SUPN - Earnings call transcript Q3 2019 | Supernus Pharmaceuticals, Inc.

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Operator

Good morning, ladies and gentlemen and welcome to Supernus Pharmaceuticals Third Quarter 2019 Financial Results Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will follow at that time.

As a reminder, this conference is being recorded.

I would now like to turn the conference over to Peter Vozzo of Westwicke Investor Relations, representative for Supernus Pharmaceuticals. begin. may you Sir,

Peter Vozzo

market Good for and XXXX Supernus Yesterday, of conference Towanda. release a joining these announcing financial you us call. results. the close the today Pharmaceuticals after company morning, you, issued thank press everyone for results the Thank third quarter

at Officer, the the Patrick. call is Today's with Executive being are Investor Chief of and ir.supernus.com. made Supernus' today the Khattar; website Financial via Relations call company's section On Chief available me Jack Officer, Greg

from remarks the we call to open Following the will management, questions.

regarding words believe, may and During trends events the as expect, intend call, performance. Supernus' this company's should, course reflect may, other words These and such existing on information meaning. the plan, of will, and of make current management certain forward-looking similar perspective statements can forward-looking statements be anticipate, and future by future identified

section including Annual in results and Any materially projected in these the are involve such forward-looking from may statements forward-looking Factors risks the guarantees of and XX-K. those those Actual noted on performance Form of future company's uncertainties, differ not statements. Risk Report XXXX

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

to over call the turn now will I Jack.

Jack Khattar

study we In our to patients SPN-XXX and results for treatment ADHD release thanks we our impulsive XXXX the announced Phase join Good of the third morning, us taking years for you, III old. in results. first everyone, the PXXX to Peter. of aggression yesterday, six for the press XX quarter time discuss as Thank

the diagnosed patients significant from trial reduction p-value XX average frequency of receiving a placebo-controlled, the placebo. compared aggression with a median weekly to SPN-XXX multicenter, randomized statistically in in study was parallel-group milligram double-blind, was impulsive showed XX.X% not with ADHD. of The percent clinical that a Patients X.XXX baseline of episodes

analysis stages two are compared study. was data was based the reduction on one stage the right interim median placebo. of with and one, of from In was X.XXX in analysis, which the percent These combined p-value a stage XX% the before the statistically significant the results to which

interim two in reduction XX meaningful in are the analysis. the have we However, clinically analysis patients. in adversely to post of statistical magnitude the believe, stage the impacted seems of milligram reduction treatment of that the arm significance, lack with in the the Clearly, study, many the of in results as disappointed given we variability for frequency episodes, increase combined the

median In aggression arms of the the percent to in is frequency XX% modified study that in addition, reduction retrospective in its analysis continue XX% study. III was PXXX the increased understand reasons the will the the the of arm XX The treatment the behind versus that consistent with two IA range in Phase statistically in in the the behavior to IIb improvement saw placebo study. III results treatment this we milligram Phase significant in scale Phase of Company better variability

respectively. AEs incidence X%, rates Overall, were adverse of milligram milligram, and across discontinuation X% both and tolerability XX the of safety mild, with the arms exhibited favorable low low XX combined leading treatment trial X% profiles, to and for events doses. all

data until adolescent analyze will are the for in impulsive In end PXXX reached patients of start a meantime, III aggression. on the second the study data, the six old program is years to in enrollment which available to The Enrollment by from SPN-XXX trial Phase available the and be target. the are the is the patients regarding XX% at expected XXX XX company in XXX Phase trial XXXX. III will in enrollment final hold of and be decision about

the to expect this we NDA submit month. SPN-XXX, Regarding

and of FDA second the launch SPN-XXX preparations in approved by progress XXXX of if to for the continue plans Our potential the well. half

a addition program SPN-XXX adult in patients the during In with III third was quarter. Phase initiated

For SPN-XXX the of III of commenced bipolar the study treatment for Phase the in monotherapy XXXX. quarter we disorder, fourth

as and to Moving to prescriptions IMS increased Trokendi for XR XR X% quarter business. of last on same existing the over increase Oxtellar Total a XXX,XXX prescriptions year. representing XXXX the third reported in the period neurology by

