ARDSLEY, N.Y. (AP) -- Acorda Therapeutics Inc. said Tuesday that it turned a profit in the second quarter as sales of its multiple sclerosis drug Ampyra climbed.
Acorda said U.S. revenue from Ampyra grew 28 percent, and revenue from other markets also improved. Ampyra is designed to improve walking ability in patients with multiple sclerosis. Acorda sells the drug in the U.S., where it was approved in early 2010. Biogen Idec Inc. markets the drug as Fampyra in other countries.
The company reported net income of $4.5 million, or 11 cents per share. In the second quarter of 2011 Acorda lost $285,000, or a penny per share. Its revenue rose 16 percent, to $75.7 million from $65.3 million.
Analysts were expecting net income of 12 cents per share and $71.8 million in revenue, according to FactSet.
Acorda said revenue from Ampyra rose 28 percent to $66.3 million. Royalty revenue from Fampyra sales rose to $2.5 million from $100,000 a year ago.
The company said it still expects $255 million to $275 million in Ampyra sales in 2012. Acorda is also testing Ampyra as a treatment for other complications caused by multiple sclerosis and for cerebral palsy and strokes.
Shares of Acorda Therapeutics rose 8 cents to $24.82 in morning trading.