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Exhibit 99.1
Supernus Announces Fourth Quarter
and Full Year 2014 Results
· Cash flow positive for the fourth quarter, $5.9 million, and for the full year, $3.2 million.
· Net income for the fourth quarter, $4.4 million, and for the full year, $19.9 million.
· Total revenue for the fourth quarter, $30.8 million, exceeded guidance by $4 million, and includes $30.5 million in net product sales.
· Total revenue for full year 2014 was $122.0 million, including $89.6 million in net product sales.
· Fourth quarter product prescriptions increased to 70,739, representing a 22% increase over the third quarter of 2014.
· Met with the FDA in December to review SPN-810. We remain on-track to initiate Phase III testing in the fourth quarter of 2015.
Rockville, MD, March 10, 2015 - Supernus Pharmaceuticals, Inc. (NASDAQ: SUPN), a specialty pharmaceutical company focused on developing and commercializing products for the treatment of central nervous system (CNS) diseases, today reported financial results for the fourth quarter and full year 2014 and associated company developments.
Business Update
Fourth quarter prescriptions, as reported by Symphony for Trokendi XR® and Oxtellar XR®, totaled 70,739, increasing by 12,963, or 22%, as compared to third quarter 2014. Trokendi XR prescriptions for the fourth quarter totaled 50,583, a 28% increase over the 39,524 prescriptions for the third quarter. Oxtellar XR prescriptions for the fourth quarter totaled 20,156, a 10% increase over the 18,252 prescriptions for the third quarter.
Managed care coverage continues to be strong for both products. Oxtellar XR now has 180.2 million lives covered and Trokendi XR has 174.0 million lives covered. Roughly 89% of Trokendi XR and 90% of Oxtellar XR national claims are approved by payors.
During our November earnings call, we reiterated that the Company would become cash flow positive by the end of the fourth quarter. Not only was the Company cash flow positive for the month of December, but it was also significantly cash flow positive for the entire fourth quarter. In addition, net product revenue of approximately $30 million for the fourth quarter substantially exceeded our guidance of $24 million to $26 million. We are extremely proud of these accomplishments and our employees commitment to delivering on our promises, said Jack Khattar, President and CEO of Supernus Pharmaceuticals.
We look forward to another strong year in 2015, as we continue to build on the success of our product launches and growing prescription base, said Mr. Khattar.
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Ticker: SUPN
CIK: 1356576
Form Type: 10-K Annual Report
Accession Number: 0001047469-15-002068
Submitted to the SEC: Thu Mar 12 2015 4:09:30 PM EST
Accepted by the SEC: Thu Mar 12 2015
Period: Wednesday, December 31, 2014
Industry: Pharmaceutical Preparations