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Questcor Reports Record Second Quarter Financial Results
Date:7/24/2014

0; The significant increase in net sales was driven by increased prescribing of Acthar by physicians for patients suffering from rheumatoid arthritis, systemic lupus erythematosus, dermatomyositis, polymyositis, nephrotic syndrome, multiple sclerosis exacerbations, infantile spasms and symptomatic sarcoidosis – all FDA-approved indications for Acthar.  BioVectra, the Company's specialty manufacturing subsidiary, had net sales of $17.4 million in the second quarter of 2014, an increase of 131% from $7.5 million in the second quarter of 2013.  This increase was driven by increased demand for BioVectra's specialty pharmaceutical fermentation and synthetic manufacturing capabilities.  GAAP earnings for the second quarter of 2014 were $1.54 per diluted common share, up 37% from the year ago quarter.  Second quarter 2014 non-GAAP earnings per share were $1.85, an increase of 37% from the prior year period.

Net sales for the second quarter of 2013 included the effect of the Company's decision to accrue, based on information received in the quarter, an incremental Medicaid rebate liability of $11.5 million related to Questcor's 2001 entry into the Medicaid system subsequent to Questcor's acquisition of Acthar in 2001. 

Questcor shipped 8,850 vials of Acthar during the second quarter of 2014, which represents a new record for Acthar shipments in a quarter and an increase of 26% from the 7,050 vials shipped in the year ago quarter. Quarterly vial shipments are subject to significant variation due to several factors, including the size and timing of individual orders received from Questcor's distributor.  The timing of when these orders are received and filled can significantly affect net sales and net income in any particular quarter.  The Company believes that investors should consider the Company's results over several quarters when analyzing the Company's performance.

"Acthar prescription activity accelerated
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SOURCE Questcor Pharmaceuticals, Inc.
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