Acorda Therapeutics, Inc.’s ACOR first-quarter 2016 earnings came in at 7 cents per share (excluding the impact of stock-based compensation expense), 53.3% below the year-ago earnings. The Zacks Consensus Estimate was a loss of 2 cents per share.Total revenues for the quarter were $115.9 million, up 16.1% from the year-ago quarter, but falling short of the Zacks Consensus Estimate of $125 million.The Quarter in DetailThe bulk of net product revenues at Acorda came from Ampyra, which generated $109.6 million in the reported quarter, up 19% from the year-ago period but down 10.2% on a sequential basis.The United States Patent and Trademark Office Patent Trials and Appeal Board (PTAB) instituted inter partes reviews (IPR) related to some of the Ampyra Orange Book-listed patents in Mar 2016. Rulings on the IPRs should be out by Mar 2017.Acorda is currently evaluating a twice-daily formulation of Ampyra in a phase III study for post-stroke deficits with data from an interim analysis expected by the fourth quarter.Ampyra is marketed in ex-U.S. markets under the trade name Fampyra by Biogen Inc. BIIB. Fampyra royalties were $2.5 million, up 8.7% from the year-ago period.Zanaflex capsules and tablets recorded revenue and royalties of $1.2 million compared with $2.6 million in the year-ago period.Acorda’s research and development (R&D) expenses shot up 45.8% from the year-ago period to $44.6 million. Selling, general and administrative (SG&A) expenses came in at $51.8 million, up 6.1% from the year-ago period.Our TakeAmpyra should continue performing well in 2016. Acorda is looking to expand Ampyra’s label and is conducting a phase III study for post-stroke deficits. Meanwhile, the company continues to work on expanding its pipeline by entering into deals and pursuing acquisitions. The Biotie Therapies Corp. BITI acquisition, slated to close in the second half of 2016, will boost Acorda's Parkinson’s disease (PD) pipeline. We are also positive on the company’s pipeline efforts.However, the Ampyra patent challenge situation will remain an overhang with a trial scheduled for Sep 2016. With Ampyra facing several patent challenges, focus will remain on the company’s pipeline development efforts and ability to bring new products to market.Acorda is a Zacks Rank #3 (Hold) stock. Emergent BioSolutions, Inc. EBS is a better-ranked stock in the health care sector carrying a Zacks Rank #1 (Strong Buy).Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report ACORDA THERAPT (ACOR): Free Stock Analysis Report BIOGEN INC (BIIB): Free Stock Analysis Report EMERGENT BIOSOL (EBS): Free Stock Analysis Report BIOTIE THERAPS (BITI): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research