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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. Copyright©2012 PR Newswire. All rights reserved |
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