Shares of Questcor Pharmaceuticals Inc. (QCOR) gained more than 5 percent in extended trade on Wednesday after the biotechnology company reported better than expected results for the fourth quarter.
The company's profit for the quarter rose almost five-fold from last year, on strong sales of its flagship product H.P. Acthar Gel, also called Acthar, a repository corticotropin injection. Both adjusted earnings and net sales for the quarter topped analysts' expectations.
Acthar is an injectable drug that is approved by the FDA for the treatment of 19 indications, including exacerbation's associated with multiple sclerosis, infantile spasms, and nephrotic syndrome.
The company noted that net sales growth in the latest quarter was driven by the increasing numbers of physicians who are recognizing the potential for Acthar to help patients with multiple sclerosis or MS, and nephrotic syndrome or NS. California-based Questcor's shipment of Achtar doubled to 3,360 vials in the quarter from 1680 vials in the year-ago quarter. Paid prescriptions soared 167 percent to 945 from the year-ago quarter for the treatment of multiple sclerosis exacerbations.
The company expects to complete the expansion of its nephrology sales force to 58 from 28 representatives in the second quarter, ahead of schedule.
Questcor said it is currently planning to explore the potential initiation of a commercial effort in rheumatology in late 2012, as Acthar is approved for two rheumatology-related conditions - Collagen Diseases and Rheumatic Disorders.
Questcor's sales reserves in the quarter, including reserves for Medicaid rebates, represented 12 percent of gross sales of $86.1 million. Questcor provides rebates to state Medicaid programs for Acthar dispensed to insured patients.
The company's fourth-quarter net income was $31.64 million or $0.48 per share, up from $6.42 million or $0.10 per share in the year-ago period.
Adjusted net income grew to $31.58 million or $0.47 per share from $8.02 million or $0.12 per share in the previous-year quarter.
On average, eight analysts polled by Thomson Reuters expected the company to earn $0.42 per share for the quarter. Analysts' estimates typically exclude special items.
Net sales for the quarter surged to $75.54 million from $29.30 million last year and topped analysts' consensus estimate of $72.77 million.
QCOR closed Wednesday's trading at $34.74, up $0.10 or 0.29 percent on a volume of 2.26 million shares. In after-hours, the stock further gained $2.00 or 5.76 percent to $36.74.
For comments and feedback contact: editorial@rttnews.com
Business News
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.