Acorda Therapeutics rises on strong 3Q results
ARDSLEY, N.Y. (AP) — Acorda Therapeutics Inc. said Wednesday its net income dropped 49 percent in the third quarter despite greater sales of its multiple sclerosis drug Ampyra as the year-earlier period benefited from a one-time payment.
The company's results surpassed Wall Street estimates, and Acorda shares rose in midday trading.
Net income amounted to $9.6 million, or 24 cents per share, compared with $18.9 million, or 47 cents per share, a year ago. Acorda's results from a year ago included a $25 million payment from its partner Biogen Idec after European Union regulators awarded conditional marketing approval to Ampyra.
Revenue fell 17 percent to $77.4 million from $93 million — which included the milestone payment — but Acorda said sales of Ampyra rose 28 percent compared to a year ago, reaching $69.8 million.
Analysts expected Acorda to report 11 cents per share in net income and $74.6 million in revenue, according to FactSet.
The company said Ampyra sales rose 5 percent from the second quarter of 2012. Acorda sells the drug in the U.S. and Biogen Idec Inc. markets the drug as Fampyra in other countries.
In midday trading, shares added $1.02, or 4.5 percent, to $23.50.