ACOR - Earnings call transcript Q1 2018 | Acorda Therapeutics, Inc.

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Operator

Welcome to the Acorda Therapeutics' First Quarter 2019 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 taped at the company’s request. I will now introduce your host for today's call, Felicia Vonella, Vice President of Investor Relations at Acorda. ahead. go Please

Felicia Vonella

and Christa everyone. Thank good you, morning

public we our Ron presentation this be those in which filings. let refer now you Detailed over morning, that you found to are filings, SEC the remind I me our we will to Cohen. can encourage to Before disclosures begin and pass contain call will statements. forward-looking CEO, our

Ron Cohen

the launch for most X novel manage day think on-demand quarter is a and help drugs, Parkinson's These of Thanks OFF levodopa/carbidopa OFF as can can person's their FDA adults other everyone. being February Patients or drop periods sense providers OFF often and joining treatment are INBRIJA, on on care characterized with U.S. get people health partners commercial are up among I several a below important a motor usually, effective was periods despite up to OFFs times periods and symptoms next hours when considered OFF plasma day. use care with unmet more the Parkinson's INBRIJA during for maintenance taking Parkinson's periods use. of INBRIJA in, morning, to wide in the of levels. unpredictably as the two inhaled treatment you the for experience us. weakness, on provides approved their in About Parkinson's periods. Good to may many margin, periods the symptoms, drug regimens. of why. carbidopa/levodopa. in based first return and highlight needs levodopa/carbidopa, last depending by person's times the XXX,XXX greatest of by our the kicks description, regimen occur person's medical as a Parkinson's, a only of dose the OFF people of with By tremor when levodopa intermittent such first the channel and OFF INBRIJA stiffness, XX. in day. with Parkinson's patients, experience

sales will We U.S. the peak $XXX expect that for million. in INBRIJA exceed

early we $X.X Now, began was March, net effectively the in revenue reported Through available INBRIJA March drug INBRIJA the in which channel. of we're when million. in launch,

I'd physicians, early as in won't to is exact metrics the patients you market reflecting last consistently our the want Our as necessarily the need understanding major have audience perceive every that of whom on request X,XXX is we're of now have call strongly. total written prescribers note and providing about with Through levodopa/carbidopa prescription. five unmet from we prescription XX,XXX color one that April, approximately the high-volume both addressing give received the about were physicians to as a written we be and providing prescribers we've are forms, we're approximately in most like more these has focusing what years shown can these X,XXX Feedback research much XX% metrics XXX approximately prescriptions over field physicians these and than we as Parkinson's. quarter. launch, INBRIJA that

briefly patient that reported will will before feedback to We've of trajectory two to continue quarter additional patient payers marketing agreements of our a and branded Lauren? of as more prescribers Commercial level believe to Chief sales, which call expect our first sense Sabella, quarters AMPYRA net We of continued in to to $XX the PBMs result details pleased are more physicians' over strong have next the experience We launch. the of and been the rollout reach it accelerate as on Officer, million. three We the formulary revenue various also we the programs by will as support. the the Lauren continue positive and follow and we I trajectory before our the so moving And take that launch. we're placement, a with hearing. with or turn Lauren, for AMPYRA. the

Lauren Sabella

Thanks hi everyone. and Ron

identical, has that to AMPYRA no also the you some First That from success are needs all, current to to both AMPYRA there it is differences here important differences, right. the our team every the salesforce in INBRIJA. over that is want our to AMPYRA know we commercialization AMPYRA INBRIJA. get successful reimbursement INBRIJA. of since that our the I of the XXXX. being great said, enthusiastic very launch launch environment these changed has of are the of going successful commercial during let of and Notwithstanding majority applying launch been The about are and two learnings acknowledge are between fundamentals to launches and be And there launch of

order education the and positioning to repetitive the the brand new process have consistent to need First, both plan. be regular has trial by to this awareness and doctor's to have levels ample monitoring and treatment and need and medication we reached Physicians and it patients on a the become quickly be messaging. for the The in we're basis. have to regular a patients opportunity to right part of physicians,

achieving reimbursement support navigating is component and the to the any key we physicians, landscape. Another access. to offices interim, the successful And formulary have the their in patients launch in

