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Acorda Therapeutics Reports Second Quarter 2012 Financial Results

Acorda Therapeutics, Inc. (Nasdaq: ACOR) today announced its financial results for the second quarter ended June 30, 2012.

“Acorda made impressive progress across a range of its programs in the second quarter. AMPYRA net sales increased 15.5% compared to the first quarter, and 28% compared to the second quarter of 2011. We are encouraged by the positive physician and consumer response to the promotional initiatives we launched earlier in the year, which have contributed to this growth,” said Ron Cohen, M.D., Acorda Therapeutics’ President and CEO. “In addition, we initiated a Phase 2 clinical trial of AMPYRA in people with post-stroke deficits and completed recruitment for the first stage of our proof-of-concept clinical trial of AMPYRA in people with cerebral palsy.”

FINANCIAL RESULTS

The Company reported GAAP net income of $4.5 million for the quarter ended June 30, 2012, or $0.11 per diluted EPS, including share-based compensation charges totaling $5.6 million. The GAAP net loss for the second quarter of 2011 was $0.3 million, or $0.01 per diluted EPS including share-based compensation charges of $5.0 million.

Non-GAAP net income, before share-based compensation charges, for the quarter ended June 30, 2012 was $10.8 million, or $0.27 per diluted EPS, compared to a non-GAAP net income of $7.8 million, or $0.19 per diluted EPS for the same quarter in 2011.

AMPYRA ® (dalfampridine) Extended Release Tablets, 10 mg net revenue - For the quarter ended June 30, 2012, the Company reported AMPYRA net revenue of $66.3 million, compared to $51.8 million in net revenue for the same quarter in 2011. AMPYRA revenue is recognized following shipment of the product from the Company’s distribution facility to its network of specialty pharmacies.

The Company is reiterating 2012 AMPYRA net sales guidance of $255-$275 million.

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