XXXX XXX,XXX, increase a prescriptions quarter quarter the the XR fourth were in X% third which over is Trokendi of year. For last

of deductions. months increased both volume period prescriptions in Trokendi the this due from pressure XXXX time as net sales last nine product growth XR gross well the continued over as year. to over first the sales same Despite Trokendi were increase for for X% periods XR For essentially price XXXX, the net flat to early

representing prescriptions were increased product for the increase months nine of of in over prescriptions in XR last to in XR prescriptions Net Oxtellar period year-to-date Oxtellar the XX% an increased same third first periods same and the third XX% quarter year-over-year. and year in XXXX. XX,XXX XXXX For the sales compared the XX% XX% quarter

for from trending pressure and Going is the deductions gross-to-net given digits. XR the in growth forward Trokendi the single continued prescription

net growth to sales essentially expect We flat. be

and full as our operating leverage revising our guidance net year and infrastructure a to able result, continue operating are for As we sales to expenses. product are manage extent we lesser to a earnings XXXX

portfolio. development our as for continues Finally, fit our neurology look corporate in and we represent that in psychiatry assets with activity strategic XXXX current a

to Greg turn now third over our the performance. who quarter on details financial more I'll will provide call

Greg Patrick

morning, everyone. you, good and Thank

third issued our refer quarter to in the the results, quarter press financial market remind listeners to review third XXXX after results I I'll As release yesterday's closed.

essentially of third million the unchanged for was million the from XXXX. revenue Total of quarter $XXX in $XXX quarter third XXXX

year-over-year in third of in price of for million by higher Net product increase million, offset XR from of gross-to-net deductions. the will Year-over-year third and were the sales quarter growth $XX for Trokendi the quarter X% of down modestly impact XXXX. $XX XXXX prescriptions

of as an Net year-over-year XR partially the were the increases of compared $XX.X to the XXXX in in impact the price increase for mitigated gross-to-net product sales higher of deductions. quarter Oxtellar impact XXXX. and third prescriptions by of third Growth XX% XX.X% of were million,

third XXXX revenue product the Total was of product net million quarter of third revenue as million and million $XXX royalty of of revenue for in $X.X of comprised of net $XXX.X XXXX. royalty sales and compared of to $X.X the quarter million sales

expenses the of filing. is III by third of trials quarter in expenses. XXXX This clinical in in the to SPN-XXX now Research Phase late lower the $XX the to prior to manufacture year. and XXXX decrease than and same completion $XX Turning million the were development modestly to of XXXX million quarter for support attributable early NDA cost four SPN-XXX our primarily partially offset the

were unchanged Selling, general from last quarter the million XXXX and essentially administrative of same year. in quarter $XX the third expenses

For totaled last same the year quarter operating as was This company astutely compared continues to to of to XXXX, the The primarily well third driven million by the quarter improvement expenses. last $XX SG&A of the R&D X% virtually demonstrate XXXX. same as lower its second a manage as remain expenses, ability unchanged million, quarter period earnings to operating $XX.X increase year. in over

$XX.X third the diluted or same in $XX million per quarter share last $X.XX year. earnings $X.XX or in were as to of XXXX period diluted the per Net million compared share,

modestly by tax was earnings third operating offset in rate Growth of quarter effective a XXXX. the higher in

in Specifically, XX% XXXX the XX.X% in from tax rate increased to XXXX.

As a third of XXXX net earnings of XXXX. the third result, in earnings net in quarter to were comparable

$XXX.X million $XXX.X cash, ended increase in of securities with quarter December securities, $XXX.X XXXX. The as marketable of third to equivalents, cash as million and XX, million compared long-term and an marketable

Turning full to financial XXXX. year guidance for

sales, range and now to earnings, expectations We expect $XXX for as the reaffirming tax $XXX revising expected rate. to to from $XXX while are net $XXX R&D guidance effective net million our for million. million compared We sales the to of product previously million operating range expenses product

