Supernus Pharmaceuticals (SUPN) Jefferies 2024 Global Healthcare Conference summary

Business overview and financial guidance

• Operates in the CNS space with a focus on ADHD and Parkinson's, projecting $580M-$620M revenue and $80M-$110M adjusted EBITDA for the year.

• Transitioning due to loss of exclusivity for legacy products; growth now driven by Qelbree and GOCOVRI.

• Expects continued business growth excluding impact from generic erosion of Oxtellar XR and Trokendi XR.

Qelbree performance and strategy

• Qelbree targets a large ADHD market, with potential for several hundred million dollars in peak sales at modest market share.

• Q1 sales reached $45M with 3% script growth; Q2 scripts tracking 6%-8% higher sequentially.

• Seasonal pediatric slowdown expected mid-June to mid-August, with growth emphasis shifting to adults.

• Adult segment is a strategic focus due to its size and higher dosing needs.

• Gross-to-net expected to improve through the year, aiming for the lower end of 50%-55%.

• 2024 Qelbree sales expected in the $200M-$220M range.

GOCOVRI update

• Q1 saw lower sales due to Medicare pressures and reduced patient assistance funds, offset by increased physician sampling.

• Early Q2 shows a rebound in refills and prescriptions, with optimism for full recovery.

• Unique market positioning for dyskinesia and OFF episodes supports continued growth.