Supernus Pharmaceuticals Inc at Jefferies Healthcare Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Andrew Tsai - Jefferies LLC - Analyst : Sounds good. And so today, generally, I would like to spend time on Qelbree, which is your -- one of your newest products. But before we start to that, you didn't mention your guidance. You reiterated guidance in your Q1 earnings call after providing it in Q4. Now we're in Q2, I guess the question is how do you feel about that guidance? And what would be the drivers to the low end versus the high end of that current guidance? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JUNE 07, 2023 / 5:00PM, SUPN.OQ - Supernus Pharmaceuticals Inc at Jefferies Healthcare Conference

Question: Andrew Tsai - Jefferies LLC - Analyst : Okay, thanks. And maybe one more before I dig into Qelbree on guidances. Traditionally, you don't break out product revenues aside -- except this year, you did help -- tried to be helpful for investors. You did break out Trokendi. So the question would be, as we think about Qelbree for 2023, any color around where sales could track in your view?

Question: Andrew Tsai - Jefferies LLC - Analyst : Very helpful. So the bottom line is don't miss the forest for the trees, as we think about the near-term trajectory of Qelbree. So well, if investor wanted to kind of gauge how Qelbree is truly doing, the question then would be how have scripts compare to the other recent ADHD drug launches, branded drugs? Is it still standing out to your liking?

Question: Andrew Tsai - Jefferies LLC - Analyst : Got it. Okay. So let's dissect the sales trajectory of Qelbree this year, volume and price. So starting with volume, I think you mentioned this quarter, it's tracking at 13% quarter over quarter, I believe. And so we have, I believe, five weeks remaining into the quarter. So could scripts, in your view,

Question: Andrew Tsai - Jefferies LLC - Analyst : Okay. And so, would it be fair to assume looking past Q2, could Q3 then -- when it's, I guess, summertime, could Q3 quarter over quarter even be larger than Q2 and earlier?

Question: Andrew Tsai - Jefferies LLC - Analyst : Great. And I think -- is there still that thinking that you could still launch another DTC ad campaign this year? And if so, what -- is that DTC campaign baked into your current SG&A OpEx guidance? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JUNE 07, 2023 / 5:00PM, SUPN.OQ - Supernus Pharmaceuticals Inc at Jefferies Healthcare Conference

Question: Andrew Tsai - Jefferies LLC - Analyst : Makes sense. Okay. And then maybe clarify one, which month could we specifically see TRx going up a lot due to back to school in your view?

Question: Andrew Tsai - Jefferies LLC - Analyst : Got it.

Question: Andrew Tsai - Jefferies LLC - Analyst : Very helpful. And so now, let's talk about price, which is based on gross to net and the average dose per script. So maybe for gross to net, remind us what gross to net was in Q1? And where do you think gross to net could shake out in this quarter, Q2? Yeah.

Question: Andrew Tsai - Jefferies LLC - Analyst : Got it. Okay. And hopefully, if Q1 was in this low 60% and hopefully maybe, you can get in the high 50% in Q2 or Q3, maybe and -- to reach 50%

Question: Andrew Tsai - Jefferies LLC - Analyst : Understood. Okay. Okay. And so, the average price per script, how has it evolved over the past couple of quarters? Any idea where that would shake out as we kind of look at our models?

Question: Andrew Tsai - Jefferies LLC - Analyst : Right. Okay. Makes sense. And then maybe one more on that is, is it -- oh, you also don't like providing guidance. But in Q2, I'll just ask, is the average price, could we expect a directional increase quarter over quarter versus Q1? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JUNE 07, 2023 / 5:00PM, SUPN.OQ - Supernus Pharmaceuticals Inc at Jefferies Healthcare Conference

Question: Andrew Tsai - Jefferies LLC - Analyst : Got it. So bottom line, more to come. We're still in the early innings of the launch and you're confident in Qelbree's potential. Okay. And so, I guess maybe one question on Trokendi. You reiterate guidance and come July 1 timeframe, I believe, maybe generics can launch at all doses of Trokendi, correct me if I'm wrong. So how should we think about the quarter-over-quarter sales cadence of Trokendi, Q2 relative to Q3 and Q4?

Question: Andrew Tsai - Jefferies LLC - Analyst : Right, right. And then we'll just need to monitor how this evolves over time. Okay. And then speaking -- and then let's move on to your pipeline in the interest of your time. I mean, you have an apomorphine pump that you plan to refile in Q4. When could this product launch? And I guess first, why are you confident you can get this approved in the first place?

Question: Andrew Tsai - Jefferies LLC - Analyst : Okay. And that's exciting. And then maybe one more. You are planning to host an R&D Day later this year, so what assets will you be highlighting? Maybe, talk a little bit more to give us a --

Question: Andrew Tsai - Jefferies LLC - Analyst : Okay. I guess we'll wrap it up there. Thank you, Jack, for the discussion. And thanks, everyone, for tuning in.