Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
QCOR knocks the ball off the cover again
http://finance.yahoo.com/news/Questcor-Reports-Third-prnews-3231279170.html?x=0&.v=1
Questcor initiated with a Buy at ThinkEquity
Target $40. :theflyonthewall
QCOR had a very strong surge yesterday, especially towards the end of the day. Within a few seconds the stock went from being up $1.15 to $1.80. There appeared to be a very quick surge of buying and it continued as the stock went even higher. $30's are coming soon if the market cooperates.
Very strong. Hopefully some used the recent weakness as a buying opporunity
QCOR's gel sales 800 prescribtion filled.
Questcor: Acthar Gel prescriptions on the rise
Questcor Pharmaceuticals sees Acthar Gel MS prescriptions poised for 3rd-quarter growth
ap
The Associated Press, On Wednesday September 28, 2011, 10:59 am
Questcor Pharmaceuticals Inc. said Wednesday new, paid prescriptions for use of its H.P. Acthar Gel as a multiple sclerosis treatment are expected to more than double in the third quarter.
H.P. Acthar Gel is an injectable drug used to treat flare ups of multiple sclerosis. Questcor said it expects new, paid prescriptions for the full quarter to exceed 850, which represents an increase of more than 160 percent from last year.
Shares of Questcor jumped 9.8 percent, or $2.52, to $28.23 in morning trading, while the Dow Jones industrial average climbed less than 1 percent.
The Anaheim Hills, Calif., company also said vials of Acthar shipped in the quarter are expected to increase 45 percent from last year.
Questcor said the growth in new, paid prescriptions for multiple sclerosis are due to increased productivity from the 77 representatives of its specialty sales force.
Questcor also sells Acthar as a treatment for infantile spasms and the kidney condition nephrotic syndrome. It said its new nephrology sales force has been hired and training will be completed this week.
Last week, Jefferies analyst Biren Amin said in a research note Acthar's next growth wave should come from the nephrotic syndrome market. Amin started coverage of the company with a "Buy" rating.
Questcor plans to release third-quarter results Oct. 25.
Zooming up again +5%
Still undervalued, imo.
Much higher. Listen to the conference call and you will see that the company has barely scratched the surface for the potential size of the market
It will go much higher than $35 as well. I think analysts are just being conservative.
Any clue on where this stock might be headed?
It will go much higher than $35 as well. I think analysts are just being conservative.
Price target $35?
I think it'll pass that shortly.
The stock had a big run prior and i think some were nervous that if numbers were not stellar, the stock would sell off sharply. However, numbers are great and the outlook is fantastic. Another new indication coming online. Company is hitting on all cylinders. Stock is up because people have confirmation this stock is a giant in the making
Surging +6% A/H
Confused why recent pre-release sell-off as I thought everything looked positive. I guess people are a little apprehensive.
Earnings are out
ANAHEIM, Calif., July 26, 2011 /PRNewswire/ -- Questcor Pharmaceuticals, Inc. (NASDAQ:QCOR - News) today reported record net sales for its second quarter ended June 30, 2011 of $46.0 million, up 62% compared to $28.3 million for the year ago quarter. Net income for the quarter rose 49% from the same period one year ago to $13.9 million, or $0.21 per diluted share.
A 147% year-over-year increase in the number of paid H.P. Acthar® Gel (Acthar) prescriptions for the treatment of multiple sclerosis (MS) exacerbations led to increased shipments of Acthar vials. Paid Acthar prescriptions for the treatment of nephrotic syndrome (NS) also increased sharply in the quarter. In addition, paid Acthar prescriptions for the treatment of infantile spasms (IS) were at the highest quarterly level since the third quarter of 2008.
"Clearly, Questcor had a terrific quarter," said Don M. Bailey, President and CEO of Questcor. "Our focus on expanding the use of Acthar in the treatment of MS exacerbations drove our record second quarter financial performance. Importantly, in spite of the rapid expansion in the use of Acthar for MS exacerbations, we believe that the prescriber base can continue to grow. Accordingly, growing MS sales remains our number one priority. Also, following our early success in nephrotic syndrome, we are immediately and substantially expanding our nephrology selling effort."
"To generate data in support of the expanded nephrology selling effort, we recently initiated a company-sponsored Phase IV trial to study Acthar in the treatment of NS associated with idiopathic membranous nephropathy," continued Mr. Bailey. "And, today, we are announcing our fourth on-label target market for Acthar, systemic lupus erythematosus. We believe that this market has many of the same characteristics as our other three vertical markets for Acthar--MS, NS and IS."
