Drug Maker Questcor Beats Wall StreetWednesday, October 24, 2012
Questcor Pharmaceuticals Inc. reported a 144% rise in third-quarter profit on Tuesday.
Questcor makes Acthar, an injectable drug used to treat various conditions, such as kidney disorder nephrotic syndrome and multiple sclerosis flare-ups.
The Anaheim-based company posted a profit of $55.7 million, besting Wall Street’s consensus forecast of $47.3 million.
Quarterly sales grew 135% to $140.3 million. Analysts had expected Questcor to have $128.8 million of third-quarter revenue.
The company said it shipped 5,590 vials of Acthar during the quarter in a 92% increase from a year earlier.
Questcor didn’t provide a forecast for the current quarter in its earnings release. Wall Street expects the company to post a profit of $50.4 million on revenue of $134.2 million.