Supernus Pharmaceuticals Inc (NASDAQ: SUPN) stock lost over 6.8% on 19th August, 2020 (as of 10:18 am GMT-4; Source: Google finance) post the company posted better than expected results for the second quarter of FY 20.
At the end of June, 2020, the Company had $733.5 million in cash, cash equivalents, marketable securities and long-term marketable securities, compared to $938.8 million at the end of December, 2019.
SUPN in the second quarter of FY 20 has reported the adjusted earnings per share of 65 cents, while reported the adjusted revenue growth of 35.9 percent to $126.73 million in the second quarter of FY 20. This includes net product sales of $89.7 million for Trokendi XR, $23.7 million for Oxtellar XR, and $10.6 million for the acquired Parkinson’s disease (PD) products. Overall, for the second quarter, the company reported 21% rise in the net product sales to $124.0 million compared to the same period in 2019, on the back of higher net product sales of Trokendi XR and Oxtellar XR and the addition of $10.6 million of net product sales from the acquired PD products. Net product sales of Trokendi XR and Oxtellar XR grew 11% versus the same period in 2019 driven by the beneficial impact of lower gross-to-net sales deductions in the second quarter of 2020, along with the price increase taken in January 2020. The year over year effect of volume, on an extended units basis (i.e., number of capsules/tablets), was neutral.
On the other hand, the Company continues to prepare for the commercial launch of SPN-812, with shipments projected to the trade in December 2020. The Company is continuously engaged with the U.S. Food and Drug Administration (FDA) regarding its New Drug Application (NDA) for the treatment of ADHD. The NDA Prescription Drug User Fee Act (PDUFA) target action date is November 8, 2020. The company has resumed recruitment in the Phase III program in adult patients, after being put on hold in March 2020 driven by the impact of the COVID-19 pandemic. The trial is anticipated to complete enrollment this year, with topline data projected in the first quarter of 2021. For SPN-830 (Apomorphine infusion pump), which is meant for continuous treatment of motor fluctuations in PD. NDA submission is anticipated in the fourth quarter of 2020, with launch, if approved by the FDA, in the second half of 2021. For SPN-820, which od novel first-in-class activator of mTORC1, the preclinical and development activities are ongoing. The company targets the initiation of the Phase II clinical program in patients with treatment-resistant depression during the second half of 2021.