"In the second quarter, our Specialty Sales Force of 77 representatives continued to achieve increased acceptance of Acthar among neurologists as a second-line therapy for MS exacerbations, resulting in a significant increase in Acthar prescriptions," commented Steve Cartt, Executive Vice President and Chief Business Officer. "Furthermore, in March 2011, our separate five-person Nephrology Sales Force began promoting Acthar to nephrologists. Based on the encouraging growth in Acthar prescribing by nephrologists in the second quarter, we are immediately expanding this sales team from 5 to 28 representatives. All sales managers in this expanded Nephrology Sales Force have been hired, and the filling of new sales positions is underway. We expect the entire Nephrology Sales Force to be trained and actively promoting Acthar to nephrologists by the end of the third quarter of 2011."
"Importantly, the primary focus for the 77 representatives in our Specialty Sales Force will continue to be MS. However, since Acthar is already considered by most child neurologists to be the treatment of choice for IS, we now feel comfortable significantly reducing the number of sales calls to child neurologists. This reduction will make time available for our Specialty Sales Force to also call on some nephrologists. Through the planned sales call activity of our two sales forces, we expect the total number of target nephrologists that we call on to increase from less than 400 currently to over 3,000 by the end of the third quarter," concluded Mr. Cartt.
Systemic Lupus Erythematosus (SLE)
Questcor announced today that the Company has identified systemic lupus erythematosus (SLE) as the fourth on-label disease state that it believes has strong therapeutic and commercial potential. Questcor's effort to conduct an in-depth exploration of the use of Acthar to treat SLE is underway. Acthar currently has three FDA-approved, on-label indications associated with SLE:
•First, as with MS, Acthar is indicated for use during exacerbations associated with SLE;
•Second, unlike in MS, Acthar is also approved as a maintenance therapy in SLE; and
•Third, Acthar has a kidney related indication for lupus—specifically, for the remission of proteinuria in nephrotic syndrome associated with lupus erythematosus.
Lupus is a chronic autoimmune disease, in which the immune system attacks the body's own cells and tissue. This can result in swollen, painful joints, skin rash, extreme fatigue, unexplained fever, kidney damage, central nervous system effects and other symptoms. Lupus can lead to arthritis, kidney damage, heart and lung inflammation, central nervous system abnormalities, inflammation of the blood vessels and blood disorders. The course of the disease is unpredictable and, not unlike MS, is often referred to as having a relapsing-remitting character, with periods of disease exacerbation alternating with periods of disease remission.
Unfortunately, SLE treatment options are limited. Oral steroids, often used chronically and at high doses, are the most commonly employed therapeutic approach. The Lupus Foundation of America estimates that 1.5 million Americans have lupus, with SLE accounting for approximately 70% of all cases. Questcor is in the process of estimating the subset of this total patient population likely to be appropriate for possible Acthar use.
Importantly, the Company selected SLE as the next target therapeutic and commercial market for Acthar because of the high unmet need for additional treatments in this disease, the serious and difficult-to-treat nature of SLE, the existence of multiple on-label SLE-related Acthar indications, and the relatively large SLE patient population. In addition, there appear to be distinct parallels between the autoimmune disease processes involved with SLE and the emerging understanding of the multiple mechanisms of action associated with Acthar.
Non-GAAP and GAAP Net Income
Non-GAAP net income for the quarter ended June 30, 2011 was $15.2 million, or $0.23 per diluted common share. Non-GAAP net income for the year ago quarter was $9.9 million, or $0.15 per diluted common share.
On a GAAP basis, net income for the second quarter of 2011 was $13.9 million or $0.21 per diluted common share, including non-cash expenses totaling $1.3 million, or $0.02 per diluted share. Net income for the second quarter of 2010 was $9.3 million, or $0.14 per diluted common share.
The Company believes it is important to share these non-GAAP financial measures with shareholders as they may better represent the ongoing economics of the business and reflect how we manage the business. Accordingly, management believes investors' understanding of the Company's financial performance is enhanced as a result of our disclosing these non-GAAP financial measures. Non-GAAP net income should not be viewed in isolation, or as a substitute for, or as superior to, reported GAAP net income. The reconciliation between GAAP and Non-GAAP net income is provided with the financial tables included with this release.
Prescription Trend Information for MS, IS and NS
During the second quarter of 2011, Questcor shipped 2,430 vials of Acthar, up 45% compared to 1,680 vials in the year ago quarter, and up 21% compared to 2,010 vials in the first quarter of 2011. The Company's quarterly vial shipments continue to be subject to significant variation due to the size and timing of individual orders from Questcor's distributor, and the timing of these orders can significantly affect net sales and net income in any particular quarter. 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 the Company's results over several quarters when analyzing the Company's performance.
