Supernus Pharmaceuticals (SUPN) 27 Feb 242023 Q4 Earnings call transcript

Good afternoon, and welcome to the Supernus Pharmaceuticals Fourth Quarter and Full Year 2023 Financial Results Conference Call. [Operator Instructions] 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 for Supernus Pharmaceuticals.

You may begin.

Thank you, Rebecca. thank Quarter joining Financial and Call. and Supernus today Results everyone, Fourth Pharmaceuticals' Full afternoon, you us for for Conference Good Year XXXX after company market, announcing Today, results. of press these a release the close the issued the

Supernus' On Jack Executive Tim Khattar; today Officer, Officer, Financial Chief the Chief me call Dec. with are and

being via website the is ir.supernus.com. at Relations section call Today's Investor made available company's of the

of These forward-looking forward-looking course forward-looking company's this SEC of reflect information. company's call, statements certain regarding noted risks involve the of make the and future performance uncertainties, the future perspective During future statements latest current including in may performance. statements Supernus' trends section guarantees on those filings. and events Risk management the and and are existing not such Any Factors

materially Actual those results these projected forward-looking differ from may statements. in

Please Since the be of February being and may recorded applicable topics For on forward-looking call have listening the press with recent and to any to XXXX. releases the the of who laws. required most company's filings -- reference is those replay, this Supernus as by made to except additional the update current held then, statements, declines obligation benefit September announcements company may you these securities SEC. the related XX, discussed.

will turn over the to call Jack. I now

on call. Thank you, Peter. to Good afternoon, everyone, and today's time join thanks for taking us the

base despite of underscores XXXX in loss our strong our execution the performance revenue on on Our emphasis Trokendi and exclusivity XR. growing

strong XXXX to compared Excluding growth XX% in revenues XXXX. Trokendi of XR, Supernus in delivered total

sales GOCOVRI combined compared year. delivered last Specifically, robust our XX% net and growth in products, to Qelbree growth

which in exceeded reached sales of net XR. net the approximately XXXX $XXX year $XXX Qelbree for full decline combined and addition, Trokendi sales million GOCOVRI significantly million, In

last XR emphasis a the on rest Trokendi total of our of representing result our XXXX. portfolio the revenues year, only throughout in of quarter XXXX, growing closed XX% of As the

indications. year pediatric with was and first year the both Regarding Qelbree, full XXXX the adult

Moreover, net sales strong recorded prescriptions, and growth growth of of the Qelbree's XXX,XXX with $XX.X quarter-to-quarter even compared a the a million. XXXX for sales reached prescriptions, sequential fourth year year. to the XXXX as quarter a reported by Net the the of growth year, gross XXX% representing the reaching improvement the in and steady over a stronger XX% XX% XXXX. XX% the quarter, That fourth an prescription finished third quarter of XXXX. Qelbree represents rate For quarter full throughout net -- of increase from of from growth IQVIA, increase benefiting rate to

the quarter, our XXXX, net net respectively, the average in XX% prescriptions the by year. deductions to prescription to gross Actual the XXXX lowering compared to an XX.X%, to XX% period and quarter fourth the net resulting same for grew In in range. was fourth to per of compared and goal XX% last exceeded $XXX to XX% price gross we of $XXX,

In Qelbree in year the to we of XXXX, from the you XXXX. typically basis. quarter Qelbree range a on net gross of in the with prescribers expect ending to fluctuations the up expanded For of prescribers, would that to for the XX% XX%, expect be approximately base fourth also its XX,XXX XX,XXX fourth quarterly quarter with XXXX,

on release high the In among higher [indiscernible]. with significantly with segment by Qelbree's encouraged Qelbree continue more the prescribers market. emphasis extended with XX% approximately represents of heavy Satisfaction satisfaction We we ADHD stimulants will the as to be be a of their adult and that level satisfaction as the by prescribers. placing high XXXX, is total satisfaction

had growth reached in XX.X an line high nominal XXXX a the with annual ADHD the it prescriptions. rate of all-time million expect prescription it We have in rate X% market when to growth

to compared for GOCOVRI to a XX% sales increased and record XXXX of increased XXXX by million. XX%, now $XXX Switching net full by reaching year prescriptions

in be the flat on were with of We continue position dyskinesia. $XX at to its they year unique XX% treating brand based impacted to net fourth performance compared last million, quarter both the marketplace, The the up compared the of timing and of the by sales XXXX third pleased year-end. quarter were to episodes and as orders

