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Questcor Pharmaceuticals Expands Repurchase Program
Date:5/16/2012

ANAHEIM, Calif., May 16, 2012 /PRNewswire/ -- Questcor Pharmaceuticals, Inc. (NASDAQ: QCOR) announced today that its Board of Directors has increased the Company's common share repurchase program authorization by an additional 5 million shares.

Since the beginning of 2008, the Company has returned $236 million to shareholders through the repurchase of approximately 19.2 million common and preferred shares, representing approximately 27% of its shares as of the commencement of the program.  Including the additional 5 million share authorization and its repurchase activity through May 15, 2012, Questcor now has 5.4 million remaining shares authorized under its repurchase program, representing approximately 9% of the Company's currently outstanding common stock.  As of May 15, 2012, Questcor had 60.2 million common shares outstanding.  On a diluted basis utilizing the treasury method, the Company would have approximately 63.2 million common shares outstanding as of May 15, 2012.

In 2012, the Company has made the following repurchases:

  • 798,285 shares during March 2012
  • 3,025,300 shares from late April through May 15, 2012. This includes 1,012,700 shares since the Company's Form 8-K filing May 8, 2012.

Questcor executives will be meeting with investors at an investor conference on May 16, 2012.  Information regarding the share repurchase program is included in the presentation that will be used at the conference.  The presentation is included as an exhibit to a Form 8-K that the Company is filing this morning with the Securities and Exchange Commission.

"The Company's previous share repurchases have been significantly accretive to earnings per share," said Michael H. Mulroy, Chief Financial Officer of Questcor.  "The most recent repurchases, like those in the past
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SOURCE Questcor Pharmaceuticals, Inc.
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