Supernus Pharmaceuticals, Inc.

Financial Foundation. With that, I'll now turn the call over to him.

Thank you, Jack, and good morning, everyone. As I review our third quarter results, please refer to yesterday's press release. Total revenue for the third quarter 2020 was $155.1 million, an increase of 52% over $102.1 million in the same quarter last year. Total revenue was comprised of net product sales of Trokendi XR and Oxtella XR of $111.2 million, $40.9 million from the Parkinson's disease products, and royalty revenue of $3 million. In the third quarter of 2020, net product sales of Oxtella XR and Trokendi XR increased 11 percent compared to the same period in 2019. due to an 8 percent price increase taken in January for both products and volume expansion for our Stellar XR. Turning next to expenses, research and development expenses were $16.8 million for the third quarter of 2020, essentially unchanged from $16.9 million in the same quarter last year. SG&A expenses for the third quarter of 2020 were $54.7 million, compared to $39.3 million in the prior year period. This increase, $15.4 million, was primarily due to the expenses associated with the Parkinson's disease products acquired in the second quarter of this year. In addition, our ongoing preparations for the launch of SPNA-12 contributed to the year-over-year expense increase. As a result of the U.S. WorldMeds acquisition in the second quarter this year, Amortization expense for intangible assets in the third quarter of 2020 was $6.1 million compared to $1.3 million in the same quarter last year. Operating earnings for the third quarter of 2020 were $56.1 million compared to $39.7 million in the same period last year. Net earnings were $40 million for the third quarter of 2020, or 74 cents per diluted share, compared to $28.9 million, or $0.54 per diluted share, in the third quarter last year. As of September 30, 2020, the company had $740 million in cash, cash equivalents, marketable securities, and long-term marketable securities, compared to $939 million as of December 31, 2019. During the first nine months of 2020, the company generated $108 million of cash from operations. Offsetting this cash inflow, the company made upfront cash payments of approximately $300 million for the acquired Parkinson's disease products, inclusive of acquisition-related expenses, plus $25 million to Navator upon executing the development and option agreement for SPN 820. Before turning the call to Jim, I would like to express my appreciation to you, our investors, as well as to my colleagues at Sopernos and our board of directors for the opportunity to serve the company over the past nine years. Thank you.

All right. Well, hey, thank you, Greg, and congratulations on an amazing career and especially an incredibly impactful last nine years at Sopernos. I know the team will greatly miss your contribution and leadership. So now turning to financial guidance. We are raising our full-year 2020 financial guidance for net product sales and operating earnings while lowering full-year guidance for SG&A and R&D expenses. Recall this updated guidance reflects the acquisition of the Parkinson's disease products as of June 9, 2020. For the full year 2020, we expect net product sales to range from 500 million to 530 million, compared to the previously expected range of 460 million to 500 million. R&D expenses are expected to be approximately 75 million for the full year, compared to the previous expectation of 85 million. SG&A expenses are expected to range from approximately $215 million to $225 million compared to the previously expected range of $240 million to $160 million. SG&A expenses are anticipated to be higher in the fourth quarter of 2020 by at least $15 million as compared to the third quarter due to increased marketing spend to prepare for the market for the launch of SPNA-12 and to build out the sales force as Jack mentioned earlier on the call. Turning to amortization of intangible assets, we expect to incur approximately 16 million for the full year compared to the previous estimate of 15 million. We anticipate full year 2020 operating earnings to now range from $145 million to $160 million inclusive of amortization of intangible assets. So, with that said, we'll now turn the call over to the operator to take your questions.