of both be these to and executed with focus discipline. fundamentals need All

next physicians comprehensive That we've As you're services Parkinson's to a resources. experience. to support plan slide, have and going the collection people the early and a enable of robust with see an will and includes on the positive

to more slide the launch several So, key audiences of designed and activities This reach. we've come. they're to already there's some highlights the implemented and activities,

and the use For out and the there the field have sales since data beginning on teams the clinical the educating training been how other of medical care and physicians to health INBRIJA. professionals, engaging on the year

visited targeting over which to-date, X,XXX of prescribers, have we times salesforces XX% specific strong a is high with level As level average on five and these execution. doctors about a levodopa/carbidopa, of high of reminder, each XX,XXX our focus prescribers are an about

awareness webinar and educational a April, of convenient launched panel series augmenting as the to journal through offers physicians our physicians February a digital beginning thought are promotion using ads. about national of from We an way the speaker At learn launched we leaders. brand INBRIJA in as INBRIJA to of well for We that bureau.

full pack That's free We don't of and last neurologists free allow doses. AMPYRA policies we offices submission the and offices samples it have of XXX our who'll And come of to April both providing On is the in in conducting patient at trial addition, Xst, accessed programs INBRIJA's week, that launched that sampling. have a XX insured the peer-to-peer carton through institutions prescription be trial level. patients. First doctors' local program we a for both doses. commercially just provides This size they program similar to for and Step XX and the form one Program began

building Parkinson's brand people educate such the local we're digital the community and Walk support and Parkinson's, with targeted through awareness promotion We're group in as programs. events, For INBRIJA. on speaker meetings both further the a engaging also all to

Medicare if One of expense includes offering initial Even process, the individualized going give is the and slide. starter additional as on we're And remain the HUB commercially is includes and I'm about reduction on year. our that will And the importantly, patient's on really inhaler. the and the needed, also of kit. review insured co-pay on that more they patient their for for HUB education, out-of-pocket support education patients expense support it proper of INBRIJA through the the the use information excited patients. throughout prescription program both to that on Our next course

not we are with and as to formulary possible. quickly gain insurers as productive least, Finally, status conversations having

So has kit. once this is before starter demonstration What animated And is starter program carrying the we've the a being for delivered most card receive self-playing will is All charger, trial cases, prescription receiving developed the a inhaler. in kit to an for this that is It a convenient information this case and the include? with a magnetic kid card, or new a contact video HUB does patient prescription filled. patient written. patient free patients prescription sent even

see the well video by playing can and patients has here. been physicians. very You received This both

I'm review So, will going to the turn who over financials. Dave, on to note, the that call

David Lawrence

outlines table quarter. for This financials Lauren. Thanks the key

the for part, included sales in first payments quarter cash is million. This $XXX.X in and can payable, our non-recurring impact continued XXXX the AMPYRA year-end made accounts was due, press be at of purchases. in million were of million the balance branded release cash of XXXX XXXX end large to from the decrease in accrued on related to of to first The these those in had to expenses, our the orders XXXX. morning. purchase a do not other the inventory to payments approximately quarter current balance quarter of compared seen the of expect for this XXXX. We cash of Orders primarily our AMPYRA. million, decline $XXX.X were which that of $XX equivalents of inventory additional and on our be balance in Our shipments quarter third AMPYRA Payments placed made first was of liabilities reduction $XXX.X sheet, AMPYRA anticipation in in

to capital expenditures can For and activities I'll review to Ron company based the flow positive of our become priorities. with to it call the remainder our projections. to believe cash expects align additional cash back that raising XXXX, pass the operating continues normal on XXXX long-term without

Ron Cohen

so. Priorities that who to in in benefit do Japan. in decision people obtain of Dave. partners ensure so all, and continuing a year. to are collaborations with of to of on we're successful Europe Europe XXXX, as MAA can both Thanks our the looking commercialization appropriately launch expect many INBRIJA EMA's potential the with above ex-U.S. to Parkinson's able approval also And end INBRIJA We're and discuss the by are

been With technology to therapies applying ARCUS of we're the for uses. validated, additional platform ARCUS the develop has and now approval platform the INBRIJA,

will program we value. maintain finally, and focus now Thank Operator, take advanced you the expenses update of treatment second we And development is year. the questions. maximize and acute on of in on milestones most will to resources for controlling you. we'll half our deploying Our migraine shareholder

