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Questcor Reports 2010 Financial Results
Date:2/23/2011

In parallel with this NS selling effort, we are currently planning to commence company-sponsored, dose-response clinical trials of Acthar in the treatment of NS, specifically treatment-resistant idiopathic membranous nephropathy (on-label), and diabetic nephropathy (not-on label)."

Net sales increased 13.1 percent during the fourth quarter of 2010, to $29.3 million from $25.9 million in the fourth quarter of 2009.  The Company often receives large orders from its exclusive distributor for Acthar; the timing of these orders at the end of any quarter can significantly affect net sales and net income in any particular quarter. For example, the Company filled an order for 90 vials on the last day of the third quarter of 2010 and received an order for 120 vials on the first day of the first quarter of 2011. For this reason, as well as other factors causing quarter-to-quarter variability in Questcor's operating results, the Company believes that investors should consider net sales and net income over several quarters when analyzing the Company's financial performance. Fourth quarter 2010 operating expenses increased by $4.6 million from the third quarter of 2010 due to the significant expansion of the MS sales force and costs associated with several major conferences and meetings held during the fourth quarter.

GAAP and Non-GAAP Net IncomeNon-GAAP net income for the quarter ended December 31, 2010 was $8.0 million, or $0.12 per diluted common share.  Questcor defines Non-GAAP net income as GAAP net income plus the after-tax impact of the following non-cash items:

  • Beginning in 2011, due to tax law changes, Questcor's California state income taxes will be significantly reduced. Therefore, the Company does not anticipate generating sufficient California state income to be able to utilize its California state net operating loss carry-forward (NOL).  As a result, the Company must establish a valuation allowance with respect to this NOL
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  • SOURCE Questcor Pharmaceuticals, Inc.
    Copyright©2010 PR Newswire.
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    1. Questcor to Report Fourth Quarter and Full Year 2010 Earnings and Conduct Conference Call on February 23, 2011
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    3. Questcor Pharmaceuticals to Present at the 29th Annual J.P. Morgan Healthcare Conference on Monday, January 10, 2011
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