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SMALL BUSINESS
Acorda Therapeutics 3Q loss widens on costs
AP
HAWTHORNE, N.Y. -Biotechnology company Acorda Therapeutics Inc. said Tuesday its third-quarter loss widened slightly as costs more than offset a gain in sales of its muscle relaxant Zanaflex.
The company lost $19.4 million, or 51 cents per share, compared with a loss of $18.9 million, or 53 cents per share, during the same period a year prior. The company had more shares outstanding in the latest quarter compared with a year ago.
Revenue rose 22 percent to $15.2 million from $12.5 million.
Analysts polled by Thomson Reuters expected a loss of 59 cents per share on revenue of $14.2 million.
Sales of Zanaflex, the company's only marketed product, grew 6 percent to $14.5 million from $13.7 million. But including discounts and allowances, net sales for the quarter were $12.9 million.
Operating expenses rose 8 percent to $31.5 million.
Acorda said it expects a regulatory decision from the Food and Drug Administration on the multiple sclerosis drug candidate Fampridine-SR on Jan. 22.
Shares of Acorda fell 4 cents to $21.95 in midday trading.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
2009-11-03 12:12:46
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