-Expanded Sales Force Drives Record 508 Paid Acthar Prescriptions for MS, up 120% from Year Ago Period and up 44% from Fourth Quarter 2010- -Initial Sales Efforts in Nephrotic Syndrome Deliver Encouraging Results- -Q1 Net Sales a Record $36.8 Million, up 40% from Prior Year Period- -Q1 GAAP Net Income Per Diluted Share $0.17- -Q1 non-GAAP Net Income Per Diluted Share $0.20- -Conference Call Today at 4:30 p.m. ET-
ANAHEIM, Calif., April 26, 2011 /PRNewswire/ -- Questcor Pharmaceuticals, Inc. QCOR today reported financial results for its first quarter ended March 31, 2011. Net sales totaled a record $36.8 million for the quarter compared to $26.2 million for the quarter ended March 31, 2010, and $29.3 million for the quarter ended December 31, 2010.
The Company's financial performance was driven by a 120% year-over-year increase in the number of new paid prescriptions of H.P. Acthar® Gel (Acthar) for the treatment of multiple sclerosis (MS) exacerbations. In the first quarter, paid Acthar prescriptions for the treatment of nephrotic syndrome (NS) increased to 18 while prescriptions for the treatment of infantile spasms (IS) were 89, which is within the historic range for IS.
"Our strategy to expand the sales force is clearly paying off," said Don M. Bailey, President and CEO of Questcor. "Paid MS prescriptions are up sharply from last quarter. March was a particularly strong month and this momentum has continued so far in April. We believe that Acthar is filling an increasingly important role in the treatment of exacerbations associated with MS and, looking forward, we expect to continue to grow sales in this important therapeutic area."
Mr. Bailey added, "We are also encouraged by the early positive results from our small, dedicated nephrology sales team, which initiated selling efforts at the beginning of March. The number of nephrologists who are using Acthar to treat patients with nephrotic syndrome is increasing. In addition, during the second quarter we will initiate a company-sponsored Phase IV trial to study Acthar in the treatment of NS associated with idiopathic membranous nephropathy. Acthar is indicated 'to induce a diuresis or a remission of proteinuria in the nephrotic syndrome without uremia of the idiopathic type or that due to lupus erythematosus'."
Non-GAAP and GAAP Net Income
Non-GAAP net income for the quarter ended March 31, 2011 was $12.8 million, or $0.20 per diluted common share. Non-GAAP net income for the quarter ended March 31, 2010 was $8.6 million, or $0.14 per diluted common share.
On a GAAP basis, net income for the first quarter of 2011 was $11.2 million or $0.17 per diluted common share. Net income for the first quarter of 2010 was $7.9 million, or $0.12 per diluted common share.
The Company believes it is important to share these non-GAAP financial measures with shareholders as they represent the ongoing economics of the business and reflect how we manage the business. Accordingly, management believes investors' understanding of the Company's financial performance is enhanced as a result of our disclosing these non-GAAP financial measures. Non-GAAP net income should not be viewed in isolation, or as a substitute for, or as superior to, reported GAAP net income. The reconciliation between GAAP and non-GAAP net income is provided with the financial tables included with this release.
4:27PM Questcor Pharma beats by $0.03, beats on revs (QCOR) 19.19 +0.21 : Reports Q1 (Mar) earnings of $0.20 per share, $0.03 better than the Thomson Reuters consensus of $0.17; revenues rose 40.5% year/year to $36.8 mln vs the $36 mln consensus. During the first quarter of 2011, Questcor shipped 2,010 vials of Acthar compared to 1,446 vials in the first quarter of 2010.