Supernus Pharmaceuticals (SUPN) Q3 2024 earnings summary

Executive summary

• Q3 2024 revenue growth was driven by Qelbree (up 68%) and GOCOVRI (up 8%), offsetting declines in Trokendi XR due to generic competition.

• Net earnings for Q3 2024 were $38.5 million, or $0.69 per diluted share, compared to a net loss of $16 million in Q3 2023.

• The company advanced its CNS pipeline, reporting positive data for SPN-820 (major depressive disorder) and SPN-817 (treatment-resistant seizures), and resubmitted the SPN-830 NDA to the FDA with a PDUFA date of February 1, 2025.

• Full-year 2024 guidance for total revenues and operating earnings (GAAP and non-GAAP) was raised.

Financial highlights

• Q3 2024 total revenue was $175.7 million, up 14% year-over-year; nine-month revenues reached $487.7 million, up 10%.

• Qelbree net sales were $62.4 million in Q3 2024, up 68% year-over-year; GOCOVRI sales were $35.7 million, up 8%.

• Non-GAAP adjusted operating earnings for Q3 2024 were $67.7 million, up from $37.3 million in Q3 2023.

• Cash, cash equivalents, and marketable securities totaled $403.2 million as of September 30, 2024, up from $271.5 million at year-end 2023, with no debt.

• Diluted EPS for Q3 2024 was $0.69, compared to $(0.29) in Q3 2023.

Outlook and guidance

• Full-year 2024 revenue guidance raised to $630–$650 million (previously $600–$625 million).

• Full-year 2024 GAAP operating earnings expected at $50–$65 million; non-GAAP operating earnings at $150–$170 million.

• Combined R&D and SG&A expenses for 2024 expected at $430–$450 million.

• Topline data from the Phase 2b trial of SPN-820 in treatment-resistant depression expected in H1 2025; Phase 2b study for SPN-817 in epilepsy to start by end of 2024.

• Combined net sales target for Trokendi XR and Oxtellar XR in 2024 raised to approximately $155 million.