Form 10-K Form 20-F Form 11-K Form 10-Q Form 10-D Form N-SAR Form N-CSR
For Period Ended: December 31, 2020
Transition Report on Form 10-K
Transition Report on Form 20-F
Transition Report on Form 11-K
Transition Report on Form 10-Q
Transition Report on Form N-SAR
For the Transition Period Ended: __________
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Nothing in this form shall be construed to imply that the Commission has verified any information contained herein.
|(a)||The reason described in reasonable detail in Part III of this form could not be eliminated without unreasonable effort or expense|
|(b)||The subject annual report, semi-annual report, transition report on Form 10-K, Form 20-F, Form 11-K, Form N-SAR or Form N-CSR, or portion thereof, will be filed on or before the fifteenth calendar day following the prescribed due date; or the subject quarterly report or transition report on Form 10-Q or subject distribution report on Form 10-D, or portion thereof, will be filed on or before the fifth calendar day following the prescribed due date; and|
|(c)||The accountant’s statement or other exhibit required by Rule 12b-25(c) has been attached if applicable.|
|(1)||Name and telephone number of person to contact in regard to this notification|
|James P. Kelly||(301)||838-2500|
|(Name)||(Area Code)||(Telephone Number)|
Have all other periodic reports required under Section 13 or 15(d) of the Securities Exchange Act of 1934 or Section 30 of the Investment Company Act of 1940 during the preceding 12 months or for such shorter period that the registrant was required to file such report(s) been filed? If answer is no, identify report(s). Yes No
Is it anticipated that any significant change in results of operations from the corresponding period for the last fiscal year will be reflected by the earnings statements to be included in the subject report or portion thereof?
If so, attach an explanation of the anticipated change, both narratively and quantitatively, and, if appropriate, state the reasons why a reasonable estimate of the results cannot be made.
As previously disclosed, on June 9, 2020, the Company completed its acquisition of all of the outstanding equity of USWM Enterprises, LLC (“Enterprises”), comprising the entire issued share capital of Enterprises (the “Transaction”). The Form 10-K will reflect the acquisition of Enterprises by the Company. Revenue for the year ended December 31, 2020 consisted of net product sales of $509.3 million and royalty revenue of $11 million. Full year 2020 net product sales increased 33% compared to the same period in 2019 due to higher net product sales of Trokendi XR and Oxtellar XR and the addition of $91 million of net product sales resulting from the acquisition of the CNS portfolio of US WorldMeds pursuant to the Transaction. In addition, selling, general and administrative expenses increased 31% compared to the same period in 2019 primarily due to expenses associated with commercialization efforts related to the Company’s commercial products, including the acquired commercial products from the Transaction and preparations for the launch of SPN-812. Finally, expenses related to the amortization of intangible assets increased by 203% compared to the same period in 2019 primarily due to the amortization of the definite-lived intangible assets acquired in the Transaction.
|Date: March 1, 2021||By:||/s/ James P. Kelly|
|James P. Kelly|
|Executive Vice President and Chief Financial Officer|
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