Questcor Pharmaceuticals Inc.
) reported third quarter 2013 earnings per share (excluding
one-time item) of $1.54 up from the year-ago earnings of 92 cents
per share. Earnings surpassed the Zacks Consensus Estimate of
$1.34 per share. Including one-time items, third quarter 2013
earnings were $1.52 per share.
Third quarter 2013 revenues climbed 68% to $236.3 million,
surpassing the Zacks Consensus Estimate of $204 million. Revenues
consisted of $227.3 million from Acthar and the remaining from
BioVectra. Strong performance of H.P. Acthar Gel in the nephrotic
syndrome (NS), dermatomyositis, polymyositis, systemic lupus
erythematosus, rheumatoid arthritis, multiple sclerosis (MS)
relapses and infantile spasms (IS) indications contributed to the
Acthar, an injectable drug, is approved by the U.S. Food and
Drug Administration (FDA) for as many as 19 indications. The
company shipped 8,132 vials of Acthar during the third quarter of
2013, up 45% year over year and 15.3% sequentially.
In the reported quarter, Acthar's new paid prescriptions were
about 2,450 to 2,500, up 30% year over year.Acthar's new paid
prescriptions for the treatment of MS relapse reached a record
high of 1,370 to 1,400 prescriptions, up about 4% year over year.
25% to 30% of Acthar's business comes from MS relapse
In the third quarter of 2013, research and development
(R&D) expenses were $17.1 million, up 113.8%. R&D rose on
account of the company's efforts to develop its pipeline. In the
reported quarter, general and administrative expenses were $15.4
million, up 85.1% and selling and marketing expenses were $40.7
million, up 28.2%.
Acthar is currently under evaluation for amyotrophic lateral
sclerosis (phase II), acute respiratory distress syndrome (phase
II to begin shortly), diabetic nephropathy (phase II - enrolment
expected to be completed in first half of 2014), idiopathic
membranous nephropathy (phase IV) and lupus (phase IV).
Questcor acquired development and commercialization rights to
Synacthen and Synacthen Depot from
) in Jun 2013.
This was a strong quarter for Questcor with demand for Acthar
rising mainly because of expanded commercialization efforts.
Questcor's growth going forward will be driven by increased
penetration of Acthar in current markets, expansion into
additional on-label markets, globalization of Synacthen and
Acthar, development of new indications and markets, and the
appropriate deployment of cash.
Questcor carries a Zacks Rank #3 (Hold). Currently, companies
Isis Pharmaceuticals, Inc.
) look more attractive with a Zacks Rank #1 (Buy).
ACTELION LTD (ALIOF): Get Free Report
ISIS PHARMACEUT (ISIS): Free Stock Analysis
NOVARTIS AG-ADR (NVS): Free Stock Analysis
QUESTCOR PHARMA (QCOR): Free Stock Analysis
To read this article on Zacks.com click here.