Supernus Pharmaceuticals, Inc. misses on earnings expectations. Reported EPS is $0.03 EPS, expectations were $0.36.
Any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, including those noted in the Risk Factors section of the company's latest SEC filings. Actual results may differ materially from those projected in these forward-looking statements. For the benefit of those of you who may be listening to the replay, this call is being held and recorded on November 8, 2022. Since then, the company may have made additional announcements related to the topics discussed. Please reference the company's most recent press releases and current filings with the SEC. Supernus declines any obligation to update these forward-looking statements, except as required by applicable securities laws. I will now turn the call over to Jack.
During the third quarter, the company increased its commercial efforts, including a direct-to-consumer campaign to build more momentum behind the adult launch and to support the important back-to-school season. Qelbree's launch continues to progress well with increased momentum in prescription growth and shipments due to the launch in the adult population and the back-to-school season. And during the third quarter of 2022, total IQVIA prescriptions for Qelbree reached 94,328, representing an increase of 50%, compared to the second quarter of 2022. Prescriptions in the most recent month of September reached 34,633, the highest monthly total since the launch. Based on weekly IQVIA prescription data by age, at the end of the third quarter, adult prescriptions represented approximately 23% of total Qelbree's prescriptions.
During the third quarter, which was the first full quarter after the launch in adults, adult prescriptions grew by 77% and pediatric prescriptions showed solid growth of 43%. Qelbree continues to expand its base of prescribers with over 14,265 prescribers in the third quarter of 2022, up from 9,276 prescribers in the second quarter of 2022. We continue to receive positive feedback from prescribers regarding the performance of Qelbree in patients. A recent survey among prescribers for adult patients showed a 90% overall satisfaction level with Qelbree, compared to only 51% for Strattera. Regarding GOCOVRI, the product delivered another quarter of solid growth with net sales reaching in the third quarter of 2022, a 16% increase, compared to the third quarter of 2021.
For the first nine months of 2022, GOCOVRI net product sales were 75.2 million, an increase of 22%, compared to net product sales reported by Adamas in the first nine months of 2021. Oxtellar XR continues to perform well with net product sales of $88 million for the first nine months of this year, representing a 7% increase, compared to the same period last year. For the nine months of 2022, net product sales of for Trokendi XR were 204 million, down from 232 million in the same period last year. The company has significantly reduced its in-person sales efforts in the second half of the year, but continues to provide support to physicians and patients through various sales and marketing programs. Moving on to the pipeline. As we announced last month, the FDA issued a complete response letter for the SPN-830 new drug application.
The CRL didn't request additional efficacy and safety clinical studies, but rather required additional information and analysis related to the infusion device and drug product across several areas of the NDA, including labeling, product quality, and manufacturing device performance and risk analysis. The FDA mentioned that approval of the NDA requires inspections that could not be completed in a timely manner, due to COVID-19 travel restrictions. We will continue to work closely with the FDA and our partners to address all questions and to provide clarity regarding the potential timing of a resubmission of the NDA. FDA has made an initial determination that the amendment to the company's application in response to the CRL will be subject to a Class 2 or six-months review timeline.
For SPN-820, our first-in-class, orally active mTORC1 activator, the Phase II multicenter, randomized, double-blind, placebo-controlled study in adults with treatment-resistant depression is ongoing. The study will examine the efficacy and safety of SPN-820 over the course of 5-weeks of treatment in approximately 270 patients. The primary outcome measure is the change from baseline to end of treatment period on the Montgomery-Asberg Depression Rating Scale Total Score, a standard depression rating scale. We are on track to initiate an open-label Phase II clinical study with SPN-817 in the fourth quarter of this year in patients with treatment-resistant seizures. SPN-817 represents a novel mechanism of action for an anti-convulsant and utilizes synthetic form of Huperzine A, which is a potent acetylcholinesterase inhibitor with pharmacological activities in CNS conditions such as epilepsy.
Finally, we continue to be active in corporate development, looking for strategic opportunities to further strengthen our future growth and leadership position in CNS. With that, I will now turn the call over to Tim.
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Tim Dec: Thank you, Jack. Good afternoon, everyone. As I review our third quarter 2022 results, please refer to today's press release. Total revenue for the third quarter 2022 was $177.4 million, a 19% increase, compared to $148.5 million in the same quarter last year. Total revenue in the third quarter of 2022 was comprised of net product sales of $172.7 million and royalty revenue of $4.7 million. The third quarter revenue is the highest quarterly revenue in the company's history. The increase was primarily due to net product sales of GOCOVRI from the acquisition of Adamas in November of 2021 and growth in net product sales of Qelbree and Oxtellar XR. For the third quarter of 2022, combined R&D and SG&A expenses were $131.9 million, as compared to $91.7 million for the same period in 2021.