Operator

[Operator of open. first Nadeau line Instructions] from Phil Your Company. ahead, line your from is the comes question and Please go Cowen

Phil Nadeau

morning. my Thanks for questions. taking Good

prescription to prescriptions few request the current you that the mentioned from Ron. getting reimbursement a prescription? the for writing And is filled have a a on what from you to conversion sense that the you're Just scripts? what's time Do that

Ron Cohen

moving too Phil, a to moving it's for seeing we're comment timeline. improvements rapidly early, that. on the us really It's -- it's in a Yes, Week-over-week, target.

let's of day last from the week, what -- beginning for was it say, it's night March. in So, it's the and

to placement, even in place to and contracts continuing So, our getting more. formulary start as accelerate we and we going accelerate, that's expect that that's

for context give So, is it to -- into further no bit until a the really we launch. there's get that way good little

Phil Nadeau

done you analysis of prescriptions? IQVIA any are How the, like, prescriptions we the have And see that can they? all accurate

Ron Cohen

I for many early. do mean picking they written we you -- very up IQVIA being are thing Again, thing, one one are tell Yes. prescription. how know per not I'll is boxes

not already they're we and a up number know boxes. prescriptions, that number giving So, of of they're picking the actually

what I presentation on don't we've not, haven't prescription. already we know if right been but it, actually, said the -- per averaging we're we've than one said or So, averaging is more box if it now, we said

the Now averaging that picking not than may more launch, not in They're early continue. it's we're box. far, but or up. so med X may Again,

in a little as get to get and launch bit more process. the So, we color give try more we'll mature we more data

Phil Nadeau

Great. for questions. my Thanks taking

Operator

Please comes ahead, line question the next is from Stifel. of go line Your Paul Matteis open. your from

Unidentified Analyst

Nate that prescription ones. have it or quick a near-term few request first, question. turn Paul. just always when Maybe a receive this script is filled in Thanks going will taking a sample? I the for Hey, to on into turn a is into form, for you the

Ron Cohen

Okay. for question. Thanks the

you want do Lauren, that? So, to take

Lauren Sabella

a It's Great sample of forms there question. all associated was great in, Right have no insight. the that now, with prescription sure. Yes free request we it.

understand that a to they and good conversion way a in free in what will And process. there So, patient through first that or will the those an the turn prescription go fact be. prescription if prescription it to the it's a going request into In all to form commercial make take to -- will a opportunity not. to time go be rate us going are will commercial convert for future,

Unidentified Analyst

how of any guys do number know how for terms from Makes then used early, uses a day? And but have that it's -- physician you Sure. used being per sense in feel I patient sense. for being have or Do it's it's feedback? you of

Ron Cohen

our is world, you to factors have we -- that we which X.X us of assumption depending people for to there's between trials use the it, because clinical a anecdotes information are But There to hear the said, so a we'll at that just get in of real so of way day, where falling never sort going expect on X.X be Even point, No, at. it's clinical you've into pocket, said have back that trial no more many and they don't we of in matures. saw on the an I and a know. do that That the as this pay here mean, than global times launch a average less a there. on. that go out which we've lot and we're trial and looked

Unidentified Analyst

I'll back Awesome. queue. into for Thanks the questions. the hop taking

Operator

ahead, line of from from open. Michael the is Jefferies. go your Please comes question Your next Yee line

Michael Yee

could Thanks. think getting you or Good first much are to as Do reimbursement. And many on just get bit Thanks. patients estimate think requests or is just through difficult you a how an it's talk sampling? versus on as commercial scripts How got. pay questions. talk do and Maybe pass? is talk you coverage is the back-and-forth said morning with X,XXX talk the the more there to about about you've may actually working people you reimbursement be get more about through Or that it you're on second how little question that. about not less One you may than Ron. maybe gotten? many then how you've think free Two

Ron Cohen

Yes. Sure Mike.

we the think me let to -- take on there I first were the -- no actual your about question Again, So, free month, samples. talking samples as first you're samples? opposed right,

Michael Yee

Yes

Ron Cohen

Yes. right? that Is

the And of to yes, them think -- the give there a give out. XX you for hopefully the that's And level doctor -- that's where when of different in them sample capsules. X-X, office the just can doctor traditional So, samples well. is programs has doses is XX are as to doses, two what One trial and then set kit patient prescribe or XX out, here.

