Questcor tumbles as NY Attorney's Office joins Pennsylvania investigation

|By:, SA News Editor

Questcor's (QCOR) Q3 results come in ahead of estimates as sales rise 68% Y/Y to $236.3M.

Acthar shipments for the quarter rise 45% on year to 8,132 vials. CEO Don Bailey says the strong Q3 growth was driven by "continued increase in Acthar usage among both rheumatologists and nephrologists." Investors will recall Mizuho's prediction that Acthar sales would hit $219-242M versus consensus of $195M.

New paid prescriptions rose 30% for the period to ~2,500. (PR)

Despite the solid results for Acthar, QCOR is off 10% AH as investors learned on the CC that the U.S. Attorney's Office for the Southern District of New York and the L.A. SEC Office have joined the investigation by the U.S. Attorney's Office for the Eastern District of Pennsylvania.