We compared million $XX previously We to earnings of of to million. the to to $XX expect range million $XX $XXX the expect million range compared now expected R&D from expected million. to expenses $XXX of to approximately operating $XXX million as range previously $XXX million

forward by will growth price impact sales Looking product gross-to-net related that anticipate and of product XXXX, offset in increases combined pressure to the we be continued deductions. unit volume

we next sales year, next million launch of of half the we the second in exceed marketing In the year. and the half by will of psychiatry of for XXXX, second addition, the pre-launch $XXX SPN-XXX expenses driven launch impact prepare anticipate force in well as fielding that as as SG&A expenses,

are R&D expected XXXX. in in to XXXX expenses to level the comparable Finally be

the operator to will back I you. call turn Thank questions. for now the

Operator

Cowen. from you. [Operator the line of Instructions] question first Ken comes Our Cacciatore with Thank

open. Your line is

Ken Cacciatore

on couple stage it's BD; XXX. on a Jack Hey, you've guys. Starting been with been prudent over of as last years, the incredibly only early the said. news really

obviously still plenty very and have do You profitable. of cash

back can change So about set now business development just and SPN-XXX talk you does this you've it things? that had

And then just view its about again positioned. maybe and opportunity on need be and is this for could it. on a the how product street clearly market debate XXX effectiveness There the on big your the

you to the how about you. So chance think you maybe another into Thank paradigm? give talk treatment it just fit will

Jack Khattar

with business development. Starting Yeah, sure.

much and our forward really that quality assets the -- we're have looking assets assets As psychiatry there's the forward the been regarding in a kind not well. and as priorities the neurology of with strategy, looking change of as far of our we

we because been aggressive So these this as really much all have doesn't change years.

those We commercial BD and that intensely and they to or anything we view anything our the because assess that value found shareholder. our kind view in a have side, point and actually they believe late haven't when assets haven't we of only point reason done fit story time of from we we involved stage create of been the that at or is, actually add that

it BD been be over So, we've consistent as will doing the been in has to continue years. everything

people's several is haven't to or do in remind and get we important I haven't one to to cash years it read saying XXXX, some sitting important and point folks, XXXX. people would been we've question $XXX like Well, since that profitable because thing something time we say is and that actually And the we on million notes people done we -- I that anything. and want been became an in for the in last all I this remind

year million years, the that deal our got that last So, was position to still only building the and we the position. raised XXXX until next debt actually in this convertible in up us $XXX cash XXXX over and

been years active we four So, it's sitting not of on for cash pile been have a and haven't anything. we three, like doing

how the sure two, to business in aggressive the peers development important three XXXX, and thing years, last in happened what they of other XXXX were of out them debt we leverage the lot everybody and and period, that sheets saw in didn't heavy with especially and/or as what balance very over And XXXX remembers and our a put else happened the struggling good is, with sheets space And be I'm to on their they we assets today turn this them. thought. as saw are everybody many balance their to that

for a really all for the here or and we're are and assets communicate the not been Company. development. message guess is It continue mean to the in the key we to at overpay will fit active but of good sudden be a going be top trying assets to business in of I'm of are we've exorbitantly priorities will we doesn't So, going reduce our to that I Company, very go looking quality it pay that one

continue priorities the to Again, same. our be

As far or we also commercial can will if absolutely, late continue something at find not stage I look as if is II to is Phase assets. that Phase that neurology, we

we changed front small do, really story. we is This in us. nothing and market has more believe that product the XXX, the research And really actually in the opportunity in Regarding more is the of the market a about peak a or this opportunity XX prescriptions X% at XX% of huge a for million year. large to very And product opportunity market with will us. a represent market into penetration

dosing that The and physicians, doses much extremely efficacy, on of to can doses safety. they that range specifically giving on flexibility physicians with can KOL titrate is resonate well without and the the and behind and they of that continues the sacrifice tolerability this range the product wide patients the a use even to fairly where that data and top high

this and really tolerability As the especially profile this clean and is space. safety of product we in nice also

very much be believe, especially very a non-controlled tolerability options non-stimulant that to today's continue needed today's good good will treatment we environment, for and profile patients. and So, in a a substance with lot our and great in a market. safety efficacy of It is

wait then pretty quickly for six to works it to of again work actually that it whether instead want to didn't could a five know who and quickly they or to work will those work weeks have it work it and they very having actually for whether it specifically non-stimulant And four, if or them. try or doesn't doesn't stop works know

