Supernus Pharmaceuticals' Q4 2024: Navigating Contradictions in Qelbree's Market Strategy and Revenue Projections

These are the key contradictions discussed in Supernus Pharmaceuticals' latest 2024Q4 earnings call, specifically including: Qelbree's competitive landscape and pricing expectations, Qelbree's revenue guidance and gross-to-net expectations, and the impact of the FDA's acknowledgement of Qelbree's unique mechanism of action:



Qelbree's Market Performance:
- Qelbree achieved a 25% increase in annual prescriptions and 72% growth in annual net sales in 2024.
- This growth was driven by its robust performance in the ADHD market, outpacing the market's 9% growth, and strong back-to-school momentum.

Aging Product Sales Decline:
- Net sales of Trokendi XR and Oxtellar XR combined were down 22% for the full year 2024.
- The decline is attributed to the entry of generics after the loss of exclusivity for both products.

ONAPGO's Potential Impact:
- The FDA approval of ONAPGO, a novel Parkinson's disease treatment, is expected to launch in Q2 2025.
- This launch is anticipated to leverage Supernus' existing Parkinson's disease sales force and provide incremental growth.

Pipeline and R&D Advancements:
- Supernus received a patent extension for Qelbree to 2025, adding two years to its original patent expiration.
- The company continues to progress pipeline candidates like SPN-817, showing promise in treating resistant seizures, and plans further Phase II studies.