Acorda Therapeutics Reports First Quarter 2006 Financial Results
HAWTHORNE, N.Y.--(BUSINESS WIRE)--May 5, 2006--Acorda Therapeutics® (Nasdaq: ACOR - News) today announced its financial results for the quarter ended March 31, 2006. For the quarter ended March 31, 2006, gross sales of Zanaflex Capsules(TM) (tizanidine hydrochloride) were $2.3 million and gross sales of Zanaflex® tablets were $1.6 million providing combined gross sales of $3.9 million, compared to $0 for the same quarter in 2005. Gross sales are recognized using a deferred revenue recognition model, meaning Zanaflex product shipments to wholesalers are recorded as deferred revenue and only recognized as revenue or gross sales when end-user prescriptions of Zanaflex Capsules and tablets are reported. Zanaflex Capsule shipments to wholesalers for the quarter ended March 31, 2006 were $2.5 million and Zanaflex tablet shipments were $1.3 million providing total shipments of $3.8 million, compared to $3.2 million in Zanaflex tablet shipments for the same quarter in 2005.