a So, this know very it for perhaps because a product them we will even parents will know week for milligram and and XXX titration the for from whether easy know need not. lot use. the or is patient will It of doesn't one the work patients, will

clean. the So parent really is not will know safety their week give a they a and downside nothing child and and non-controlled the in will a is whether non-stimulant, nice here, to for because work a it substance really or tolerability

will it patient the as easy be the And also, treatment. physicians for and through progress to similarly, manage the is to them easy it they them for case very very for prescribe

of that it plus to of be that other. spectrum as product in for we on them also either finally one the and the And that well current works hyperactivity SPN-XXX one believe non-stimulants nature the of real versus given works inattention course, broad seems big the

advantages we we good very overall a well-rounded with the as physician patient beneficial as think and with well very the have very to So totality, a in efficacy. comparable product

So and we're excited to about the continue product. very be excited

that of it not into anything ADHD are years category ADHD. X is today the in haven't innovative necessarily years XX used category is coming It mechanism that crowded the into therapy XX to last over seen does probably a with in coming This be action. treat that to the only and represent this will molecules novel an we

with it current welcome sure I'm So option patients the lot will by be satisfied are of a a treatments. not who

Ken Cacciatore

you. Thank Excellent.

Operator

you. Thank

question line the of comes with next Our Stifel. Annabel Samimy from

Your line is open.

Annabel Samimy

questions. have Hi a taking I for guys. Thanks couple. my

would enrollment guess SPN-XXX, and further PXXX, the have benefit your ending sorry assume Is suspicions that anything should what are this to on variability. XX% is the you outcome, what can I not see question logic First extra at provided at enrollment any is to that we my point? in that X% the regarding do statistical address there

Jack Khattar

know well enrollment PXXX decision far the of these recruitment pretty Yeah the in studies regarding to study as you and this all slow very general. our was know as at point on it as we start it in

our to basically year. timeline the finish first get X% as So quarter for the us other you even to next remember data was in of

So can is especially PXXX going it. -- obviously what understand to extra are reason enrollment patients is the up we picture think trying help us. some change X% we X% that reasons don't for to or the who the case that And really behind for with we saw and more

rather much far whether data as at would So you pretty doesn't comfortable are therefore we and as are or the enrollment that we XXX% really change XX% get picture earlier. the

understanding analyze program now, have and what data the an of forward. stop as means open the and to we And should therefore moving it overall the be for it as it if we stop enrollment quickly we can, up able and project

to for point that decision get five have the than So can this so to that we come we or another make it in five six or patients. waiting another to at earlier enroll six we data months because chose

As it far no in the doesn't arm. given variability it look or as is variability that, there placebo really like the very was variability similar itself, surprising

obviously It us. calculations X.XX. for very impacted of it analysis is main statistical It one So puzzling yielding is that was very the a of and factors p-value surprising. the

or the way the very, on what occur very very the only find is unusual all So have should a variability if deep treatment all placebo due or staff really data sites it it XX treatment to that study conducted variability typically you because expect in arm to which behind at is the to we us milligram this digging the being the will treatment the the arms arm. whether the clearly be you to is -- or we be understand to point apply would into such

the about XX% the very stage that's something kind to to up milligram to us for surprising from all placebo has XX is what happened been this grow in jump go which way XX% in that see and variability. really similar So variability to on in have the must the two of is the milligram the and for XX to why

have At have to us point insight So what's needed the gain as collectively -- whole help analysis the as would fresh that everybody. studies. I behind wish clearly we share study we very will in the at as on the it look but we obviously answers. we we we what this all package data this it more is at also very with to to and then new, whole the PXXX both obviously with And

the XXX I'm it on I be So, This sure mind. it positive is question well can or is likely key the wish, mind predict. to as will is be CNS This development. psychiatry. study our is everybody's And I likely really negative?

would lot market of a done studies Phase the lot actually today have III III even of two positive do them them Phase get on of some a studies. or to five get studies to positive three products two And

we've especially So dynamic psychiatry. this in seen have all

as that is So, we there likely is want XXX sure. know quickly why possibility. get for What really yes to the there, we But it a that's study don't really is probability as the the possible. data