Because Acthar prescriptions are filled at specialty pharmacies, the Company does not receive complete information regarding either the number of prescriptions or the number of vials by therapeutic area for all of the patients being treated with Acthar. However, Questcor is able to monitor trends in payer mix and areas of therapeutic use for new Acthar prescriptions based on data it receives from its reimbursement support center. Questcor estimates that over 90% of new Acthar prescriptions are processed by this support center, but believes that very few refill prescriptions are processed there.
In an effort to help investors better understand historical trends in sales of Acthar for each of its current three key therapeutic uses, acute exacerbations of MS, NS, and IS, Questcor has grouped new prescriptions processed by its reimbursement center into two groups -- "Paid" and "Fully Rebated." "Paid" prescriptions include those prescriptions for which Questcor retains the full selling price for Acthar, as well as Tricare prescriptions that receive a 24% rebate. "Fully Rebated" prescriptions are those for which Questcor can identify that it has recorded a rebate liability approximately equal to or, for periods prior to the second quarter of 2010, greater than the price charged to its distributor. From time to time during the past two years, the rebate liability for some government insurance programs has shifted between these two categories. Therefore, the prescriptions that fall into the "Paid" and "Fully Rebated" categories have also shifted over time as follows:
"Paid" prescriptions (Rxs) include all prescriptions in the following payer categories:
•Commercial--For all time periods.
•Tricare--For 2008, 2010 and 2011, but not 2009.
•Medicaid Managed Care--For all time periods through March 22, 2010 (see Note 1 below the tables).
"Fully Rebated" prescriptions (Rxs) include:
•Those reimbursed by fee-for-service Medicaid insurance and other state programs eligible for full rebates as Medicaid Waivers Programs for all time periods.
•Tricare--For 2009.
•Medicaid Managed Care--For all time periods beginning March 23, 2010 (see Note 1 below the tables).
The following tables show, for each of the three key Acthar therapeutic uses, the number of new prescriptions shipped grouped into "Paid" and "Fully Rebated":
Multiple Sclerosis (and related conditions) New Rxs
Paid
Year-Over-Year
Growth in Paid Rx
Sequential Growth in Paid Rx
Fully Rebated
Total
2008
Q1-08
24
5
29
Q2-08
35
46%
1
36
Q3-08
51
46%
5
56
Q4-08
69
35%
4
73
Total 2008
179
15
194
2009
Q1-09
78
225%
13%
8
86
Q2-09
124
254%
59%
17
141
Q3-09
141
176%
14%
20
161
Q4-09
213
209%
51%
15
228
Total 2009
556
211%
60
616
2010
Q1-10
231
196%
8%
12
243
Q2-10
304
145%
32%
24
328
Q3-10
323
129%
6%
19
342
Q4-10
354
66%
10%
24
378
Total 2010
1,212
118%
79
1,291
2011
Q1-11
508
120%
44%
49
557
Q2-11
751
147%
48%
58
809
1/1 to 6/30 2011
1,259
135%
107
1,366
Nephrotic Syndrome (and related conditions) New Rxs
Paid
Fully Rebated
Total
2010
Q1-10
11
0
11
Q2-10
4
1
5
Q3-10
8
0
8
Q4-10
7
0
7
Total 2010
30
1
31
2011
Q1-11
18
1
19
Q2-11
45
4
49
1/1 to 6/30 2011
63
5
68
Infantile Spasms (and related conditions) New Rxs
Paid
Fully Rebated
Total
2009
Q1-09
104
75
179
Q2-09
91
68
159
Q3-09
60
58
118
Q4-09
94
45
139
Total 2009
349
246
595
2010
Q1-10
89
48
137
Q2-10
95
66
161
Q3-10
92
78
170
Q4-10
91
68
159
Total 2010
367
260
627
2011
Q1-11
89
71
160
Q2-11
106
79
185
1/1 to 6/30 2011
195
150
345
Notes:
(1) Because the March 2010 health care legislation made Medicaid Managed Care Organization (MCO) prescriptions rebate eligible effective March 23, 2010, a rebate liability for the MCO prescriptions estimated to be filled on or after March 23, 2010 has been accrued. The Company does not have the ability to accurately identify every Medicaid Managed Care prescription so it is possible that some prescriptions identified as "Paid" in the tables may subsequently be reclassified as "Fully Rebated."
(2) "Related Conditions" includes diagnoses that are either alternative descriptions of the medical condition or are closely related to the medical condition which is the focus of the table. For example, a prescription for "demyelinating disease of the central nervous system" would be included as an MS-related condition for purpose of this table. About 5% of the prescriptions in the tables are for related conditions.
