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Acorda Therapeutics narrows 2Q loss

Mon, 08/01/2011 - 4:45am
The Associated Press

Drugmaker Acorda Therapeutics Inc. said Monday its second-quarter loss shrank as sales for its multiple sclerosis treatment Ampyra climbed 82 percent.

The Hawthorne, N.Y., company reported a net loss of $285,000, or a penny per share, in the three months that ended June 30. That compares to a net loss of $6.8 million, or 18 cents per share, in the same quarter last year.

Adjusted earnings, which exclude share-based compensation charges and a license agreement expense, were 19 cents per share.

Revenue climbed 52 percent to $65.3 million from $42.8 million a year ago.

Analysts surveyed by FactSet expected, on average, earnings of 12 cents per share on $65.6 million in revenue.

Ampyra revenue climbed to $51.8 million from $28 million in last year's quarter, but the company said expenses rose too.

Total operating expenses climbed 33 percent to $64.4 million, as selling, general and administrative and research and development costs rose. Acorda said selling, general and administrative expenses climbed mainly due to increases in Ampyra sales and marketing activities and expenses tied to patent litigation over its Zanaflex capsules.

Zanaflex is a muscle-relaxing drug used to treat spasticity.

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