Company: SUPN
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001356576-25-000017
Chunk: 26

Company: SUPERNUS PHARMACEUTICALS, INC.
Filing Date: 2025-02-25
Form: 10-K
Item: Item 1C
Chunk 26
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 affect any impairment measurement. The Company recognized impairment charges of $20.2 million in 2023 mainly due to the partial write-off of the carrying value of some of its acquired intangible assets, primarily XADAGO. The primary factors that led to the impairment determinations were the following: (1) the performance of the commercial products; (2) forthcoming loss of exclusivity of XADAGO in December 2027, or earlier under certain circumstances, due to settlement agreements with third party generic companies; and (3) the change in the Company's future outlook of the brands.

Results of Operations

In this section, we discuss the results of our operations for the year ended December 31, 2024, compared to the year ended December 31, 2023. Our Annual Report on Form 10-K for the year ended December 31, 2023, includes a discussion and analysis of our financial condition and results of operations for the year ended December 31, 2022, in Part II, Item 7—Management's Discussion and Analysis of Financial Condition and Results of Operations.

Revenues 

Revenues consist primarily of net product sales of our commercial products in the U.S., supplemented by royalty and licensing revenues from our collaborative licensing arrangements. The following table provides information regarding our revenues during the years ended December 31, 2024 and 2023 (dollars in thousands):   Year Ended December 31,Change 20242023AmountPercentNet product salesQelbree$241,273 $140,192 $101,081 72 %GOCOVRI130,824 119,637 11,187 9 %Oxtellar XR99,464 113,404 (13,940)(12)%APOKYN73,926 75,083 (1,157)(2)%Trokendi XR63,201 94,336 (31,135)(33)%Other(1)29,008 31,281 (2,273)(7)%Total net product sales$637,696 $573,933 $63,763 11 %Royalty, licensing and other revenues24,121 33,588 (9,467)(28)%Total revenues$661,817 $607,521 $54,296 9 %______________________________

(1)   Includes net product sales of MYOBLOC, XADAGO and Osmolex ER.

Net