Supernus Pharmaceuticals, Inc. (NASDAQ:SUPN) Q1 2022 Earnings Conference Call May 9, 2022 4:30 PM ET

Company Participants

Peter Vozzo - Westwicke, Investor Relations

Jack Khattar - Chief Executive Officer

Tim Dec - Chief Financial Officer

Conference Call Participants

David Amsellem - Piper Sandler

Jack Padovano - Stifel

Operator

Good afternoon, and welcome to Supernus Pharmaceuticals' First Quarter 2022 Financial Results Conference Call. At this time, all participants are in a listen-only mode. [Operator Instructions] As a reminder, this conference call is being recorded.

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

Peter Vozzo

Thank you, Chris. Good afternoon, everyone and thank you for joining us today for Supernus Pharmaceuticals' first quarter 2022 financial results conference call. Today after the close of the market, the company issued a press release announcing these results.

On the call with me today are Supernus' Chief Executive Officer, Jack Khattar; and Chief Financial Officer, Tim Dec. Today's call is being made available via the Investor Relations section of the company's website at ir.supernus.com. Following remarks by management, we will open the call to questions.

During the course of this call, management may make forward-looking statements regarding future events and the company's future performance. These forward-looking statements reflect Supernus' current perspective on existing trends and information. Any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties including those noted in the Risk Factors section of the company’s latest SEC filings. Actual results may differ materially from those projected in these forward-looking statements. For the benefit of those who may be listening to the replay. This call is being held and recorded on May 9, 2022. Since then, the company may have made additional announcements related to the topics discussed. Please reference the company's most recent press releases and current filings with the SEC. Supernus declined any obligation to update these forward looking statements except as required by applicable securities laws. I will now turn the call over to Jack.

Jack Khattar

Thank you, Peter. Good afternoon, everyone. And thanks for taking the time to join us as we discuss our 2022 first quarter results. Following a productive year end 2021 in which we work towards minimizing the impact of the 2023 Trokendi XR transition. We have continued to execute on our long-term growth strategy and focus on our strategic priorities. To quickly recap our overall performance in the first quarter of this year. Total revenues were $152.5 million, representing a 16% increase over the first quarter of last year. And adjusted non-GAAP operating earnings were $28 million, an 11% increase over the first quarter of last year. The first quarter of 2022 represents the first full quarter we record on all products combined from the acquisitions in 2020 and 2021. Note that net sales of Trokendi XR as a percentage of total revenue was 41% in the first quarter of 2022, significantly down from 72% in the first quarter of 2020, which was the last full quarter before both acquisitions.