Padmanabh P. Bhatt, Senior Vice President of Intellectual Property and Chief Scientific Officer at Supernus Pharmaceuticals, Inc. (NASDAQ:SUPN), a pharmaceutical company with a market capitalization of $2.05 billion and an impressive gross profit margin of 89%, executed a series of transactions involving the company's common stock on December 3, 2024. According to InvestingPro data, the stock is currently trading near its 52-week high of $39.37. Bhatt sold a total of 21,495 shares, generating proceeds of approximately $788,436, with sale prices ranging from $36.24 to $37.01 per share.
In addition to the sales, Bhatt exercised options to acquire 21,495 shares at prices between $23.99 and $25.30, resulting in a total acquisition cost of $532,361. Following these transactions, Bhatt holds 9,679 shares of Supernus Pharmaceuticals directly.
In other recent news, Supernus Pharmaceuticals announced a significant rise in total revenue to $175.7 million, driven by strong growth in its key products. Net product sales also witnessed a substantial increase, reaching $170.3 million. The company's products, Qelbree and GOCOVRI, played notable roles in this growth with a 19% increase in Qelbree prescriptions and an 8% increase in GOCOVRI net sales. However, it's worth noting that Supernus' legacy products, Trokendi XR and Oxtellar XR, experienced a decline in net sales.
In terms of future expectations, Supernus raised its full-year 2024 revenue guidance to between $630 million and $650 million, with GAAP operating earnings anticipated to be between $50 million and $65 million. The company also expects continued erosion in sales for Trokendi XR but has raised its sales target for Trokendi XR and Oxtellar XR to approximately $155 million for 2024.
In other developments, Supernus reported positive results for SPN-817 in reducing seizures by 56% during the maintenance phase and anticipates the approval of the apomorphine pump by February 2025. The company also expressed optimism about the upcoming study on SPN-820 for treatment-resistant depression, based on promising results in major depressive disorder trials.
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