(3) A new prescription may or may not represent a new patient or a new therapy for the patient receiving the prescription. Questcor uses business rules to determine whether a prescription should be classified as new for inclusion in this table. From time to time the Company may modify these rules which could cause some changes to the historic numbers in the tables above.
(4) Historical trend information is not necessarily indicative of future results. Additionally, paid prescriptions should not be viewed as predictive of Questcor's net sales due to a variety of factors, including changes in the number of vials used in connection with each prescription.
Cash and Share Repurchase Program
As of July 15, 2011, Questcor's cash, cash equivalents and short-term investments totaled $144 million.
The Company did not repurchase any shares during the second quarter. As of June 30, 2011, Questcor had 62.3 million shares of common stock outstanding, with 4.3 million shares remaining under its common stock repurchase program.
Sales Reserves
Questcor's sales reserves during the quarter ended June 30, 2011, including the Company's reserves for Medicaid rebates, represented 23.5% of Gross Sales of $60.1 million.
As required by federal regulations, Questcor provides rebates to state Medicaid programs for Acthar dispensed to Medicaid patients covered under Medicaid rebate-eligible insurance plans. Since the Company does not receive rebate claims from the various state Medicaid agencies until well after the close of the quarter in which the underlying sales took place, the Company establishes reserves for expected rebate claims on a quarterly basis. As a result of the adoption of health care reform, for periods after March 23, 2010, the Company has also included in this reserve an estimate for the liability due to states related to prescriptions of Acthar for patients covered under state Medicaid Managed Care Organizations (Medicaid MCO), which prescriptions were not previously rebate eligible.
Conference Call Details
The Company will host a conference call and slide presentation via webcast today, July 26, 2011 at 4:30 p.m. ET/ 1:30 p.m. PT, to discuss second quarter 2011 results. Don Bailey, President and Chief Executive Officer, and other members of the management team will host the call.
To participate in the live call by telephone, please dial 877-941-8609 for domestic participants and 480-629-9818 for international participants. Participants are asked to call the above numbers 5-10 minutes prior to the starting time. A real-time listen-only webcast of the conference call including the presentation slides will be accessible at www.questcor.com, in the "Investor Relations" section under "Events & Presentations." If listening via telephone, to view the accompanying presentation slides, navigate to the live webcast as noted above and choose the "No Audio – Slides Only" option to view the slides in conjunction with the live conference call. Listeners should go to the website at least 15 minutes prior to the live conference call to install any necessary audio software.
An audio replay of the call will be available for 7 days following the call. This replay can be accessed by dialing 800-406-7325 for domestic callers and 303-590-3030 for international callers, both using passcode 4455547#. An archived webcast will also be available at www.questcor.com.
About Questcor
Questcor Pharmaceuticals, Inc. is a biopharmaceutical company whose primary product helps patients with serious, difficult-to-treat medical conditions. Questcor's primary product is H.P. Acthar® Gel (repository corticotropin injection), an injectable drug that is approved by the FDA for the treatment of 19 indications. Of these 19 indications, Questcor currently generates substantially all of its net sales from three indications: the treatment of acute exacerbations of multiple sclerosis in adults, the treatment of nephrotic syndrome, and the treatment of infantile spasms in children under two years of age. With respect to nephrotic syndrome, the FDA has approved Acthar to "induce a diuresis or a remission of proteinuria in the nephrotic syndrome without uremia of the idiopathic type or that due to lupus erythematosus." Questcor is also exploring the use of Acthar to treat systemic lupus erythematosus, for which Acthar is approved as both a maintenance therapy and to treat exacerbations. Questcor is also exploring the possibility of developing markets for other on-label indications and the possibility of pursuing FDA approval of additional indications not currently on the Acthar label where there is high unmet medical need. For more information, please visit www.questcor.com.
