Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - QUESTCOR PHARMACEUTICALS INC | d8k.htm |
| EX-99.1 - PRESS RELEASE - QUESTCOR PHARMACEUTICALS INC | dex991.htm |
| EX-99.2 - TRANSCRIPT OF CONFERENCE CALL - QUESTCOR PHARMACEUTICALS INC | dex992.htm |
 1
1
NASDAQ:
QCOR
NASDAQ:
QCOR
Second Quarter Conference Call
Second Quarter Conference Call
Exhibit 99.3 |
 2
•
The release, presentation slides, and replay webcast
are available at www.questcor.com. The
presentation slides and replay webcast will be
accessible in the "Investor Relations" section under
"Events & Presentations."
•
To access an audio replay of the call:
–
U.S.: 800-406-7325
–
International: 303-590-3030
–
Replay Passcode: 4455547
•
The release, presentation slides, and replay webcast
are available at www.questcor.com. The
presentation slides and replay webcast will be
accessible in the "Investor Relations" section under
"Events & Presentations."
•
To access an audio replay of the call:
–
U.S.: 800-406-7325
–
International: 303-590-3030
–
Replay Passcode: 4455547
Conference Call Logistics
2 |
 3
Safe Harbor Statement
Note: Except for the historical information contained herein, these slides contain
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; the complex nature of our
manufacturing process, our reliance on sole source manufacturers, 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
nephrotic syndrome, and our ability to develop other therapeutic uses for Acthar; research and
development risks, including risks associated with Questcor's preliminary work in the
area of nephrotic syndrome 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
as recently adopted U.S. health care reform legislation is implemented; 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 sales 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 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.
|
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•
751 paid MS scripts
–
Up 147% YOY
–
Up 48% sequentially
•
45 paid NS scripts
–
Much better than expected
•
Record financial performance
–
2,430 vials
–
$46.0M in net sales
–
$0.21 EPS
•
Lupus announced as next vertical market
•
751 paid MS scripts
–
Up 147% YOY
–
Up 48% sequentially
•
45 paid NS scripts
–
Much better than expected
•
Record financial performance
–
2,430 vials
–
$46.0M in net sales
–
$0.21 EPS
•
Lupus announced as next vertical market
QCOR Had a Record Second Quarter |
 5
MS Sales -
Record of Consistent
Growth
New Paid Rxs
New Paid Rxs
Notes: Historical trend information is not necessarily indicative of future results.
Chart includes "Related Conditions" - diagnoses that are
either alternative descriptions of the condition or are closely related to the medical
condition which is the focus of the chart. 77
15
30
38
Yellow numbers in the bars show the number of MS sales
people making calls at the end of the quarter.
8 |
 6
0
50
100
150
200
250
300
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
10,000
MS Paid/Shipped RX's
MS Calls
Strong Correlation-Sales Calls vs. Rxs
*MS call data approximate |
 7
NS Sales –
Off to a Good Start
New Paid Rxs
New Paid Rxs
Notes: Historical trend information is not necessarily indicative of future results.
Chart includes "Related Conditions" - diagnoses that are
either alternative descriptions of the condition or are closely related to the medical
condition which is the focus of the chart. Yellow numbers in the bars
show the number of NS sales people making calls at the end of the
quarter. |
 8
•
High unmet need
•
Serious Health risk if unsuccessfully treated
•
Difficult to treat
•
Multiple on-label indications for Acthar
–
Exacerbations
–
Maintenance therapy
–
Lupus nephritis
•
Large patient population
•
High unmet need
•
Serious Health risk if unsuccessfully treated
•
Difficult to treat
•
Multiple on-label indications for Acthar
–
Exacerbations
–
Maintenance therapy
–
Lupus nephritis
•
Large patient population
Systemic
Lupus
Erythematosus
(Lupus) |
 9
MS Sales -
Record of Consistent
Growth
New Paid Rxs
New Paid Rxs
Notes: Historical trend information is not necessarily indicative of future results.
Chart includes "Related Conditions" - diagnoses that are
either alternative descriptions of the condition or are closely related to the medical
condition which is the focus of the chart. 77
15
30
38
Yellow numbers in the bars show the number of MS sales
people making calls at the end of the quarter.
8 |
 10
NS Sales –
Off to a Good Start
New Paid Rxs
New Paid Rxs
Notes: Historical trend information is not necessarily indicative of future results.
Chart includes "Related Conditions" - diagnoses that are
either alternative descriptions of the condition or are closely related to the medical
condition which is the focus of the chart. 5
Yellow numbers in the bars show the number of NS sales
people making calls at the end of the quarter. |
 11
•
Specialty Sales Force
–
Main focus on MS (~80%), 15% on NS, 5% on IS
–
77 representatives, 13 regional managers, one national director
•
Nephrology Sales Force
–
Focus 100% on Nephrotic syndrome
–
28 representatives, 4 regional managers, one national director
•
Combined Forces will be calling on
–
>4,000 neurologists
–
>3,000 nephrologists
–
about 100 key children’s hospitals
•
Specialty Sales Force
–
Main focus on MS (~80%), 15% on NS, 5% on IS
–
77 representatives, 13 regional managers, one national director
•
Nephrology Sales Force
–
Focus 100% on Nephrotic syndrome
–
28 representatives, 4 regional managers, one national director
•
Combined Forces will be calling on
–
>4,000 neurologists
–
>3,000 nephrologists
–
about 100 key children’s hospitals
Total Acthar Sales Force |
 12
•
Treatment Resistant Idiopathic Membranous
Nephropathy
•
Dose response trial
–
Randomized, double blinded 3 arm study with 2 different dosage
regimens of Acthar and placebo
–
n=84 (approximate), 35 centers (approximate)
–
Endpoint is reduction of proteinuria
•
Trial milestones
–
First patient dosed any day now
–
“First look”
data available late 2012
–
Final reporting mid 2013
•
Treatment Resistant Idiopathic Membranous
Nephropathy
•
Dose response trial
–
Randomized, double blinded 3 arm study with 2 different dosage
regimens of Acthar and placebo
–
n=84 (approximate), 35 centers (approximate)
–
Endpoint is reduction of proteinuria
•
Trial milestones
–
First patient dosed any day now
–
“First look”
data available late 2012
–
Final reporting mid 2013
NS Phase IV Company Sponsored
Study |
 13
Q2-2011 Financial Results
Net Sales ($M)
Net Sales ($M)
Gross Margin
Gross Margin
Operating Income ($M)
Operating Income ($M)
Fully Diluted, GAAP EPS
Fully Diluted, GAAP EPS
$46.0
$46.0
94%
94%
$20.4
$20.4
$0.21
$0.21
$28.3
$28.3
93%
93%
$14.3
$14.3
$0.14
$0.14
Q2-2011
Q2-2011
Q2-2010
Q2-2010
Record Sales (up 62%) and Solid Earnings (EPS up 50%)
Record Sales (up 62%) and Solid Earnings (EPS up 50%)
•
Second quarter vials shipped: 2,430
•
Medicaid reserves continue to appear adequate
•
No shares repurchased |
 14
Questcor is Cash Flow Positive
*After return of $78 million of cash to shareholders through
share repurchases.
Cash / ST Investments
Cash / ST Investments
Accounts Receivable
Accounts Receivable
$144M*
$144M*
$20M
$20M
7/15/11
7/15/11 |
 15
Second Quarter Summary |
 16
16
NASDAQ:
QCOR
NASDAQ:
QCOR
Second Quarter Conference Call
Second Quarter Conference Call |