Supernus Pharmaceuticals (SUPN) Jefferies London Healthcare Conference 2024 summary

Business overview and 2025 priorities

• Focus on neurology and psychiatry with seven marketed products and 2024 revenue guidance of $630–$650 million.

• Transition underway due to loss of exclusivity for legacy products, with ADHD product Qelbree driving growth.

• 2025 expected to reflect full impact of generic erosion, especially for Oxtellar, but Qelbree and new launches are expected to offset declines.

• Guidance for 2025 will be provided in February, with product-level detail for those losing exclusivity.

Qelbree performance and outlook

• Qelbree is a non-stimulant ADHD treatment with strong uptake, outperforming recent ADHD launches despite COVID-era challenges.

• Projected to be a multi-hundred-million-dollar product, with exclusivity until 2033.

• 2024 consensus sales are $230 million, up from $140 million in 2023; 2025 growth expected mainly from volume.

• Differentiated by rapid onset, 24-hour coverage, and use in combination therapy to reduce stimulant reliance.

• Anticipated competition from new non-stimulants, but increased category awareness seen as positive.

Pipeline updates

• SPN-817 (epilepsy): Phase 2a open-label data showed 56–66% seizure reduction and cognitive benefits; phase 2b to start by year-end, with data expected in 1.5 years.

• Tolerability strategies being developed to address known side effects; phase 2b could be supportive for registration if results are strong.

• SPN-820 (TRD depression): Open-label data showed rapid, durable reductions in depression scores and high remission rates; phase 2b data expected in first half of 2025.

• Oral administration with no psychosis or dissociative effects; potential for breakthrough designation.

• If phase 2b is robust, may need two phase 3 trials due to novel mechanism.