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- **Record Revenue Growth**: 2025 total revenue of $719 million, with 76% from high-growth products.
- **ONAPGO Recovery**: $17.3M first-year sales, supply constraints resolved, 700 patients in pipeline.
- **ZURZUVAE Momentum**: 187% U.S. sales growth, 70% repeat prescribers, targeting women's health expansion.
- **2026 Outlook**: $840-$870M revenue guidance, $45-$70M from ONAPGO, 20%-30% gross to net margin.
- **Pipeline Focus**: Late-stage CNS assets and women's health opportunities for M&A.

**【CEO Summary Section】**
- Supernus achieved record total revenues of $719 million in 2025, driven by growth products Qelbree, GOCOVRI, ZURZUVAE, and ONAPGO, which accounted for 76% of total revenue.
- ONAPGO generated $17.3 million in its first year, with 540 prescribers and 700 patients in the pipeline. Supply constraints resolved in Q4 2025, enabling new patient initiations.
- ZURZUVAE saw 187% year-over-year growth in U.S. sales, with 70% repeat prescribers and 150% total prescription growth in 2025.
- Qelbree delivered $300 million in net sales, up 26% YoY, with 21% growth in total prescriptions.
- R&D pipeline includes Phase IIb trials for SPN-820 (MDD) and SPN-817 (epilepsy), with SPN-443 entering Phase I in 2026.

**【CFO Financial Commentary】**
- Q4 2025 total revenue: $211.6 million (21% YoY growth), including $15 million licensing revenue from Sage acquisition.
- Full-year 2025 operating loss: $62.3 million (GAAP) vs. $81.7 million in 2024, driven by Sage-related costs.
- 2026 guidance: Total revenue $840-$870 million, with ONAPGO contributing $45-$70 million.
- R&D and SG&A expenses expected to range $620-$650 million in 2026.

**【Q&A Key Highlights】**
- **ONAPGO Supply**: Current supplier to meet 2026 demand ($45-$70 million), with second supplier expected in 2027. FDA approval for second supplier anticipated in 6-9 months.
- **Gross to Net Margin**: Expected 20%-30% for ONAPGO, higher in Q1 due to deductible seasonality.
- **ZURZUVAE Strategy**: Focus on DTC education for PPD, with 20,000+ patients treated to date. Expansion into women's health as a priority for M&A.
- **Pipeline Prioritization**: Late-stage assets (2027-2031) and revenue-generating products preferred for BD opportunities.


Supernus Pharmaceuticals, Inc.(SUPN)-20260225-2025 Q4 Earnings call transcript

- **Onapgo Supply Challenge**: Q3 2025 sales $6.8M, up 325% QoQ, but supply constraints delay new patient starts. CEO prioritizes existing patients.
- **Zurzuvae Momentum**: Collaboration revenue $20.2M in 2 months post-acquisition. U.S. sales up 150% YoY, driving $200M+ annual synergies.
- **Qelbree Dominance**: 23% prescription growth, adult ADHD segment up 32% QoY. 18% increase in prescribers.
- **Pipeline Progress**: SPN-820 depression trial starts Q4 2025. SPN-817 epilepsy trial enrolling 258 patients.
- **Financial Guidance Update**: Full-year 2025 revenue raised to $685-705M. Non-GAAP operating earnings $125-145M.

**【CEO Summary Section】**
- **Onapgo Strong Start Despite Supply Constraints**: Generated $6.8M in Q3 2025 net sales, up from $1.6M in Q2. Over 1,300 enrollment forms submitted by 450 prescribers. Supply constraints require prioritizing existing patients, delaying new initiations. 
- **Zurzuvae Collaboration Success**: Q3 2025 collaboration revenue $20.2M (2 months post-Sage acquisition). U.S. sales up 150% YoY and 19% QoQ. Expect $200M annual synergies by mid-2026.
- **Qelbree Growth**: Net sales up 31% YoY, prescriptions up 23% YoY. Adult ADHD segment outperformed pediatric (16% vs. 5% growth).
- **Pipeline Progress**: SPN-820 Phase IIb study for depression to start by end-2025. SPN-817 Phase IIb for epilepsy ongoing.

**【CFO Financial Commentary】**
- **Q3 2025 Financials**: Total revenue $192.1M (15% YoY growth). GAAP net loss $45.1M ($0.80 EPS), vs. $38.5M ($0.69 EPS) prior year. Non-GAAP operating earnings $41.9M vs. $67.7M prior year.
- **Cost Structure**: Combined R&D/SG&A expenses $209M (112% YoY growth) due to Sage acquisition costs ($70M) and operating expenses ($30M).
- **Updated Guidance**: Full-year 2025 revenue $685-705M (up from $670-700M). Non-GAAP operating earnings $125-145M (up from $105-135M).

