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Supernus Pharmaceuticals (SUPN) 4 Nov 24 2024 Q3 Earnings call transcript

AInvestTuesday, Nov 5, 2024 11:38 pm ET
1min read

Strong Performance from Qelbree and GOCOVRI Drives Growth

Supernus Pharmaceuticals reported strong financial results for the third quarter of 2024, with total revenues excluding Trokendi XR and Oxtellar XR increasing by 26% compared to the same period last year. This growth was primarily attributed to the robust performance of Qelbree, with 19% growth in prescriptions and 68% growth in net sales, reaching an approximate annualized run rate of $250 million. Qelbree's success was also reflected in its market share, with IQVIA prescriptions growing by 25% compared to the same period last year, outpacing the ADHD market growth of 9%.

Operating Earnings Growth and Product Pipeline

Supernus Pharmaceuticals also reported a significant increase in operating earnings, with operating earnings on a GAAP basis for the third quarter of 2024 being $40.9 million, a $32.8 million increase compared to the same quarter last year. This growth was driven primarily by an increase in net product sales and a decrease in cost of goods sold and SG&A expenses. The company also announced exciting data from its SPN-820 and SPN-817 studies, highlighting their potential as treatment options for major depressive disorder and treatment-resistant seizures, respectively.

Challenges and Strategic Direction

Despite the challenges posed by the loss of exclusivity on Trokendi XR and Oxtellar XR, Supernus Pharmaceuticals remains optimistic about its future. The company is committed to advancing its product pipeline, including the resubmission of the new drug application for SPN-830, which is expected to be approved by the FDA in the first half of 2025. Supernus is also actively looking for strategic opportunities to further strengthen its future growth and leadership position in CNS.

Looking Ahead

Supernus Pharmaceuticals' strong performance in Q3 2024, coupled with its robust product pipeline and strategic direction, positions the company well for continued growth in the future. With a focus on commercial products and pipeline assets, Supernus is poised to capitalize on opportunities in the CNS market and beyond. As the company navigates the competitive landscape and anticipates the launch of new products, investors and stakeholders can look forward to updates on its progress and future prospects.

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