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Acorda Therapeutics Reports Fourth Quarter And Full Year 2012 Financial Results

Acorda Therapeutics, Inc. (Nasdaq: ACOR) today announced its financial results for the fourth quarter and full year ended December 31, 2012.

“We are pleased with the performance of AMPYRA in 2012, and excited about the franchise’s potential to expand in future years. AMPYRA sales grew approximately 26% in 2012 over 2011, and we expect sales to continue to increase in 2013. In addition, results from our life cycle management programs in post-stroke deficits and cerebral palsy are projected to read out in the second quarter of 2013,” said Ron Cohen, M.D., Acorda Therapeutics’ President and CEO.

“We believe we have one of the most interesting neurology pipelines in the industry. Pending additional clinical and manufacturing data, we plan to submit a New Drug Application to the FDA for Diazepam Nasal Spray in 2013. We also anticipate having three additional clinical stage programs by mid-year. The continued growth of AMPYRA, coupled with near-term pipeline milestones, has created the potential for meaningful growth in shareholder value.”

FINANCIAL RESULTS

The Company reported GAAP net income of $133.0 million for the quarter ended December 31, 2012, or $3.27 per diluted EPS, including share-based compensation charges totaling $6.1 million and a $132.7 million non-recurring tax benefit. For the full year 2012, the Company reported GAAP net income of $155.0 million, or $3.84 per diluted EPS, including share-based compensation charges totaling $21.4 million and a $132.7 million non-recurring tax benefit. GAAP net income in the same quarter of 2011 was $12.7 million, or $0.32 per diluted EPS, including share-based compensation charges totaling $5.5 million, and $30.6 million, or $0.76 per diluted EPS, including share-based compensation charges totaling $19.3 million for the full year 2011.

Non-GAAP net income, excluding the non-recurring tax benefit, share-based compensation charges and payments in connection with the acquisition of Neuronex, Inc., for the quarter ended December 31, 2012 was $9.8 million, or $0.24 per diluted EPS, and $50.3 million, or $1.25 per diluted EPS for the full year 2012. Non-GAAP net income in the same quarter of 2011 was $18.2 million or $0.45 per diluted EPS. Non-GAAP net income for full year 2011, before share-based compensation charges and other adjustments, was $45.1 million or $1.13 per diluted EPS.

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