Supernus Pharmaceuticals Q2 2025: Navigating Contradictions in ONAPGO, Qelbree, and ZURZUVAE Growth

ONAPGO infrastructure and patient enrollment, gross to net dynamics for Qelbree, ZURZUVAE growth and peak sales expectations, Qelbree's adult segment growth and market dynamics, and investment in psychiatry for ZURZUVAE are the key contradictions discussed in Supernus Pharmaceuticals, Inc.'s latest 2025Q2 earnings call.



Strong Performance of Core Products:
- Supernus Pharmaceuticals reported total revenue of $165 million for Q2 2025, with a 17% increase in core products excluding Trokendi XR and Oxtellar XR.
- The growth was driven by robust performance of Qelbree and GOCOVRI, as well as the launch of ONAPGO.

Qelbree's Growth and Market Expansion:
- Qelbree's prescriptions increased by 23%, outpacing the ADHD market growth of 9% and the nonstimulant segment growth of 11%.
- The growth in adult prescriptions (29% compared to 20% in pediatrics) contributed to overall performance, supported by education about the product's mechanism of action and new label changes.

GOCOVRI's Medicare Patient Base and Retention:
- GOCOVRI prescriptions and net sales increased by 14% and 16%, respectively, in Q2 2025.
- Improved Medicare patient retention was due to reduced co-pays, with 97% of prescriptions having a co-pay under $25, leading to a more robust patient base.

ONAPGO Launch and Enrollment:
- ONAPGO saw more than 750 patient enrollment forms submitted by over 300 prescribers in the first quarter post-launch.
- The strong start was attributed to leveraging the existing Parkinson's disease sales force and support network.

Acquisition Impact and Guidance:
- Following the Sage Therapeutics acquisition, Supernus expects full-year 2025 revenue to range from $670 million to $700 million, an increase from the previous guidance due to strong performance and the integration of Sage.
- The acquisition-related costs and increased amortization are expected to impact operating losses for the year.