Acorda Therapeutics of Hawthorne, which focuses on treatments for multiple sclerosis, spinal cord injuries and other neurological conditions, was back in the black in the first quarter, helped by sales of a drug designed to improve walking in people with MS.
Acorda said sales of Ampyra began to increase in February and that the drug may be used for other neurological conditions, such as cerebral palsy and the aftermath of strokes. The drug is now being studied to determine if it is effective in treating those disorders.
Acorda earned $7.8 million in the quarter, or 19 cents a share, compared with a loss of $672,000, or 2 cents a share, a year ago.
Sales of Ampyra were flat in the first quarter compared with the fourth quarter of 2011 because of weak demand in January. Sales climbed in February and Acorda said it expects sales of $255 million to $275 million in 2012. Revenue from Ampyra was up from the first quarter of 2011.
Sales of Zanaflex, a muscle relaxant also designed to treat MS, were down from the same quarter of 2011 because a generic version was launched during the first quarter of 2012. Acorda receives royalties on sales of the generic drug.
Research and development expenses for the quarter rose slightly from a year ago.
Acorda was named one of the 100 Most Trustworthy Companies by Forbes magazine for its transparent and conservative accounting and management.
Meanwhile, Armonk-based Swiss Re, which reported a loss in last year”™s first quarter because of a high level of natural disasters, reported a profit in this year”™s quarter because of fewer catastrophes. It earned $1.1 billion, or $3.33 a share, compared with a loss of $665 million, or $1.94 a share, a year earlier.
Earnings from premiums were up almost 22 percent. Net income in property and casualty reinsurance was $660 million, again because of fewer natural disasters.
Life and health reinsurance were higher as well, benefiting from an increase in premiums and fee income. Its commercial business was up, as were renewals in Japan, where there were big rate increases in natural catastrophe-related
