Questcor Pharmaceuticals, Inc. (NASDAQ: QCOR) announced on July 1, 2008, that the company expects earnings of 9 to 11 cents per share for the second quarter ended June 30, 2008. This would occur if the company can generate revenue of $23 to $24 million for the quarter. Expectations are quite high, as the revenue would have to be nearly 6 times greater than over the second quarter ended June 2007. Revenue is generated mainly through the sale of Questcor's products. The company reports to have shipped 1,560 vials of H.P. Acthar Gel, one of its main products, to distributors over the second quarter.
The company has stated they also increased their cash reserves during the second quarter and had approximately $38 million in cash and marketable securities.
Further, the company initiated a share repurchase program during the second quarter and bought back 1.2 million shares of its common stock for $5.6 million. The company has already spent $22 million through the share repurchase program in 2008, which shows the company's strengthening financial position.
Questcor share price rose 6% over the July 1, 2008, trading session and should be expected to climb higher as the news was announced after trading hours.
The company will release its financial results on July 24, 2008 as well as host a conference call on the same date.
About the company:
Questcor Pharmaceuticals, Inc. operates as a pharmaceutical company. The company markets two main products - H.P. Acthar Gel and Doral as well as engages in the development of new medications. Acthar is used for the treatment of inflammatory component disorders, and Doral is mainly for the treatment of insomnia.
References:
www.questcor.com
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