Net Sales Growth: Qelbree's net sales surged by 129% to $140.2 million in 2023, while GOCOVRI increased by 15% to $119.6 million.
Total Revenue: Full year 2023 total revenues reached $607.5 million, with a non-GAAP increase of 26% excluding Trokendi XR net product sales.
Operating Earnings: Operating loss (GAAP) was $(5.3) million for 2023, with non-GAAP operating earnings of $125.1 million.
Net Earnings: Net earnings (GAAP) for the full year stood at $1.3 million, with diluted earnings per share at $0.02.
Balance Sheet: Cash, cash equivalents, and marketable securities were approximately $271.5 million as of December 31, 2023.
2024 Financial Guidance: Total revenue guidance set at $580 million to $620 million, with non-GAAP operating earnings projected between $80 million and $110 million.
On February 27, 2024, Supernus Pharmaceuticals Inc (NASDAQ:SUPN) released its 8-K filing, announcing financial results for the fourth quarter and full year of 2023. The company, a specialty pharmaceutical firm engaged in developing and commercializing products for central nervous system diseases, reported significant growth in its key products, Qelbree and GOCOVRI, which helped offset declines in legacy product sales.
Financial Performance and Challenges
Supernus Pharmaceuticals Inc (NASDAQ:SUPN) faced a challenging year with a decline in net product sales of Trokendi XR, which was partially offset by the growth of Qelbree and GOCOVRI. The company's total revenues for 2023 were $607.5 million, a 9% decrease from the previous year. However, when excluding Trokendi XR net product sales, the company saw a 26% increase in total revenues on a non-GAAP basis. This performance is critical as it reflects the company's ability to grow its newer products despite the challenges of declining sales from older, legacy products.
The operating loss for 2023 was $(5.3) million (GAAP), compared to operating earnings of $46.1 million in 2022. This decline was primarily due to a decrease in net product sales of Trokendi XR and impairment charges, particularly related to XADAGO. However, non-GAAP operating earnings were $125.1 million for the year, highlighting the company's ability to maintain profitability when adjusting for non-cash items and other specified items.
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