UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of Earliest Event Reported):  January 9, 2017

 

Acorda Therapeutics, Inc.

(Exact name of registrant as specified in its charter)

 

 

 

Not Applicable

Former name or former address, if changed since last report

 

 Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 

 

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Item 2.02Results of Operations and Financial Condition

 

On January 9, 2017, Acorda Therapeutics, Inc. (the “Company”) issued a press release announcing certain financial information for the fourth quarter of 2016 as well as for the 2016 full year, including that Ampyra (dalfampridine) Extended Release Tablets, 10 mg net sales for the fourth quarter of 2016 were $132 million, and that Ampyra full year net sales for 2016 were $493 million.  Final results are subject to completion of the Company’s year-end audit.  The Company provided 2017 guidance for Ampyra net sales of $535-$545 million, research and development (R&D) expense of $185-$195 million, and sales, general and administrative (SG&A) expense of $195-$205 million.  R&D and SG&A expense guidance are non-GAAP projections which exclude share-based compensation, as more fully described below.

 

The Company also announced that it is providing a corporate overview today at the 35^th Annual J.P. Morgan Healthcare Conference.  

 

A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K, and incorporated by reference into this Item.

 

This report and Exhibit 99.1 include certain forward-looking financial measures that were not prepared in accordance with accounting principles generally accepted in the United States (GAAP).  In particular, the Company has provided 2017 guidance for R&D and SG&A expense on a non-GAAP basis. Due to the forward looking nature of this information, the amount of compensation charges and benefits needed to reconcile these measures to the most directly comparable GAAP financial measures is dependent on future changes in the market price of our common stock and is not available at this time.  Non-GAAP financial measures are not an alternative for financial measures prepared in accordance with GAAP.  However, the Company believes the presentation of these non-GAAP financial measures, when viewed in conjunction with our GAAP results, provide investors with a more meaningful understanding of our ongoing and projected operating performance.  The Company believes these non-GAAP financial measures help indicate underlying trends in the Company's business and are important in understanding projected operating performance.

 

Item 8.01Other Events

 

The information set forth in Item 2.02 above is incorporated by reference into this Item.

 

 

Item 9.01Financial Statements and Exhibits

 

(d) Exhibits

 

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SIGNATURES

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

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