Supernus Pharmaceuticals, Inc. (SUPN) reported third quarter 2013 net loss per share of 64 cents, narrower than the Zacks Consensus Estimate of a loss of 66 cents and the year-ago loss of 54 cents. Third quarter revenues were $1.3 million, compared with $91,000 in the year-ago quarter. Revenues were well below the Zacks Consensus Estimate of $3 million.
In the reported quarter, research and development expenses were $3.8 million, compared with $8.3 million in the year-ago quarter. The decrease was primarily due to the completion of a phase IIb study on SPN-810 in 2012.
In the reported quarter, selling, general and administrative (SG&A) expenses were $14.6 million, compared with $4.1 million in the year-ago quarter. The increase was due to higher costs relating to the commercialization of Oxtellar XR and Trokendi XR.
In Feb 2013, Supernus launched its antiepileptic drug, Oxtellar XR, in the U.S. The company reported meaningful growth in the Oxtellar XR prescriber base in the third quarter of 2013, totaling 7,596, up from 3,648 in the second quarter. Since its launch, more than 1,600 target physicians have prescribed Oxtellar XR.
Supernus launched Trokendi XR in the third quarter of 2013. By Nov 1, 2013, 4,711 prescriptions were reported by IMS for Trokendi XR. To aid the launch of Trokendi XR, Supernus increased its sales force by 15 sales representatives. Additional sales force expansion is expected shortly.
SPN-810 is being developed for the treatment of impulsive aggression in attention deficit hyperactivity disorder patients. Supernus met with the FDA to discuss plans for later stage clinical studies. Supernus intends to conduct a phase III study under the FDA’s Special Protocol Assessment program.
2013 Outlook
Supernus revised its cash burn outlook to $70 million to $75 million as compared to the earlier guidance of 85 million to $95 million in 2013.
Supernus carries a Zacks Rank #3 (Hold).Currently, companies like Jazz Pharmaceuticals Ltd. (JAZZ), Impax Laboratories Inc. (IPXL) and Actelion Ltd. (ALIOF) look well-positioned with a Zacks Rank #1 (Strong Buy).
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