Supernus Pharmaceuticals' Q1 2025: Unpacking Contradictions on Qelbree Growth, SPN-820 Strategy, and Reimbursement Challenges

Qelbree growth drivers, SPN-820 dosing regimen and indication focus, reimbursement discussions for ONAPGO, potential of SPN-820 in MDD and TRD, and gross-to-net targets for Qelbree are the key contradictions discussed in Supernus Pharmaceuticals' latest 2025Q1 earnings call.



Core Product Growth:
- Supernus Pharmaceuticals reported total revenues excluding Trokendi XR and Oxtellar XR, increased by 26% in Q1 2025 compared to the same quarter last year.
- The growth was driven by the robust performance of Qelbree and GOCOVRI, which collectively accounted for 67% of total net sales.

Qelbree Performance:
- Qelbree grew by 22% in prescriptions and 44% in net sales in Q1 2025.
- This was attributed to its therapeutic benefits and expanded prescriber base, with monthly prescriptions reaching an all-time high of 75,277.

GOCOVRI Sales and Medicare Impact:
- GOCOVRI's prescriptions increased by 12% and net sales by 16% in Q1 2025.
- The Medicare Inflation Reduction Act with reduced patient out-of-pocket costs drove the increased prescriptions, with Medicare co-pay declining by 42%.

ONAPGO Launch:
- Supernus launched ONAPGO, its next growth product, in Q2 2025, with positive initial response from physicians.
- The launch utilized the existing Parkinson's disease sales force and infrastructure, indicating a strong start.