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Questcor Reports Second Quarter Financial Results
Date:7/24/2012

ANAHEIM, Calif., July 24, 2012 /PRNewswire/ -- Questcor Pharmaceuticals, Inc. (NASDAQ: QCOR) today reported financial results for the second quarter and six months ended June 30, 2012.  Three Months

Ended 6/30/12

Three Months

Ended 6/30/11

Percentage

ChangeNet Sales

$112.5 Million

$46.0 Million

145%GAAP Net Income

$41.5 Million

$13.9 Million

199%GAAP EPS

$0.65

$0.21

210%Non-GAAP EPS

$0.69

$0.23

200% Six Months

Ended 6/30/12

Six Months

Ended 6/30/11

Percentage

ChangeNet Sales

$208.4 Million

$82.8 Million

152%GAAP Net Income

$80.0 Million

$25.1 Million

219%GAAP EPS

$1.23

$0.38

224%Non-GAAP EPS

$1.29

$0.43

200%Net sales for the second quarter were $112.5 million, reflecting expanded physician usage of H.P. Acthar® Gel (repository corticotropin injection) in the treatment of serious, difficult-to-treat autoimmune and inflammatory disorders, most notably idiopathic nephrotic syndrome and MS exacerbations.  Net sales in the second quarter 2011 were $46.0 million. 

GAAP net income for the second quarter was $41.5 million or $0.65 per diluted common share, compared to $13.9 million, or $0.21 per diluted common share for last year's comparable quarter.  Non-GAAP net income for the quarter ended June 30, 2012 was $44.2 million or $0.69 per diluted common share. Non-GAAP net income excludes non-cash share-based compensation expense and depreciation and amortization expense. Non-GAAP net income for the year ago quarter was $15.2 million, or $0.23 per diluted common share.

The Company used $156.1 million in cash to repurchase 3,730,069 shares of its c
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SOURCE Questcor Pharmaceuticals, Inc.
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