Supernus Pharmaceuticals, Inc. (NASDAQ:SUPN) Q1 2024 Earnings Call Transcript May 8, 2024
Supernus Pharmaceuticals, Inc. isn’t one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).
Operator: Good afternoon, and welcome to the Supernus Pharmaceuticals First Quarter 2024 Financial Results Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. Instructions will follow at that time. As a reminder, this conference call is being recorded. I would now like to turn the conference over to Peter Vozzo of ICR Westwicke, Investor Relations representative, Supernus Pharmaceutical. You may now begin.
Peter Vozzo: Thank you, Mark. Good afternoon, everyone, and thank you for joining us today for Supernus Pharmaceuticals’ first quarter 2024 financial results conference call. Today, after the close of the market, the company issued a press release announcing these results. On the call with me today are Supernus’ Chief Executive Officer, Jack Khattar; and Chief Financial Officer, Tim Dec. Today’s call is being made available via the Investor Relations section of the company’s website at ir.supernus.com. During the course of this call, the management may make certain forward-looking statements regarding future events and the company’s future performance. These forward-looking statements reflect Supernus’ current perspective on existing trends and information.
Any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, including those noted in the Risk Factors section of the company’s latest SEC filings. Actual results may differ materially from those projected in these forward-looking statements. For the benefit of those of you who may be listening to the replay, this call is being held and recorded on May 8, 2024. Since then, the company may have made additional announcements related to the topics discussed. Please reference the company’s most recent press releases and current filings with the SEC. Supernus declines any obligation to update these forward-looking statements, except as required by applicable securities laws. I’ll now turn the call over to Jack.
Jack Khattar: Thank you, Peter. Good afternoon, everyone and thanks for taking the time to join us on today’s call. Following a productive year in 2023, in which we successfully minimized the impact of the Trokendi XR loss of exclusivity and positioned the company to mitigate the potential impact from the first generic Oxtellar XR, we have continued to execute on our long-term growth strategy and have delivered another quarter with double-digit growth in total revenues excluding Trokendi XR and Oxtellar XR. Driving this growth is Qelbree’s strong performance with 31% growth in prescriptions as reported by IQVIA and 75% growth in net sales. Prescriptions reached an all-time quarterly high of 176,503 and net sales were at $45 million.
Growth in net sales in the first quarter of 2024 benefited from both prescription growth and gross-to-net improvement compared to the same period last year. Gross-to-net during the first quarter of this year was well within our targeted range of 50% to 55%, which is encouraging for the first quarter considering the typical beginning of year pressure from high deductibles and insurance resets that are seen across the pharmaceutical industry. For the remainder of 2024, we expect the gross-to-net for Qelbree to remain in the range of 50% to 55% with fluctuations that you would typically expect on a quarterly basis. During the first quarter, Qelbree further expanded its base of prescribers ending the quarter with approximately 27,138, up from 25,938 from the fourth quarter of 2023.
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