This increase was primarily due to activities to support the launch of Qelbree and the investment in the Qelbree direct to consumer campaign. As Jack mentioned, the DTC campaign and associated expenditures were substantially complete in the third quarter of 2022. Amortization of intangible assets for the third quarter of 2022 was 20.6 million, compared to 6 million for the same period in 2021. The increase is due to the Adamas acquisition. Operating loss on a GAAP basis for the third quarter of 2022 was 1.5 million as compared to an operating gain of 32.6 million in the same period of 2021. The decrease in GAAP operating earnings, which was expected is primarily attributable to higher expenses to support the launch of Qelbree, the investment in the DTC campaign, and the aforementioned amortization of intangibles associated with the Adamas acquisition.
Income tax for the third quarter 2022 was a tax benefit of 2.2 million as compared to income tax expense of 7.4 million for the same period in 2021. This benefit was primarily due to a quarter to date loss and a windfall benefit from stock-based awards, as compared to the prior quarter to date expense. GAAP net earnings were 1.7 million for the third quarter of 2022 or $0.03 per diluted share, compared to 21.6 million or $0.40 per diluted share in the same period last year. On a non-GAAP basis, which excludes amortization intangibles, share based compensation, contingent consideration, and depreciation, adjusted operating earnings were 25.4 million, compared to 43.3 million in the third quarter of 2021. Total revenue for the nine months ended September 30, 2022 was 500 million, a 19% increase, compared to 420.7 million in the same period last year.
Total revenue was comprised of net product sales of 485.6 million and royalty revenue of 14.3 million. The increase was primarily due to net product sales of GOCOVRI from the acquisition of Adamas in November 2021 and growth in net product sales of Qelbree and Oxtellar XR, offset in-part by decline in net product sales of Trokendi XR and Apokyn. For the nine months ended September 30, 2022, combined R&D and SG&A expenses were 360 million as compared to 272.4 million for the same period in 2021. The increase in expenses is primarily due to activities to support the launch of Qelbree, the investment in the DTC campaign and cost to support GOCOVRI. Amortization of intangible assets for the first nine months ended September 30, 2022 was 61.9 million, compared to 18 million for the same period in 2021.
Operating earnings on a GAAP basis for the first nine months ended September 30, 2022 was 11.8 million as compared to 79.9 million for the same period in 2021. Decrease in GAAP operating earnings is primarily attributable to the higher expenses to support the launch of Qelbree, the DTC campaign, and the aforementioned amortization of intangibles. Other income expense for the first nine months of September 30, 2022 was 13.8 million of income as compared to 8.8 million of expense in the first nine months of 2021. The increase is primarily due to a gain recognized on our share of a distribution from a sale of the subsidiary of Navitor, and a decrease in interest expense due to the adoption of a new accounting standard in the first quarter of 2022.
Income tax for the first nine months ended September 30, 2022 was a tax benefit of 9.6 million, as compared to an income tax expense of 20.1 million for the same period in 2021. The benefit was primarily due to a corporate reorganization of the Adamas entities in the first quarter of this year. GAAP net earnings were 35.2 million for the first nine months ended September 30, 2022 or $0.62 per diluted share, compared to 51 million or $0.94 per diluted share in the same period last year. On a non-GAAP basis, which again excludes amortization of intangibles, share based compensation, contingent consideration, and appreciation., adjusted operating earnings for the first nine months of 2022 or 91.9 million, compared to 106 million in the same period in 2021.
As of September 30, 2022, the company had approximately 523.7 million in cash, cash equivalents, and marketable securities, compared to 458.8 million as of December 31, 2021. This increase is primarily due to cash generated from operations. For the full-year 2022, the company is raising the mid-point and narrowing the expected ranges of full-year 2022 financial guidance for total revenue and for GAAP and non-GAAP operating earnings. As such, we expect total revenue to range from 650 million to 680 million, compared to our prior guidance of 640 million to 680 million. For the full-year 2022, we expect combined R&D and SG&A expenses to range from 460 million to 475 million, compared to our prior guidance of 460 million to 490 million. Overall, we expect 2022 GAAP operating earnings to range from 35 million to 45 million, compared to our previous guidance of 20 million to 40 million.
We expect our non-GAAP operating earnings to range from 135 million to 155 million, as compared to our previous guidance of 130 million to 165 million. With that, I will now turn the call back to our operator for Q&A. Operator?
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