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Acorda Therapeutics Reports Second Quarter 2013 Financial Results

Acorda Therapeutics, Inc. (Nasdaq: ACOR) today announced its financial results for the second quarter ended June 30, 2013.

“AMPYRA sales rebounded strongly in the second quarter, as expected, based on underlying product demand and a return to normal inventory levels by the end of the first quarter. Quarterly sales patterns are uneven, and we do not expect to see the same rate of quarter-over-quarter growth for the rest of the year. We are reiterating our full-year AMPYRA net revenue guidance of $285-$315 million,” said Ron Cohen, M.D., Acorda Therapeutics’ President and CEO. “We were also pleased with our acquisition of two promising products, Qutenza and NP-1998. These will allow us to expand into the area of neuropathic pain management.”

FINANCIAL RESULTS

The Company reported GAAP net income of $3.9 million for the quarter ended June 30, 2013, or $0.09 per diluted EPS, including share-based compensation charges totaling $6.5 million. GAAP net income in the same quarter of 2012 was $4.5 million, or $0.11 per diluted EPS, including share-based compensation charges totaling $5.6 million.

Non-GAAP net income for the quarter ended June 30, 2013 was $10.4 million, or $0.25 per diluted EPS. Non-GAAP net income in the same quarter of 2012 was $10.8 million or $0.27 per diluted EPS.

AMPYRA ® (dalfampridine) Extended Release Tablets, 10 mg net revenue - For the quarter ended June 30, 2013, the Company reported AMPYRA net revenue of $77.8 million, compared to $66.3 million in net revenue for the same quarter in 2012. AMPYRA revenue is recognized following shipment of the product from the Company’s distribution facility to its network of specialty pharmacies.

ZANAFLEX CAPSULES® (tizanidine hydrochloride), ZANAFLEX ® (tizanidine hydrochloride) tablets and authorized generic capsules net revenue and royalties - For the quarter ended June 30, 2013, the Company reported combined net revenue from ZANAFLEX CAPSULES and ZANAFLEX tablets sales of $1.2 million; revenue from the sale of authorized generic tizanidine hydrochloride capsules to Actavis, Inc. totaled $1.1 million and royalties from Actavis for the sale of authorized generic tizanidine hydrochloride capsules were $2.5 million, for combined total net revenue of $4.8 million. Combined net revenue from ZANAFLEX CAPSULES and ZANAFLEX tablets sales were $4.6 million for the same quarter in 2012.

ZANAFLEX revenue is recognized using a deferred revenue recognition model, meaning ZANAFLEX CAPSULES and ZANAFLEX tablets shipments to wholesalers are recorded as deferred revenue and only recognized as revenue when end-user prescriptions of ZANAFLEX CAPSULES and ZANAFLEX tablets are reported. Authorized generic product sold to Actavis is recorded as sales when shipped.

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