Annabel Samimy

clearly that picture. to think you. changes Okay. does reformulations to I I of And necessarily in served or could a going lot landscape payer unique And In on are if well -- there's the unique maybe don't have products that it are reimbursement. But follow-up, a bigger in it's seem market.

of are from more a not mean on for clinical of key terms can And what systemic there possibility that anything launching side, but side. point the impacting you. the is that from reimbursement in successfully XXX, directly issues to does So, you going

I is where think concern. of a that's Thanks. lot there

Jack Khattar

side per Yeah. or speaking products on seeing the to really Generally what se. not we're Supernus is payer Supernus peculiar

reformulation, not the a is a actually It chemical doesn't just it's exist entity. States, SPN-XXX Now market. in whole in the new United

of immediate is there So viloxazine. no release

versus different that just existing molecule, clearly, be very by an scenario, a market. So generic a an it will existing of reformulation in

So over no viloxazine. market there generic is

mechanism And thing just as different mechanism is is -- also marketplace molecule. I well, ADHD. in believe new ADHD mentioned, prescribed the the also the But very other of novel which within treat completely than we a is the drug that for Strattera. not it totally And is as to any other action

it But think a as so today, we be little are lot forth. Because so the to, So we be is what seen we should welcome. and in know or far you bit of will of and they've just methylphenidate or different. as last reformulations exactly mentioning what believe or what a it decade amphetamines folks referring

brings we given be So, the as to different and and new as and the it -- value totally a new in very this looking look category treating will a think condition. examine of this mechanism a novel, far at fresh action

Annabel Samimy

Thanks.

Operator

Thank you.

the next of Jefferies. with David question comes from Steinberg line Our

line open. Your is

David Steinberg

of Or recent you or two? this do for see the would was increase next year from be would predicted should you I year-over-year continue? prior exactly Couple I which launch very measured. the correct acceleration modest sort monotherapy to growing XX%, curious XX% are about tell basis to a launch. launch Thanks. think you to the -- start XX%, gains of is the in to questions, like that expect And scripts I

you for to file NDA What this approval? date would an indicated, actual then a expect Jack be launch launch think the assuming I -- for secondly, XXX XXX NDA realistic And month. you

Jack Khattar

far behind and that said we expect and I case the XR the as measured as growth mean you -- we'll Yeah. XR said be monotherapy Oxtellar indication. On Oxtellar and monotherapy the to as to continue have

franchise life old a given February it's think reason in is believe, February the cycle. coming We and its doing seven and years the major pretty brand would years it's we already be that in And far as why actually good. up as coming this six

build excited it. growth. and excited about steady very a been will kind we've always is is slower we to So, it. Epilepsy of epilepsy. be about It much And continue

to certainly, that's our is target goal, achieve XX% or would to than we even that to to hope be that. XX% So continue more able our

a that as as So, patent product the this is have far expiry. we till XXXX

about we about excited to asset view And for very question no we're as it. will continue growth So that. us a it

As the the the date it that on up will and far end to or FDA within month reviewing all as also of PDUFA will this it XX whether months. the NDA really XXX, assign submission months depends they the XX

determined. be to still is that So

So we months. going going end the months whether take XX to clearly know XX it's to or till takes it's won't

that. So that, will launch our with on correlated date obviously be depending

Operator

Thank you.

question with comes Trucchio the of from next Berenberg Capital Our Patrick line Market.

Your to line check is is your phone Patrick, on if open. mute? see

Patrick Trucchio

morning. Good that. about Sorry

just first, on a So Trokendi. question follow-up

a step there you if the is understanding see payers, year? going sort that to the new with outlook now if from in business have comfortable the be of year visibility or that price as consistent that pressure should wondering is feel With you some next next the it incremental you down I'm we expect for --

