Anaheim drug maker Questcor Pharmaceuticals Inc. on Wednesday posted fourth-quarter financial results that fell short of Wall Street projections.
The maker of drugs for neurological conditions said its fourth-quarter profit came in at $6.4 million, down 31% from year earlier.
Analysts expected Questcor’s profit to come in at $9.8 million.
Sales rose 13% to $29.3 million but were below Wall Street’s average estimate of $30 million.
Questcor makes Acthar, which is used primarily to treat multiple sclerosis, a neuromuscular disease that gradually causes the loss of various physical functions.
Acthar is also used to treat infantile spasms, a rare but potentially fatal form of epilepsy that affects about 2,000 babies annually.
Questcor, which has a market value of about $830 million, didn’t provide guidance for the current quarter in its earnings release.
Analysts expect the drug maker to post a $12.4 million profit on $36.7 million in sales in the first quarter.
