Questcor Announces Quarterly Cash Dividend of $0.30; Provides Update on Share Buyback Program
Questcor Pharmaceuticals (Nasdaq: QCOR) today announced that its Board of Directors has declared a quarterly cash dividend of $0.30 per share ($1.20 per share on an annual basis). The dividend will be paid on or about January 24, 2014 to shareholders of record at the close of business on January 17, 2014.
The Company also announced today that it made open market purchases during the fourth quarter of 2013 of approximately 500,000 shares of Questcor common stock through December 10, 2013. The shares were purchased at an average price of $57.21 per share.
Through its repurchase program and its dividend, Questcor has returned approximately $440 million to shareholders since the beginning of 2008, representing approximately 60% of its operating cash flow over that same period.
Questcor Pharmaceuticals, Inc. is a biopharmaceutical company focused on the treatment of patients with serious, difficult-to-treat autoimmune and inflammatory disorders. Questcor also provides specialty contract manufacturing services to the global pharmaceutical industry through its wholly-owned subsidiary BioVectra Inc. Questcor's primary product is H.P. Acthar® Gel (repository corticotropin injection), an injectable drug that is approved by the FDA for the treatment of 19 indications. Of these 19 indications, Questcor