Note: Except for the historical information contained herein, this press release contains forward-looking statements that have been made pursuant to the Private Securities Litigation Reform Act of 1995. These statements relate to future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology such as "believes," "continue," "could," "estimates," "expects," "growth," "may," "plans," "potential," "should," "substantial" or "will" or the negative of such terms and other comparable terminology. These statements are only predictions. Actual events or results may differ materially. Factors that could cause or contribute to such differences include, but are not limited to, the following:
•Our reliance on Acthar for substantially all of our net sales and profits;
•Reductions in vials used per prescription resulting from changes in treatment regimens by physicians or patient compliance with physician recommendations;
•The complex nature of our manufacturing process and the potential for supply disruptions or other business disruptions;
•The lack of patent protection for Acthar; and the possible FDA approval and market introduction of competitive products;
•Our ability to generate revenue from sales of Acthar to treat on-label indications associated with NS, and our ability to develop other therapeutic uses for Acthar including SLE;
•Research and development risks, including risks associated with Questcor's work in the area of nephrotic syndrome and potential work in the area of SLE, and our reliance on third-parties to conduct research and development and the ability of research and development to generate successful results;
•Regulatory changes or other policy actions by governmental authorities and other third parties in connection with U.S. health care reform or efforts to reduce federal and state government deficits;
•Our ability to receive high reimbursement levels from third party payers;
•An increase in the proportion of our Acthar unit sales comprised of Medicaid-eligible patients and government entities;
•Our ability to estimate reserves required for Acthar used by government entities and Medicaid-eligible patients and the impact that unforeseen invoicing of historical Medicaid prescriptions may have upon our results;
•Our ability to operate within an industry that is highly regulated at both the Federal and state level;
•Our ability to effectively manage our growth, including the expansion of our NS selling effort, and our reliance on key personnel;
•The impact to our business caused by economic conditions;
•Our ability to protect our proprietary rights;
•Our ability to maintain effective controls over financial reporting;
•The risk of product liability lawsuits;
•Unforeseen business interruptions;
•Volatility in Questcor's monthly and quarterly Acthar shipments and end-user demand, as well as volatility in our stock price; and
•Other risks discussed in Questcor's annual report on Form 10-K for the year ended December 31, 2010, and other documents filed with the Securities and Exchange Commission.
The risk factors and other information contained in these documents should be considered in evaluating Questcor's prospects and future financial performance.
Questcor undertakes no obligation to publicly release the result of any revisions to these forward-looking statements, which may be made to reflect events or circumstances after the date of this release.
For more information, please visit www.questcor.com or www.acthar.com.
From several months ago
http://biomedreports.com/2010112360462/questcor-looks-good-for-2011.html#ixzz165COXc7j
It's one of those stocks where people wake up one day to see it at $50 and wonder how they missed it
Damn good stock no exposure thier loss.
Most recent earnings release
http://finance.yahoo.com/news/Questcor-Reports-Record-First-prnews-2866387817.html?x=0&.v=1
QCOR press releases
http://ir.questcor.com/releases.cfm
Recent Investor Presentation
http://wsw.com/webcast/jeff60/register.aspx?conf=jeff60&page=qsc&url=http%3A//wsw.com/webcast/jeff60/qsc/
QCOR - earnings release July 26 at 4:30 PM
{"s" : "qcor","k" : "a00,a50,b00,b60,c10,g00,h00,l10,p20,t10,v00","o" : "","j" : ""} Press Release Source: Questcor Pharmaceuticals, Inc. On Thursday July 7, 2011, 6:30 am
ANAHEIM, Calif., July 7, 2011 /PRNewswire/ -- Questcor Pharmaceuticals, Inc. (NASDAQ:QCOR - News) today announced that it will release second quarter 2011 financial results on Tuesday, July 26, 2011 after the close of the U.S. financial markets. The Company will host a conference call and webcast on Tuesday, July 26, 2011 at 4:30 p.m. Eastern / 1:30 p.m. Pacific to discuss results and highlights of the second quarter, as well as current corporate developments.
Conference call details:
Date:
Tuesday, July 26, 2011
Time:
4:30 p.m. ET
Dial-in (U.S.):
877-941-8609
Dial-in (International):
480-629-9818
Web cast:
www.questcor.com
To access an audio replay of the call:
Replay (U.S.):
800-406-7325
Replay (International):
303-590-3030
Replay Passcode:
4455547
About Questcor
Questcor Pharmaceuticals, Inc. is a biopharmaceutical company whose primary product helps patients with serious, difficult-to-treat medical conditions. Questcor's primary product is H.P. Acthar® Gel (repository corticotropin injection), an injectable drug that is approved by the FDA for the treatment of 19 indications. Of these 19 indications, Questcor currently generates substantially all of its net sales from three indications: the treatment of acute exacerbations of multiple sclerosis in adults, the treatment of infantile spasms in children under two years of age and the treatment of nephrotic syndrome. Specifically with respect to nephrotic syndrome, the FDA has approved Acthar to "induce a diuresis or a remission of proteinuria in the nephrotic syndrome without uremia of the idiopathic type or that due to lupus erythematosus." Questcor is also exploring the possibility of developing markets for other on-label indications and pursuing FDA approval of additional indications not currently on the Acthar label where there is high unmet medical need. Questcor also markets Doral(R) (quazepam), which is indicated for the treatment of insomnia characterized by difficulty in falling asleep, frequent nocturnal awakenings, and/or early morning awakenings. For more information, please visit www.questcor.com.