**【Q&A Key Highlights】**
- **Onapgo Supply Update**: CEO expects Q4 2025 sales to be "slightly lower" due to supply constraints but remains committed to resolving issues. Gross margins similar to APOKYN (~35%).
- **Zurzuvae Expansion**: Biogen's sales force size undisclosed, but expansion potential under evaluation. 50% ownership stake in Zurzuvae a "great opportunity"; 100% ownership possibility discussed with partner.
- **BD Strategy**: Prioritize women's health and rare disease assets with CNS synergies. Sage acquisition opens new pipeline for OB/GYN opportunities.
- **Competitive Dynamics**: Onapgo's apomorphine mechanism and Circle of Care service differentiate from AbbVie's Vyalev. 15% of Onapgo patients previously used APOKYN.

Supernus Pharmaceuticals, Inc. (SUPN) Q3 2025 Earnings Call Transcript

- **Growth Transition Complete**: Legacy products (7% of sales) ceding to Qelbree (23% presc. growth), GOCOVRI (14% presc. growth), and ONAPGO (750 enrollment forms in 3 months).
- **Adult Market Breakthrough**: Qelbree adult prescriptions up 29% YoY, now 35% of total vs. 32% in 2024.
- **ZURZUVAE Acceleration**: Sage reported $23.2M Q2 sales (+68% QoQ), with 36% prescription growth. Sage acquisition adds $65M-$70M annual revenue.
- **Financial Strength**: $523M cash post-Sage, updated FY25 guidance: $670M-$700M revenue, $105M-$135M non-GAAP operating earnings.


**【CEO Summary Section】**
- **Transition to Growth Drivers**: Legacy products (Trokendi XR, Oxtellar XR) accounted for 7% of Q2 2025 net sales, while growth drivers (Qelbree, GOCOVRI, ONAPGO) represented 73%. ZURZUVAE, acquired from Sage Therapeutics, is expected to further diversify revenue.
- **Qelbree Performance**: 23% prescription growth (IQVIA) and 31% net sales growth, driven by 29% adult segment growth (35% of total prescriptions vs. 32% in 2024). Adult prescriptions outpaced pediatric growth (20%).
- **GOCOVRI Momentum**: 14% prescription growth and 16% net sales growth, benefiting from Medicare redesign (97% of Medicare prescriptions with <$25 co-pay in Q2 2025 vs. 77% in 2024).
- **ONAPGO Launch Success**: 750 patient enrollment forms submitted by 300 prescribers by end of Q2, with ~200 patients on therapy by late July. 25% of patients already on refills.
- **ZURZUVAE Acquisition**: Sage reported $23.2M net sales in Q2 2025 (68% QoQ growth), driven by 36% prescription growth. Peak sales potential and future indications under evaluation with partner Biogen.

**【CFO Financial Commentary】**
- **Q2 2025 Financials**: Total revenue $165M (down 2% YoY), with core products (Qelbree, GOCOVRI, ONAPGO) up 17% YoY. GAAP net income $22M ($0.40 EPS), Non-GAAP adjusted operating earnings $41M.
- **Full Year Guidance Update**: Total revenue $670M-$700M (vs. prior $600M-$630M), driven by Sage acquisition. Operating loss $70M-$80M (vs. prior $10M-$15M), due to Sage-related costs and amortization.
- **Cash Position**: $523M as of June 30, 2025 (up from $454M at year-end 2024), supporting M&A flexibility post-Sage acquisition.

**【Q&A Key Highlights】**
- **Qelbree Pricing Dynamics**: Net pricing >$300 per 30-day prescription, with gross-to-net ratio stable YoY. Adult segment growth mitigated summer seasonality.
- **ONAPGO Reimbursement**: 200+ patients on therapy by late July, with smooth adjudication process. 25% of patients already on refills.
- **ZURZUVAE Growth**: Sage reported 36% prescription growth in Q2, driven by Biogen/Sage sales force expansion. Peak sales potential and OB/GYN vs. psychiatry channel strategy under discussion with Biogen.
- **Sage Integration**: Pro forma cash $240M-$260M post-acquisition. Future M&A focus on CNS and OB/GYN (women's health) opportunities.


