Executive Summary

Q4 2022 total revenues were $31.47M, down 14.8% year over year; diluted EPS turned positive to $0.57 versus $(1.73) in Q4 2021, driven by a $27.1M gain on extinguishment of debt and an $18.3M arbitration award; operating income was $0.27M and net income was $19.14M .
INBRIJA U.S. net revenue rose to $9.0M; AMPYRA net revenue was $18.8M; FAMPYRA royalty revenue was $2.7M, with the royalty decline largely due to German generics; no ex‑U.S. INBRIJA sales were reported in Q4 .
2023 guidance: INBRIJA U.S. net revenue $38–$42M, AMPYRA $65–$70M, adjusted OPEX $93–$103M, ending cash $43–$47M; long-term net revenue guidance 2024–2027 unchanged, but adjusted OPEX in 2024 raised modestly for PSD‑7; ending cash guidance for 2024–2027 lowered vs prior outlook .
Stock reaction catalysts: cost of goods reductions for AMPYRA (no Alkermes royalties and alternative supply), improved INBRIJA trajectory with EU launches (Germany and Spain), and renegotiated Catalent supply lowering purchase requirements; offset by lower long-term ending cash guidance and ongoing AMPYRA erosion from generics .

What Went Well and What Went Wrong

What Went Well

“Acorda’s operating and financial performance improved throughout the year… We also delivered a stream of business successes that have driven shareholder value,” including AMPYRA arbitration award, lower AMPYRA cost of goods, Catalent agreement on more favorable terms, and INBRIJA launches in Germany and Spain .
INBRIJA momentum: Q4 U.S. net revenue $9.0M; earlier quarters showed recovery post Omicron surge, with Q2 U.S. net sales doubling over Q1 and Q3 U.S. net revenue +1% YoY; ex‑U.S. commercialization began (Germany Q2/Q3, Spain Q1’23) .
Balance sheet support from arbitration and debt actions: Q4 net income positive ($19.14M) and diluted EPS $0.57; gain on extinguishment of debt ($27.1M) and arbitration award ($18.3M) underpinned results .

What Went Wrong

Total revenues declined YoY in Q4 (−14.8%); AMPYRA net revenue fell 16.6% YoY and FAMPYRA royalty revenue fell 25.1% YoY due to German generics; INBRIJA U.S. net revenue declined 13.1% YoY .
Adjusted EBITDA for FY 2022 missed guidance (actual $(2.4)M vs guided $5.6–$5.8M) due to a non‑cash change in fair value of contingent consideration and inventory write‑offs tied to the new Catalent supply agreement (no cash impact) .
Structural tax headwinds: elimination of NOLs due to Section 382 change in control led to write‑off of $57.9M NOLs; provision for income taxes rose to $30.7M for FY 2022 and $2.4M in Q4 .

Financial Results

Consolidated P&L and Key Metrics

Metric	Q2 2022	Q3 2022	Q4 2022
Total Revenues ($USD Millions)	$31.051	$33.511	$31.472
Net Income (Loss) ($USD Millions)	$(46.682)	$(13.854)	$19.144
Diluted EPS ($USD)	$(2.78)	$(0.57)	$0.57
Operating Income (Loss) ($USD Millions)	$(13.915)	$(4.989)	$0.269
Operating Margin (%)	−44.8% (calc from )	−14.9% (calc from )	0.9% (calc from )
Net Income Margin (%)	−150.3% (calc from )	−41.3% (calc from )	60.8% (calc from )
SG&A ($USD Millions)	$30.067	$22.997	$26.254
R&D ($USD Millions)	$1.525	$1.383	$1.203
Provision for Income Taxes ($USD Millions)	$26.563	$1.416	$2.432

Note: Margins are calculated from reported totals and income metrics; Q4 net margin elevated due to one‑time items (debt extinguishment gain, arbitration award) .

Segment/Product Breakdown

Metric ($USD Millions)	Q2 2022	Q3 2022	Q4 2022
INBRIJA U.S. Net Revenue	$7.4	$7.8	$9.0
INBRIJA ex‑U.S. Net Revenue	$1.9	$1.0	$0.0 (no ex‑U.S. sales)
AMPYRA Net Revenue	$18.2	$21.1	$18.8
Royalty Revenues (incl. FAMPYRA)	$3.567	$3.047	$2.7 (FAMPYRA royalties)

KPIs

KPI	Q2 2022	Q3 2022	Q4 2022
Cash, Cash Equivalents & Restricted Cash ($USD Millions, period-end)	$36.5	$34.2	$44.7

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
INBRIJA U.S. Net Revenue ($M)	2023	$37.1–$41.1	$38–$42	Raised
AMPYRA Net Revenue ($M)	2023	$64.6–$71.4	$65–$70	Maintained/Narrowed
Adjusted OPEX ($M)	2023	$90.0–$99.4	$93–$103	Raised
Ending Cash Balance ($M)	2023	$51.6–$57.0	$43–$47	Lowered
Adjusted OPEX ($M)	2024	$90.6–$100.2	$92–$102	Raised (PSD‑7 support)
INBRIJA U.S. Net Revenue ($M)	2024	$50.1–$55.3	$50–$56	Maintained (rounded)
Ending Cash Balance ($M)	2024	$72.8–$80.4	$51–$56	Lowered
Ending Cash Balance ($M)	2025	$102.2–$113.0	$72–$79	Lowered
Ending Cash Balance ($M)	2026	$138.5–$153.1	$97–$107	Lowered
Ending Cash Balance ($M)	2027	$183.5–$202.8	$124–$138	Lowered

Long-term net revenue guidance (2024–2027) remained unchanged aside from rounding .

