Acorda Therapeutics Inc.'s
) second quarter 2013 earnings (including share-based
compensation charges) of 9 cents per share were a penny short of
the Zacks Consensus Estimate and 30.8% below the year-ago
Quarterly revenues increased 15.1% to $87.1 million, well
above the Zacks Consensus Estimate of $80 million.
Quarter in Detail
The bulk of net product revenues at Acorda came from Ampyra,
which is marketed for the improvement of walking in multiple
sclerosis patients. Ampyra revenues came in at $77.8 million, up
17.3% from the year-ago period. Ampyra revenues rebounded on a
sequential basis as well reflecting underlying product demand and
a return to normal inventory levels.
Acorda has a licensing agreement with
) for the development and commercialization of Ampyra outside the
U.S. Ampyra is available outside the U.S. under the trade name
Fampyra royalties declined 12% from the year-ago period to
Ampyra is being studied for other indications as well. Acorda
intends to commence a phase IIb/III study with Ampyra
(once-daily) for the treatment for post-stroke deficits,
especially walking improvement. The study is scheduled to
commence in the second quarter of 2014. As far as evaluating
Ampyra for cerebral palsy is concerned, Acorda is yet to come to
a decision regarding the same.
Zanaflex capsules and tablets recorded revenues of $4.8
million in the second quarter of 2013, up 4.3%. Acorda has
) to commercialize the generic version of Zanaflex.
Acorda's research and development (R&D) expenses increased
4.8% to $13.2 million. Selling, general and administrative
(SG&A) expenses came in at $48 million, up 8.6% from the
Acorda maintained its Ampyra revenue guidance of $285 million
to $315 million. Acorda also reiterated its adjusted SG&A and
R&D expense guidance. While the former is expected in the
range of $170- $180 million, the latter is expected in the range
of $60- $70 million. The guidance does not include costs related
to the NeurogesX, Inc. acquisition.
Acorda currently carries a Zacks Rank #3 (Hold). At present,
companies like Biogen and
) look attractive. Both are Zacks Rank #1 (Strong Buy) stocks.
Actavis also looks well-positioned with a Zacks Rank # 2 (Buy).
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