Supernus Pharmaceuticals (SUPN) Q2 2024 earnings summary

Executive summary

• Q2 2024 total revenues rose 24% year-over-year to $168.3 million, driven by strong growth in Qelbree and Gocovri, while Trokendi XR declined due to generic competition.

• Qelbree prescriptions grew 26% year-over-year to a record 184,342, with adult patients now 32% of total; net sales surged 92% to $59.4 million.

• Net earnings for Q2 2024 were $19.9 million ($0.36 per diluted share), compared to a net loss of $0.8 million in Q2 2023.

• Product pipeline advanced with resubmission of NDA for SPN-830 in August 2024 and progress in SPN-817 and SPN-820 clinical studies.

• Oxtellar XR net sales were $30 million (up from $24 million), while Trokendi XR net sales declined 12% to $17 million, with further erosion expected.

Financial highlights

• Net product sales were $162.5 million in Q2 2024, up 27% year-over-year; total revenue was $168.3 million.

• Adjusted operating earnings (non-GAAP) for Q2 2024 were $45.5 million, up from $10 million in Q2 2023.

• Operating income was $22.6 million in Q2 2024, reversing a $17.6 million loss in Q2 2023.

• Cash, cash equivalents, and marketable securities totaled $347.2 million as of June 30, 2024, up from $271.5 million at year-end 2023.

• Cost of goods sold decreased to $17.9 million, reflecting manufacturing efficiencies and lower Trokendi XR sales.

Outlook and guidance

• Full-year 2024 total revenue guidance raised to $600–$625 million, up from $580–$620 million.

• Adjusted operating earnings (non-GAAP) guidance increased to $100–$125 million for 2024.

• Combined R&D and SG&A expenses expected at $430–$460 million for 2024.

• Combined net sales of Trokendi XR and Oxtellar XR projected at $135–$145 million for 2024.

• Guidance reflects continued generic erosion of Trokendi XR and expected erosion of Oxtellar XR starting September 2024.