Acorda Therapeutics, Inc. (Nasdaq: ACOR) today announced its financial results for the third quarter ended September 30, 2013.
“We are pleased with the continued growth and progress of the Company. AMPYRA net sales for the third quarter were in line with our expectations and we are encouraged by fourth quarter sales to date. We also have a strong cash position of approximately $350 million. The strength of the AMPYRA franchise and our balance sheet is enabling us to invest in our pipeline of promising clinical-stage compounds, which have attained a number of important milestones in 2013,” said Ron Cohen, M.D., Acorda Therapeutics’ President and CEO. “Pending agreement with FDA, we anticipate beginning a Phase 2b/3 study of a once-daily formulation of dalfampridine in post-stroke walking deficits in the second quarter of 2014. In addition, our Diazepam Nasal Spray NDA filing is on track for this year. Acorda now has six innovative products in clinical development, positioning us well for future growth.”
The Company reported GAAP net income of $7.5 million for the quarter ended September 30, 2013, or $0.18 per diluted share, including share-based compensation charges totaling $6.5 million. GAAP net income in the same quarter of 2012 was $9.6 million, or $0.24 per diluted share, including share-based compensation charges totaling $5.6 million.Non-GAAP net income for the quarter ended September 30, 2013 was $15.0 million, or $0.36 per diluted share. Non-GAAP net income in the same quarter of 2012 was $15.2 million, or $0.38 per diluted share. AMPYRA ® (dalfampridine) Extended Release Tablets, 10 mg net revenue - For the quarter ended September 30, 2013, the Company reported AMPYRA net revenue of $77.8 million, compared to $69.8 million in net revenue for the same quarter in 2012. Through the first three quarters of 2013, net sales increased 13% over the same period in 2012. The Company narrowed 2013 AMPYRA net revenue guidance to $295-$305 million, from $285-$315 million.