Delaware
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000-50513
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13-3831168
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(State or other jurisdiction
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(Commission
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(I.R.S. Employer
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of incorporation)
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File Number)
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Identification No.)
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420 Saw Mill River Road, Ardsley, NY
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10502
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(Address of principal executive offices)
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(Zip Code)
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Registrant’s telephone number, including area code: (914) 347-4300
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Exhibit No.
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Description
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99.1
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Press Release dated October 22, 2015
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Acorda Therapeutics, Inc.
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October 22, 2015
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By:
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/s/ Michael Rogers
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Name: Michael Rogers
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Title: Chief Financial Officer
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Exhibit No.
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Description
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99.1
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Press Release dated October 22, 2015
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·
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AMPYRA® (dalfampridine) 3Q 2015 Net Revenue of $117.0 Million; 21% increase over 3Q 2014
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·
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Raising Full Year 2015 Guidance for AMPYRA Net Revenue from $410-$420 Million to $420-$430 Million
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·
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Company Remains Cash Flow Positive While Funding Late Stage Pipeline
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·
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AMPYRA (dalfampridine)
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-
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In August, the Company announced that the United States Patent and Trademark Office (USPTO) Patent Trials and Appeal Board (PTAB) denied the institution of the two inter partes review (IPR) petitions against two of its AMPYRA patents. These patents are two of five Orange Book-listed patents that apply to AMPYRA. The filing party has moved for reconsideration of the PTAB’S decision.
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-
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In September, four IPR petitions were filed with the PTAB by the same party, challenging the validity of four of the five AMPYRA Orange Book-listed patents. The Company will oppose these IPR petitions, and if one or more is allowed to proceed, the Company will defend its patents against them.
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-
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In October, the Company announced it had entered into two settlement agreements with Actavis Laboratories FL (“Actavis”), Inc. and Sun Pharmaceutical Industries Ltd. and its subsidiary (collectively, “Sun”) to resolve pending patent litigation related to AMPYRA. As a result of the settlement agreements, both Actavis and Sun will be permitted to market a generic version of AMPYRA in the United States at a specified date in 2027, or potentially earlier under certain circumstances. These settlements do not resolve pending patent litigation brought by the Company against other parties who have submitted ANDAs to the FDA seeking marketing approval for generic versions of AMPYRA.
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-
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In October, the Company presented 5-year post-marketing safety data for dalfampridine extended release tablets in multiple sclerosis at the 31st Congress of the European Committee for the Treatment and Research in Multiple Sclerosis (ECTRIMS) annual meeting in Barcelona. The data presented continue to be consistent with those reported in double-blind clinical trials, with incidence of reported seizure remaining stable over time.
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·
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rHIgM22
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-
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In October, the Company presented pharmacokinetics from the rHIgM22 Phase 1 clinical trial in patients with stable multiple sclerosis, confirming that rHIgM22 penetrates the CNS. This data was presented at the 31st Congress of the European Committee for the Treatment and Research in Multiple Sclerosis (ECTRIMS) annual meeting in Barcelona.
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·
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CVT-427
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-
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The Company has selected zolmitriptan as the active ingredient for CVT-427, an inhaled triptan in development for relief of acute migraine using the ARCUS technology. Its Phase 1 study of CVT-427 is expected to begin before the end of 2015.
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·
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Corporate
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-
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The Company’s legal team, led by Jane Wasman, President, International and General Counsel, was the recipient of a 2015 "Hatch Waxman Impact Case of the Year" award from LMG Life Sciences. The annual LMG Life Sciences awards recognizes leading attorneys, law firms, and in-house counsel teams that have played a significant role in the life sciences industry over the last 12 months.
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-
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Acorda was named one of the 100 Best Workplaces for Women, based on an independent survey by Fortune and Great Place to Work.
