Questcor Rises on Drug Sales DataMonday, July 9, 2012
Anaheim-based Questcor Pharmaceuticals Inc.’s shares rose today on news of increased sales of its sole drug.
The drug maker’s shares closed up 15% with a market value of about $3.7 billion.
Questcor said in a Securities and Exchange Commission filing that it shipped 4,710 vials of its H.P. Acthar Gel in the second quarter, up 15% from the first quarter.
Acthar is used to treat nephrotic syndrome, a kidney disorder, as well as multiple sclerosis flare-ups and infantile spasms, a rare form of epilepsy. Most of the drug’s sales are from nephrotic syndrome and multiple sclerosis, however.
Questcor is set to report its second-quarter financial data on July 23. Analysts expect the company to post a profit of $36.2 million on sales of $102.5 million.