Questcor’s Shares Jump on Strong Q3Tuesday, October 25, 2011
Shares of Anaheim-based Questcor Pharmaceuticals Inc. soared today after it reported that third-quarter profits nearly doubled from a year earlier on the strength of more prescriptions for its sole drug.
Questcor makes Acthar, an injectable drug used to treat multiple sclerosis flare-ups as well as a rare form of epilepsy and a kidney disorder.
The drug maker’s third-quarter profit grew 96% to $22.9 million compared to the same quarter a year ago.
Analysts on average expected $16.5 million.
Questcor’s quarterly revenue shot up 93% to $56.1 million, surpassing Wall Street projections of $53.2 million.
Investors sent Questcor’s shares up about 13% in afterhours trading today, to a market value of nearly $2.1 billion.
Questcor said that the number of paid prescriptions for Acthar as a multiple sclerosis treatment grew 174%, from 323 to 886. It added that use of the drug for infantile spasm epilepsy and nephrotic syndrome, a kidney disease, had increased.