Expect a nice strong rise. $35-$50 target by the end of the year imo
It's too bad this board is so quiet. QCOR is incredible. The sales should be spectacular. I think someone knows they are great which is why we are seeing such strength
I know. I am very excited with my purchase. Should have bought a long time ago. Oh well.
It's got a long way to go, imo.
Company still has a few more products in the pipeline.
QCOR is a machine. Bought some Monday. Too bad the message board is so quiet.
Up almost 7% - highest ever
Surging well.
Know of any other small-cap companies with orphan drugs?
Man do i love this stock.
5/11/2011: Questcor Discusses ISS Proxy Recommendations; Provides Business Update
Date : 05/11/2011 @ 4:05PM
Questcor Pharmaceuticals, Inc. (NASDAQ: QCOR) today reported that it removed the option re-pricing provision from its Equity Incentive Award Plan.
ISS Proxy Advisory Services ("ISS") has recommended to its clients that they vote at the Company's May 19, 2011 Annual Meeting of Shareholders "Against" the Company's proposal to add shares to its 2006 Equity Incentive Award Plan. ISS indicated that its "Against" recommendation is based in part on the 2006 Plan allowing for the re-pricing of stock options without shareholder approval. The Company has amended the 2006 Plan to remove this provision. ISS has re-published its report reflecting this provision deletion.
ISS also indicated that the number of shares that the Company is requesting causes ISS's self-imposed threshold of 15% (of outstanding shares) to be exceeded. By using the current number of outstanding Questcor shares (62 million), the ISS analysis penalizes Questcor for its shareholder-friendly share repurchase program. The Company has repurchased 15 million shares since early 2008. Had ISS used 77 million shares, the calculated dilution would be much lower.
Additionally, approximately 3.7 million of the Company's outstanding stock options are both vested and deep in-the-money due to the significant increase in its stock price since 2007. In fact, ISS highlights in its report that Questcor shareholders have enjoyed a 70% annualized return over the past five years compared to less than 1% for the Russell 3000.
The Company views the ISS calculation of the dilutive impact of the 2006 Plan as too simplistic, given its lack of consideration for the factors noted above. Adjusting for the Company's repurchase of approximately 15 million common and preferred shares and for the vested, in-the-money options, the Company believes that the model utilized by ISS would calculate dilution of approximately 12%.
"We appreciate ISS pointing out the legacy re-pricing provision in our 2006 Plan as we never considered utilizing the provision and believe the deletion of the provision is in the best interest of the Company's shareholders. Accordingly, we have eliminated the option re-pricing provision which the ISS recommendation refers to," said Don M. Bailey, President and CEO of Questcor. "However, we note that the ISS concern regarding the quantity of options that we are requesting fails to give us appropriate credit for the shares repurchased or take into account the fact that many of our outstanding stock options are vested, deep in-the-money stock options. This concern appears to be the product of an over-simplistic model, as ISS has recommended "For" votes for each of the other proposals in the proxy statement, including the advisory "say-on-pay" proposal."
Mr. Bailey added, "If the "Against" votes exceed the "For" votes by the time voting is complete, the Company would likely view this result as an ISS-driven, unintended consequence of the Company's share repurchase program. This would be especially ironic given both how popular the share repurchase program has been among shareholders and the significantly above-market returns shareholders have generated from the extraordinary efforts of our employees."
"We encourage our shareholders to consider this matter very carefully and form their own opinion regarding the Company's 2006 Equity Incentive Award Plan. We view the Plan as a critical element of our overall compensation structure and do not believe that our ability to incentivize our employees should be negatively impacted by our share repurchase program," Mr. Bailey continued.
Business Update
"Turning to the business, so far in the second quarter, the daily rate for new paid Acthar prescriptions for multiple sclerosis (MS) relapses has increased significantly from the first quarter. In fact, the second quarter's daily rate of new, paid MS prescriptions is slightly higher than the very strong record daily rate seen in the month of March. We are also seeing similar trends in nephrotic syndrome (NS) prescriptions so far in the second quarter. We are continuing to plan the next expansion of our sales effort, with a focus on NS this time. We plan to accomplish this expansion without any decrease in the effort or momentum with MS," concluded Mr. Bailey.
Conference Call Details
The Company will host a conference call tomorrow May 12, 2011 at 1:00 p.m. ET/ 10:00 a.m. PT, to discuss this situation and provide an update on the business. Don Bailey, President and Chief Executive Officer; and other members of the management team will host the call.
