Questcor Pharmaceuticals, Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014
Jul 24 14
Questcor Pharmaceuticals, Inc. announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2014. For the quarter, total net sales were $278,830,000 against $184,573,000 a year ago. Income from operations was $147,764,000 against $103,072,000 a year ago. Income before income taxes was $147,598,000 against $103,092,000 a year ago. Net income was $96,436,000 against $69,123,000 a year ago. Diluted income per share was $1.54 against $1.12 a year ago. Adjusted net income was $115,822,000 against $83,323,000 a year ago. Adjusted net income per diluted share was $1.85 against $1.35 a year ago. Adjusted consolidated net sales $278,830,000 against $196,073,000 a year ago. Cash flow from operations was $99 million compared to $82 million a year ago.
For the six months, Total net sales were $505,934,000 against $319,702,000 a year ago. Income from operations was $261,627,000 against $161,419,000 a year ago. Income before income taxes was $260,515,000 against $160,609,000 a year ago. Net income was $170,746,000 against $108,185,000 a year ago. Diluted income per share was $2.75 against $1.79 a year ago. Adjusted net income was $202,083,000 against $128,987,000 a year ago. Adjusted net income per diluted share was $3.25 against $2.13 a year ago. Adjusted consolidated net sales $505,934,000 against $331,202,000 a year ago. Net cash flows provided by operating activities was $205,431,000 against $122,991,000 a year ago. Purchase of property and equipment was $8,266,000 against $1,138,000 a year ago.
Questcor Pharmaceuticals Enters into Collaboration Agreement for Melanocortin Therapeutics
Jun 10 14
Questcor Pharmaceuticals, Inc. has entered into a development collaboration agreement with a European company to develop novel melanocortin peptides. The collaboration includes an option to acquire the technology during clinical development. The agreement includes a technology platform that provides Questcor with a novel library of melanocortin peptides. The company has already conducted initial preclinical evaluation on a number of peptides and from this exercise has selected lead peptides with which to move forward. Unlike Acthar and Synacthen, which are broad-acting melanocortin peptide formulations which bind to all five known melanocortin receptors, the licensed technology platform provides peptides designed to target specific melanocortin receptors that Questcor believes are particularly relevant to autoimmune and inflammatory diseases. Among other key characteristics, the peptides have been designed to minimize activation of the melanocortin 2 receptor in order to limit endogenous cortisol production and related steroid side effects. The company believes this technology platform has extensive and long term intellectual property protection. The company will initially focus on conducting formulation and manufacturing activities involving the lead peptides and performing additional preclinical research in order to match the lead peptides with lead indications for clinical development. Under the terms of the collaboration, Questcor has secured an exclusive worldwide license to the peptides and technology. Questcor will fund the development of the peptides and will have the option to acquire the technology at a later date.
Questcor Pharmaceuticals, Inc. Declares Quarterly Dividend, Payable on July 8, 2014
May 16 14
Questcor Pharmaceuticals, Inc. announced a quarterly dividend, which is scheduled on July 8, 2014. Stockholders of record on July 1, 2014, will be paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 1.38%.