Questcor Shares Boom on Multiple Sclerosis Drug DemandWednesday, July 27, 2011
Shares of Anaheim drug maker Questcor Pharmaceuticals Inc. jumped Wednesday, a day after it reported improved second-quarter financial results fueled by higher demand for its core Acthar drug.
Questcor shares closed up 25% Wednesday with a market value of $2.2 billion after jumping 11% in afterhours trading on Tuesday.
The drug maker reported second-quarter results late Tuesday, after the close of trading.
Its profit and revenue numbers exceeded analysts’ estimates.
Second-quarter profit was up 49% to $13.9 million from $9.3 million in the year-ago quarter.
Questcor’s second-quarter revenue rose 62% to $46 million from 2010's second quarter.
The company said that sales growth was stoked by a 147% rise in paid Acthar prescriptions for treating multiple sclerosis flares with 751 in the quarter.