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Tuesday, Mar 19, 2024
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Drug Maker Questcor’s Shares Rise on Higher Sales Projection

Shares of Anaheim-based Questcor Pharmaceuticals Inc. shot up in Monday afterhours trading after it issued a higher-than-expected first-quarter sales forecast.

Questcor’s shares were up 14% afterhours to a market value of more than $930 million.

The drug maker said that it expected gross sales of $48.6 million for the quarter ended March 31. Questcor said that number was before Medicaid rebates for its core Acthar drug.

Analysts expect Questcor to post net first-quarter sales of $33.6 million. Analysts’ estimates do not include rebates.

Questcor said its gross sales rose because of a higher number of paid multiple sclerosis prescriptions for its core drug, Acthar.

The company said that those prescriptions for Acthar rose 115% from 2010’s first quarter to over 500. That includes prescriptions which it retains the drug’s full sale price. Acthar is also used to treat infantile spasms.

Questcor is expected to release its first-quarter results on April 26.

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