Supernus Announces Fourth Quarter and Full Year 2013 Results
- Product prescriptions filled at the pharmacy level in the fourth quarter of 2013 increased by 12,527, or more than 100%, as compared to third quarter.
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Full year net revenue for Oxtellar XR,
$11.0 million , exceeded guidance of$8.5 million . -
Operating loss for 2013 was approximately
$61.9 million . -
Full year cash burn of approximately
$67 million better than guidance of$70 million -$75 million .
Business Update
"Physicians continue to recognize the quality-of-life and compliance benefits of Oxtellar XR and Trokendi XR," commented
Over 2,200 target physicians have prescribed Oxtellar XR since its launch in
Both products have strong managed care coverage. For Oxtellar XR, 146.5 million lives are covered (127.2 million commercial; 19.7 million
Our sales force continues to be successful in increasing the number of calls on target physicians, delivering over 10,000 calls in
Revenue and Gross Margin
Net product revenue for the fourth quarter and full year 2013 were
For the fourth quarter of 2013, Oxtellar XR revenue is reported based on contemporaneous shipments to wholesalers, rather than on a 'quarter lag' basis, based on prescriptions filled at the pharmacy level. As a result, reported revenue for Oxtellar XR for the fourth quarter includes prescriptions filled at the pharmacy level during the third and fourth quarters, as well as product in the wholesaler pipeline as of
As reported by IMS-National Prescription Audit, prescriptions for Oxtellar XR during the fourth quarter of 2013 totaled 9,866, representing a 37% increase over the 7,217 total prescriptions filled during the third quarter. This growth was achieved while simultaneously launching Trokendi XR, at which time the sales force was focused primarily on Trokendi XR.
As compared to the third quarter, Trokendi XR prescriptions filled at the pharmacy level during the fourth quarter of 2013, the first full quarter of commercialization, grew by approximately 10,000 prescriptions, (to 11,244), as reported by IMS. Revenue generated by prescriptions filled at the pharmacy level during the fourth quarter will be reported in the first quarter of 2014.
Gross margins for fourth quarter and full-year 2013 were 89.6% and 90.4%, respectively.
Operating Expenses
Selling, general and administrative expenses for the fourth quarter and full year 2013 were
Research and development expenses during the fourth quarter and full-year 2013 were
Net Income and Earnings Per Share
The reported net loss for the fourth quarter and full year 2013 were
The net loss for the fourth quarter and full year 2013 was
As of
Product Candidates
Our product candidates currently in development, SPN-810 for impulsive aggression in patients with ADHD and SPN-812 for ADHD, are progressing on schedule. SPN-810 is being developed in close cooperation with the
Capital Resources and Financial Guidance
As of
During 2014, we project that revenue reporting for Trokendi XR will transition from prescriptions filled at the pharmacy level on a 'quarter lag' basis to contemporaneous revenue recognition based on shipments to wholesalers. Assuming this occurs, our reported total revenue for calendar year 2014 is expected to range from
Conference Call Details
The company will hold a conference call hosted by
| Conference dial-in: | 877-288-1043 |
| International dial-in: | 970-315-0267 |
| Conference ID: | 54977145 |
| 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 "Investor Info".
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 revenues; 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 |
|
|
| Accounts receivable, net | 5,054 | 11 |
| Inventories | 7,152 | 1,152 |
| Other current assets | 2,764 | 1,791 |
| Total Current Assets | 97,161 | 91,462 |
| Property and equipment, net | 2,554 | 1,421 |
| Long term investments | 8,756 | -- |
| Deferred financing costs | 1,005 | 89 |
| Other long-term assets | 1,519 | 1,017 |
| Total Assets |
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| Accounts payable and accrued expenses |
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| Deferred product revenue | 7,882 | -- |
| Deferred licensing revenue | 204 | 508 |
| Secured notes payable, current | -- | 11,809 |
| Total Current Liabilities | 26,400 | 22,983 |
| Deferred licensing revenue, net of current portion | 1,417 | 309 |
| Convertible notes, net of discount | 34,393 | -- |
| Secured notes payable, long-term | -- | 11,088 |
| Other non-current liabilities | 2,677 | 1,788 |
| Derivative liabilities | 12,644 | 251 |
| Total Liabilities | 77,531 | 36,419 |
| Total Stockholders' Equity | 33,464 | 57,570 |
| 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 |
Year ended |
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| 2013 | 2012 | 2013 | 2012 | |
| (unaudited) | (unaudited) | |||
| Revenue | ||||
| Net product sales | $ 10,268 | $ -- | $ 11,552 | $ -- |
| Licensing revenue | 66 | 1,089 | 467 | 1,480 |
| Total revenue | 10,334 | 1,089 | 12,019 | 1,480 |
| Costs and expenses | ||||
| Cost of product sales | 1,066 | -- | 1,104 | -- |
| Research and development | 5,402 | 5,150 | 17,245 | 23,517 |
| Selling, general and administrative | 15,223 | 8,682 | 55,590 | 20,132 |
| Total costs and expenses | 21,691 | 13,832 | 73,939 | 43,649 |
| Operating loss | (11,357) | (12,743) | (61,920) | (42,169) |
| Other income (expense) | ||||
| Interest income and other income (expense), net | 108 | (19) | 400 | 170 |
| Interest expense | (2,107) | (805) | (7,849) | (3,575) |
| Changes in fair value of derivative liabilities | (662) | 55 | (13,354) | (710) |
| Loss on extinguishment of debt | (8,388) | -- | (9,550) | -- |
| Total other (expense) income | (11,049) | (769) | (30,353) | (4,115) |
| Net loss | (22,406) | (13,512) | (92,273) | (46,284) |
| Cumulative dividends on Series A convertible preferred stock | -- | -- | -- | (1,143) |
| Net loss attributable to common stockholders | $ (22,406) | $ (13,512) | $ (92,273) | $ (47,427) |
| Loss per common share: | ||||
| Basic and diluted | $ (0.65) | $ (0.51) | $ (2.90) | $ (2.72) |
| Weighted-average number of common shares: | ||||
| Basic and diluted | 34,647,803 | 26,626,949 | 31,848,299 | 17,440,910 |
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| Reconciliation of Non-GAAP Net Loss | ||
| (in thousands) | ||
| Three Months | Year | |
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ended |
ended |
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| 2013 | 2013 | |
| (unaudited) | ||
| Net loss - GAAP | $ (22,406) | $ (92,273) |
| Changes in fair value of derivative liabilities | (662) | (13,354) |
| Loss on extinguishment of debt | (8,388) | (9,550) |
| Adjusted Net Loss - non-GAAP | $ (13,356) | $ (69,369) |
CONTACT:Jack A. Khattar , President and CEOGregory S. Patrick , Vice President and CFOSupernus Pharmaceuticals, Inc. 301-838-2591 or INVESTOR CONTACT: COCKRELL GROUP 877-889-1972 investorrelations@thecockrellgroup.com cockrellgroup.com
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