To participate in the live call by telephone, please dial 888-549-7880 for domestic participants and 480-629-9678 for international participants. Participants are asked to call the above numbers 5-10 minutes prior to the starting time. The call will also be webcast live at www.questcor.com. An audio replay of the call will be available for 7 days following the call. This replay can be accessed by dialing 800-406-7325 for domestic callers and 303-590-3030 for international callers, both using passcode 4441143#. An archived webcast will also be available at www.questcor.com.
About Questcor
Questcor Pharmaceuticals, Inc. is a biopharmaceutical company whose primary product helps patients with serious, difficult-to-treat medical conditions. Questcor's primary product is H.P. Acthar® Gel (repository corticotropin injection), an injectable drug that is approved by the FDA for the treatment of 19 indications. Of these 19 indications, Questcor currently generates substantially all of its net sales from three indications: the treatment of acute exacerbations of multiple sclerosis in adults, the treatment of nephrotic syndrome, and the treatment of infantile spasms in children under two years of age. With respect to nephrotic syndrome, the FDA has approved Acthar to "induce a diuresis or a remission of proteinuria in the nephrotic syndrome without uremia of the idiopathic type or that due to lupus erythematosus." Questcor is also exploring the possibility of developing markets for other on-label indications and the possibility of pursuing FDA approval of additional indications not currently on the Acthar label where there is high unmet medical need. Questcor also markets Doral® (quazepam), which is indicated for the treatment of insomnia characterized by difficulty in falling asleep, frequent nocturnal awakenings, and/or early morning awakenings. For more information, please visit www.questcor.com.
Note: Except for the historical information contained herein, this press release contains forward-looking statements that have been made pursuant to the Private Securities Litigation Reform Act of 1995. These statements relate to future events or our future financial performance. These statements are only predictions. Actual events or results may differ materially. Factors that could cause or contribute to such differences include, but are not limited to, the following:
Our reliance on Acthar for substantially all of our net sales and profits;
Our ability to generate revenue from sales of Acthar to treat on-label indications associated with NS, and our ability to develop other therapeutic uses for Acthar;
Our ability to effectively manage our growth and our reliance on key personnel;
Volatility in Questcor's monthly and quarterly Acthar shipments and end-user demand, as well as volatility in our stock price; and
Other risks discussed in Questcor's annual report on Form 10-K for the year ended December 31, 2010, and other documents filed with the Securities and Exchange Commission.
For more information, please visit www.questcor.com or www.acthar.com.
SOURCE Questcor Pharmaceuticals, Inc.
The use of the shareholders money to fund the share repurchases has been a benefit for all shareholders, including management, whose ownership interest is impacted by that decision in perfect alignment with its impact on other shareholders.
I believe it is useful to keep the investors and managements interests in proper alignment... so that they always have parallel interest and incentive in enabling benefits for all of those who are shareholders.
I agree with the ISS analysis and will vote against approval, in part because of the obviously disingenuous presentation seeking to convince investors to ignore that the buy back, which benefits management as shareholders, means fewer shares will represent a larger percentage of the company...
The proper perspective when considering dilution in option awards... is that focus on the % of the company being considered in allocation for that purpose. The change in numbers of shares as explained by the company, is a canard, and I resent the implication in the company filing suggesting investors are stupid enough to buy their ignorant explanation.
If we're not going to deal with the subject honestly... I think we should not deal with it at all... until management are willing to discuss it honestly.
I guess I haven't bothered swinging by Yahoo or any of the other boards to see what the flame wars that were going on there back in the day... look like now that the price predictions I'd made back then have been realized... and more.
Anyone here done the math to figure out what the recent trading means in terms of what the market is predicting re the full results... that have yet to be published... still 12 days out ?
I also find it pretty interesting that there were raging discussions re QCOR back around the time of the initial move up to $4, and around the time of the uplisting and change of symbol when they moved to the NASDAQ...
But, here you see there is a big move from $14 to $19 in less than a WEEK... really a huge one day move... and it isn't even hardly worth bothering to MENTION it ?
LOL!!!
That's all an assumption.
But yes, everyone and everything has a purpose when it comes to money, people don't do things for "free".
No, no surprise at all.
And still you see people here who think "things are completely different" in stocks that are not trading as pinks or on the OTCBB ? As if the market where a stock trades really has any real and persistent impact on the things that really do matter most... in terms of exercising "CONTROL" over the market functions, so that the market can "prevent" realizing value ?
You think an article like that in Barron's ISN'T paid for "bashing" by big market players, generated for purpose to "bash" a good stock... intending to influence prices and trading in a way that postures exactly the OPPOSITE of what the author of the article or his sponsors believes... exactly the same way that penny stocks that some want to get more of "on the cheap" will tend to get "bashed" here on IHub, or on any of the other stock "discussion" boards ?
