Acorda Therapeutics Provides Corporate Update At 31st Annual J.P. Morgan Healthcare Conference
Acorda Therapeutics, Inc. (Nasdaq:
today announced that AMPYRA
® (dalfampridine) Extended Release
Tablets, 10 mg unaudited net sales for the fourth quarter of 2012 were
$73 million and unaudited AMPYRA 2012...
Acorda Therapeutics, Inc. (Nasdaq: ACOR) today announced that AMPYRA ® (dalfampridine) Extended Release Tablets, 10 mg unaudited net sales for the fourth quarter of 2012 were $73 million and unaudited AMPYRA 2012 full-year net sales were $266 million. These results are subject to completion of the Company’s year-end audit. The Company provided 2013 guidance for AMPYRA net sales revenue of $285-$315 million. Guidance for Zanaflex ® (tizanidine hydrochloride) and ex-U.S. FAMPYRA revenue is $25 million, which includes sales of branded Zanaflex products, royalties from ex-U.S. FAMPYRA and authorized generic tizanidine hydrochloride capsules sales, and $9.1 million in amortized licensing revenue from the $110 million payment the Company received from Biogen Idec in 2009 for FAMPYRA ex-U.S. development and commercialization rights. Guidance for 2013 sales, general and administrative (SG&A) expense is $170-$180 million and 2013 research and development (R&D) expense is $60-$70 million. The increase in SG&A and R&D expenses in 2013 over 2012 is primarily related to research and commercialization expenses for the recently acquired product Diazepam Nasal Spray. Based on this guidance, the Company expects to be cash flow positive in 2013. President and CEO Ron Cohen, M.D. will provide a corporate overview, including the Company’s recent acquisition of Diazepam Nasal Spray, at the 31 st Annual J.P. Morgan Healthcare Conference today at 11:00 a.m. Pacific Time in San Francisco. The presentation is available via webcast at www.acorda.com. “AMPYRA has made a significant contribution to the treatment of people with MS, with more than 73,000 people having tried the drug since its launch in 2010. Our marketing programs won numerous industry-wide awards and helped AMPYRA to grow in 2012. We expect continued growth in 2013. We also initiated proof-of-concept clinical studies of AMPYRA in 2012 in two additional disease states, post-stroke deficits and cerebral palsy. We expect to have results for both studies in the second quarter of this year.”