Supernus Announces Third Quarter 2015 Financial Results and Raises 2015 Guidance
Third quarter product prescriptions totaled 102,831, representing a 78.0% increase over the same quarter last year and a 12.6% increase over the second quarter of 2015.
Net product sales for the third quarter of 2015 were
$38.6 million, representing a 71.7% increase over the same quarter last year and a 12.5% increase over the second quarter of 2015.
Operating income for the third quarter of 2015 was
$4.3 million, compared to an operating loss of $(0.8) millionin the same quarter last year, which excludes the impact of a $30 millionroyalty monetization transaction.
The Company initiated Phase III clinical trials for SPN-810 during the third quarter of 2015 and a Phase IIb clinical trial for SPN-812 during the fourth quarter of 2015.
The Company increased its full year 2015 financial guidance for net product sales and operating income. The revised ranges are
$143 millionto $145 millionfor net product sales and $13 millionto $15 millionfor operating income.
Third quarter 2015 product prescriptions for Trokendi XR® and Oxtellar XR® totaled 102,831, a 78.0% increase over the 57,776 product prescriptions for the third quarter of 2014 and an increase of 12.6% over the 91,324 product prescriptions in the second quarter of 2015.
|Prescriptions||Change in Prescriptions (%)|
|Q3 2015||Q3 15 vs. Q3 14||Q3 15 vs. Q2 15|
Source: Product prescriptions as reported by Wolters-Kluwer/Symphony
"Our commercial team continues to execute very well in growing Trokendi XR and Oxtellar XR, as evidenced by the strong growth in prescriptions and product sales," said
Revenues and Gross Margin
Net product sales of Trokendi XR for the third quarter of 2015 were
Total revenue of
Gross margin for the third quarter of 2015 was 94.2%.
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.
In the third quarter of 2015 the Company filed with the
Regarding SPN-812, a Phase IIb clinical trial was initiated during the fourth quarter of 2015. In addition, the Company started a single-ascending dose study and a multiple-ascending dose study in adult healthy volunteers. Results from these latter studies are expected in the fourth quarter of 2015.
"Our initiation of Phase III clinical trials for SPN-810 represents another major milestone for Supernus, and positions SPN-810 as potentially the first product indicated for impulsive aggression in ADHD for children and adolescents," said
Research and development expenses in the third quarter of 2015 were
Selling, general and administrative expenses in the third quarter of 2015 were
Operating Income and Earnings Per Share
The Company reported operating income in the third quarter of 2015 of
Diluted earnings per share were
Weighted average diluted common shares outstanding in the third quarter of 2015 were approximately 51.6 million, as compared to approximately 50.8 million in the same period last year.
The Company increased 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 expects that expenses will exceed
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 and to add new indications to existing products; 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||23,603||17,270|
|Prepaid expenses and other current assets||6,504||3,845|
|Total Current Assets||102,551||108,892|
|Long term marketable securities||43,967||19,816|
|Property and equipment, net||3,210||2,448|
|Intangible assets, net||16,627||5,434|
|Other non-current assets||415||918|
|Accrued sales deduction||18,820||8,461|
|Deferred licensing revenue||143||143|
|Total Current Liabilities||43,128||27,493|
|Deferred licensing revenue, net of current portion||1,167||1,274|
|Convertible notes, net of discount||8,068||26,947|
|Other non-current liabilities||3,815||3,876|
|Total Stockholders' Equity||109,436||71,354|
|Total Liabilities & Stockholders' Equity||
|Consolidated Statements of Operations|
|(in thousands, except share and per share data)|
Three Months ended
Nine Months ended
|Net product sales||$ 38,551||$ 22,452||$ 100,914||$ 59,056|
|Revenue from royalty agreement||—||30,000||—||30,000|
|Costs and expenses|
|Cost of product sales||2,248||1,321||5,628||3,476|
|Research and development||9,129||4,657||19,690||13,816|
|Selling, general and administrative||22,900||17,343||65,637||54,452|
|Total costs and expenses||34,277||23,321||90,955||71,744|
|Other income (expense)|
|Changes in fair value of derivative liabilities||114||760||66||2,115|
|Loss on extinguishment of debt||(25)||(860)||(2,400)||(2,592)|
|Total other expense||(29)||(1,309)||(2,889)||(3,984)|
|Earnings before income taxes||4,280||27,858||7,927||15,516|
|Income tax expense||58||--||782||--|
|Net income||$ 4,222||$ 27,858||$ 7,145||$ 15,516|
|Income per common share:|
|Basic||$ 0.09||$ 0.65||$ 0.15||$ 0.37|
|Diluted||$ 0.08||$ 0.39||$ 0.15||$ 0.13|
|Weighted-average number of common shares:|
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: email@example.com
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