Supernus Pharmaceuticals, Inc. reported significant financial growth for the third quarter and the first nine months of 2024, driven by increased net product sales and improved profitability. For the three months ended September 30, 2024, net product sales reached $170.3 million, a 14% increase from $149.0 million in the same period of 2023. Total revenues for Q3 2024 were $175.7 million, up 14% from $153.9 million year-over-year. For the nine months ended September 30, 2024, net product sales totaled $471.3 million, a 13% increase from $417.9 million in the prior year, with total revenues rising to $487.7 million, a 10% increase from $443.2 million.
The company's operating earnings for Q3 2024 surged to $40.8 million, compared to $8.1 million in Q3 2023. Net earnings for the quarter were $38.5 million, a significant turnaround from a net loss of $16.0 million in the same quarter of the previous year. Basic earnings per share for Q3 2024 were $0.70, compared to a loss of $0.29 per share in Q3 2023. For the nine-month period, net earnings were $58.5 million, compared to a mere $0.1 million in 2023.
Supernus's financial position improved, with total current assets increasing to $640.0 million as of September 30, 2024, up from $493.1 million at the end of 2023. However, cash and cash equivalents decreased to $31.7 million from $75.1 million, while marketable securities rose significantly to $371.5 million from $179.8 million. Stockholders’ equity also increased to $1.0 billion, up from $921.5 million at the end of 2023.
Strategically, Supernus has focused on its CNS product portfolio, which includes seven marketed products and a robust pipeline. The company resubmitted the NDA for SPN-830, an apomorphine infusion device, in August 2024, with a PDUFA date set for February 1, 2025. The company also reported a notable increase in advertising expenses, which were $19.6 million for Q3 2024, down from $25.1 million in Q3 2023, reflecting a strategic shift in marketing efforts.
In terms of cash flow, net cash provided by operating activities for the nine months ended September 30, 2024, was $127.5 million, a substantial increase from $66.1 million in 2023. The company also reported a decrease in net cash used in investing activities, which was $177.2 million compared to $334.7 million in the same period of 2023.
Overall, Supernus Pharmaceuticals has demonstrated strong financial performance and strategic advancements in its product offerings, positioning itself for continued growth in the CNS market.
About SUPERNUS PHARMACEUTICALS, INC.
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