Earnings Call Themes & Trends

Note: The Q4 2022 earnings call transcript could not be retrieved due to a database inconsistency; themes are synthesized from Q2/Q3/Q4 earnings 8‑Ks and press releases.

Topic	Previous Mentions (Q-2 and Q-1)	Current Period (Q4 2022)	Trend
INBRIJA ex‑U.S. expansion	Germany launch via Esteve; $1.9M ex‑U.S. revenue (Q2); $1.0M ex‑U.S. revenue (Q3)	Spain launch (Esteve) announced March 2023; Latin America launch expected early 2024 via Biopas	Improving commercialization outside U.S.
AMPYRA arbitration & COGS	$15M + $1.5M interest award; royalty/supply relief (Q3)	Total $18.3M award; no Alkermes royalties; alternative supply; 2023 COGS lower by $10–$12M	Positive structural cost benefit
Catalent supply agreement	—	New long-term global supply agreement lowers 2023–24 minimums; fixed per‑capsule price from 2025	Cost structure improvement
Nasdaq listing compliance	Reverse split proposal to avoid delisting (Q3)	Nasdaq Panel granted extension until June 20, 2023	Near‑term relief
Tax/NOLs (Section 382)	Large non‑cash tax provision in Q2 from DTA reduction	Elimination of NOLs; $57.9M write‑off; $30.7M FY tax provision	Structural headwind
Product performance	INBRIJA U.S. net revenue 7.4→7.8; AMPYRA 18.2→21.1; royalties 3.567→3.047 (Q2→Q3)	INBRIJA U.S. 9.0; AMPYRA 18.8; FAMPYRA royalties 2.7; declines YoY due to German generics	Mixed: INBRIJA improving; AMPYRA/royalties pressured

Management Commentary

CEO Ron Cohen: “Acorda’s operating and financial performance improved throughout the year, meeting our financial guidance for 2022 AMPYRA net revenue, INBRIJA U.S. net revenue, cash, and adjusted OPEX. We also delivered a stream of business successes that have driven shareholder value,” highlighting the arbitration award, lower AMPYRA cost of goods, Catalent renegotiation, EU launches, and Nasdaq extension .
CEO Ron Cohen (Q3): “Independent sources show that INBRIJA is the market leader for on‑demand treatments in Parkinson’s disease, with a 67% share. Our highest priority now is to increase the size of the overall on‑demand market” .
CEO Ron Cohen (Q2): “Second quarter 2022 INBRIJA U.S. net sales doubled over the first quarter… Esteve launched INBRIJA in Germany… FAMPYRA royalties reverted to Acorda late in the second quarter…” .

Q&A Highlights

The Q4 2022 earnings call transcript could not be accessed due to a retrieval/database inconsistency; therefore, detailed Q&A themes and any guidance clarifications from the live call are unavailable. Guidance detail and narrative above are sourced from the 8‑K press release and financial exhibits .

Estimates Context

Wall Street consensus (S&P Global/Capital IQ) for Q4 2022 EPS and revenue could not be retrieved due to a CIQ mapping issue for ACOR; as a result, estimate comparisons are unavailable and not presented here. If needed, we can update when S&P Global mapping is resolved [GetEstimates error].

Key Takeaways for Investors

Q4 headline EPS and net income benefited from one‑time items (debt extinguishment gain, arbitration award); underlying operating income was modest ($0.27M), suggesting the core P&L remains tight absent non‑recurring items .
INBRIJA trajectory improved sequentially in the U.S. (to $9.0M), with EU commercialization expanding (Germany/Spain) and Latin America planned in early 2024; the ex‑U.S. ramp should diversify revenue over time .
Structural reduction in AMPYRA cost of goods (no Alkermes royalties, alternative supply) provides durable margin tailwinds, partially offsetting ongoing AMPYRA revenue erosion from U.S. generics and royalty pressure in Europe (Germany) .
2023 guidance raises INBRIJA U.S. and adjusted OPEX, while lowering ending cash vs prior outlook; long-term ending cash targets (2024–2027) were broadly reduced—investors should monitor cash runway and supply‑chain execution under the new Catalent terms .
Tax/NOL dynamics (Section 382) create ongoing effective tax rate volatility; FY 2022 provision surged with NOL elimination—modeling should reflect reduced tax shields .
Near‑term stock catalysts: continued INBRIJA adoption, ex‑U.S. launch milestones (Spain ramp; Biopas launch timing in LATAM), visible cost benefits from AMPYRA supply/royalty changes, and maintaining Nasdaq compliance .
Medium‑term thesis hinges on executing international INBRIJA launches and stabilizing AMPYRA contribution while managing OPEX and cash balances under revised guidance ranges .

Acorda Therapeutics, Inc. (ACOR)·Q4 2022 Earnings Summary