Jack Khattar

press Well, release. communicated in the what I we mean, it's really

been As the year a we more deductions. the comments pretty far the make expect we've growth wider price unit side, with strategy, price spread has take next on much be we especially any we increases if taken this any -- don't we flat year sales, but growth it offset because net as the future increases and the product take, in gross-to-net on on any in to pricing

forward assume go why think Trokendi that a kind that's and as prevail on at will XXXX to So of the point year that's that speak and as we this probably we net a and guidance will expect growth sales regarding we next thing by we XR. as can what draft to far moving will so only well gave

grew because an off issue increase that's what's to the in in it the XX%. my year growth I last there that becomes the and fluctuations as volume face mean year in and overall clearly really as we didn't single-digit, when spread becomes earlier overcome the unit on the basically for last the difficult more comments, is by much really deductions happening the I mentioned we gross-to-net

in are gross-to-net you increases of when So of these deductions. double-digits, some you're fluctuations, these whether still growing able the to some in the

always this asked us fees, because always more worse. question And that's is more special gets that as it in. gets goes more And will never more care rebates, for on all or always for said, we years this many actually you of on, better, time gross-to-net increase it and many have always it the of a environment and not admin present asking managed peculiar of Supernus. and again, to we're living That's phenomena

And single-digit, therefore, we higher the sales The in really growing become in manage Trokendi the in as net sales growing the XR, to growth grow payer coverage for Trokendi don't to it become case continue our that will much. still Oxtellar case XX% to these that the is unit so is given vary far hard more it XX%. have double-digit to example the and still XR, grow. you Oxtellar for XR as with net XR. actually is It very another show in And

very have give we So or take a contracts lot the of products. are both similar on

Patrick Trucchio

just I I -- then And SPN-XXX. may if follow-ups on few ask had

marketing the should first, sales in sales we just when and So in force building the ramp-up XXXX? anticipate and

there collaboration how secondly, is XXX? both on perspective on the the the on lastly in Thanks. we an non-stimulant I market anticipate and XXX other the what we international could, compared in price environment for an products anticipating should payer partner potential verse just side? positioning then update provide context of stimulant And from should generics around and if can you some then on the be And a terms to branded

Jack Khattar

Yeah.

Okay.

first. Let the me start with

commercial As the running right far sales the as the and the approval typically the on get after force force sales time. around XXX, behind sales infrastructure and and ramp-up force, specifically launch up we

be going the predict I point date. still at have mean this and exactly in the that's of expected obviously to the half a launch date quarter visibility little bit better when to it's on for Again, until PDUFA harder us a year. second we next So -- which

will don't be will plans when we've that. launching but in second -- the SPN-XXX. for November believe of I our somewhere SPN-XXX. we late launch we're obviously like the be and -- And later bit early the or in a than the to that's around So reps probably sales as it as third so filing Again, that force quarter build quarter little XXX XXX far reps far psychiatry given set

Regarding payer the coverage.

have still the my As and the expect product to previous so discuss now I our with decent in and and coverage. our positioning as patients said and product comments, hard the continue that data and with forth a stimulants benefits pretty mean, the it working and additional branded so non-stimulant right XXXX. speak will even genetics the I starting we brings of We're to earlier versus the or sharing them payers the is through in works we to and

stand on formulary. right don't as to launch we So really the we and before have obviously a final until -- the where position we won't the know

specific And pricing pricing the the with of product. similarly

we segments be launching Obviously, all you at did will point. the will and in Day what we product comments we basically on Investor at think give bracket this specific products I non-stimulant prices the we and for the both -- the Again, price. branded make not the was stimulant.

question And then think, international. your finally, on I

internationally. far out-license so strategy Our our has to been products

applies the as to So existing pipeline. that as products well the

continue we So existing for overseas will to our partners for for the for look and potential pipeline XXX products.

Patrick Trucchio

you. Thank

Operator

you. Thank

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

open. is line Your

David Amsellem

Thanks.

get how wanted maybe difficult documentation I prescription both headaches restrictive to is from write here onerous it scripts and is I'm is end. want I to on getting may the at extent filled? for know but it gross-to-net, to not the step-throughs? more Trokendi The just the some specifics you've not is get want which to a the sense fill of because to a may hurdles the How patients on or So their Oxtellar landscape extent talked it. to or a about difficult what you lot and because doctors of So

you So can if that would talk about that be Thanks. helpful.

