Company: SUPN
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001356576-25-000017
Chunk: 327

Company: SUPERNUS PHARMACEUTICALS, INC.
Filing Date: 2025-02-25
Form: 10-K
Item: Item 1A
Chunk 327
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532 (100)%Total$16,204 $8,038 $8,166 102%

Other income (expense) was an income of $16.2 million in 2024 compared to an income of $8.0 million in 2023. The increase was due to higher interest income on marketable securities largely driven by an overall higher investment balance in 2024 and no debt outstanding in 2024. The interest expense recognized in 2023 was related to the 2023 Notes which were paid off in April 2023. 

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Income Tax Expense 

The following table provides information regarding our income tax expense during the periods indicated (dollars in thousands):Year Ended December 31,Change20242023DollarPercentIncome tax expense$24,005 $1,453 $22,552 **Effective tax rate25 %53 %

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** Indicates calculation result is equal to or greater than 100%

Income tax expense was $24.0 million and $1.5 million for the years ended December 31, 2024 and December 31, 2023, respectively. The 2024 income tax expense is primarily driven by an increase in pre-tax book income as compared to prior year.  The effective tax rate is impacted by benefits from research and 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