the know. was a very allow they it, institutions a they program, we've that don't can the or and those And prescription just For converts last for that our box recently, write later, prescription where a Step-type they AMPYRA free get implemented First program sampling, you to as like in commercial offices then to to week, try. one-month if hub, hopefully, which successful

First this point, started way at any how just we have of been offices. don't doctors' of week. knowing And So, samples in have it we program, many the given out last in Step-type terms

So, none something will That forward. I program be yet. numbers that gave of reflect the going

for with does answer first to Now, part? that your -- question there respect that

Michael Yee

Yes.

a types how though So that different the really sent even we to clarifies -- of two there's we sampling, that lot but given actually probably you know have been out, example. don't patient, don't know for many

Ron Cohen

been are started at that written numbers the last if So, okay? Step-type, have those any, week, Right. not one-month First we've all at any, in because program And prescription this in point. of the terms hardly just

almost many It status. each used in In is to years formulary can be get I how able you way opposite. covered you be terms on to early deal formulary was place you're went opposed It then today's let's your whatever that as plan your to until world you nine in status think today's know, got ago, to with everything world, not putting when and get all had -- What to the used to until that through be formulary. be launched so tell way, its of we as for you that. to, say say, we in AMPYRA through,

opposite. Now, the it's

year automatic for into many months you this these that throughout have that don't get and said, I we're series we're in in And rest PBMs takes expect the be we status, and universe year. to coverage going of getting formulary and even cases. You we've in plans with, next until think, the of dealing place

status. formulary on that's So,

possible expect. what as basis, get that's and what the acceptance, So, exception, having on medical people very for who are productive HUB the to discussions, and and is and meanwhile? process the to prescriber the through we're have step the straightforward it they're there's practices write where and make as extra we and those We're seeing doing, would medical what walking with physician through do that has or say, write an prescriptions that painless we them which do in discussions and field to would handholding major insurers I constructive they a Meanwhile, PBMs.

As I insurers drug formulary. have the mentioned, already the a put on number of regional

get of it all and this and data able to and time. we about be a to expect formulary, to we through roll does getting on. out we'll sort over more how so more as And what's of as fast complete get landscape So, you

Michael Yee

get helpful. okay. That Thanks. sounds to that's I Okay, follow-up. back sounds can

Operator

line next of Cantor Your question comes ahead, line Please is Fitzgerald. the your from Charles open. from Duncan go

Pete Stavropoulos

by Hi, Stavropoulos INBRIJA trial question this prescribers those have range Charles. INBRIJA on demand. demand I or on Is a is with broad being Pete driven for sites? one of clinical associated

Ron Cohen

Yes. Lauren? over that to give to Lauren. I'm going

Lauren Sabella

hi. anticipated. about which are top of we the physicians, Currently, have that prescription is X,XXX in XX% Yes, forms from what would coming

calls We those the see are the patients. as They on bulk I many do of physicians. making, mentioned,

that at of coming where prescription this the are forms XX% And in is so from time. point

Pete Stavropoulos

you. Thank right. All

Felicia Vonella

hear can you. we Christa,

Operator

next Your is go Please from line of from comes your question line Salveen ahead, the open. Sachs. Richter Goldman

Unidentified Analyst

question. taking Sandra Thanks on for This Salveen. is our for

treatment and on speak are And they're patients. if is how then have in it one where bit could a doctors we placing a regarding adopting particular paradigm, Our their which that, you first INBRIJA little follow-up.

Ron Cohen

Lauren? Yes.

Lauren Sabella

how the it they're understand too going Listen, in Yes. Hi. paradigm. really really treatment to to it's early place

and understand of are that so them how a and better periods trial Step on that used to that That, OFF this and the force, it is physician will patients the The market the be mentioned, As is have that to should the sample sales needs Program that all First the help can patients We that patients patients do U.S. XXX,XXX one with we believe you lot therapy, to levodopa have be the by used on happen. in. reasons today. of approximately in in education together the medication. I that is see

