Questcor Pharmaceuticals Q4 Profit Soars 53% on Higher Acthar Sales
Shares of mid-cap biopharma Questcor Pharmaceuticals attempted to keep its rally alive by reporting impressive growth in its fourth-quarter results after the bell this evening.
For the quarter, Questcor -- whose lone FDA-approved products is Acthar Gel, a product with 19 current indications - delivered strong sales growth of 51% to $242.9 million which was almost entirely a result of improved Acthar sales. Questcor notes that 8,100 vials of Acthar were shipped during the fourth-quarter, a 28% improvement over the 6,330 that were shipped during the fourth-quarter last year.
Questcor's CEO Don Bailey specifically pointed out that new paid prescriptions "grew about 30%" from the year-ago quarter with rheumatology-related new paid prescriptions providing the biggest surge. Bailey also mentioned that rheumatology now accounts for close to 30% of Questcor's total business after only three quarters of educating rheumatologists on its drug.
Additional sales strength was witnessed from its nephrotic syndrome segment which delivered paid new prescription growth of 5% year-over-year, as well as its multiple sclerosis relapse segment which saw 9% year-over-year new paid prescription growth.
Profit for the quarter improved an equally impressive 53% to $1.67 per share from $1.09 in the fourth-quarter of 2012.
Questcor's release points out that it repurchased 960,000 shares of its common stock during the quarter at an average price of $55.26 per share, and that its board had declared a $0.30 quarterly dividend. Despite mentioning numerous other indications it may seek for Acthar, Questcor did not issue any forward guidance.
Questcor shares were down near $4 per share, or 5%, in after hours at the time of this writing.
The article Questcor Pharmaceuticals Q4 Profit Soars 53% on Higher Acthar Sales originally appeared on Fool.com.Sean Williams has no material interest in any companies mentioned in this article. You can follow him on CAPS under the screen name TMFUltraLong, track every pick he makes under the screen name TrackUltraLong, and check him out on Twitter, where he goes by the handle @TMFUltraLong. The Motley Fool has no position in any companies mentioned in this article. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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