SUPERNUS PHARMACEUTICALS, INC. Q4 FY2024 earnings call

• Core Product Growth: Qelbree demonstrated strong prescription and sales growth despite loss of exclusivity on legacy products. GOCOVRI also experienced growth. - Pipeline Updates: SPN-817 Phase IIa study showed efficacy in focal seizures with ongoing Phase IIb study. SPN-443 pharmacokinetics study showed good bioavailability. SPN-820 Phase IIb study for treatment-resistant depression didn't meet endpoints, with next steps to be determined. - ONAPGO Launch: FDA approved ONAPGO for advanced Parkinson's disease, targeting Q2 2025 launch. - Patent Extension: Qelbree received a two-plus year patent term extension from the U.S. Patent and Trademark Office.

Qelbree: In 2024, Qelbree saw 25% growth in annual prescriptions and 72% growth in annual net sales. Fourth quarter 2024 had 214,600 prescriptions, with net sales reaching $74 million, a 60% increase over Q4 2023. Excluding Trokendi XR and Oxtellar XR, total revenues for full year 2024 increased by 25%. GOCOVRI: Full year 2024 net sales increased 9% compared to 2023, and 15% in Q4 2024, reaching $37 million. Trokendi XR and Oxtellar XR: Full year 2024 combined net sales were down 22%. For 2025, combined net sales of these products are expected to be in the range of $65 million to $75 million.

• Full year 2025 total revenues are expected to range from $600 million to $630 million, including $65 million to $75 million from Trokendi XR and Oxtellar XR. - R&D and SG&A expenses for 2025 are projected to range from $435 million to $460 million. - Operating earnings for 2025 are expected to be in the range of $10 million to an operating loss of $15 million. - Non-GAAP operating earnings are expected to range from $105 million to $130 million.

• Uncertainties regarding pipeline outcomes, such as SPN-820's Phase IIb results and future steps. - Competition in therapeutic areas like ADHD could impact sales and market share. - Regulatory risks associated with product approvals and label updates.

Q: Backing out other products from 2025 revenue guidance, infer Qelbree's potential range; key levers to sales growth.

A: Jack Khattar states it's a fair range to back into, with key levers including continued prescription growth, high patient satisfaction, and expansion in the adult segment.

Q: BD appetite after SPN-820's TRD data; firepower.

A: BD remains a top priority, focusing on commercial products and mid/late-stage pipeline assets, with flexibility due to a strong balance sheet and no debt.

Q: Calvary performance, gross-to-net; adult launch of Qelbree; SPN-820 timing; ONAPGO launch trajectory.

A: Calvary's Q4 performance, gross-to-net expected to be 50%-55% in 2025; adult launch of Qelbree is progressing with combination use; SPN-820 next steps expected in the couple of months; ONAPGO launch is expected to be a slow build with single-digit sales in guidance.

Q: ONAPGO market, fit with PD products, cannibalization of Apokyn; GOCOVRI's role.

A: ONAPGO targets advanced Parkinson's patients, distinct from Apokyn; GOCOVRI fits within the Parkinson's disease portfolio.

Q: ADHD competitive landscape, ONAPGO pricing.

A: Competitive landscape is uncertain until data from other products is available; ONAPGO is priced competitively in the marketplace.

Q: ADHD comorbidities, BD therapeutic areas.

A: Many ADHD patients have comorbidities; BD looks for therapeutic areas with scale, including non-CNS if multi-asset is involved