Supernus Announces First Quarter 2023 Financial Results
- First quarter 2023 total revenues of
$153.8 million, compared to $152.5 millionin first quarter 2022
- Qelbree® net product sales of
$25.8 million, compared to $8.3 million in first quarter 2022
- GOCOVRI® net product sales of
$26.0 million, compared to $22.6 million in first quarter 2022
- Excluding net product sales of Trokendi XR® in both periods, total net product sales increased 25%
- Qelbree® net product sales of
- First quarter 2023 GAAP operating earnings of
$5.2 million, compared to $2.0 millionin first quarter 2022
- First quarter 2023 non-GAAP operating earnings of
$30.5 million, compared to $28.0 millionin first quarter 2022
- Raises full year 2023 GAAP and non-GAAP operating earnings guidance
“We are pleased with the strong revenue and earnings performance despite the entry of generic Trokendi XR in the first quarter of 2023,” said
Qelbree Launch Update
IQVIAprescriptions were 134,530 in the first quarter of 2023, an increase of 14% compared to total prescriptions of 117,635 in the fourth quarter of 2022. In March 2023, the most recent month available, total prescriptions reached 49,789.
- Qelbree continues to expand its base of prescribers, with approximately 19,197 prescribers in the first quarter of 2023, up from 16,822 prescribers from the fourth quarter of 2022.
- As previously disclosed, the Company executed a second significant pharmacy benefit manager contract, effective
January 2023. We continue making progress in securing and improving managed care coverage.
Product Pipeline Update
SPN-830 (apomorphine infusion device) - Continuous treatment of motor fluctuations (“off” episodes) in Parkinson's disease (PD)
April 2023, the Company had a constructive meeting with the U.S. Food and Drug Administration(FDA) to discuss the Complete Response Letter received in October 2022. Based on this meeting, the Company expects to resubmit the New Drug Application for SPN-830 in the fourth quarter of 2023.
SPN-820 - Novel first-in-class activator of mTORC1 for the treatment of treatment-resistant depression
- The Phase II multi-center randomized double-blind placebo-controlled parallel design study of SPN-820 in adults with treatment-resistant depression is ongoing. 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
- The open-label Phase II clinical study of SPN-817 in patients with treatment-resistant seizures is ongoing. Depending on the rate of enrollment, the Company expects to have data in the first half of 2024.
- Supernus will host an R&D Day in
New York Cityin the Fall of 2023. The management team plans to provide an overview of the Company’s pipeline, including SPN-830, SPN-820, SPN-817 and new clinical candidates from the Company’s discovery program. Further details are forthcoming.
For the three months ended
The following table provides information regarding total revenues during the three months ended
|Three Months Ended
|Net product sales|
|Total net product sales||$||140.6||$||147.5||(5)%|
(1) Includes net product sales of MYOBLOC®, XADAGO® and Osmolex ER®.
** Indicates calculation result is greater than 100%.
Operating earnings (GAAP and non-GAAP)
First quarter 2023 operating earnings (GAAP) was
First quarter 2023 adjusted operating earnings (non-GAAP) were
Reconciliation of GAAP to Non-GAAP Adjustments
An itemized reconciliation between operating earnings on a GAAP basis and operating earnings on a non-GAAP basis is as follows (dollars in millions):
|Three Months Ended
||Three Months Ended
|Operating earnings - As Reported (GAAP)||$||5.2||$||2.0|
|Amortization of intangible assets||20.0||20.6|
|Contingent consideration expense (gain)||(1.6||)||0.7|
|Operating earnings - As Adjusted (non-GAAP)||$||30.5||$||28.0|
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.
Net earnings (GAAP)
First quarter 2023 net earnings (GAAP) and diluted earnings per share (GAAP) were
Full Year 2023 Financial Guidance (GAAP)
For the full year 2023, the Company is increasing prior financial guidance for GAAP operating loss and non-GAAP operating earnings, lowering financial guidance for combined R&D and SG&A expenses, and maintaining its financial guidance for total revenues as set forth below (dollars in millions).
|Total revenues (1) (Includes
|Combined R&D and SG&A expenses|
|Operating loss (3)|
(1) Includes net product sales and royalty revenue.
(2) Reflects generic entry on Trokendi XR in 2023.
(3) Includes amortization of intangible assets and contingent consideration expense (gain).
Full Year 2023 Financial Guidance - GAAP to Non-GAAP Adjustments
An itemized reconciliation between projected operating loss on a GAAP basis and projected operating earnings on a non-GAAP basis is as follows (dollars in millions):
|Operating loss - 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,
Participants may also pre-register any time before the call here. Once registration is completed, participants will be provided a dial-in number with a personalized conference code to access the call. Please dial 15 minutes prior to the start time.
Following the live call, a replay will be available on the Company's Investor Relations website www.supernus.com/investors. The webcast will be available on the Company’s website for 60 days following the live call.
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 and the products of its subsidiaries; the Company’s ability to increase its net revenue; the Company’s ability to commercialize its products and the products of its subsidiaries; 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 the intellectual property of its subsidiaries 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 its subsidiaries; the Company’s ability to increase its net revenue from its products and the products of its subsidiaries; and other risk factors set forth from time to time in the Company’s filings with the
|Consolidated Balance Sheets|
|(in thousands, except share data)|
|Cash and cash equivalents||$||58,442||$||93,120|
|Accounts receivable, net||143,568||165,497|
|Prepaid expenses and other current assets||16,299||15,779|
|Total current assets||883,340||734,151|
|Long-term marketable securities||54,157||93,896|
|Property and equipment, net||14,611||15,173|
|Intangible assets, net||682,497||702,463|
|Liabilities and stockholders’ equity|
|Accounts payable and accrued liabilities||$||95,345||$||96,342|
|Accrued product returns and rebates||147,852||151,665|
|Convertible notes, net||402,500||401,968|
|Line of credit||78,363||—|
|Contingent consideration, current portion||—||21,120|
|Other current liabilities||7,485||16,863|
|Total current liabilities||731,545||687,958|
|Contingent consideration, long-term||53,320||33,847|
|Operating lease liabilities, long-term||36,511||35,998|
|Deferred income tax liabilities, net||49,668||49,809|
|Additional paid-in capital||416,232||408,115|
|Accumulated other comprehensive loss, net of tax||(2,329||)||(3,210||)|
|Total stockholders’ equity||912,150||886,204|
|Total liabilities and stockholders’ equity||$||1,791,808||$||1,702,508|
|Consolidated Statements of Earnings|
|(in thousands, except share and per share data)|
|Three Months Ended
|Net product sales||$||140,575||$||147,464|
|Costs and expenses|
|Cost of goods sold(a)||23,460||17,932|
|Research and development||21,212||20,839|
|Selling, general and administrative||85,597||90,459|
|Amortization of intangible assets||19,966||20,644|
|Contingent consideration (gain) expense||(1,647||)||665|
|Total costs and expenses||148,588||150,539|
|Other income (expense)|
|Interest and other income, net||5,346||14,698|
|Total other income (expense)||3,841||12,756|
|Earnings before income taxes||9,017||14,723|
|Income tax benefit||(7,931||)||(10,893||)|
|Earnings per share|
|Weighted average shares outstanding|
(a) Excludes amortization of acquired intangible assets
Tel: (301) 838-2591
Office: (443) 213-0505
Source: Supernus Pharmaceuticals, Inc.