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Acorda (ACOR) Reports Wider Q3 Loss, Revenues Down Y/Y
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Acorda Therapeutics, Inc. reported a loss of 28 cents per share in the third quarter of 2016 (including the impact of stock-based compensation expense and other non-recurring items), which was wider than the Zacks Consensus Estimate of a loss of 26 cents.
However, including the impact of stock-based compensation expense but excluding other non-recurring items, adjusted loss per share was 26 cents, wider than the year-ago loss of 13 cents.
Excluding the impact of stock-based compensation expense as other non-recurring items, third-quarter 2016 loss amounted to 4 cents per share, while the year-ago earnings had been 8 cents.
Total revenue for the quarter came in at $135.6 million, down 9%. Reported revenues also missed the Zacks Consensus Estimate of $137 million by a marginal 1%.
Quarter in Detail
The majority of Acorda’s net product revenues were generated by Ampyra, which raked in sales of $128.8 million in the reported quarter, up 10% year over year and 5.5% sequentially.
Ampyra is marketed in ex-U.S. markets under the trade name Fampyra by Biogen Inc. (BIIB - Free Report) . Biogen pays royalties to Acorda on outside U.S. sales. Fampyra royalties were $2.6 million, up 4% from a year ago.
Zanaflex capsules and tablets recorded revenues and royalties of $0.5 million (including a one-time net adjustment of $22.2 million), compared with $26.0 million in the year-ago period.
Acorda’s research and development (R&D) expenses shot up 26.3% year over year to $54.8 million due to increased investment in late-stage programs, as well as the addition of Biotie’s R&D expenses. On Sep 2016, Acorda acquired the remaining stake in Biotie thereby completing its acquisition.
Selling, general and administrative (SG&A) expenses were up 6.5% to $54.4 million.
2016 Guidance
The company maintained its Ampyra net sales guidance in the range of $475–$485 million.
R&D expenses are still expected in the range of $195–$205 million due to the addition of tozadenant to the company’s pipeline.
The company also reiterated its guidance for SG&A expenditure in the range of $195–$205 million.
BioMarin’s loss estimates have narrowed from 28 cents to 25 cents for 2016 and from $1.16 to $1.11 for 2017 over the last 60 days.
Geron has posted a positive earnings surprise in all of the four trailing quarters with an average beat of 20.8%.
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Acorda (ACOR) Reports Wider Q3 Loss, Revenues Down Y/Y
Acorda Therapeutics, Inc. reported a loss of 28 cents per share in the third quarter of 2016 (including the impact of stock-based compensation expense and other non-recurring items), which was wider than the Zacks Consensus Estimate of a loss of 26 cents.
However, including the impact of stock-based compensation expense but excluding other non-recurring items, adjusted loss per share was 26 cents, wider than the year-ago loss of 13 cents.
Excluding the impact of stock-based compensation expense as other non-recurring items, third-quarter 2016 loss amounted to 4 cents per share, while the year-ago earnings had been 8 cents.
Total revenue for the quarter came in at $135.6 million, down 9%. Reported revenues also missed the Zacks Consensus Estimate of $137 million by a marginal 1%.
Quarter in Detail
The majority of Acorda’s net product revenues were generated by Ampyra, which raked in sales of $128.8 million in the reported quarter, up 10% year over year and 5.5% sequentially.
Ampyra is marketed in ex-U.S. markets under the trade name Fampyra by Biogen Inc. (BIIB - Free Report) . Biogen pays royalties to Acorda on outside U.S. sales. Fampyra royalties were $2.6 million, up 4% from a year ago.
Zanaflex capsules and tablets recorded revenues and royalties of $0.5 million (including a one-time net adjustment of $22.2 million), compared with $26.0 million in the year-ago period.
Acorda’s research and development (R&D) expenses shot up 26.3% year over year to $54.8 million due to increased investment in late-stage programs, as well as the addition of Biotie’s R&D expenses. On Sep 2016, Acorda acquired the remaining stake in Biotie thereby completing its acquisition.
Selling, general and administrative (SG&A) expenses were up 6.5% to $54.4 million.
2016 Guidance
The company maintained its Ampyra net sales guidance in the range of $475–$485 million.
R&D expenses are still expected in the range of $195–$205 million due to the addition of tozadenant to the company’s pipeline.
The company also reiterated its guidance for SG&A expenditure in the range of $195–$205 million.
ACORDA THERAPT Price, Consensus and EPS Surprise
ACORDA THERAPT Price, Consensus and EPS Surprise | ACORDA THERAPT Quote
Zacks Rank & Key Picks
Acorda currently carries a Zacks Rank #3 (Hold). A couple of better-ranked stocks in the health care sector include BioMarin Pharmaceutical Inc. (BMRN - Free Report) and Geron Corporation (GERN - Free Report) . Both the stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
BioMarin’s loss estimates have narrowed from 28 cents to 25 cents for 2016 and from $1.16 to $1.11 for 2017 over the last 60 days.
Geron has posted a positive earnings surprise in all of the four trailing quarters with an average beat of 20.8%.
Confidential from Zacks
Beyond this Analyst Blog, would you like to see Zacks' best recommendations that are not available to the public? Our Executive VP, Steve Reitmeister, knows when key trades are about to be triggered and which of our experts has the hottest hand. Click to see them now>>