Ron Cohen

want data. which that is put context things of hearing I'll a will give you little plural anecdote, of Yes. kinds I for But in do we're jump and feeling data, not there more and give not here the the out you I is anecdote bit just a to on it. to

a from one called patient there So, seeing the was the they doctor's doctor said, we got out who on report patients, told wait. the office, patient and INBRIJA I'll because was wasn't available put then and were

on So, they before about changed doctor, for phone. had in to Doctor for waited you the to stay on the this he the doctor hour and to you. don't tell the patient phone but life. came need to public, know say half can and the I said, said, actually, if came my Well, hold phone, you. I wait I I

Okay.

clearly, XXX she who specifics had laughed but didn't INBRIJA that just woman in kind I I and briefly. that was. Meeting been she got I'm that back with of launch of at room week, had were the audience. don't her motivated on the Parkinson's a And I and before to event INBRIJA talked Now, off, around actually, I of doctor the I you something they mentioned the the in I it. had to was give delighted it. great. Last And was was she went a as people about great. It's taken and the the shouted there to talking or whole have, the and drug. her, place got third about presenting a were that them. told out, patient for was after dose know doctor it, the the me to it's who I prescribed And appreciatively. pleased And She'd very she feedback on

that as for doctors, of process, the And sorts the our talking for and throughout completely anecdotal we're five are as sampling others of of process as through a everything through also go acceleration seen feedback things we to those feedback, encourages market with patients. positive go the years, and They're research the serves more to their get loop prescribing talking the the we've patients. we prescribing last and additional the to that doctors more consistent hearing. So,

Unidentified Analyst

Great. Thanks on just then one the maybe for color. AMPYRA. And

now If to you can the of you're number the generic on entrants provide that extent color right any there aware. are

Ron Cohen

just Hold Lauren? on Yes. second. a

Lauren Sabella

Yes.

the are I time, the there on think at five entrants market. current generic

Unidentified Analyst

Okay, great. again. Thanks

Operator

next ahead, your Ram the from of Wainwright. comes is Selvaraju from H.C. question line Your Please open. line go

Raghuram Selvaraju

Hi, taking thanks for very much questions. my

had clarification. or may to actually which points a system, a has entry aware little prescription So, also whatever a point you at a just prescription file to and or reorder INBRIJA doctors re-prescribing just bit due on whether one actually of written a XX% have have then reason. comment follow-up. point become a that write yet for into actually reordering the had Thanks. rate whether between have haven't And timeline new prescription you the I all a not been which Could new elaborate and/or that for written the prescription enough dispensed? and the the could that And write is product to some both on some quick a long at at just need of some has the you fact to doctors if

Lauren Sabella

we that talk That's written XX% about the of one patient. XXX XX%, So, the first prescription I'll question for seeing doctors, than we're of that metric have try to we're and a when was what that more sharing. is, answer second those them

So, it. that I hope clarifies

Raghuram Selvaraju

a have that had be time write the actually prescription doctors write the was to timeline may Yes. whether some of would of be of to they those a patient to have No, gotten where actually yet or whether enough doctors second on. their the lines not the question point all prescription of eligible those along second really because

Lauren Sabella

every patients see physicians these day. So,

any correct with the to time, number the the take about to they And prescribing. learn as time that more but upfront gain normally the accelerate start So, drug medication launch, they they prescribe patient experience, the find as patients more for. and yes, there they is physicians of

Ron Cohen

Right. it became people a and just compensates of before. introduced dose physicians It's of just said care, oral the seen Parkinson's point with through this to and that is for journey. get in that it. care a it's bridge do a goes that to care And the is where over standard they way standard of oral a frequency their we say MS. the with novel and that or time, prescribers becomes we AMPYRA nobody time, initially a doses here of frequently at when our knew And that haven't the I'll jump a goal This as to standard and that be person quite what this between going occurs is where that type one failures patient's for increasing in treatment with

-- not periods point through. education experience continued understand they who get need is a is to day their physicians that and it's part on based the having OFF experience a to this goal as of control are them as meant It where actually is daily patients the and the of that So, goes medication. rescue

actually And remember, doctor's two just able the it they time months been It time that drug has feedback. was in experience. feedback the channel. prescription ongoing takes the the the just only own a patient give messaging, to takes questions, takes So, answering been that and to on, the exposure it wrote And the It it's especially got from slower time. earlier that was loops. to

