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Supernus Announces Fourth Quarter and Full Year 2023 Financial Results | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
By: GlobeNewswire - 27 Feb 2024 | Back to overview list |
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___________________________________________ ROCKVILLE, Md., Feb. 27, 2024 (GLOBE NEWSWIRE) -- Supernus Pharmaceuticals, Inc. (Nasdaq: SUPN), a biopharmaceutical company focused on developing and commercializing products for the treatment of central nervous system (CNS) diseases, today announced financial results for the fourth quarter and full year of 2023 and associated Company developments. “Our performance in 2023 underscores our strong execution, with combined full year 2023 net sales of $259.8 million for our growth products, Qelbree and GOCOVRI, which far exceeded the decline in net sales of Trokendi XR. Furthermore, that represents 57% growth compared to full year 2022" said Jack Khattar, President and CEO of Supernus. "Qelbree delivered robust growth of 91% in prescriptions and benefited from a much improved gross-to-net adjustment resulting in 129%, growth in net sales." Mr. Khattar added, "In 2024, we look forward to continued growth across our key growth products and the launch of SPN-830 in the second half of 2024 as we complete the transition from our legacy products to our growth products. In addition, in 2024 we anticipate several exciting clinical milestones as we progress our pipeline of novel product candidates." Qelbree Update
Product Pipeline Update SPN-830 (apomorphine infusion device) for treatment of Parkinson's disease (PD)
SPN-820 – Novel first-in-class molecule that increases mTORC1 mediated synaptic function for depression
SPN-817 – Novel first-in-class highly selective AChE inhibitor for epilepsy
SPN-443 – Novel stimulant for ADHD/CNS
Financial Highlights Total revenues (GAAP and non-GAAP) For the three months ended December 31, 2023, total revenues and total net product sales (GAAP) were $164.3 million and $156.0 million, respectively, compared to total revenues and total net product sales of $167.3 million and $163.8 million for the same periods in 2022. For the full year ended December 31, 2023, total revenues and total net product sales were $607.5 million and $573.9 million, respectively, compared to total revenues and total net product sales of $667.2 million and $649.4 million for the same periods in 2022. The decrease in net product sales in both periods was primarily due to the decline in net product sales of Trokendi XR. This decline in net product sales of Trokendi XR was partially offset by primarily an increase in net product sales of Qelbree and GOCOVRI for the three months ended December 31, 2023, and an increase in net product sales of Qelbree and GOCOVRI for the full year ended December 31, 2023. Total revenues excluding Trokendi XR net product sales (non-GAAP) for the three months and full year ended December 31, 2023, increased 31% and 26%, respectively, compared to the same periods in 2022. The following table provides information regarding total revenues during the three months and full year ended December 31, 2023 and 2022 (dollars in millions):
___________________________________________ The following table provides information regarding total net product sales during the three months and full year ended December 31, 2023 and 2022 (dollars in millions):
___________________________________________ Operating earnings (loss) (GAAP and non-GAAP) For the three months ended December 31, 2023, operating loss (GAAP) was $(1.0) million, compared to operating earnings (GAAP) of $34.3 million for the same period in 2022. For the full year ended December 31, 2023, operating loss (GAAP) was $(5.3) million, compared to operating earnings (GAAP) of $46.1 million for the full year 2022. The decrease in operating earnings (GAAP) in the fourth quarter of 2023 compared to the same period in 2022 was primarily due to the $20.2 million intangible asset impairment charges, mainly related to XADAGO, as well as higher research and development expenses and selling and marketing expenses. The decrease in operating earnings (GAAP) for the full year ended December 31, 2023 compared to same period in 2022 was primarily due to a decrease in net product sales of Trokendi XR, the aforementioned impairment charges partially offset by the growth in net product sales of Qelbree and GOCOVRI and a decrease in selling, general and administrative expenses in 2023. For the three months ended December 31, 2023, operating earnings (non-GAAP) were $47.1 million, compared to $57.6 million for the same period in 2022. For the full year ended December 31, 2023, operating earnings (non-GAAP) were $125.1 million, compared to $148.8 million for the full year 2022. Reconciliation of GAAP Operating earnings (loss) to Non-GAAP Operating earnings An itemized reconciliation between operating earnings on a GAAP basis and operating earnings on a non-GAAP basis is as follows (dollars in millions):
Net earnings (GAAP) For the three months ended December 31, 2023, net earnings (GAAP) and diluted earnings per share (GAAP) were $1.2 million and $0.02, respectively, as compared to $25.5 million and $0.43, respectively in the same period in 2022. For the full year ended December 31, 2023, net earnings (GAAP) and diluted earnings per share (GAAP) were $1.3 million and $0.02, respectively, as compared to $60.7 million and $1.04, respectively in the same period in 2022. Balance sheet At December 31, 2023, the Company’s cash, cash equivalents, current and long-term marketable securities were approximately $271.5 million, compared to $555.2 million as of December 31, 2022. This decrease was primarily due to repayment of the Company's $402.5 million 0.625% Convertible Senior Notes due 2023, partially offset by cash generated from operations. Full Year 2024 Financial Guidance (GAAP)
___________________________________________ Full Year 2024 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):
This press release contains financial measures that present financial information which do not comply with United States generally accepted accounting principles (GAAP). The non-GAAP financial measures should be considered in addition to, not as a substitute for or in isolation from, or superior to measures prepared in accordance with GAAP. Non-GAAP operating earnings adjusts for non-cash share-based compensation expense, depreciation and amortization, intangible asset impairment charges and accretion of contingent consideration, and for factors that are unusual, non-recurring or unpredictable, and excludes those costs, expenses, and other specified items presented in the reconciliation tables in this press release. In addition to non-GAAP operating earnings, we also present total revenues excluding net product sales of products without exclusivity due to generic entrants, which is a non-GAAP measure and is calculated as total revenues (GAAP) less net product sales of our products without exclusivity due to generic entrants, which as of the date of this press release, is equal to net product sales of Trokendi XR (GAAP). Beginning in the year a product loses exclusivity due to generic entrants we generally do not expect net product sales of such products to constitute a significant part of our revenue in the future. We believe that the use of non-GAAP financial measures provides useful supplemental information to management, investors, analysts and others regarding the Company’s revenue and results of operations and assist management, investors, analysts, and others in understanding and evaluating our revenue growth and the performance of the business. There are limitations associated with the use of non-GAAP financial measures and therefore comparability may be limited. These limitations include: non-GAAP financial measures that may not be entirely comparable to similarly titled measures used by other companies; these may not reflect all items of income and expense, as applicable, that affect our operations; there may be potential differences among calculation methodologies; these may differ from the non-GAAP information used by other companies, including peer companies. We mitigate these limitations by reconciling the non-GAAP financial measure to the most comparable GAAP financial measure. Investors are encouraged to review the reconciliation. The Company’s 2024 financial guidance is also being provided on both a GAAP and a non-GAAP basis. Reconciliation of GAAP Total revenues to Non-GAAP Total revenues excluding net product sales of Trokendi XR An itemized reconciliation between total revenues on a GAAP basis and Total revenues excluding net product sales of Trokendi XR, a non-GAAP measure, is as follows (unaudited, dollars in millions):
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