Questcor Pharmaceuticals, Inc. reported unaudited consolidated results for the first quarter ended March 31, 2013. Net sales for the first quarter of 2013 were $135.1 million. Year-over-year net sales grew 41% from $96.0 million in the first quarter of 2012. Net sales growth was driven by the expanded usage of H.P. Acthar Gel (repository corticotropin injection) by nephrologists in the treatment of nephrotic syndrome and by rheumatologists in the treatment of dermatomyositis, polymyositis, systemic lupus erythematosus, and rheumatoid arthritis, as well as continued prescribing by neurologists in the treatment of multiple sclerosis (MS) exacerbations and infantile spasms. Net sales in the first quarter of 2013 were negatively impacted by the effects of several transitional events, including: distribution channel disruptions associated with implementing the Medicaid rebate change, the timing of Acthar orders that were received and filled at the end of fourth quarter 2012 and the introduction of a new reimbursement support center. Net income was $39 million against $38.5 million of prior year period. GAAP earnings for the first quarter of 2013 were $0.65 per diluted common share, compared to $0.58 per diluted common share for last year's comparable quarter. Non-GAAP earnings for the quarter ended March 31, 2013 were $0.76 per diluted common share and exclude non-cash share-based compensation expense, impairment of purchased technology, foreign currency transaction losses, interest expense related to contingent consideration in conjunction with acquisition of BioVectra, non-cash compensation expense and depreciation and amortization expense. Non-GAAP earnings for the year ago quarter were $0.61 per diluted common share. Income before income taxes was $57.5 million against $57.6 million of prior year period. Net cash flows provided by operating activities were $41.5 million against $40.9 million of prior year period. Purchase of property and equipment was $562,000 against $302,000 of prior year period. Return on equity was 87.4% for the first quarter. The company issued its second quarter cash dividend of $0.25 per share to all shareholders of record at the close of business on April 22, 2013. The dividend is scheduled to be paid on or about April 30, 2013. The company announced impairment of purchased technology of $719,000 for the first quarter ended March 31, 2013.

Questcor Pharmaceuticals, Inc., Q1 2013 Earnings Call, Apr 30, 2013

Questcor Pharmaceuticals, Inc. announced that they will report Q1, 2013 results After-Market on Apr 30, 2013