The market behaviors you see... exist for a reason... and they really don't tend to vary all that much from market to market... other than in the level of "confidence" the market movers are able to impose to dull the awareness of the masses of participants in those markets...
Face it... the markets are all basically just "confidence" games... no different there than in the pinks and OTCBB... and the qualification of the "larger" markets as "safe for the average Joe" doesn't mean they are any LESS manipulated... rather than "more dependent on sustaining" the confidence game ?
I do appreciate you noting the Barron Article, which I'd missed...
LOL!!! Holy crap... just hadn't been paying attention here that closely... and suddenly note our baby QCOR is now trading up at over $19 a share ? Yee haw... Wonder what the full earnings report will show ?
Questcor new Athcar prescriptions double in 1Q
Questcor Pharmaceuticals' Athcar prescriptions double in the 1st-quarter; shares surge
Related Quotes
Symbol Price Change
QCOR 18.20 +3.28
On Tuesday April 5, 2011, 1:11 pm
ANAHEIM, Calif. (AP) -- Shares of Questcor Pharmaceuticals Inc. jumped Tuesday after the company said new prescriptions of its key multiple sclerosis drug Athcar more than doubled for the first quarter from a year earlier.
THE SPARK: Late Monday, the company said new prescriptions of Athcar were greater than 500, and it now expects to report first-quarter revenue of about $48.6 million, well above $34.3 million in sales expected by analysts polled by FactSet.
Athcar, which costs $23,000 per vial, was initially approved in 1952 to treat flare-ups with multiple sclerosis, an autoimmune disorder that affects the central nervous system.
In 2010, it was approved to treat infantile spasms, a rare condition that affects about 2,000 American children annually. Those infantile spasm patients are generally covered by Medicaid, which is the federal-state program that helps cover care for the needy, aged, blind and disabled.
The BIG PICTURE: The company said Medicaid and other sales reserves "continue to appear to be adequate," based on invoices received. That's a turnaround from February, when shares of the company's stock dipped over market concerns that the company might not have the reserves to cover a potential rebate request from the government. At the time, the company said it started building reserves to account for rebates in March of 2010.
The company expects to report quarterly operating expenses of $16 million to $18 million. It said it $122 million in cash, cash equivalents and short-term investments as of March 31.
"The strong performance we saw late in the fourth quarter of 2010 has continued in the first quarter of 2011 and was driven by the increasing productivity of our recently expanded Acthar sales force," President and CEO Don M. Bailey said in the company's Monday statement.
Questcor plans to report its first-quarter results April 26.
SHARE ACTION: The stock surged $3.33, or 22.3 percent, to $18.25 in afternoon trading. The shares earlier reached $18.50, their highest point in a decade.
Killer day, killer news.
And this company continues buybacks, incredible.
Late Monday, Questcor released preliminary first-quarter sales figures ahead of an investment presentation scheduled for Tuesday.
Questcor said that new, paid prescriptions for its drug Acthar for the treatment of the exacerbations of multiple sclerosis jumped 115% from the year-ago period and 40% from the previous quarter.
Questcor’s gross sales for the quarter were $48.6 million. The company will release its full earnings report on April 26.
A look at Questcor's last Q and questions on revenue calculations:
http://whengeniusprevailed.com/small-company-update-a-quest-to-understand-questcor-qcor/
Bottoms up,
Money McBags
Pretty funny...
Back when I was first posting here, saying that QCOR was heading to $15... no one at Barron's would ever have cared about it enough to waste the ink...
Good time to get in.
Barron's just happened to release a negative article about QCOR only 2 weeks prior to quarter and annual 2010 results on FEB 23rd.
A little too convenient in timing, imo.
Hopefully You Stuck in here good things happening here!
Followers
|
24
|
Posters
|
|
Posts (Today)
|
0
|
Posts (Total)
|
407
|
Created
|
04/30/09
|
Type
|
Free
|
Moderators |
At Questcor, we are a biopharmaceutical company whose products help patients with serious, difficult-to-treat medical conditions. Our efforts are currently focused on the fields of neurology and nephrology, areas of medicine which have significant unmet medical needs.
Our highly experienced Sales and Marketing teams are presently focused on increasing the usage of our primary marketed product, Acthar, among specialists who treat patients with multiple sclerosis, infantile spasms and nephrotic syndrome. In addition, our Medical Affairs personnel are working with leading researchers to explore promising additional uses for this important product in a variety of other conditions.
How we implement our business strategy:
Volume | |
Day Range: | |
Bid Price | |
Ask Price | |
Last Trade Time: |