Questcor Profit Rises, Yet Misses Estimate

(RTTNews) - Questcor Pharmaceuticals Inc (QCOR) Monday reported first-quarter net income of $74 million or $1.20 per share, compared with $39 million or $0.65 per share last year.

Excluding items, adjusted earnings for the quarter were $86.4 million or $1.40 per share, compared with $45.8 million or $0.76 per share a year ago.

On average, six analysts polled by Thomson Reuters projected earnings of $1.61 per share for the quarter. Analysts' estimates typically exclude special items.

Sales for the quarter surged 68% to $227 million from $135 million a year ago. Analysts projected sales of $239.8 million.

Growth was due to the expanded usage of H.P. Acthar Gel (repository corticotropin injection) in multiple therapeutic areas.

Questcor shipped 7,080 vials of Acthar during the quarter, up 47 percent from last year.

Earlier this month, Questcor agreed to be acquired by Mallinckrodt for about $5.6 billion. As per the terms, Questcor shareholders will receive $30.00 per share in cash and 0.897 Mallinckrodt shares for each share of Questcor common stock they own.

Upon the merger, Mallinckrodt shareholders will own about 50.5% and former Questcor shareholders will own nearly 49.5% of the combined company's stock.