Supernus Announces First Quarter 2022 Financial Results
- First quarter 2022 total revenues of
$152.5 million, a 16% increase compared to first quarter 2021
- First quarter 2022 net earnings and diluted earnings per share (GAAP) were
$25.6 millionand $0.43, respectively
- First quarter 2022 GAAP operating income of
$2.0 million; first quarter 2022 non-GAAP operating income of $28.0 million U.S. Food and Drug Administrationapproved Qelbree® for the treatment of ADHD in adults
- Qelbree continued its growth trajectory, with 47,324 prescriptions in first quarter 2022, a 38% increase compared to fourth quarter 2021
- GOCOVRI® prescriptions in first quarter 2022 reached 10,736, a 23% growth compared to first quarter 2021
Qelbree Launch Update
- Total IQVIA prescriptions were 47,324 in the first quarter of 2022, an increase of 38% compared to total prescriptions of 34,328 in the fourth quarter of 2021. In
March 2022, the most recent month available, total prescriptions reached 18,380.
- Qelbree continues to expand its base of prescribers, with approximately 6,900 prescribers in the first quarter of 2022, up from 5,600 prescribers from the fourth quarter of 2021.
- Continued progress in securing and improving managed care coverage.
- At the end of
April 2022, the U.S. Food and Drug Administration(FDA) approved Qelbree for the treatment of attention-deficit hyperactivity disorder (ADHD) in adults. Supernus is expecting to launch Qelbree for adult patients by the end of May 2022. According to recent IQVIA Xponent® 52-week data, prescriptions for the adult market represented approximately 68% of the total ADHD market.
Product Pipeline Update
SPN-830 (apomorphine infusion device) - Continuous treatment of motor fluctuations (“off” episodes) in Parkinson's disease (PD)
- The Company will continue to work closely with the FDA as it reviews the New Drug Application (NDA) resubmission for SPN-830 for the continuous treatment of motor fluctuations (“off” episodes) in Parkinson’s disease. The Company is preparing for the commercial launch of SPN-830 in the first quarter of 2023, assuming timely approval by the FDA. The FDA has established a PDUFA target action date in early
SPN-820 - Novel first-in-class activator of mTORC1
- The Company continues to enroll patients in a Phase II multi-center, randomized double-blind placebo-controlled parallel design study of SPN-820 in adults with treatment-resistant depression. The study will examine the efficacy and safety of SPN-820 over a course of five weeks of treatment in approximately 270 patients. The primary outcome measure is the change from baseline to end of treatment period on the Montgomery-Asberg Depression Rating Scale (MADRS) Total Score, a standard depression rating scale.
SPN-817 – A novel product candidate for the treatment of epilepsy
- An open-label Phase II clinical study of SPN-817 in patients with treatment-resistant seizures is expected to start in the second half of 2022.
Net Product Sales
For the first quarter 2022, net product sales were
|Net Product Sales||Three Months ended
|($ in millions)||2022||2021||Change %|
|Net Product Sales||$||147.5||$||128.4||15%|
(1) Includes net product sales of MYOBLOC®, XADAGO® and Osmolex ER®.
Operating earnings (GAAP and non-GAAP)
First quarter 2022 operating earnings (GAAP) was
Reconciliation of GAAP to Non-GAAP Adjustments
An itemized reconciliation between operating earnings on a GAAP basis and operating earnings on a non-GAAP basis is as follows:
|(in millions)||Three Months ended
||Three Months ended
|Operating earnings - As Reported (GAAP)||$||2.0||$||13.2|
|Amortization of intangible assets||20.6||6.0|
|Operating earnings - As Adjusted (non-GAAP)||$||28.0||$||25.2|
Non-GAAP operating earnings adjusts for non-cash items including amortization of intangible assets, share-based compensation expense, change in fair value of contingent consideration, and depreciation. Included in the amortization of intangible assets for the first quarter of 2022 is amortization of acquired intangible assets from the Adamas Acquisition in
Net earnings (GAAP)
First quarter 2022 net earnings and diluted earnings per share (GAAP) were
Cash, cash equivalents and marketable securities
Full Year 2022 Financial Guidance (GAAP)
For full year 2022, the Company reiterates its prior financial guidance as set forth below:
|Amount ($ in millions)|
|Total revenues (1)|
|Combined R&D and SG&A expenses|
|Operating earnings (2)|
(1) Includes net product sales and royalty revenue.
