Acorda Therapeutics, Inc.

Ladies and gentlemen, welcome to Accorda Therapeutics' second quarter 2022 financial and business update. At this time, all participants are in a listen-only mode, and there will be a question and answer session to follow. Please be advised that this call is being recorded at the company's request. I will now introduce your host for today's call, Tierney Sacavino at Accorda. Tierney, please go ahead.

Thank you, Abby, and good afternoon, everyone. Before we begin, let me remind you that our presentation will contain forward-looking statements. Detailed disclosures can be found in our SEC filings, which are public, and we encourage you to refer to those filings. Today, during the Q&A, we will take some questions from investors that they have written in when they registered for the call. I will now pass the call over to our CEO, Ron Cohen. Ron?

Thank you, Jenny. Welcome, everyone. We'll go right into the report. Starting with Imbresia, Imbresia net revenue for the second quarter of 2022 was $7.4 million. That's a 16% increase over Q2 of 2021. This also doubled our net revenue from the first quarter of 2022, which followed the buy-in that we saw in Q4 2021, and also a challenging Q1 due to the COVID Omicron surge at that time. We were also encouraged to see that new prescription forms increased progressively since the first quarter, and in July were 37% greater than in January, as the country has opened up even in the face of COVID. Regarding Ampira, Empira net revenue for the second quarter was $18.2 million. That's a 17% decline over Q2 2021, but a 22% increase over the first quarter of this year as, again, specialty pharmacy buy-in in the fourth quarter had a rollover effect into Q1. We're reiterating our guidance for 2022 net sales of Empira of between $68 and $78 million. Moving to our ex-U.S. revenue, Imbresa launched in Germany, which we were delighted to see in June, and we recorded $1.9 million in revenue from Esteve for the initial launch shipments under our supply agreement, and an additional $900,000 worth of drug was shipped in July. Esteve is reporting that feedback in the first two months of the launch in Germany has been enthusiastic with excellent uptake. And Esteve has benefited from our learnings in the U.S., which we transferred to them, particularly regarding the importance of training about proper inhalation technique. And we believe they're also benefiting by not launching into the onset of the pandemic. Esteve expects to launch in Spain in the first quarter of 2023. And our other partner, Biopass, is continuing to work toward launches of Embresa in the nine largest Latin America markets, including Mexico and Brazil. We're also in discussions for commercial Embresa partnerships in additional territories around the world. Regarding Ampira, which is the, I'm sorry, Vampira, which is the ex-U.S. version of Ampira that is marketed by Biogen, our obligation to healthcare royalty partners has been fulfilled. And the double-digit royalties for Vampira reverted to a quarter as of late June. We expect to see the full benefit of those royalties commencing again in Q3. And in addition, we are pleased that Biogen has now launched Vampira in China. Our CFO, Mike Gesser, will now review the financials. Mike?