Acorda Therapeutics, Inc.’s (ACOR) second quarter earnings of 24 cents per share surpassed the Zacks Consensus Estimate of 14 cents and the year-ago earnings of 18 cents.
Total revenues for the quarter were $97.1 million, up 11.6% from the year-ago quarter. Revenues surpassed the Zacks Consensus Estimate of $90 million.
Quarter in Detail
The bulk of net product revenues at Acorda came from Ampyra, which generated $87.4 million in the reported quarter, up 12.3% from the year-ago period. Ampyra revenues improved 20.6% on a sequential basis.
Ampyra is marketed in ex-U.S. markets under the trade name Fampyra by Biogen Idec (BIIB). Fampyra royalties grew 27.3% from the year-ago period to $2.8 million.
Zanaflex capsules and tablets recorded revenues of $4.4 million in the second quarter of 2014, down 8.3%.
Acorda’s research and development (R&D) expenses increased 24.2% to $16.4 million. Selling, general and administrative (SG&A) expenses came in at $50.6 million, up 5.4% from the year-ago period.
2014 Outlook Reiterated
Acorda reiterated its guidance for 2014. Ampyra sales are expected in the range of $328 million – $335 million.
The company continues to expect R&D spend of $60 million–$70 million and SG&A spend of $180 million–$190 million.
Acorda is working on refiling the new drug application for Plumiaz nasal spray. Acorda is looking to get Plumiaz approved for the treatment of patients with epilepsy who experience cluster seizures. The company had received a complete response letter (CRL) for Plumiaz earlier this year.
Meanwhile, Acorda expects to move a twice-daily formulation of Ampyra into a phase III study for post-stroke deficits by year end. A phase Ib trial on GGF2 which is being evaluated for chronic heart failure is ongoing with data due in the second half of 2015. Additionally, Acorda expects phase Ib data on rHIgM22 for remyelination in multiple sclerosis (MS) early next year.
Acorda’s second quarter results were better-than-expected with Ampyra sales picking up. We are positive on the company’s plans to expand Ampyra’s label into additional indications. Meanwhile, we expect Acorda to expand its pipeline and product portfolio through in-licensing deals and product acquisitions.