Supernus Announces Second Quarter 2015 Financial Results
Second quarter product prescriptions totaled 91,324, representing a 99% increase over the same quarter last year and a 16% increase over the first quarter of 2015.
Net product sales for the second quarter of 2015 were
$34.3 million, representing a 24% increase over the same quarter last year and a 22% increase over the first quarter of 2015.
Operating income for second quarter 2015 was
$3.1 million, compared to operating income of $3.8 millionin the same quarter last year.
Regarding SPN-810, the Company met with the
FDAin July, and remains on track to commence Phase III trials in the fourth quarter.
The Company updated its full year 2015 financial guidance for net product sales and operating income by raising the lower end of each range. The revised range is
$135 millionto $140 millionfor net product sales, and $8 millionto $10 millionfor operating income.
Second quarter 2015 product prescriptions for Trokendi XR® and Oxtellar XR® grew by 12,561, or 16%, over the first quarter of 2015, an acceleration in growth as compared to 8,024, or 11%, between the first quarter of 2015 and the fourth quarter of 2014. Second quarter 2015 product prescriptions grew by 99% versus second quarter 2014.
|Prescriptions||Change in Prescriptions|
|Q2 2015||Q2 2015 vs Q1 2015||Q1 2015 vs Q4 2014|
|Trokendi XR||67,981||10,318 / 18%||7,080 / 14%|
|Oxtellar XR||23,343||2,243 / 11%||944 / 5%|
|Total prescriptions||91,324||12,561 / 16%||8,024 / 11%|
|Source: Product prescriptions as reported by Wolters-Kluwer/Symphony|
"Strong growth in product prescriptions in the quarter reflects the solid underlying fundamentals of our epilepsy portfolio and an acceleration of sequential quarterly prescription growth compared to the previous quarter," said
Progress of Product Candidates
The Company's product candidates currently in development, SPN-810 for impulsive aggression in patients who have ADHD and SPN-812 for ADHD, continue to progress on schedule. The Company plans to initiate Phase III clinical testing for SPN-810 during the fourth quarter of 2015.
Regarding SPN-812, the
"As we demonstrated during our Investor Day in June, in addition to continued growth of our commercial products, we have a pipeline of product candidates that uniquely positions us in the CNS space and that is designed to provide us with sustainable long term growth," said
Product Sales and Gross Margin
Net product sales of Oxtellar XR in the second quarter of 2015 were
Gross margin for the second quarter of 2015 was 94.9%.
Research and development expenses in the second quarter of 2015 were
Selling, general and administrative expenses in the second quarter of 2015 were
Operating Income and Earnings Per Share
The Company reported operating income in the second quarter of 2015 of
Diluted earnings per share were
Weighted average diluted common shares outstanding in the second quarter of 2015 were approximately 52.3 million, as compared to approximately 42.4 million in the same period last year.
The Company is updating its full year 2015 financial guidance for both expected net product sales and operating income. The Company expects that net product sales will range from
The Company continues to expect that research and development expenses will increase by greater than 50% in 2015 as compared to 2014 as the Company progresses the development of SPN-810 and SPN-812.
Conference Call Details
The Company will hold a conference call hosted by
Please refer to the information below for conference call dial-in information and webcast registration. Callers should dial in approximately 10 minutes prior to the start of the call.
|Conference dial-in:||(877) 288-1043|
|International dial-in:||(970) 315-0267|
|Conference Call Name:||
Following the live call, a replay will be available on the Company's website, www.supernus.com, under 'Investors'.
This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements do not convey historical information, but relate to predicted or potential future events that are based upon management's current expectations. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. In addition to the factors mentioned in this press release, such risks and uncertainties include, but are not limited to, the Company's ability to sustain and increase its profitability; the Company's ability to raise sufficient capital to fully implement its corporate strategy; the implementation of the Company's corporate strategy; the Company's future financial performance and projected expenditures; the Company's ability to increase the
number of prescriptions written for each of its products; the Company's ability to increase its net revenue; the Company's ability to enter into future collaborations with pharmaceutical companies and academic institutions or to obtain funding from government agencies; the Company's product research and development activities, including the timing and progress of the Company's clinical trials, and projected expenditures; the Company's ability to receive, and the timing of any receipt of, regulatory approvals to develop and commercialize the Company's product candidates; the Company's ability to protect its intellectual property and operate its business without infringing upon the intellectual property rights of others; the Company's expectations regarding federal, state and foreign regulatory requirements; the therapeutic benefits, effectiveness and safety of the Company's product
candidates; the accuracy of the Company's estimates of the size and characteristics of the markets that may be addressed by its product candidates; the Company's ability to increase its manufacturing capabilities for its products and product candidates; the Company's projected markets and growth in markets; the Company's product formulations and patient needs and potential funding sources; the Company's staffing needs; and other risk factors set forth from time to time in the Company's
|Condensed Consolidated Balance Sheets|
|Cash, cash equivalents and marketable securities||
|Accounts receivable, net||17,900||17,270|
|Other current assets||4,457||3,845|
|Total Current Assets||105,740||108,892|
|Long term marketable securities||33,488||19,816|
|Property and equipment, net||2,908||2,448|
|Other long-term assets||12,032||6,352|
|Deferred licensing revenue||143||143|
|Total Current Liabilities||36,414||27,493|
|Deferred licensing revenue, net of current portion||1,202||1,274|
|Convertible notes, net of discount||8,762||26,947|
|Other non-current liabilities||3,355||3,876|
|Total Stockholders' Equity||102,365||71,354|
|Total Liabilities & Stockholders' Equity||
|Consolidated Statements of Operations|
|(in thousands, except share and per share data)|
Three Months ended
Six Months ended
|Net product sales||$ 34,266||$ 27,609||$ 62,363||$ 36,604|
|Costs and expenses|
|Cost of product sales||1,762||1,661||3,380||2,155|
|Research and development||6,878||4,677||10,561||9,159|
|Selling, general and administrative||23,336||19,581||42,737||37,109|
|Total costs and expenses||31,976||25,919||56,678||48,423|
|Operating income (loss)||3,076||3,756||6,507||(9,667)|
|Other income (expense)|
|Interest income and other income||162||85||275||187|
|Changes in fair value of derivative liabilities||1||678||(48)||1,355|
|Loss on extinguishment of debt||(241)||(39)||(2,375)||(1,732)|
|Total other income (expense)||(409)||(554)||(2,860)||(2,675)|
|Earnings (loss) before income taxes||2,667||3,202||3,647||(12,342)|
|Income tax expense||662||--||724||--|
|Net income (loss)||$ 2,005||$ 3,202||$ 2,923||$ (12,342)|
|Income (loss) per common share:|
|Basic||$ 0.04||$ 0.08||$ 0.06||$ (0.30)|
|Diluted||$ 0.03||$ 0.08||$ 0.06||$ (0.30)|
|Weighted-average number of common shares:|
|Summary of Non-GAAP Adjustments|
Three Months ended
|Net product sales||$ 27,609||$ (12,000)||$ 15,609|
Jack A. Khattar, President and CEO Gregory S. Patrick, Vice President and CFO Supernus Pharmaceuticals, Inc.Tel: (301) 838-2591 or INVESTOR CONTACT: Peter Vozzo Westwicke PartnersOffice: (443) 213-0505 Mobile: (443) 377-4767 Email: firstname.lastname@example.org
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