Acorda Therapeutics Inc. announced fourth-quarter earnings of $331,000 and beat Wall Street expectations on earnings per share and revenue.
The company, based in Ardsley, posted adjusted earnings per share of 46 cents for the fourth quarter of 2014, beating the Zacks Investment Research consensus estimate of 15 cents per share. The drug maker announced revenues of $117.9 million in the fourth quarter, beating analysts”™ expectation of $111.1 million, according to Zacks.
“During 2014, we made major progress across our three core value drivers: Ampyra commercial performance, clinical pipeline and business development. We grew Ampyra net revenue 21 percent over 2013; Ampyra is now considered a standard of care in (multiple sclerosis). Our acquisition of Civitas Therapeutics added high-potential products and an innovative technology platform, complementing an already robust pipeline,” said Ron Cohen, Acorda’s president and CEO, in the company”™s SEC filing announcing the results. “In 2015, our focus is on maximizing Ampyra sales, advancing our late-stage clinical trials and continuing to evaluate business development opportunities.”
Shares of Acorda, which opened at $36.52 on Thursday, are down nearly 10 percent year-to-date but have risen nearly 23 percent over the stock”™s 12-month low of $28.26 on Aug. 1.
The company in October announced it closed on its $525 million acquisition of Civitas Therapeutics, based in Chelsea, Mass.