(2) Includes amortization of intangible assets and contingent consideration expense (gain).
Full Year 2022 Financial Guidance - GAAP to Non-GAAP Adjustments
An itemized reconciliation between projected operating earnings on a GAAP basis and projected operating earnings on a non-GAAP basis is as follows:
|Amount ($ in millions)|
|Operating earnings - GAAP|
|Amortization of intangible assets|
|Operating earnings - non-GAAP|
Non-GAAP Financial Information
This press release contains a financial measure, non-GAAP operating earnings, which does not comply with
Conference Call Details
Supernus will host a conference call and webcast today,
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:||Supernus Pharmaceuticals First Quarter 2022 Financial Results Conference Call|
Following the live call, a replay will be available on the Company's website, www.supernus.com, under “Investor Relations”.
Our diverse neuroscience portfolio includes approved treatments for epilepsy, migraine, ADHD, hypomobility in PD, cervical dystonia, chronic sialorrhea, dyskinesia in PD patients receiving levodopa-based therapy, and drug-induced extrapyramidal reactions in adult patients. We are developing a broad range of novel CNS product candidates including new potential treatments for hypomobility in PD, epilepsy, depression, and other CNS disorders.
For more information, please visit www.supernus.com.
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 commercialize its products including Qelbree; 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; the Company’s ability to increase the number of prescriptions written for each of its products and the products of Adamas; the Company’s ability to increase its net revenue from its products and the products of Adamas; and other risk factors set forth from time to time in the Company’s filings with the
Condensed Consolidated Balance Sheets
(in thousands, except share data)
|Cash and cash equivalents||$||115,715||$||203,434|
|Accounts receivable, net||145,149||148,932|
|Prepaid expenses and other current assets||22,372||27,019|
|Total current assets||568,516||601,590|
|Long term marketable securities||125,337||119,166|
|Property and equipment, net||17,215||16,955|
|Intangible assets, net||764,049||784,693|
|Liabilities and stockholders’ equity|
|Accounts payable and accrued liabilities||$||89,432||$||117,683|
|Accrued product returns and rebates||140,181||132,724|
|Contingent consideration, current portion||46,890||44,840|
|Other current liabilities||8,055||20,132|
|Total current liabilities||284,558||315,379|
|Convertible notes, net||400,382||379,252|
|Contingent consideration, long term||9,252||35,637|
|Operating lease liabilities, long term||39,891||41,298|
|Deferred income tax liabilities||62,843||85,355|
|Additional paid-in capital||383,016||434,337|
|Accumulated other comprehensive earnings (loss), net of tax||(773||)||1,539|
|Total stockholders’ equity||828,446||815,851|
|Total liabilities and stockholders’ equity||$||1,639,517||$||1,689,152|
Condensed Consolidated Statements of Earnings
(in thousands, except share and per share data)
|Three Months ended
|Net product sales||$||147,464||$||128,381|
|Costs and expenses|
|Cost of goods sold(a)||17,932||14,954|
|Research and development||20,839||34,280|
|Selling, general and administrative||90,459||61,457|
|Amortization of intangible assets||20,644||6,007|
|Contingent consideration expense||665||1,020|
|Total costs and expenses||150,539||117,718|
|Other income (expense)|
|Interest and other income, net||14,698||3,812|
|Total other income (expense)||12,756||(2,285||)|
|Earnings before income taxes||14,723||10,929|
|Income tax benefit (expense)||10,893||(5,235||)|
|Earnings per share|
|Weighted-average shares outstanding|
(a) Excludes amortization of acquired intangible assets
Tel: (301) 838-2591
Office: (443) 213-0505
Mobile: (443) 377-4767
Source: Supernus Pharmaceuticals, Inc.