Jack Khattar

aggressive Yeah, not physician have push and and you a to as whether or as the prior authorization hurdles we've patient far same we or be before that had sure. might be know are for hurdles step-through the whatever. cite a today for a The willing

versus continue is PAs so of have in work forth. really nothing And there paper so this So situation and to and before last the through year that or we going the physicians face or new what in year any the the assisting forth. programs we and same

So the really writes to the through far or a until time meaningfully as the there patient trying it prescription. has get changed they're that mechanistically gets physician is if the it as to willing writer from nothing prescriptions

higher that QX A do lot the of wider are it's of go spread or we we factors impacted are have that about. a program whether reductions co-pay enriched more talking have lot in the rebates that that into the gross-to-net gross-to-net to the issues

So really as physician the both they as the dynamics as as the patients the products. story far change around the bring and on far to benefits two no is products there patient here the dynamics fundamental

it's like from facing hurdles additional we're So that not perspective.

Greg Patrick

process And pharmacy. adjudicated authorize And just automated almost beforehand. The I been an on no is both this be is of There in generic if to they And by David a the of vest I people minimum, adjudicated a overwhelming required. to topiramate as be would mentioned, add can having script getting an automated pharmacy this oxcarbazepine on work on all could are for that the to or say generic largely in I it fashion. terms driven can Greg Jack's were comments. dynamic products at

David Amsellem

even mechanistically look largely forward there competition. beyond, is change? that you think you if do to in of that described there you more expect and any could you where particularly I meaningful mean do you think quo migraine, change Do mean status I could that be Okay. going or as XXXX

Jack Khattar

don't know for to to mean, we CGRPs. also cautious why change sure. in or trying we give change. could to people oral It and XXXX that's It I really we're be will potentially could trying the could face. as things see XXXX what

how are environment even payer. all the CGRPs, that by So, change might treated on and they

environment is overall. that there in a lot fluid keep could So, really XXXX the

predict, will So, very it's really that to hard us out. for how pan

Greg Patrick

next through year. right, specifically presented being have said, hurdles additional anything of have not that's for that David. Yeah, That to regarding go aware we themselves that I'm mechanistic

David Amsellem

That's helpful. Thanks. Okay.

Greg Patrick

welcome. You're

Operator

have Thank gentlemen, and one you. Ladies time for more we question.

question Hong Our comes Janney. with Esther of the line final from

Your line open. is

Esther Hong

taking for my Hi. question. Thanks

is So, my question on SPN-XXX.

quicker are what it's quicker based we fact action non-stimulant taking of expect reimbursement in into a role? Thanks. course, and play uptake and launch approval, a Can of around a account assuming will that -- that the trajectory? So launch expectations on onset the a

Jack Khattar

I what a lot I you with Yeah, of mean would the expect at this have point, to seen. you launches consistent say, launch be know

be a hockey So, don't be it it's stick going to kind not I an think of effect. stick. hockey a will

product also this very So, good news space. here, that will non-stimulant, there we get to where on this a it ways to were so the The experience is sample the other disposal commensurate we Where with stimulant, in this at other can it you launches start expect if obviously, with hand, is other patients on can't our stimulant. be we and through really get have us for it sampling. really

them given will translate hopefully uptake product, should the quick. week translate have and to tactics, could the that let let patients data for we so have into get try the lot far then see it themselves very them a experience. can really So real we will a work seen employ at be within and marketplace this on And least we if that the with of it, maybe,

will a kind to not as try really be it at little be effect and this the of seen, far bit in So, remains general. just to model as crazy cautious, but too this hockey point, stick we

the So, we have there. right out expectations

Esther Hong

you. Thank

Operator

over now the to would I for Jack like closing call remarks. to you. turn Thank Khattar

Jack Khattar

you. Thank

While Phase on to conducting the with disappointed the from second data forward further first from study, we study. for results results analysis and look we are getting the III topline the the

toward soon. we're the diligently which In SPN-XXX, of submission for meantime, NDA we happen to expect the working the

For the half of preparing of joining remainder we're this us the XXXX XXXX. SPN-XXX, and again, XXXX, Thanks into launch morning. for the second approved in if for

Operator

concludes Ladies Thank today' and gentlemen, conference. for you participating. that

disconnect. now day. may a wonder You Everyone, have

Supernus Pharmaceuticals (SUPN) 6 Nov 192019 Q3 Earnings call transcript