Company: SUPN
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001356576-25-000017
Chunk: 502

Company: SUPERNUS PHARMACEUTICALS, INC.
Filing Date: 2025-02-25
Form: 10-K
Item: Item 1A
Chunk 502
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 to manufacture, including tableting, packaging, personnel, overhead, stability testing, and distribution.

Cost of goods sold decreased from $83.8 million in 2023 to $77.9 million in 2024. The decrease was primarily driven by manufacturing efficiencies of Qelbree and the decline in net product sales of Trokendi XR and Oxtellar XR due to generic erosion.

Research and Development Expense

The following table provides information regarding our research and development (R&D) expenses for the years indicated (dollars in thousands):

Year Ended December 31,Change20242023AmountPercentResearch and development$108,796 $91,593 $17,203 19%

R&D expenses increased from $91.6 million in 2023 to $108.8 million in 2024. The increase was primarily due to increased clinical program costs on SPN-817, SPN-820, the open-label study of Qelbree, and increased manufacturing costs of our product candidates.

Selling, General, and Administrative Expense 

The table below provides information regarding our selling, general, and administrative (SG&A) expenses for the years indicated (dollars in thousands):Year Ended December 31,Change 20242023AmountPercentSelling and marketing expense$227,293 $229,186 $(1,893)(1)%General and administrative expense94,289 107,175 (12,886)(12)%Total$321,582 $336,361 $(14,779)(4)%

Selling, general, and administrative expenses decreased from $336.4 million in 2023 to $321.6 million in 2024. During the year ended December 31, 2024, the Company recorded approximately $14.2 million of insurance recoveries for certain legal costs. Legal costs were recorded under general and administrative expense as incurred. Correspondingly, the insurance recoveries were recorded as a reduction to general and administrative expenses. There were no insurance recoveries recorded in 2023. 

Amortization of Intangible Assets

The following table provides information regarding the amortization expense for intangible assets during the periods indicated (dollars in thousands):Year Ended December 31,Change 20242023AmountPercentAmortization of intangible assets$77,977 $82,385 $(4,408)(5)%

82

Amortization of intangible decreased from $82.4 million in 2023 to $