Questcor Pharmaceuticals (QCOR) Hit On Earnings
Questor (NASDAQ:QCOR) announced very disappointing earnings for the last quarter ending September 30.
Net sales totaled $13.9 million for the three months ended September 30, 2009 compared to $24.2 million in the year earlier period. Net income for the third quarter of 2009 was $1.2 million, or $0.02 per diluted common share compared to $9.0 million, or $0.13 per diluted common share in the year earlier period.
During the third quarter of 2009, Questcor shipped 1,354 vials of Acthar compared to 1,500 vials in the third quarter of 2008 and 1,564 vials in the second quarter of 2009. As a result of the reduction in vials shipped, gross sales were 10% lower in the third quarter of 2009 compared to the third quarter of 2008. Acthar is currently approved in the U.S. for the treatment of MS exacerbations, nephrotic syndrome and many other conditions. Acthar is not approved in the U.S. for the treatment of IS, a potentially life-threatening disorder that typically begins in the first year of life.
At October 30, 2009, Questcor’s cash, cash equivalents and short-term investments totaled approximately $71 million.
Shares were down 14% to $4.
Douglas A. McIntyre