Oxtellar to the for XXXX. to we XR. net XXXX, introduction sales generic legacy our million XXXX, of Switching stable year products, the $XXX Oxtellar expect September compared were XR In full first essentially of

players were For generic XX% erosion down In Trokendi of $XXX in of million, the expect by be the range increase $XXX anticipate number market million we million. Trokendi in sales $XXX sales. XR, in full XXXX. $XX an further but to year from XR XXXX, in We XR net of the XR and in Oxtellar in the million sales Trokendi expect to combined net XXXX don't

with XXXX. a place Regarding take Europe the NDA ongoing will SPN-XXX, has the manufacturing in FDA a FDA's of X, date scheduled the PDUFA month inspection, which April remains pre-approval facility of review this and

the in its Assuming to launch the sales on services. nurse hub infrastructure, the of educators capitalizing patient and half FDA XXXX approval, second force, SPN-XXX company including plans existing

candidates. Moving XX in milestones across setting progress data the over of our stage several XXXX XX made pipeline on releases programs. CNS the to for to and a calendar next clinical of We novel product rich great months

as Phase ADHD expected disorders, to is such trial a initiated depression XXXX. expected patients approximately anxiety. company patients with first IV in the This study with of in Qelbree data with half comorbid and include mood the First, XXX

first-in-class data year. Phase in also initiated depressive the the on by SPN-XXX study with subjects a open-label Second, major disorder. the company this of of has with XX This this study molecule approximately II end potential providing

in now enrolled with Phase multicenter SPN-XXX XXX approximately patients. placebo-controlled study randomized double-blind treatment-resistant of our adults depression ongoing IIb has Third,

Top data targeted from Fourth, approximately and Phase trial from study treatment-resistant adult efficacy expects SPN-XXX of this line IIa the expected in on in first We results expect for line its to XXXX. of of patients adjunctive are top XXXX. company and This half report from the therapy second the results study randomized seizures in safety the X/X SPN-XXX full interim in the seizures. tolerability May with XXXX. study the half of in treatment-resistant is as examining patients

the Fifth, with of resistant an other CNS a study half study Phase with for [indiscernible] focal single-dose SPN-XXX SPN-XXX stimulant year. in ADHD healthy second initiation results IND. SPN-XXX the Phase seizures initiation I treatment in And patients the disorders. of is of of IIb this in finally, new product candidate placebo-controlled our the submission and following of

active Regarding position future in corporate strategic be looking to opportunities and our further continues leadership company growth development, for strengthen the to CNS.

over that, With turn Tim. to will I call the now

everyone. afternoon, Good Jack. you, Thank

and of press was in prior filed million earlier refer sales $X.X $X.X by million. XX-K royalty full Total compared $XX.X that GOCOVRI. fourth fourth product As quarter of release and in million partially XR, and net a $XXX.X to I of revenue net and in and results, Total The quarter product review Trokendi product today's in was our due million $XXX licensing sales products, Qelbree net please million quarter. the of revenue XXXX quarter million our today. fourth XXXX decrease the sales year of the year growth primarily $XX.X million sales for decline offset of was revenues net a product increase was in to $XXX.X XXXX to comprised of

] revenues XR in prior quarter of XX% year Excluding to quarter. fourth net the the total both [ sales compared of periods, product Trokendi increased for XXXX

and combined million XXXX, compared period was were XXXX. of quarter fourth for $XX.X in to the increase our and selling R&D to clinical to as programs The primarily due we and in spend pipeline Qelbree other expenses and associated as an million in the SG&A sales continue initiatives. the increase personnel with for due $XXX.X expenses progress SPN-XXX to marketing same increase SPN-XXX For ADHD R&D and marketing the

XXXX. impairment mainly This of million noncash forthcoming related to intangible XXXX, of a [ reflects loss asset XADAGO During of fourth charge charge ]. [ booked the December quarter ] exclusivity the $XX.X we XADAGO of

for a of compared result period fourth operating quarter of in as earnings million charge, operating the As was the XXXX. of the for income loss million to approximately in tax same $X Income was of compared as benefit expense diluted $XX.X quarter diluted impairment compared XXXX to or of million $XX.X million of the of tax of share prior fourth $X.X $XXX,XXX to Net the XXXX the of in fourth was XXXX. quarter same of share per in for $X.XX XXXX earnings quarter. year net $X.XX same per the million earnings earnings $X.X period earnings or

