Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Acorda (ACOR) Q1 Earnings Miss Estimates, Sales Down Y/Y

Published 05/02/2018, 11:39 PM
Updated 07/09/2023, 06:31 AM

Acorda Therapeutics, Inc. (NASDAQ:ACOR) reported adjusted earnings of 14 cents per share in the first quarter of 2018, which significantly missed the Zacks Consensus Estimate of 73 cents. However, the company incurred a loss of 8 cents a year ago.

Shares of Acorda slipped more than 1% following its earnings release. However, the stock has surged 45% in a year’s time versus the industry’s 13.5% decline.

Total revenues came in at $106.2 million, missing the Zacks Consensus Estimate of $126 million by 18.8%. Moreover, the top line declined 11.1% year over year due to lower net product as well as royalty revenues.

Quarter in Detail

Majority of Acorda’s net product revenues were generated by the company’s key drug Ampyra, which raked in sales of $102.8 million in the reported quarter. Revenues decreased around 8.2% year over year and 35.3%, sequentially. This fall can mainly be attributed to modest inventory levels during the fourth quarter of 2017, which normalized by the end of the first quarter of 2018.

Notably, in the reported quarter, royalty revenues declined 28.9% to $3.2 million from the year-ago figure of $4.5 million.

Acorda’s research and development (R&D) expenses dropped 34.3% year over year to $28.9 million owing to corporate restructuring, which occurred in 2017.

Selling, general and administrative (SG&A) expenses also lowered 5.7% to $43.4 million.

Pipeline Updates

In February 2018, Acorda announced that the FDA has accepted the new drug application (NDA) for its Parkinson's disease candidate, Inbrija, for review. A response from the regulatory agency is expected on Oct 5. The acceptance was supported by positive safety and efficacy data from a phase III SPAN-PD study as well as results from the two long-term safety studies on PD patients. Acorda has also submitted regulatory applications for Inbrija in the EU in March.

2018 Guidance

The company maintained its Ampyra net sales view for 2018 in the range of $330-$350 million. This is lower than the Ampyra full year 2017 revenue of $543.3 million due to the expected generic entry of the drug in the United States in July, 2018.

The company continues to project its R&D and SG&A expenses for 2018 in the band of $100-$110 million and $170-$180 million, respectively.

Acorda awaits a positive cash balance in excess of $300 million by the end of 2018.

Acorda Therapeutics, Inc. Price, Consensus and EPS Surprise

Acorda Therapeutics, Inc. Price, Consensus and EPS Surprise | Acorda Therapeutics, Inc. Quote

Zacks Rank & Key Picks

Acorda carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the health care sector are Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) , Infinity Pharmaceuticals, Inc. (NASDAQ:INFI) and OncoMed Pharmaceuticals, Inc. (NASDAQ:OMED) . While Ligand and Infinity sport a Zacks Rank #1 (Strong Buy), OncoMed carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Ligand’s earnings per share estimates have moved north from $4.20 to $4.43 for 2018 in the last 30 days. The company delivered a positive surprise in three of the trailing four quarters with an average beat of 24.88%. Share price of the company has surged 36.9% over a year.

Infinity’s loss per share estimates have narrowed from $1.69 to 74 cents for 2018 and from 94 cents to 66 cents for 2019 in the last 60 days. The company pulled off a positive surprise in three of the last four quarters with an average beat of 7.87%.

OncoMed’s loss per share estimates have narrowed from $1.21 to 98 cents for 2018 and from $1.31 to $1.17 for 2019 in the last 60 days. The company came up with a positive surprise in all of the trailing four quarters with an average beat of 57.23%.

5 Medical Stocks to Buy Now

Zacks names 5 companies poised to ride a medical breakthrough that is targeting cures for leukemia, AIDS, muscular dystrophy, hemophilia, and other conditions.

New products in this field are already generating substantial revenue and even more wondrous treatments are in the pipeline. Early investors could realize exceptional profits.

Click here to see the 5 stocks >>



Acorda Therapeutics, Inc. (ACOR): Free Stock Analysis Report

Ligand Pharmaceuticals Incorporated (LGND): Free Stock Analysis Report

OncoMed Pharmaceuticals, Inc. (OMED): Free Stock Analysis Report

Infinity Pharmaceuticals, Inc. (INFI): Free Stock Analysis Report

Original post

Zacks Investment Research

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.