Questcor Pharmaceuticals Soars on Q2 Results (QCOR)
Questcor Pharmaceuticals (NASDAQ: QCOR) released its fiscal second-quarter earnings results after the closing bell on Tuesday.
The company reported both earnings per share and revenue that was ahead of Wall Street analysts' consensus estimates. In late trade, the stock was last up almost 11 percent to $57.55.
Related: Tuesday's biggest market movers
"Our commercial expansion effort continues, most recently driven by increasing usage of Acthar among rheumatologists," said Don M. Bailey, President and CEO of Questcor. "The foundation for potential additional growth over the near-, medium- and long-term continues to strengthen. The first full quarter of our commercial rheumatology effort generated over 300 prescriptions, marking the best Acthar launch into a new therapeutic area that we have yet experienced.
Q2 Financial Results
The company reported net income of $1.12 per share compared to $0.65 per share in last year's corresponding period.
On an adjusted basis, net income was $1.35 per share, versus $0.69 per share last year. This easily topped analysts' consensus EPS estimates of $1.04.
Adjusted net revenue in the second-quarter was $196.1 million versus $112.5 million in last year's fiscal second-quarter. This also topped Wall Street sales expectations of $168.96 million.
The company said that it shipped 7,050 vials of its multiple sclerosis treatment Acthar in the period.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.