million $XX.X a licensing revenue On by full million due adjusted impairment depreciation, excludes $XX.X amortization increase million which same million net of year to decrease net of earnings revenue operating product of quarter $XXX.X of to was $XXX.X million charges, was products our product compared $XX.X of comprised sales million product XR, of Total million. intangibles, in a the and $XX.X and non-GAAP fourth consideration contingent $XX.X revenues basis, net for to and the quarter in XXXX. Total of net offset partially sales in XXXX. in The product compared GOCOVRI. growth share-based Trokendi primarily million and $XXX.X the XXXX was royalty Qelbree decline XXXX $XXX.X sales was for million sales in of compensation,

XXXX. the was full net the XX% full year. full as Excluding expenses XXXX $XXX.X XXXX for to and for for for year compared product to sales million increased year periods, Combined million both Trokendi in total XR compared R&D $XXX revenues SG&A prior of

the XXXX adult for to marketing support due partially population, as offset with primarily increase programs was R&D by to our continue and in SPN-XXX SPN-XXX the progress decrease launch in The to and expenses in Qelbree clinical the higher associated we an of pipeline. sales expenses

of prior resulting operating of in as year the compared the charge loss to million above, of year. million XXXX $XX.X earnings year noncash aforementioned addition full full million, items to an $XX.X $X.X for include In impairment operating the XXXX for

full year basis, expense or for diluted compared million for $X.X of per were or year $XX,XXX XXXX prior year. year $XX.X Income million tax year million the a for to million $XXX.X earnings year full tax was On per $X.XX non-GAAP income the compared Net XXXX. full share adjusted full for the compared XXXX. share $X.X expense million earnings operating for the to was $XXX.X full diluted XXXX XXXX $X.XX to as

XXXX. due million by XXXX, to the the XX, securities December operations. company the cash million repayment due notes of December of equivalents was of XX, $XXX approximately and $XXX.X from generated marketable cash, approximately had decrease The security $XXX.X in to offset XXXX, cash as convertible million of As compared

The company opportunities. financial balance significant other and a flexibility has and M&A for strong potential value-creating sheet

Now turning to guidance.

total comprised and assumes we total guidance full million, XXXX, expect for revenue year revenues. Trokendi licensing of approximately and $XXX of year XXXX XXXX growth to to expected million million our and offset to sales $XXX XR. from of sales $XXX that net full range combined in of Note revenue product sales net combined and net $XXX For in net We Oxtellar of sales the products increase Trokendi XR substantially the XR XR. million in anticipate will Oxtellar decline royalty

operating For million. the R&D SPN-XXX. XXXX million $XX progresses, $XX R&D expect finally, of from $XXX II range million non-GAAP range Phase $XXX to year to we we especially programs increased our to expect loss an expenses earnings full full for and in and we the reflects million. This year SG&A range level Overall, combined And SPN-XXX expect pipeline the breakeven. of operating in XXXX, spend as million for XXXX to $XXX from to

press ranges non-GAAP. issued items of Please GAAP call various this release the identifies prior and between refer to to the and reconciling

on XR, year Trokendi products We Oxtellar Despite our earnings from to expect help this the of products. XXXX our substantially the sales growth will non-GAAP XXXX. our level legacy transition growth to drive products anticipated expect erosion anticipated in XR we and we of be

With over the now Q&A. I to operator back call that, turn the for

the question Our comes from first Instructions] Jefferies. line Tsai of of [Operator Andrew

X quarter. the side. Maybe on my on Congrats questions

on X guidance first Qelbree. overall The and

guidance come imply backed above total [ could Qelbree in XXX the out curious for of specifically end to So might the are And revenue Qelbree to than guidance, as currently? around your revenue assume is your in guys guidance we of ] assuming consensus products as terms XXXX, for the of total low reasonable from individual you other guidance? sales to your total you revenue the just secondly, end if guide what well dynamics high it

Jack. try we to accomplish try a is I this guidance, Andrew, mean to build couple when of the things. we

and situation First, of to XR generics. the potential help folks Oxtellar impact with the Trokendi XR, the

left the drivers that's course, try So of GOCOVRI we Qelbree. really of X isolate why What's components. as these main and to is,

years, reasonable could try to a the if pretty get or that rates couple in estimate much on GOCOVRI, product being of line doing you with you are there assume can end with XXXX. So think up growth in what last I that to

the and You APOKYN on products. back out similar also other something

in and be reach XXX I not So mean out could -- level. possibility, or an in that to the I it's mean, XXX Qelbree cable yes, unreasonable of is somewhere range, that or a

that address both will questions. hopefully, So

question distinct interim coming Or maybe then conjunction in QX other And flavor that share Should to that a data is AE And us Perfect. efficacy you Will press give you and Phase a the line breakdowns detailed up. top May? release curves, in be your could information. II we with shared epilepsy follow-up data, plan SPN-XXX will be EPS? then of secondly, safety, expect that what a day?

