Questcor Pharmaceuticals Inc., a drug maker that recently moved to Anaheim Hills from Northern California, on Thursday posted third-quarter results that beat Wall Street’s expectations.
Questcor’s profit came in at $11.5 million, up 858% from a year earlier.
Wall Street expected the drug maker’s profit to be $9.7 million.
Third-quarter revenue was $31 million, up 121%. Analysts expected Questcor’s revenue to come in at $30 million.
Questcor makes Acthar, a drug used primarily to treat multiple sclerosis, a neuromuscular disease that gradually causes the loss of various physical functions.
Earlier this month, Acthar received Food and Drug Administration approval for treating infantile spasms, a rare but potentially fatal form of epilepsy that affects some 2,000 babies annually.
The drug maker moved its base to OC from Union City in the Bay Area in order to be closer to Chief Executive Don Bailey, a Yorba Linda resident.
Questcor’s shares, which closed Thursday with a market value of $680 million, were up 5% in afterhours trading.