So, it's early. really, really

color, data be these to we'll give and the that, and Over sure. get of after all quarter the a next more quarter able on we'll more things, you robust lot I'm

Raghuram Selvaraju

then helpful. inventory That's And down. was the buy just to respect Okay, one follow-up great. very with

two Just hoping additional I details to that was get.

on actual buy secondly, you background you. down the Firstly, there that you're why won't could then guidance anymore. to us elaborate the decision, reasons that. And if Thank be the inventory giving

Ron Cohen

appeals in quarter the occurred expect I the that and on due -- the $XXX like payment. largely genericization of that in Yes, year. sheet recurring the was we September the bulk balance remember, had that year. on million to the the inventory is don't The items, drawdown was That that there be to mean of inventory decision we a payment non-recurring over anything court last key

have We advance contractually, we our on inventory. -- days order have in to XX

couldn't -- as assuming won the a think we So, we we where stock we position fair be was a appeal, thought And we that ordered a we in would result, contingency. afford which assumption. to out for

Now obviously, the was more quarter And first Sales obviously, we that we it win. year. considerably. this -- dropped in of for didn't that the payment ordered, inventory

reorder don't we expect So, have now that inventory. We to this year.

expect consequence, ordinary a As expenses, rest is we don't which will that we the the But will expenses expense of what XXXX, operating for for. XXXX. revert to going that, the to budget and and come be into believe demand have enough in we supply we year is what the quarterly somewhat to up again

flow on AMPYRA expenses INBRIJA of changed. actually on, we and remains projections our of point. this at And so positive budget we the we're can -- Nothing expectation that So, that we've get projections our launch cash made, or on all long-term has internally based the including intact. that and assumptions to

Raghuram Selvaraju

Okay.

going So, progressively this that basically can point, forward means at right? you inventory some sell

Ron Cohen

Absolutely. Yes.

Raghuram Selvaraju

you Yes, very much. okay. Thank it. Appreciate

Operator

Your Please next line your question is comes from Oppenheimer. of the ahead, Jay go line from open. Olson

Unidentified Analyst

molecules basis Jay. of metrics on Appreciate we for to is us you. my And thank wanted your launch. an ongoing And providing that pipeline. for Matt track to just INBRIJA on an next technology update delivery the was Thank in may, you the you plans use if question, what you quarterly plan my on know we very This question. could that kind the on just you Hi, then taking to additional to much. leverage

Ron Cohen

Okay.

metrics and we're we would useful. think most be So, through the still what working accurate

I answer stage So, you. may to forward. or to as early gave With the have for mentioned, quarter delivery, get try as for you We next helpful metrics migraine. same to is we're metrics a possible information, as of going the as I don't today the all. based to the respect exact the provide may you treatment not We more program on acute be you specific and launch. some update we going of lead We'll ARCUS

we molecules, We able different effective have that be of already. known been three have to which all are to formulate

So, -- I earlier. And are testing other it types we'll know then select least one There that to going of through of now preclinical programs -- year at second in the we other that can We're IND should moving for terms can timelines. have into ARCUS. development. clinical are and that we so say will we various in programs of in them are about we the add, more the half there formulate

have bulky For Foundation & have surfactant Bill grants syndrome the expensive We've with premature inhalation, to a distress baby's can a the substantial that shown example, the which technology, an inhaled with nebulizer lungs equivalent already normal you infants those for who Melinda the is doses ARCUS deep really deliver and an given quite substitute into develop us as technology. advance. the for Gates respiratory the of

this beyond. going earlier But that's to where might be be looking looking at advanced migraine -- The interesting. at the one program areas more I'll just then we're we're underscore, that stage. that on are that in and particular So, year other and and focusing those is

Unidentified Analyst

you Appreciate that. Thank very Okay. much.

Ron Cohen

Sure.

Operator

will We presenters queue the have time. call back to closing in the I questions at remarks. this no further the turn over for

Ron Cohen

Thanks for us. everyone operator. Thanks joining Okay.

really across; comes We launch. this are are I -- we about hope excited it

and See looking you we're updating the early as forward to great we're we a are Have time. We next feedback day. forward. you go delighted hearing by

Operator

your concludes you disconnect. participation. conference Have call. today's great This you And a day. may for Thank now

Acorda Therapeutics (ACORQ) 2 May 192018 Q1 Earnings call transcript