So curious how planning you're basically, just detail provide. to much

the all Yes, to with plan really the data and the our that be It's call. earnings available is hopefully, will data issue timing. for

week or So the week earnings of first like early second the call typically May.

seizure data efficacy, well include? issue reductions, part and course, of the safety, in it typically of and data we're so AEs the as looking the call. include the endpoints What key earnings some will study is that's at plan as, the the the as would Certainly, that forth. of So that's to what

to So a mean, first know the by hard and of the did we're maybe study. study in we of the much the is next absolutely, we it which for May picture possible as I report clearly, call half for will work ideally, XX% I do on full mean earnings target say that full call which given I our can the full second as trying August, give try then be would patients, the -- be to will we where in the to

But if for and for patients would the period be available, these data, the we until will mean that. I great quickly can sure. maintenance we say the would of do the know now be flow the how that finish we data can't when

second Now August, be you But certainly, time. will in at half. update May, able saying that we're we to

of comes Piper next the David from of Amsellem Our question line Sandler.

wanted on little Qelbree. dig to deeper a So

the also So looking quarter, and been in a at looks the had little seeing. fourth prescription than we trends softer recently it what

volume on perspective wanted ties regarding parts your to both might I the in and get market currently? also, So And trajectory the what adult that into moving assistance. ped and some co-pay the how driving different commentary ADHD be

Jack, assistance. you you're of that mentioned back co-pay think, that some paring had I recently

that contribution to wanted about you you there? on the mean prescription think guidance? the just there? going Qelbree may XXX we should question it that guide. product in how Do So or have And does as for any have the forward? trajectory impact then And to what may risk-adjusted for another what the of not line Just on clarify relates overall top

Yes.

SPN-XXX, much take I'll I nothing the we mean guidance the So the really don't have in second one or first. meaningful.

So doesn't really guidance much include there. the

As Qelbree. on question your as well

goal to season for instituted behind the the that because of want our of been a these target more you of in that's to the quarter during any very end that, we've levels benefits And copay the impact we to achieve the changes So or offers throughout and and of do prescription that the important some quarter the [ back-to-school net Qelbree. XX.X% gross as to goal by we may growth fourth start card I'll remember co-pay even ] as changes on . And the to we XX%. around during why is we to don't obviously back the and at season, want by therefore, and time actually XX% beginning during kept third don't that far back-to-school of tail net the season year, brand. our card the gross the going able saying surpass features significant for momentum to the And at quarter. card third anything getting lot that

cost the more always trends. certain you clearly, that always put prescription on make sacrificing or the And on things when at you prescriptions pressure the changes Now this. comes like

resetting But you're and basically, the the resetting you're stage baseline.

trend in from growth of every a a insurance And So it in question, high not and to you so a resets XXXX, I'm yes, going momentum. why when of the X%. fourth perspective because, of always of impact alluding single And have won't make you biggest quarter, pressure additional course, XQ, about, prescription in deductibles, that mistaken, these saw on forth. X% or then But co-pay, you even XQ changes your we sequential moving to and quarter the the bit forward. first get the pressures have that's softer little is if you're

factors So all XQ with these the why concerned you're all looking the we're at softness are converging is far that as and prescriptions. as that's seeing

the much trending. pretty that's So

is now are this very more us less. in major us or co-pay us. the happy This we're the that behind So is behind changes behind meaning

has very, manage the mentioned net in as up I the extremely a had job been we've despite quarter on net remarks, so team The and average perspective, prescriptions. the quarter an the on really well. pressure pressures to it sales very think the went we forth I my prescriptions amazing a fourth done prepared the in from And strong $XXX. despite price to able

prescription. improvement, throughout value So to XXXX. very And healthy we'll increase that that's clearly with the of and continue the do a

