1 follow-up.

And I'll now turn the call over to our CEO, Ron Cohen.

Ron Cohen

Thanks Jenny, good morning, everyone. Hopefully, you are all digging yourselves out of the recent Sandy disaster, and everyone is safe and warm. Also, apologies, again, for the lack of slides. Apparently, there are some technical issues at Thompsons, but if we can't get those rectified, as Tierney said, we will send the slides out. On today's call, I'll provide comments on AMPYRA's third quarter performance and then review our revenue from ZANAFLEX and our ex-U.S. partnership with Biogen. I'll also provide an overview of our progress and upcoming milestones for our product development programs. And Dave will then provide the financials for the quarter after which we will open up the call for your questions.

Starting with AMPYRA. We were pleased with AMPYRA's performance in the third quarter, with net sales of $69.8 million. That's an approximate 5% increase over Q2 and a 28% increase over Q3 of 2011. We continued to make good progress with managed care. Last month, Medco revised their assessments to make them more clinically appropriate for AMPYRA, so that a 3 month follow-up visit is no longer required. Overall, approximately 75% of covered lives in the U.S. continue to have open access or limited prior authorizations and even for the 25% with stricter PAs, we're finding that the vast, vast majority of patients are able to get access to the drug. We recently renewed Tier 2 access with the 3 largest healthcare plans in the country, including Aetna, CIGNA and UnitedHealthcare.

I'm told that the slides are now up, so if you want to turn to your screens, hopefully, you'll be able to access them.

Turning to our additional sources of revenue, combined third quarter net revenue from our ZANAFLEX franchise was $3.8 million. This included net revenue from ZANAFLEX CAPSULES and tablets of $1.9 million, revenue from Watson's authorized generic capsules of $1.4 million and $500,000 in sales of generic capsules to Watson.

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