Acorda Therapeutics 3Q Loss Widens On Costs

HAWTHORNE, N.Y. (AP) — Biotechnology company Acorda Therapeutics Inc. said Tuesday its third-quarter loss widened slightly as costs more than offset a gain in sales of its muscle relaxant Zanaflex.

The company lost $19.4 million, or 51 cents per share, compared with a loss of $18.9 million, or 53 cents per share, during the same period a year prior. The company had more shares outstanding in the latest quarter compared with a year ago.

Revenue rose 22 percent to $15.2 million from $12.5 million.

Analysts polled by Thomson Reuters expected a loss of 59 cents per share on revenue of $14.2 million.

Sales of Zanaflex, the company's only marketed product, grew 6 percent to $14.5 million from $13.7 million. But including discounts and allowances, net sales for the quarter were $12.9 million.

Operating expenses rose 8 percent to $31.5 million.

Acorda said it expects a regulatory decision from the Food and Drug Administration on the multiple sclerosis drug candidate Fampridine-SR on Jan. 22.

Shares of Acorda fell 4 cents to $21.95 in midday trading.