Any other again, see we that opportunities too the much other we see hurting improvement, to areas and continue prescription without momentum. the

heavy as bit the remarks, stimulants. equivalent with satisfaction The continue in very Now referenced little underlying in we prescribers, of level a I use to with to far my prescribers is be I who prescription level survey mean, as that happy business, actually Qelbree. their mean, with their I performance the Qelbree, satisfaction really especially Qelbree

And remarkable performing level for delivering extended to really year in same a for that much that, million prescribers as extended prescriptions XR I Qelbree for the XX very nonstimulant last because is did If a among continues year, room remarkable I are release still be as a market to that and minds give product prescriptions. grow for confidence so you in will us product think stimulants, that grow. ADHD. standard stimulants well to pause we the that mean around be stimulants and performing the to and in is release physicians' second XXX,XXX about truly we continue to and equivalent treating to that is gold mean have satisfaction deliver a to where really

further we we the So all for momentum XXXX we in lot look clearly, to room go, on of even that XXXX. the to built a have and growth

last which The should of is force, in clearly, have expansion of the full also mid XXXX other impact thing sales we in a started our year.

So XXXX among of physicians extend that certain more frequency prescribers who extra -- higher are should that for physicians heavy impact are have beyond among or reach with important ADHD. us

So all forward much to year strong for XXXX. in looking all, we are very Qelbree another in

very That's helpful, Jack.

follow-up. Just quick peds expect What year? do and adults we the will between you of part as through look this like move the mix latter X

that the year a would out in they're little did the XX%. I somewhere bit study is than push continue the could of XX% to combination in mean be. is we in the Qelbree usage of closed segment lot that usage in with around dynamics it. to XX.X%. initially using really my XX%, is stimulants. of as lower very has to adult lot them doses good important And mentioned in But It what like because, that that We're to We also Yes. looks is about like we is of the ramifications, interestingly and a in attitude our XX%, adult that XXXX, above in goal us. segment adult obviously, remarks, And a finding

seeing adults. on, So would dose we're up that. But marginal, the be what we total for it's a daily the and hope creep into should daily time goes see from a as daily in total dose, dose we

to also with efficacy the we from because and that target using lot time are XXX building see starting and the helps the lower And are doses daily so of should in up than continue So should. But dose above. on total the given levels, -- to them right with a to to XXX-milligram which much that initially, us in of on, perspective, most them it working as total they that them combination dose are daily really towards forth. to in of perception stimulants, an folks be efficacy encourage goes we'll push

Our Ku of next Stacy the TD comes question line of from Cowen.

We few. have a

access overall formulary So goals around you first, payer any any year? any on just guidance wins. remaining do additional reimbursement, have And this

year? you you providing over if nets might wondering, the questions Just related contracting adult just to And now, that we for the lower, as be since for my growth? do right that the guidance any adult what additional settle that's net drive for any curious a you're expect touch to doses Qelbree. pricing this So might And think it will kind of that, you gross how now. year but of saying year? be is this kind Are driving

X major access, have Yes, major the of X contracts now regarding we PBMs with the out payer ones.

we goes on, we we've talking position always So everybody progress, to are -- improve especially renew on the to time made as within actually, several time. the I are states, all position we and states, mean contracts, time the And the continue continue our of doors as improving open, goes on. our across Medicaid lot side and always a

So the some coverage we're Qelbree with as coverage have the par what products of well products It's especially for the commercial pretty with point. as to of years the par at pretty of we the in marketplace at much actually, as products, in the at as used or the it's branded well on with [indiscernible]. on happy ADHD side, this Medicaid other most commercial

be to mentioned, XX% of to I quarterly the have to see still -- that one you typically certain we're room going as therefore, fluctuations contracts. of quarter there always the very gross mean, the improvement, but happy in come So you're to target different in . And net we course, XX%. another. for the of and is there, question, But will the leading up course, renewal cycles to as

then bit the products improve best always then improve worst, is the across in little as will and in case second it So all quarter be the our industry, one and always would fourth third QX quarter. be a the will across in better the quarter, the

seen try or the follow stay trend going I it as still and at Trokendi on. of target, good if we we'll this to goes a be, is the XR point, looks you're XR -- same time natural Oxtellar we've to to below But mean, it like XX% course. with can, XX% that So we'll

will year the But XX%. whole it combined, to in for be the XX%

net So around you to when benchmark to the year. at just you XX%, gross was give the a actually look XXXX, for total year full

So for XX% still to full us to continue target for that a is improvement. XXXX, year to significant XX%

