Shares in Acorda Therapeutics (NSDQ:ACOR) fell today after the biopharmaceutical company missed expectations on Wall Street with its 1st quarter results.
The Ardsley, N.Y.-based company posted a net loss of -$18.9 million, or -41¢ per share, on sales of $119.4 million for the 3 months ended March 31. In the same quarter last year, Acorda reported a net loss of -$0.5 million on sales of $115.9 million.
Adjusted to exclude 1-time items, earnings per share were -8¢, behind consensus on The Street, where analysts were looking for sales of $127.3 million.
The company slashed its operating expense guidance by $50 million, explaining that the move comes as a result of the 20% cut to its workforce it made earlier this month. The company restructured after it lost patents related to its multiple sclerosis drug, Ampyra.
“We acted decisively to reduce expenses within days of the Court’s ruling. Moving forward, we will focus on advancing our late-stage Parkinson’s programs, Inbrija and tozadenant,” president & CEO Dr. Ron Cohen said in prepared remarks. “Our restructuring will enable us to execute these programs on a strong financial footing, and we are confident in the value we will be able to create for shareholders.”
ACOR shares were trading at $15.80 apiece today in morning trading, down -4.2%.