SUPERNUS PHARMACEUTICALS, INC. Q3 FY2024 earnings call

• Qelbree had robust performance with 68% net sales growth, 19% prescription growth, and over 2,000 new prescribers added. • GOCOVRI saw net sales increase to $36 million, up 8% y-o-y. • Legacy products Oxtellar XR and Trokendi XR had flat and declining sales respectively, with Oxtellar XR facing generic competition. • SPN-830 NDA resubmission acknowledged by FDA with PDUFA date of Feb 1, 2025. • SPN-820 Phase 2a study in MDD showed rapid depression symptom reduction and low discontinuation rate; Phase 2b study expected in H1 2025. • SPN-817 Phase 2a study in treatment-resistant seizures showed significant seizure reduction in maintenance and post-maintenance extension periods; Phase 2b study expected by end of 2024. • Active in corporate development for strategic growth opportunities in CNS.

Total revenues excluding Trokendi XR and Oxtellar XR increased 26% in Q3 2024. Qelbree had 68% growth in net sales to $62 million, with 19% growth in prescriptions, reaching 194,000 prescriptions and ~30,854 prescribers. GOCOVRI had net sales of $36 million, up 8% y-o-y. Oxtellar XR net sales were $30 million, flat y-o-y. Trokendi XR net sales were $15 million, down 26% y-o-y. For the first nine months, Qelbree's IQVIA prescriptions grew 25% vs 9% for ADHD market. Trokendi XR and Oxtellar XR combined net sales target for 2024 raised to ~$155 million.

• Full year 2024 total revenues expected to range from $630 million to $650 million, up from previous $600-625 million. • Combined R&D and SG&A expenses for full year 2024 expected to range from $430 million to $450 million. • GAAP operating earnings expected to range from $50 million to $65 million; non-GAAP operating earnings expected to range from $150 million to $170 million.

Q: Regarding SPN-817's seizure reduction data, can you elaborate?

A: SPN-817 showed 56% median seizure reduction in maintenance period and 66% in post-maintenance extension; 70% of subjects had 30%+ reduction, 60% had 50%+ reduction, 30% had 75%+ reduction in maintenance, and 83% had 30%+ reduction, 67% had 50%+ reduction, 50% had 75%+ reduction in post-maintenance. Focus on 3-4 mg doses for Phase 2b.

Q: How does AbbVie’s pump approval affect Supernus?

A: Excited for category growth; market education needed, but room for both products, as pumps are needed treatment for patients before invasive surgery.

Q: Expectations for SPN-820's TRD study?

A: Open-label study showed strong reduction, but Phase 2b placebo-controlled study results awaited; placebo response hard to predict but open-label data is encouraging.

Q: Thoughts on Qelbree volume and 2025 outlook?

A: Qelbree has growing 90-day prescriptions, strong compliance and retention; 2025 outlook optimistic but specifics to be determined after Q4.

Q: Capital deployment and M&A focus?

A: Prioritize commercial stage assets with revenue growth, then pipeline assets in later stages; target 2.5-3 times EBITDA for leverage in M&A.