Supernus Pharmaceuticals(US:SUPN)2023-03-01 02:33Financial Data and Key Metrics Changes - Supernus achieved record revenues of $667 million in 2022, a 15% increase compared to $579.8 million in 2021, despite a significant 14% decline in net sales of Trokendi XR [15][39] - GAAP net earnings for the full year 2022 were $60.7 million, or $1.04 per diluted share, compared to $53.4 million, or $0.98 per diluted share in 2021 [51] - The company expects total revenue for 2023 to range from $580 million to $620 million, with a growth rate of approximately 30% excluding Trokendi XR [43][58] Business Line Data and Key Metrics Changes - Qelbree's total annual prescriptions reached approximately 322,624 in 2022, representing growth of about 526% compared to 2021 [6] - GOCOVRI delivered strong growth of 19% in net sales compared to 2021, achieving record sales of $104 million [90] - Oxtellar XR's net product sales were $115 million for the full year 2022, a 4% increase compared to 2021 [35] Market Data and Key Metrics Changes - The ADHD market grew by 9% in total annual prescriptions in 2022, reaching over 90 million prescriptions [88] - Qelbree's average wholesale acquisition cost per prescription reached $488 in January 2023, up by 20% compared to January 2022 [16] - The Medicaid approval rate for Qelbree's prescriptions is now above 70% [17] Company Strategy and Development Direction - The company is focused on expanding its sales force by approximately 45 representatives in Q2 2023 to cover more than 50% of the ADHD market [33] - Supernus is actively seeking strategic opportunities to strengthen its future growth and leadership position in the CNS market [21] - The company aims to return to revenue and non-GAAP operating income growth in 2024 and beyond, offsetting the impact from the loss of exclusivity of Trokendi XR [21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in Qelbree's growth potential, highlighting strong metrics and a positive trajectory for 2023 [18][48] - The company anticipates a solid year for Qelbree, particularly during the back-to-school season, which is a significant sales period [48] - Management noted that Qelbree is still in the early stages of its launch, particularly in the adult segment, which represents about 67% of the market [74] Other Important Information - The company had approximately $555.2 million in cash, cash equivalents, and marketable securities as of December 31, 2022, compared to $458.8 million a year earlier [42] - A credit line agreement was entered into, providing a revolving line of credit of up to $150 million [52] Q&A Session All Questions and Answers Question: Can you confirm the PBM win for Qelbree is ESI and discuss additional payer execution? - Yes, it is ESI, and the company is working on improving coverage across various payers, including Medicaid [46] Question: Can you talk about Qelbree's cadence for the year and expected sales trends? - Qelbree is expected to see a sequential step down in sales in Q1, with a significant rebound anticipated in the back half of the year due to the back-to-school season [54] Question: What are the key drivers for volume growth and price in 2023? - Key drivers include continued prescription penetration, increased average daily doses, and sales force expansion [76]