Anaheim-based drug maker Questcor Pharmaceuticals Inc.’s got a boost last week on news of more new prescriptions for its sole drug.
• Headquarters: Anaheim<br > • Business: drug maker<br > • Founded: 1999<br > • Ticker symbol: QCOR (Nasdaq)<br > • Market value: about $1.7 billion<br > • Notable: better-than-expected prescriptions for flagship drug beat earlier expectation, give shares a lift
Questcor’s shares rose as much as 9% at midweek on news of the improved outlook for Athcar, a drug used primarily to treat flare-ups in patients with multiple sclerosis.
Questcor said it expected new paid prescriptions for Acthar to exceed 850 in the current quarter.
Acthar costs $40,000 to $50,000 a prescription for treatment of multiple sclerosis.
Questcor said the number of prescriptions rose 13% from the second quarter and 160% from a year ago.
Analyst Yale Jen of New York-based Maxim Group LLC told Investor’s Business Daily that the market responded because the increases beat a recent estimate by Questcor, which forecast a 10% gain last month.
Acthar also is used to treat a rare form of epilepsy called infantile spasms, and a kidney disease known as nephrotic syndrome.
Questcor also estimated that it would get 55 paid prescriptions in the current quarter for nephrotic syndrome at about $100,000 per prescription, up 22% from the second quarter.
—Vita Reed
