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Acorda Therapeutics Reports Third Quarter 2012 Financial Results

Stocks in this article: ACOR

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

“We were pleased with AMPYRA’s performance in the third quarter, with net sales of $69.8 million. This was an approximate 5% increase over the second quarter of 2012 and a 28% increase over the third quarter of 2011,” said Ron Cohen, M.D., Acorda Therapeutics’ President and CEO. “Our top priority is to continue to maximize the AMPYRA franchise, both in its existing indication as well as potential indications in addition to multiple sclerosis. We also have established an exciting pipeline behind AMPYRA, through disciplined investment in both our existing assets and in-licensing of promising neurological agents. We believe that this strategy positions Acorda to deliver significant shareholder value.”

FINANCIAL RESULTS

The Company reported GAAP net income of $9.6 million for the quarter ended September 30, 2012, or $0.24 per diluted EPS, including share-based compensation charges totaling $5.6 million. GAAP net income in the same quarter of 2011 was $18.9 million, or $0.47 per diluted EPS, including share-based compensation charges totaling $5.1 million, net milestone revenue of $23.3 million relating to Biogen Idec's receipt of conditional approval from the European Commission for FAMPYRA and accounting adjustments totaling $15.5 million relating to ZANAFLEX CAPSULES due to the patent infringement trial decision.

Non-GAAP net income, before share-based compensation charges, for the quarter ended September 30, 2012 was $15.2 million, or $0.38 per diluted EPS. Non-GAAP net income in the same quarter of 2011, before share-based compensation charges, net milestone revenue and accounting adjustments relating to ZANAFLEX CAPSULES due to the Apotex patent infringement trial court decision, was $16.2 million or $0.40 per diluted EPS.

AMPYRA ® (dalfampridine) Extended Release Tablets, 10 mg net revenue - For the quarter ended September 30, 2012, the Company reported AMPYRA net revenue of $69.8 million, compared to $54.7 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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