Shares of Anaheim-based drug maker Questcor Pharmaceuticals Inc. shot up nearly 30% at one point last week in the wake of better-than-expected second-quarter results driven by strong sales of its sole drug. Shares finished the week up more than 5%, with the company market cap at $3.8 billion.
Second-quarter profit jumped to $83 million, up 96% from 2012’s second quarter and surpassing analysts’ consensus forecast of $61.5 million.
The company said its second-quarter sales grew 64% to $184.6 million, higher than forecasts of $169 million. Questcor said it shipped 7,050 vials of its H.P. Acthar Gel in the second quarter, 46% more than in first quarter.
Acthar has various uses, including treatment of nephrotic syndrome, which is a kidney disorder.
Analysts had raised concerns about Acthar after West Hartford, Conn.-based insurer Aetna Inc. said it was medically necessary only to treat infantile spasms.
—Vita Reed
