Supernus Reports Q2 2024 Financial Results

Supernus Pharmaceuticals, Inc., a biopharmaceutical company specializing in treatments for central nervous system (CNS) diseases, reported significant financial growth in the second quarter of 2024. The company's net sales of Qelbree® surged by 92%, amounting to $59.4 million for the quarter and $104.5 million for the first six months of the year. Additionally, GOCOVRI® saw a 10% rise in net sales, reaching $31.7 million in Q2 and $58.3 million cumulatively for the first half of 2024.

Total revenues for Supernus hit $168.3 million in the second quarter, marking a 24% increase compared to the same period in 2023. Excluding sales from Trokendi XR® and Oxtellar XR®, total revenues showed an impressive 32% growth. Operating income for Q2 was reported at $22.6 million, with adjusted operating earnings (non-GAAP) at $45.5 million, showing substantial growth from the previous year.

The company also posted significant achievements in its product pipeline. In August 2024, Supernus resubmitted its New Drug Application (NDA) for the apomorphine infusion device (SPN-830), aimed at treating motor fluctuations in Parkinson’s disease. President and CEO Jack Khattar highlighted the robust performance of Qelbree and GOCOVRI as well as progress in their product pipeline, including positive interim results from the Phase 2a clinical study of SPN-817 for treatment-resistant seizures and ongoing Phase 2 studies for SPN-820 targeted at depression.

Regarding the product pipeline, significant progress has been made with SPN-820, a novel molecule for treating depression by increasing mTORC1 mediated synaptic function. Almost 75% of the targeted patients have been enrolled in the ongoing Phase IIb study, with results anticipated in the first half of 2025. Additionally, a Phase II open-label study for major depressive disorder (MDD) is underway, with topline results expected by the end of 2024.

SPN-817, another innovative treatment for epilepsy, has shown promising interim results from its Phase IIa study in subjects with treatment-resistant seizures. The Company anticipates the full study results in the latter half of 2024 and plans to initiate a Phase IIb study in treatment-resistant focal seizures by year-end.

Another notable entry in the pipeline is SPN-443, a novel stimulant for ADHD and CNS disorders, with plans for a Phase I study in 2024 to assess its safety and tolerability in healthy adults.

Financially, Supernus reported a rise in total revenues to $312.0 million for the first half of 2024 from $289.3 million in the same period in 2023. Total net product sales climbed to $301.0 million from $268.9 million. Key contributors to this growth were Qelbree, GOCOVRI, and Oxtellar XR, while Trokendi XR saw a decline due to generic competition.

Qelbree's total IQVIA prescriptions reached 184,342 in Q2 2024, a 26% year-over-year increase. The company's financial health remains robust, with cash, equivalents, and marketable securities totaling $347.2 million as of June 30, 2024, up from $271.5 million at the end of 2023.

For the full year 2024, Supernus has raised its guidance for total revenues and operating earnings. The company now expects total revenues to range between $600 million and $625 million, and adjusted operating earnings (non-GAAP) to be between $100 million and $125 million.

Overall, Supernus Pharmaceuticals continues to demonstrate significant growth and development, driven by robust sales of key products, strategic advancements in its product pipeline, and strengthened financial performance.