Got it. And then...

sorry, go ahead. I'm

I ahead, Go other questions. with follow up can my

its the I mean, mean with No. total other expect I adult in X.X of X to stages physicians actually or as part the that average them. still mean, embryonic the takes for with daily dose time years. kind as of you expect -- was product, would question. applies will I only pediatric dose to a I finally it it's you daily mentioned and launch, earlier, both total to that the get new typically been

earlier Some others. get there than

dose, how how for continue But XXX-milligram educate range will titrate target, we should the them as in get on dose product to And and in target they the total experience we the daily XXX milligram and they daily XXX the for milligram with is kids adults should more as gain more the to range. eventually, they is which and there.

Perfect.

my question. answered last just You

Instructions] of the Samimy [Operator next comes Annabel question of Our from line Stifel.

Jack This on is for Annabel.

there? ADHD might a kind particularly market pre-COVID I the that seen Have XXXX a normalizing quarter's the in was to know be already that on the weaker topic rebound the of to previous call, Or you relation is of the relatively kind market? mentioned start you of of well back-to-school tempered, Qelbree performing, just had levels. So season

the total ADHD Yes. in grew about total I market in mean XXXX X%. by

X% lower. to the that's of the couple much X%. that grew years, compare in market the XXXX, XXXX, you previous If In to

and burst see the time XXXX, we it frame, that you little . pointed breather that's XXXX, normalize. the then last in took started November -- when and a that's year. we bit and about in XXXX, back in to even of season in back-to-school rightfully of ADHD for out, little So And what increased what referred we XXXX the talked to demand clearly, did medications a as

about maybe the deliver this in the expect But X%, be really the X%, for I I that and Code. it in probably line. market know. more for the probably X%, single whether mean year, it's ZIP we So X% full And in X%. something to it's will lower digit, in year don't

Now grew X%, but as mean as last we the -- by far by we I XX%. course, year, Qelbree, grew of market

the really we're will obviously, what outpacing increase need as to and our to also that's adult to that us continue both do not the and I pediatric continue well. continue to pediatric. talked and market I for we of market, important So segments, mean share that, but about, we just do segment to to very be continue penetration a

Great.

to I of are Qelbree? doing is And any kind opportunity so already promotion. you the sensitive building DTC that this category to off that, doing? campaigns particularly maximize know considering for Or is something you're that

kind any of that can So is that further? way take of you there advantage

been mean and have on we will I Yes. continue doing DTC, to do.

sit anymore long digital, time reaching extremely they consumer. direct-to-consumer you watch always and a use front as in expect of don't difference in The heavily And times, mean important. So prime to as TV is is TV the that the in today's is people ago. channels would you I used it's

So our use advocacy we patient and clearly lot channels are groups, is digital. very of audience. different with it digital, reach to The touch majority programs. patient in much A of we it is

forth. physician's to the We of so as office even programs within well get the the and perspective have significant to patients as from office, education an amount

which efforts programs the DTC. several in space, all and So digital we have many are

have of speak different because as also among with are they We have who well who consumers product the product, they and the on have well. influencers as strong will influence direct behalf folks people -- as experience a

showing would questions Jack Khattar it back this now to am further no to time. like closing for I remarks. turn at I

XXXX. we are finished pleased growth. We Qelbree in the strength with position strong of year performance this afternoon, with achieving prescription In very record concluding call, our both a in GOCOVRI our sales with and

over that catalysts the our significant next In for XX our transition year months. a and XXXX believe the was numerous We strategic earlier, with growth addition, positioned key progress as X of are well and current on milestones continued on we beyond areas. pipeline to mentioned XX focus clinical

with growth First, and Qelbree us our GOCOVRI pipeline. driving the to allowing . with our of the continue together generating in rest strong investments and significant cash portfolio flow,

legacy guidance Oxtellar approximately rate represents for and in XR, of our Trokendi a growth Excluding XX% XR sales. our healthy products, net XXXX

launch portfolio advancing third, third exciting our upcoming NDA that potential R&D And FDA the growth and clinical our of molecules in have of product SPN-XXX April. portfolio, the several Second, innovative of assuming in differentiated approval a milestones. first-in-class

will this continue focused to on corporate opportunities. for growth look be our We afternoon. on you augment external call. updating to us we joining development to next to forward Finally, Thanks our

conference. Thank you for conclude your This program. the participation in today's does

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