Acorda Therapeutics, Inc.

First quarter 2023 financial and business update. At this time, all participants are in listen-only mode. 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, Terri, and good afternoon, everyone. Before we begin, let me remind everyone 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 Q&A, we will take questions that some investors have written in when they registered for the call. I'll now pass the call over to our CEO, Ron Cohen. Ron?

Thanks, Tammy. Welcome, everyone. We will start with Imbresa. Imbresa U.S. net revenue for the first quarter of 2023 was $5.6 million. That's a 52% increase over the first quarter of 2022. PRFs, or new prescription request forms, increased 45% versus the same quarter last year. We are pleased to see these substantial quarter-over-quarter increases That indicates that we are building Imbresia back after the impact of COVID in 2022. Now, this slide shows the pattern of net sales each quarter since launch. Each year, you'll see that sales dip in the first quarter as a result of insurance deductibles resetting, and also because of Q4 buy-ins by the specialty pharmacies And then sales increased steadily during the year. We've seen that pattern throughout the launch. Now note that in Q1 2023, we had the highest first quarter sales of any Q1 since launch. This rebounded substantially from the marked decline in Q1 2022 when we believe that was related to the Omicron COVID surge at the time. We're reiterating our guidance for U.S. net sales of Ambrosia of $38 to $42 million for 2023. Now, we saw a similar pattern in this slide we see in total prescriptions, or TRX, which showed an 11% increase over the first quarter of 2022 and a far smaller drop from Q4 than we saw in Q1 2022 versus Q4 2021. Now, importantly, New prescription requests increased by 45%, as I mentioned, in the first quarter of 2023 versus Q1 2022. And we expect to see the impact of that over the coming months. Here you see cartons dispensed to patients, which is the most accurate measure of true demand. That also followed a similar pattern, with dispenses up 12% over the first quarter of 2022. And again, this was the highest number in the first quarter since launch. We're very pleased to report that we launched a branded commercial for Ambregia on March 30th. The commercial is airing on approximately 50 streaming services, including Hulu, Disney Channel, Paramount+, And it's directed specifically to households that have self-identified as being impacted by Parkinson's disease and to healthcare professionals who treat Parkinson's disease. We've also launched what we call a digital surround sound campaign of Ingrigia branded internet and social media content that coincides with a commercial. Viewers can opt in to obtain more information or speak directly with a nurse educator. In just the first six weeks of streaming, the commercial has been viewed over two and a half million times, including views by 40% of our target healthcare professional audience. That's in just the first six weeks, and it's also already driving substantial traffic to the website. And if you would like to see the commercial, You can watch it at www.getimbresia.com. The regular full Imbresia site is Imbresia.com. Commercial, again, getimbresia.com, G-E-T Imbresia.com. As we announced earlier this week, we've entered into an agreement with Hangzhou Chance Pharmaceuticals to commercialize Imbresia in China. Under the terms of the agreement, Accorda is receiving an upfront payment of $2.5 million, a near-term milestone payment of up to $6 million, $3 million upon regulatory approval of Ambrosia in China, and additional sales milestones of up to $132.5 million. It will also receive a fixed fee for each carton of Ambrosia that's supplied to Chance. And by 2030, It's estimated that China will have approximately 5 million people with Parkinson's disease, the largest single population in the world. Chance Pharmaceuticals is a Chinese company that's focused on developing and commercializing novel inhalation therapies. It's worth noting that its founder and CEO, Dr. Donghao Chen, did his post-doctoral work in the laboratory of Dr. Bob Langer at MIT, which invented the Arcus inhalation technology that's used to make imbresia. He also worked at Advanced Inhalation Research, or AIR, and also Alkermes, where he was the CMC lead for an inhaled insulin therapy that was also based on the Arcus platform. So this is a company that is very knowledgeable about the technology, very excited about it, very passionate about it, and plans to seek marketing authorization in China as quickly as possible. So moving to Ampera, Ampera U.S. net revenue for the first quarter was $12.6 million. That's a 15% decline over Q1 2022. And this shows Ampera sales performance from the beginning of generic competition in the fourth quarter of 2018. And you can see the slope of the decline is continuing to flatten through 2022. We're reiterating our guidance for 2023 net sales of between $65 and $70 million. And we project that sales will stabilize at approximately $60-plus million over the next several years. We're continuing to execute on our strategy to maintain the Ampera brand. Our field sales team is continuing to call on MS specialists to ensure that they're aware of the various support programs that we're continuing to provide for the brand. Also, we're continuing to hear from both the healthcare professionals or healthcare providers and patients who value the support that we've always provided and are continuing to provide for Branded Ampera. Access also remains high for Ampera. About 70% of covered lives can get access to it through insurance. And now I'll turn the call over to our CFO, Mike Gesser, who will review the financials.