Supernus Announces Second Quarter 2020 Financial Results
- Total revenue of
$126.7 million, including net product sales of $89.7 millionfor Trokendi XR®, $23.7 millionfor Oxtellar XR®, and $10.6 millionfor the acquired Parkinson’s disease (PD) products
- Operating earnings of
- Completed acquisition of CNS portfolio of
US WorldMedson June 9, 2020
- Executed a Development and Option Agreement with
Navitor Pharmaceuticals, Inc.on SPN-820 (NV-5138)
- On track to launch SPN-812, if approved by the FDA, with shipments to the trade in
- Topline data for the Phase III SPN-812 trial in adult patients expected in first quarter 2021
- Updated full year 2020 financial guidance, reflecting acquisition of PD products as of
June 9, 2020: net product sales ranging from $460 millionto $500 million; operating earnings ranging from $90 millionto $110 million.
Second quarter 2020 net product sales of
|Net Product Sales
($ in millions)
|Q2 2020||Q2 2019||Change %|
1 Net product sales from
Corporate and Product Pipeline Update
SPN-812 - Novel non-stimulant for the treatment of ADHD in children and adults
- The Company continues to prepare for the commercial launch of SPN-812, with shipments to the trade in
December 2020. The Company remains engaged with the U.S. Food and Drug Administration(FDA) regarding its New Drug Application (NDA) for the treatment of ADHD. The NDA Prescription Drug User Fee Act (PDUFA) target action date is November 8, 2020.
- Recruitment has resumed in the Phase III program in adult patients, after being put on hold in
March 2020due to the impact of the COVID-19 pandemic. The trial is expected to complete enrollment this year, with topline data expected in the first quarter of 2021.
SPN-830 (Apomorphine infusion pump) - continuous treatment of motor fluctuations (“on-off” episodes) in PD
- NDA submission is expected in the fourth quarter of 2020, with launch, if approved by the FDA, in the second half of 2021.
SPN-820 – novel first-in-class activator of mTORC1
- Preclinical and development activities are ongoing, with the initiation of the Phase II clinical program in patients with treatment-resistant depression targeted for the second half of 2021.
Research and development (R&D) expenses in the second quarter of 2020 were
Selling, general and administrative (SG&A) expenses in the second quarter of 2020 were
Operating Earnings and Earnings Per Share
Operating earnings (GAAP) in the second quarter of 2020 were
Net earnings (GAAP) in the second quarter of 2020 were
Weighted-average diluted common shares outstanding were approximately 53.6 million for the second quarter of 2020, as compared to approximately 53.9 million for the prior year period.
Balance Sheet Highlights
Guidance was suspended in
- Net product sales to range from
$460 millionto $500 million, including approximately $80 millionfrom the PD products.
- Gross margins of approximately 90%.
- R&D expenses of approximately
- Selling, general and administrative expenses to range from
$240 millionto $250 million.
- Operating earnings (GAAP) to range from
$90 millionto $110 million, which includes amortization of intangible assets of approximately $15 million.
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 Call Name:||Supernus Pharmaceuticals Second Quarter 2020 Earnings Conference Call|
Following the live call, a replay will be available on the Company's website, www.supernus.com, under “Investor Relations”.
APOKYN Pen and the apomorphine infusion pump product candidate licensed from
XADAGO is licensed from
All trademarks are the property of their respective owners.
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 filings with the
Condensed Consolidated Balance Sheets
(in thousands, except share data)
|Cash and cash equivalents||$||210,975||$||181,381|
|Accounts receivable, net||126,559||87,332|
|Prepaid expenses and other current assets||20,442||11,611|
|Total current assets||557,153||472,644|
|Long term marketable securities||358,673||591,773|
|Property and equipment, net||17,941||17,068|
|Operating lease assets||21,289||21,279|
|Finance lease asset||22,479||—|
|Intangible assets, net||408,272||24,840|
|Deferred income tax assets||—||32,063|
|Liabilities and stockholders’ equity|
|Accrued product returns and rebates||144,105||107,629|
|Accrued expenses and other current liabilities||58,818||34,305|
|Contingent consideration, current portion||23,500||—|
|Income taxes payable||25,052||2,443|
|Operating lease liabilities, current portion||3,560||2,825|
|Finance lease liability, current portion||4,201||—|
|Nonrecourse liability related to sale of future royalties, current portion||4,525||3,244|
|Total current liabilities||269,276||160,587|
|Convertible notes, net||353,349||345,170|
|Contingent consideration, long term||92,200||—|
|Nonrecourse liability related to sale of future royalties, long term||16,455||19,248|
|Operating lease liabilities, long term||30,108||30,440|
|Finance lease liability, long term||18,382||—|
|Deferred income tax liabilities||35,716||—|
|Additional paid-in capital||398,829||388,410|
|Accumulated other comprehensive earnings, net of tax||11,359||7,417|
|Total stockholders’ equity||665,974||595,428|
|Total liabilities and stockholders’ equity||$||1,491,020||$||1,160,282|
Condensed Consolidated Statements of Earnings
(in thousands, except share and per share data)
|Three Months ended
||Six Months ended
|Net product sales||$||123,984||$||102,358||$||216,474||$||185,457|
|Costs and expenses|
|Cost of goods sold(a)||8,386||4,044||12,538||7,728|
|Research and development||22,247||16,970||41,184||32,364|
|Selling, general and administrative||48,103||39,777||89,717||79,439|
|Amortization of intangible assets||2,445||1,306||3,706||2,612|
|Total costs and expenses||81,181||62,097||147,145||122,143|
|Other income (expense)|
|Other income, net||3,326||89||3,528||90|
|Total other income (expense)||1,662||148||1,684||(1,041||)|
|Earnings before income taxes||47,210||42,746||76,244||66,985|
|Income tax expense||12,543||10,019||20,059||15,918|
|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.