Supernus Announces Record Fourth Quarter and Full Year 2016 Financial Results
- Fourth quarter 2016 net product sales were
$61.1 million, a 43% increase over 2015.
- Fourth quarter operating income was
$16.3 million, a 107% increase over 2015.
- Fourth quarter diluted earnings per share were
$0.26, an 86% increase over 2015.
- Full year 2016 net product sales were
$210.1 million, a 46% increase over 2015.
- Full year 2016 operating income was
$54.2 million, a 160% increase over 2015.
- Full year 2016 diluted earnings per share were
$1.76compared to $0.28in 2015.
Fourth quarter 2016 product prescriptions for Trokendi XR® and Oxtellar XR®, as reported by IMS, totaled 136,145, a 22.0% increase over the fourth quarter of 2015. Full year 2016 product prescriptions for Trokendi XR and Oxtellar XR totaled 506,542, a 33.9% increase over full year 2015.
|Q4 2016||Q4 2015||Change %||FY 2016||FY 2015||Change %|
Net product sales for the fourth quarter of 2016 were
|Net Product Sales ($mil.)||Net Product Sales ($mil.)|
|Q4 2016||Q4 2015||Change %||FY 2016||FY 2015||Change %|
"2016 was another year of strong commercial performance with full year net product sales growth of 46% and an increase in operating income of 160% over full year 2015," said
Khattar added, "In addition, we continued to vigorously defend our novel products and build upon our strong intellectual property position, as evidenced by the favorable court rulings on Oxtellar XR and the issuance of four
Progress of Product Pipeline
Enrollment continues in both Phase III trials for SPN-810, which is currently in development for Impulsive Aggression in patients aged 6 to 12 years who have ADHD. Steps taken in the second half of 2016 to facilitate identifying, contacting, and prescreening appropriate patients, as well as educating patient caregivers, have increased patient enrollment. In addition, the Company has received
Regarding SPN-812, currently in development for patients aged 6 to 12 years with
ADHD, the Company announced in
"We continued to advance our two late-stage clinical products in 2016, including achieving positive results from our Phase IIb clinical trial for SPN-812 and increasing enrollment during the second half of 2016 in the Phase III clinical trials for SPN-810," said
Shire announced that
Research and development expenses in the fourth quarter of 2016 were
Selling, general and administrative expenses in the fourth quarter of 2016 were
Operating Income, Cash Flows From Operations, and Earnings Per Share
Operating income in the fourth quarter of 2016 was
Diluted earnings per share for the fourth quarter of 2016 were
Weighted-average diluted common shares outstanding were approximately 52.0 million and 51.7 million in the fourth quarter and full year of 2016, respectively, as compared to approximately 51.2 million in each of the respective periods the prior year.
Cash generated from operations for full year 2016 was
For full year 2017, the Company estimates net product sales, R&D expenses and operating income as set forth below:
- Net product sales in the range of
$265 millionto $275 million.
- Research and development expense of approximately
- Operating income in the range of
$75 millionto $80 million. This includes approximately $5 millionof non-cash royalty revenue.
Annual Report on Form 10-K Filing Update
In fiscal year 2016, the Company became a large accelerated filer pursuant to the Securities Exchange Act of 1934. Consequently, the Company has a shortened filing deadline of 60 days rather than
75 days, and is unable to timely file its Annual Report on Form 10-K for the fourth quarter and full year ended
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: 70744734
Conference Call Name: Supernus Pharmaceuticals Fourth Quarter and Full Year 2016 Earnings Conference Call
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; 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
|Consolidated Balance Sheets|
|Cash, cash equivalents and marketable securities||$||90,121||$||62,190|
|Accounts receivable, net||41,527||25,908|
|Prepaid expenses and other current assets||2,955||5,261|
|Total current assets||151,404||105,946|
|Long term marketable securities||75,410||55,009|
|Property and equipment, net||4,344||3,874|
|Deferred legal fees||19,860||22,503|
|Intangible assets, net||16,490||976|
|Other non-current assets||331||318|
|Deferred income tax||41,729||—|
|Accrued sales deductions||41,943||26,794|
|Non-recourse liability related to sale of future royalties, current portion||3,101||497|
|Deferred licensing revenue||209||176|
|Total current liabilities||80,742||56,934|
|Deferred licensing revenue, net of current portion||1,501||1,390|
|Convertible notes, net||4,165||7,085|
|Non-recourse liability related to sale of future royalties, long term||27,289||30,031|
|Other non-current liabilities||4,002||4,325|
|Total stockholders' equity||191,755||88,007|
|Total liabilities and stockholders' equity||$||309,568||$||188,626|
|Consolidated Statements of Operations|
|(in thousands, except share and per share data)|
|Three Months Ended ||Year Ended |
|Net product sales||$||61,100||$||42,612||$||210,078||$||143,526|
|Costs and expenses|
|Cost of product sales||3,771||2,795||11,986||8,423|
|Research and development||13,252||9,445||42,791||29,135|
|Selling, general and administrative||29,055||23,566||106,010||89,063|
|Total costs and expenses||46,078||35,806||160,787||126,621|
|Other income (expense)|
|Interest expense-nonrecourse |
|liability related to sale of future royalties||(984||)||(1,011||)||(4,548||)||(3,541||)|
|Changes in fair value of derivative liabilities||100||127||448||193|
|Loss on extinguishment of debt||(289||)||62||(671||)||(2,338||)|
|Other (expense) income||(13||)||8||(15||)||38|
|Total other expense||(744||)||(815||)||(3,847||)||(6,234||)|
|Earnings before income taxes||15,552||7,066||50,369||14,610|
|Income tax expense (benefit)||1,232||213||(40,852||)||666|
|Income per common share:|
|Weighted-average number of common shares outstanding:|
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: firstname.lastname@example.org
News Provided by Acquire Media