Supernus Announces First Quarter 2015 Financial Results
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Net product sales for the first quarter of 2015 were
$28.1 million , compared to$9.0 million for the same quarter last year. - First quarter product prescriptions totaled 78,763, representing a 146% increase over same quarter last year and an 11% increase over the fourth quarter of 2014.
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Operating income for the first quarter was
$3.4 million and net income was$0.9 million , compared to an operating loss of$(13.4) million and a net loss of$(15.5) million in the same quarter last year. -
The Company submitted the impulsive aggression outcomes and assessment scale it proposes to use in Phase III clinical testing for SPN-810 to the
FDA inApril 2015 . -
The Company reiterates financial guidance for 2015 of net product sales of
$130 million to$140 million and operating income of$6 million to$10 million .
Business Update
First quarter 2015 product prescriptions, as reported by Wolters-Kluwer/Symphony for Trokendi XR®, totaled 57,663, a 187% increase over the 20,094 prescriptions for the first quarter of 2014 and an increase of 14% over the 50,583, prescriptions in the fourth quarter of 2014. Oxtellar XR® prescriptions for the first quarter of 2015 totaled 21,100, a 76% increase over the 11,969 prescriptions for the first quarter of 2014 and an increase of 5% over the 20,156 prescriptions for the fourth quarter of 2014.
Total net product sales for the first quarter of 2015 were
In the fourth quarter of 2014 and first quarter of 2015, net sales results were affected by changes in wholesaler inventory levels and ordering patterns. The Company estimates that inventory levels have been well within industry norm, ranging from 2-4 weeks. Had inventories remained constant through this period, reported net sales would be approximately
"Product prescription growth continued at a strong pace in the first quarter, giving us continued confidence in our 2015 net product sales guidance of
Managed care coverage continues to be strong for both products. Roughly 89% of Trokendi XR and 90% of Oxtellar XR national claims are approved by payors, consistent with prior quarters.
Revenue and Gross Margin
Net product sales for the first quarter of 2015 were comprised of
Gross margin for the first quarter of 2015 was approximately 94.2%.
Operating Expenses
Research and development expenses in the first quarter of 2015 were
Selling, general and administrative expenses in the first quarter of 2015 were
Net Income and Earnings Per Share
The Company reported net income in the first quarter of 2015 of
Weighted average diluted common shares outstanding in the first quarter of 2015 were approximately 44.9 million, as compared to approximately 41.1 million in the first quarter of 2014.
As of
Capital Resources
As of
Financial Guidance
For full year 2015, the Company reiterates its expectation that total net product sales will grow approximately 50% as compared to 2014, ranging from
Research and development expense is expected to increase by over 50% in 2015 as compared to 2014 as the Company progresses the development of SPN-810 and SPN-812.
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.
As previously stated, the Company plans to initiate Phase III clinical testing for SPN-810 during the fourth quarter of 2015. In early
Concerning SPN-812, the Company submitted an Investigational New Drug application for the extended-release formulation to the
As previously disclosed, the Company has scheduled its first "Investor Day", to be held at the
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 ID: | 32101777 |
| Conference Call Name: |
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Following the live call, a replay will be available on the Company's website, www.supernus.com, under 'Investors'.
About
Forward-Looking Statements:
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 achieve 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
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| Condensed Consolidated Balance Sheets | ||
| (in thousands) | ||
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| (unaudited) | ||
| Cash, cash equivalents and marketable securities |
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| Accounts receivable, net | 19,271 | 17,270 |
| Inventories, net | 13,702 | 13,441 |
| Other current assets | 3,696 | 3,845 |
| Total Current Assets | 101,505 | 108,892 |
| Long term marketable securities | 27,315 | 19,816 |
| Property and equipment, net | 2,481 | 2,448 |
| Other long-term assets | 8,336 | 6,352 |
| Total Assets |
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| Accounts payable |
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| Accrued expenses | 25,853 | 25,487 |
| Deferred licensing revenue | 143 | 143 |
| Total Current Liabilities | 26,855 | 27,493 |
| Deferred licensing revenue, net of current portion | 1,238 | 1,274 |
| Convertible notes, net of discount | 11,708 | 26,947 |
| Other non-current liabilities | 2,561 | 3,876 |
| Derivative liabilities | 2,691 | 6,564 |
| Total Liabilities | 45,053 | 66,154 |
| Total Stockholders' Equity | 94,584 | 71,354 |
| Total Liabilities & Stockholders' Equity |
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| Consolidated Statements of Operations | ||
| (in thousands, except share and per share data) | ||
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Three Months ended |
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| 2015 | 2014 | |
| (unaudited) | ||
| Revenue | ||
| Net product sales | $ 28,097 | $ 8,995 |
| Licensing revenue | 36 | 86 |
| Total revenue | 28,133 | 9,081 |
| Costs and expenses | ||
| Cost of product sales | 1,618 | 494 |
| Research and development | 3,683 | 4,482 |
| Selling, general and administrative | 19,402 | 17,527 |
| Total costs and expenses | 24,703 | 22,503 |
| Operating income (loss) | 3,430 | (13,422) |
| Other income (expense) | ||
| Interest income and other income | 113 | 102 |
| Interest expense | (381) | (1,207) |
| Changes in fair value of derivative liabilities | (49) | 677 |
| Loss on extinguishment of debt | (2,134) | (1,693) |
| Total other income (expense) | (2,451) | (2,121) |
| Earnings (loss) before income taxes | 979 | (15,543) |
| Income tax expense | 62 | -- |
| Net income (loss) | $ 917 | $ (15,543) |
| Income (loss) per common share: | ||
| Basic | $ 0.02 | $ (0.38) |
| Diluted | $ 0.02 | $ (0.38) |
| Weighted-average number of common shares: | ||
| Basic | 44,563,299 | 41,129,055 |
| Diluted | 44,901,298 | 41,129,055 |
| Non-GAAP Summary of Differences | |||
| (in millions, unaudited) | |||
| Impact of Change | |||
| in Inventory | |||
| GAAP | Levels | Non-GAAP | |
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Three Months ended |
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| Net product sales | $ 28.1 | $ 2.0 | $ 30.1 |
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Three Months ended |
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| Net product sales | $ 30.5 | $ (2.0) | $ 28.5 |
CONTACT:Jack A. Khattar , President and CEOGregory S. Patrick , Vice President and CFOSupernus Pharmaceuticals, Inc. 301-838-2591 or INVESTOR CONTACT:Peter Vozzo Westwicke Partners Office: 443-213-0505 Mobile: 443-377-4767 Email: peter.vozzo@westwicke.com
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