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

, were driven by our belief that there is a substantial difference between the intrinsic value and the market value of our common stock.  This belief is based on several factors, including the following:

  • Net sales and earnings per share for the quarter ended March 31, 2012 increased by more than 60% over the quarter ended September 30, 2011 – the quarter prior to the initial expansion of our nephrotic syndrome sales force from 5 to 28 Acthar specialists;
  • We have gained greater confidence in the long-term potential for Acthar in the treatment of patients suffering from nephrotic syndrome;
  • We are in the process of further expanding our nephrology and neurology sales forces, and similar expansions in the past have resulted in significant growth in net sales; and
  • We are preparing to launch a pilot effort in rheumatology, a therapeutic area in which Acthar has a number of approved indications with sizeable markets with patients with high unmet needs.

From the beginning of 2008 through May 15, 2012, we have returned approximately 78% of our operating cash flow to shareholders by repurchasing stock at an average price of $12.26 per share.  During that period, we have also been able to fund other important initiatives, including the significant expansion of our research and development activities.  We have also continued our patient-support programs, providing $150 million in free Acthar through March 31, 2012. "

Stock repurchases under this program may be made through open market or privately negotiated transactions in accordance with all applicable laws, rules and regulations. The transactions may be made from time to time and in such amounts as management deems appropriate. The number of shares to be repurchased and the timing of repurchases will be based on several factors, including the price of the Company's common stock, general business and market condi
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SOURCE Questcor Pharmaceuticals, Inc.
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