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September 30,
2015
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December 31,
2014
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Assets
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Cash, cash equivalents, short-term and long-term investments
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$ | 323,430 | $ | 307,618 | ||||
Trade receivable, net
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31,755 | 32,211 | ||||||
Other current assets
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22,578 | 24,052 | ||||||
Finished goods inventory
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46,838 | 26,837 | ||||||
Deferred tax asset
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4,967 | 18,420 | ||||||
Property and equipment, net
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42,415 | 46,090 | ||||||
Goodwill
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183,636 | 182,952 | ||||||
Intangible assets, net
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431,279 | 432,822 | ||||||
Other assets
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13,380 | 9,677 | ||||||
Total assets
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$ | 1,100,278 | $ | 1,080,679 | ||||
Liabilities and stockholders' equity
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||||||||
Accounts payable, accrued expenses and other liabilities
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$ | 82,477 | $ | 73,869 | ||||
Deferred product revenue
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- | 29,420 | ||||||
Current portion of deferred license revenue
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9,057 | 9,057 | ||||||
Current portion of revenue interest liability
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561 | 893 | ||||||
Current portion of notes payable
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1,144 | 1,144 | ||||||
Convertible senior notes
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293,492 | 287,699 | ||||||
Contingent consideration
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60,000 | 52,600 | ||||||
Non-current portion of deferred license revenue
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43,777 | 50,570 | ||||||
Deferred tax liability
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24,568 | 23,885 | ||||||
Other long-term liabilities
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10,314 | 11,287 | ||||||
Stockholders' equity
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574,888 | 540,255 | ||||||
Total liabilities and stockholders' equity
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$ | 1,100,278 | $ | 1,080,679 |
Three Months Ended
September 30,
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Nine Months Ended
September 30,
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2015
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2014
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2015
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2014
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Revenues:
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Net product revenues
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$ | 141,330 | $ | 98,481 | $ | 342,394 | $ | 262,662 | ||||||||
Royalty revenues
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4,605 | 5,216 | 12,571 | 14,153 | ||||||||||||
License revenue
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2,264 | 2,264 | 6,793 | 6,793 | ||||||||||||
Total revenues
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148,199 | 105,961 | 361,758 | 283,608 | ||||||||||||
Costs and expenses:
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Cost of sales
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24,741 | 20,575 | 65,896 | 55,004 | ||||||||||||
Cost of license revenue
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159 | 159 | 476 | 476 | ||||||||||||
Research and development
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43,356 | 16,578 | 105,221 | 47,548 | ||||||||||||
Selling, general and administrative
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51,056 | 47,820 | 152,645 | 145,357 | ||||||||||||
Change in fair value of acquired contingent consideration
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3,200 | - | 7,400 | - | ||||||||||||
Total operating expenses
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122,512 | 85,132 | 331,638 | 248,385 | ||||||||||||
Operating income
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$ | 25,687 | $ | 20,829 | $ | 30,120 | $ | 35,223 | ||||||||
Other expense, net
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(3,976 | ) | (4,340 | ) | (11,406 | ) | (4,520 | ) | ||||||||
Income before income taxes
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21,711 | 16,489 | 18,714 | 30,703 | ||||||||||||
Provision for income taxes
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(17,770 | ) | (4,536 | ) | (16,861 | ) | (13,361 | ) | ||||||||
Net income
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$ | 3,941 | $ | 11,953 | $ | 1,853 | $ | 17,342 | ||||||||
Net income per common share - basic
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$ | 0.09 | $ | 0.29 | $ | 0.04 | $ | 0.42 | ||||||||
Net income per common share - diluted
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$ | 0.09 | $ | 0.28 | $ | 0.04 | $ | 0.41 | ||||||||
Weighted average per common share - basic
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42,174 | 41,094 | 42,097 | 41,022 | ||||||||||||
Weighted average per common share - diluted
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43,432 | 42,365 | 43,434 | 42,346 |
Three Months Ended
September 30,
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Nine Months Ended
September 30,
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2015
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2014
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2015
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2014
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GAAP net income
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$ | 3,941 | $ | 11,953 | $ | 1,853 | $ | 17,342 | ||||||||
Pro forma adjustments:
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Non-cash interest expense (1)
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2,153 | 2,069 | 6,383 | 2,226 | ||||||||||||
Non-cash tax expenses (2)
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16,941 | 3,921 | 14,709 | 11,532 | ||||||||||||
Acquisition related expenses (3)
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- | 2,355 | - | 2,355 | ||||||||||||
Change in revenue recognition - Zanaflex Capsules & tablets (4)
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(21,633 | ) | - | (21,633 | ) | - | ||||||||||
Change in fair value of acquired contingent consideration (5)
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3,200 | - | 7,400 | - | ||||||||||||
Share-based compensation expenses included in R&D
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2,250 | 1,423 | 6,231 | 4,089 | ||||||||||||
Share-based compensation expenses included in SG&A
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6,664 | 5,848 | 18,517 | 16,555 | ||||||||||||
Total share-based compensation expenses
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8,914 | 7,271 | 24,748 | 20,644 | ||||||||||||
Total pro forma adjustments
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9,575 | 15,616 | 31,607 | 36,757 | ||||||||||||
Non-GAAP net income
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$ | 13,516 | $ | 27,569 | $ | 33,460 | $ | 54,099 | ||||||||
Net income per common share - basic
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$ | 0.32 | $ | 0.67 | $ | 0.79 | $ | 1.32 | ||||||||
Net income per common share - diluted
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$ | 0.31 | $ | 0.65 | $ | 0.77 | $ | 1.28 | ||||||||
Weighted average per common share - basic
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42,174 | 41,094 | 42,097 | 41,022 | ||||||||||||
Weighted average per common share - diluted
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43,432 | 42,365 | 43,434 | 42,346 |
(1) Non-cash interest expense related to the convertible senior notes.
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(2) $0.8 million and $0.6 million paid in cash taxes in the three months ended 2015 and 2014, respectively; $2.1 million and $1.8 million paid in cash taxes in the nine months ended 2015 and 2014, respectively.
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(3) Transaction related expenses for the Civitas acquisition.
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(3) Transaction related expenses for the Civitas acquisition.
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(4) Change from "sell-through" (deferred) revenue recognition to "sell-in" (traditional) revenue recognition.
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(5) Changes in fair value of acquired contingent consideration related to the Civitas acquisition.
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