The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Andrew Tsai - Jefferies - Analyst
: Congrats on the nice quarter. A couple of questions to start. If we backed out other products from your 2025 revenue guidance with reasonable
assumptions, is it fair to infer maybe you're thinking Qelbree this year could do maybe somewhere around $265 million to $295 million? Is that a
fair range? Or are you thinking something different?
And then secondly, what do you think are the key levers to sales growth this year? Is it more TRx? Or is it more price? Or is it both?
Question: Andrew Tsai - Jefferies - Analyst
: Great. And then as we think about your pipeline after SPN-820's TRD data, how does your BD appetite change now, if at all? And can you remind
us the latest and greatest on how much firepower you have now?
Question: Stacy Ku - TD Cowen - Analyst
: Congratulations on the progress. First question is on Qelbree. That performance in Q4, can you just walk through the variables driving strong
pricing, especially as kind of 2025, just help us understand what you're thinking about gross to net this year? And then a second follow-up on
Qelbree. Can you just talk about how the adult launch is progressing?
And then second question is on SPN-820. Are you able to kind of give some idea of the timing of your strategic conclusions? Do you plan to make
a decision this year? And then for the third question, for the ONAPGO launch, how should we think about the trajectory? What needs to be done
to be ready?
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FEBRUARY 25, 2025 / 9:30PM, SUPN.OQ - Q4 2024 Supernus Pharmaceuticals Inc Earnings Call
And are there any sales expectations embedded in 2025 guidance?
Question: Stacy Ku - TD Cowen - Analyst
: If I could just quickly follow up, what share are you at for the adult segment right now in ADHD for Qelbree? What's the split?
Question: Stacy Ku - TD Cowen - Analyst
: Yeah. So sorry, I apologize, the split, which is of the Qelbree launches, of the Qelbree prescriptions, what percentage is adult right now for 2024?
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FEBRUARY 25, 2025 / 9:30PM, SUPN.OQ - Q4 2024 Supernus Pharmaceuticals Inc Earnings Call
Question: Stacy Ku - TD Cowen - Analyst
: Understood. I apologize. And now for SPN-820 and timing?
Question: Stacy Ku - TD Cowen - Analyst
: Yes, that's correct.
Question: Stacy Ku - TD Cowen - Analyst
: Yes. So just help us understand the trajectory of the launch, what needs to be done to be ready and if there are any sales expectations embedded
in the guidance?
Question: Jack Padovano - Stifel - Analyst
: This is Jack on for Annabel. So now that you have ONAPGO approved with the label specifically for severe patients, do you have a better sense of
what your market will be? And who might the low-hanging fruit be for an apomorphine pump versus a levodopa/carbidopa pump?
And could you remind us again how all of your PD products now fit together? Do you expect the pump to partially cannibalize the opportunity for
APOKYN at all? And where does GOCOVRI fit in with the rest?
Question: David Amsellem - Piper Sandler Companies - Analyst
: Just a couple for me. So first, on ADHD and Qelbree specifically. How are you thinking about the competitive landscape to the extent that other
nonstimulants enter the market? We're going to get a data readout for Solriamfetol in adult patients, for instance, in the not-too-distant future. So
how are you thinking about competitive landscape, not just in terms of volumes, but how that might impact the payer landscape and your gross
to nets going forward? So that's number one.
And then number two, sorry if I missed this, but have you announced pricing for ONAPGO? And if you haven't, can you tell us where you think it
could be just as a point of reference relative to VYALEV, AbbVie's VYALEV?
Question: Kristen Kluska - Cantor Fitzgerald - Analyst
: Congrats on a great quarter. Given you've been following the ADHD patients for a while, can you comment on roughly what percent of them do
you believe have comorbidities that are potentially on two-plus drugs to address both the ADHD and other conditions? And how you're now
thinking about penetrating more into that space now that the FDA has acknowledged this in your label, although I know you've been believing in
this and talking about the data and have had anecdotes from physicians in the past.
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FEBRUARY 25, 2025 / 9:30PM, SUPN.OQ - Q4 2024 Supernus Pharmaceuticals Inc Earnings Call
Question: Kristen Kluska - Cantor Fitzgerald - Analyst
: And then on the BD front, can you talk about -- I know you had some comments on it before, but just therapeutic areas and spaces that you think
are really promising and you can kind of leverage some of your in-house capabilities that you've been working on in the past?
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