Company: SUPN
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001356576-25-000017
Chunk: 140

Company: SUPERNUS PHARMACEUTICALS, INC.
Filing Date: 2025-02-25
Form: 10-K
Item: Item 7
Chunk 140
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 development credits and capital losses that were mostly offset by an increase in the deferred tax asset valuation allowance for net operating losses and investments during the year.  The 2023 income tax expense and effective tax rate was primarily driven by near break even pre-tax book income.

Net Earnings 

The following table provides information regarding our net earnings during the periods indicated (dollars in thousands):Year Ended December 31,Change 20242023AmountPercentNet earnings$73,865 $1,316 $72,549 5,513%

The increase in net earnings was primarily due to the higher revenues in 2024 from Qelbree and GOCOVRI and lower total costs and expenses in 2024, as well as no intangible asset impairment charge in fiscal year 2024. 

Financial Condition, Liquidity and Capital Resources

Summary of Cash Flows

The following table summarizes the major sources and uses of cash for the periods set forth below (dollars in thousands):

Year Ended December 31,Change20242023AmountNet cash provided by (used in):Operating activities$171,951 $111,085 $60,866 Investing activities(189,867)268,729 (458,596)Financing activities12,193 (397,880)410,073 Net change in cash and cash equivalents$(5,723)$(18,066)$12,343 

Operating Activities

Net cash provided by operating activities was $172.0 million in 2024 compared to $111.1 million in 2023. The increase in cash flows provided by operating activities was primarily due to higher net income for the year ended December 31, 2024 compared to the same period in prior year, and changes in working capital which reflects the timing impacts of cash collections on receivables and settlement of payables.

Investing Activities

Net cash used in investing activities was $189.9 million in 2024 compared to $268.7 million provided by investing activities in 2023. The change was primarily due to an increase in cash outflows from purchases of marketable securities, partially offset by higher cash inflows from the maturities of marketable securities. In 2023, proceeds from the maturities of investments in marketable securities were used to pay off the 2023 Notes. 

Financing Activities

Net cash provided by financing activities was $12.2 million in 2024 compared to $397.9 million used