Acorda Q4 Revenue Rises

(RTTNews) - Acorda Therapeutics, Inc (ACOR), a a biotechnology company focused on developing therapies for neurological conditions, Thursday reported a rise in revenue. However, net earnings plunged particularly due to the absence of an income tax benefit the company registered last year. Excluding the benefit, adjusted earnings rose from last year

For the fourth quarter, earnings plunged to $6.19 million, or $0.15 per share, from $132.97 million, or $3.27 per share, a year earlier.

Excluding certain items, earnings rose to $13.33 million, or $0.32 per share, from $9.75 million, or $0.24 per share, a year ago.

Acorda recorded an income tax benefit of $131.87 million in the fourth quarter of the preceding year. For the fourth quarter of the current year, the company registered a income tax provision of $6.44 million.

Revenue for the 3-month period rose to $92.59 million from $81.47 million a year earlier.

For 2014, the company expects research and development expenses of $60 million to $70 million and SG&A expenses of $180 million to $190 million.

Further, the company said it filed a New Drug Application (NDA) for Diazepam Nasal Spray in 2013 with the U.S. Food and Drug Administration (FDA). The company expects the product, with the proposed trade name of PLUMIAZ, to be approved and launched in 2014.

For the year ended December 31, 2013, revenues rose to $336.43 million from $305.81 million in 2012, while earnings fell to $16.44 million, or $0.39 per share, from $154.96 million, or $3.84 per share, a year ago.