Drug Maker Questcor Surpasses ExpectationsTuesday, July 26, 2011
Anaheim-based Questcor Pharmaceuticals Inc. on Tuesday reported second-quarter results that beat analysts’ estimates.
The drug maker’s profit for the three months ended June 30 was $13.9 million, up 49% from the $9.3 million second-quarter profit a year ago.
Wall Street expected Questcor’s profit to come in at $13.1 million.
Revenue jumped 62% to $46 million. Analysts had been looking for Questcor’s quarterly sales to be $41.8 million.
Questcor, which moved to Anaheim from the Bay area in 2010, makes H.P. Acthar Gel, an injectable drug primarily used to treat multiple sclerosis flare-ups. It’s also used for treating a rare form of epilepsy and a kidney disorder.
The company said its sales growth was fueled by a 147% rise in paid prescriptions for Acthar for its main use on MS flare-ups, with 751 during the quarter.
Questcor is also looking at exploring the possibility of using Acthar to treat systemic lupus erythematosus. Lupus, which affects some 1.5 million Americans, is a chronic autoimmune disease in which a person’s immune system attacks the body’s own cells and tissue.