Q1 2024 Supernus Pharmaceuticals Inc Earnings Call Transcript
Key Points
- Supernus Pharmaceuticals Inc (SUPN) reported double-digit growth in total revenues, excluding Trokendi XR and Oxtellar XR, driven by strong performance in Calgary with 31% growth in prescriptions and 75% growth in net sales.
- Calgary prescriptions reached an all-time quarterly high of 176,503, with net sales at $45 million, benefiting from prescription growth and gross-to-net improvement.
- The company expanded its base of prescribers to approximately 27,138, up from 25,938 from the previous quarter, indicating increased market penetration.
- Supernus Pharmaceuticals Inc (SUPN) has an emerging CNS pipeline with exciting catalysts coming up in the next 12 months, including data from Phase IIb study in treatment-resistant depression and interim data from a study on treatment-resistant seizures.
- The company maintains a strong balance sheet with approximately $309.4 million in cash, cash equivalents, and marketable securities, providing significant financial flexibility for potential M&A and other value-creating opportunities.
- Increased pressure on Parkinson's franchise brands due to higher Medicare rebates and patient out-of-pocket costs, contributing to increased gross-to-net deductions.
- Net sales for Oxtellar XR and Trokendi XR declined, with Oxtellar XR net sales at $26.9 million compared to $28.9 million in the same quarter last year, and Trokendi XR net sales down by 54%.
- The FDA issued a complete response letter for SBNA.30, indicating that the application is not ready for approval in its present form, which could delay potential market entry.
- Operating loss on a GAAP basis for the first quarter of 2024 was $3.2 million compared to an operating earnings of $5.2 million for the prior year period, reflecting increased R&D spend associated with clinical programs.
- The company faces uncertainties with the introduction of the first generic of Oxtellar XR expected in September 2024, which may further impact net sales.
Good afternoon and welcome to the Supernus Pharmaceuticals First Quarter 2024 financial results conference call. At this time, all participants are in a listen only mode. Later, we will conduct a question and answer session. Instructions will follow at that. As a reminder, this conference call is being recorded. I would now like to turn the conference over to Peter Vozzo of ICR Westwicke, Investor Relations Representative super and U.S. pharmaceuticals. You may now begin.
Thank you, Mark, and good afternoon, everyone, and thank you for joining us today versus host Pharmaceuticals First Quarter 2024 financial results conference call. Today after the close of the market, the company issued a press release announcing these results on the call with me today are six furnaces Chief Executive Officer, Jack Khattar, and Chief Financial Officer, Tim Dec.
Today's call is being made available via the Investor Relations section of the company's website at ir dot supernus.com. During the course of this call,
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