Questcor Pharmaceuticals Beats Wall StreetWednesday, February 22, 2012
Anaheim drug maker Questcor Pharmaceuticals Inc. today posted fourth-quarter results that surpassed analysts’ expectations.
Questcor makes H.P. Acthar Gel, an injectable drug used for treating multiple sclerosis flareups, a kidney disease and a rare form of epilepsy.
The drug maker posted a profit of $31.6 million, up 394% from the year-earlier quarter and beating analysts’ expectations of $28 million.
Sales rose 158% from 2010's fourth quarter, to $75.5 million. Wall Street had projected $72.8 million in sales for the fourth quarter.
Questcor didn’t provide a full-year forecast on earnings.
Analysts expect it to post a full-year profit of $133.1 million on $342.3 million in revenue.
Last month, Questcor saw its shares fall 15% after an investor website, TheStreetSweeper.org, announced plans to make public an investigative report it billed as being critical of the company’s marketing practices for its sole drug.
TheStreetSweeper also said that it short-sold shares of Questcor prior to the report.
Questcor's shares have recovered some of the declines that followed the website's recent report. They saw a modest lift on today, to a market value of about $2.17 billion.