Supernus Pharmaceuticals, Inc. (SUPN) Q2 2025 Earnings Call Transcript

- **Core Growth Accelerates**: Excluding legacy products, revenue up 26% YoY, driven by Qelbree (44% net sales growth) and GOCOVRI (16% net sales growth). ONAPGO launched with 75% territory penetration in first weeks.
- **Pipeline Momentum**: SPN-820 MDD trial begins Q4 2025, targeting 200 patients; SPN-443 lead indication disclosed by year-end. New ADHD data shows efficacy in mood disorders.
- **Financial Resilience**: Non-GAAP operating earnings $25.9M (+16% YoY), cash reserves $463.6M, supporting $435-460M R&D/SG&A spend for 2025.
- **Tariff Mitigation**: Core products (Qelbree, GOCOVRI) shielded from tariffs; legacy products at risk but offset by pipeline growth.

**【CEO Summary Section】**
- **Revenue Growth**: Total revenue (excluding legacy products) increased 26% YoY, driven by Qelbree (22% prescriptions, 44% net sales) and GOCOVRI (12% prescriptions, 16% net sales). Qelbree accounted for 44% of core product sales, with March prescriptions hitting a record 75,277 (+25% YoY). ONAPGO launched in Q2 with 75% of territories generating prescriptions within weeks.
- **Pipeline Progress**: SPN-820 Phase IIb trial for MDD targeting 200 patients with intermittent dosing; SPN-443 pharmacokinetic studies completed, lead indication to be disclosed by end-2025. New ADHD data showing efficacy in mood disorders presented at APA meeting.
- **Legacy Product Decline**: Trokendi XR and Oxtellar XR sales down 46% YoY, with 2025 guidance of $65-75M in combined net sales.
- **Tariff Risks**: MYOBLOC, XADAGO, and Oxtellar XR may face import tariffs, depending on inventory and raw material sourcing.

**【CFO Financial Commentary】**
- **Q1 2025 Financials**: Total revenue $149.8M (+4.4% YoY), GAAP net loss $11.8M (-$0.21 EPS), non-GAAP adjusted operating earnings $25.9M (+16% YoY). Cash reserves $463.6M, up $10M QoQ, supporting M&A and pipeline investments.
- **Expense Management**: R&D and SG&A up 5% YoY to $116.9M, driven by pipeline spending. Contingent consideration loss for ONAPGO milestones impacted GAAP results.
- **2025 Guidance**: Total revenue $600-630M, R&D/SG&A $435-460M, non-GAAP operating earnings $105-130M. Free cash flow expected to support growth initiatives.

**【Key Q&A Insights】**
- **Qelbree Pricing Strategy**: 2025 growth to be 80% volume-driven, with minor price increases. Gross-to-net rate expected to improve post-Q1.
- **ONAPGO Market Dynamics**: Differentiated by apomorphine's ability to complement levodopa, vs. AbbVie's levodopa pump. Launch infrastructure leverages existing Parkinson's expertise, with >40% patient enrollment-to-prescription conversion rate.
- **Pipeline Prioritization**: SPN-820 MDD trial targeting 5-8pt MADRS placebo-adjusted improvement; SPN-443 exploring ADHD and sleep wake disorders (narcolepsy/idiopathic hypersomnia).

Supernus Pharmaceuticals (SUPN)-6 May 25-2025 Q1 Earnings call transcript

- **Qelbree Dominance**: 60% Q4 sales growth, 25% annual prescription expansion, 80% adult satisfaction rate vs. Strattera's 53%.
- **ONAPGO Launch**: Q2 2025 rollout with $10-20 million 2025 sales target, no material Apokyn overlap.
- **Financial Strength**: $454 million cash, 47% YoY Non-GAAP earnings growth, 2025 guidance for $105-130 million operating earnings.
- **Pipeline Momentum**: SPN-817 Phase IIb enrolling 258 patients, SPN-820 decision pending on dosing regimen analysis.

**【CEO Opening Remarks】**
- **Core Product Growth**: Qelbree net sales reached $74 million in Q4 2024, up 60% YoY, with annual prescriptions growing 25% despite a 9% ADHD market expansion. Qelbree's adult patient satisfaction rate is 80%, significantly higher than Strattera's 53%.
- **New Product Launch**: ONAPGO, the first subcutaneous apomorphine infusion device for Parkinson's motor fluctuations, is set to launch Q2 2025 with a dedicated sales force and nurse education program.
- **Pipeline Updates**: SPN-817 Phase IIb trial for treatment-resistant seizures is enrolling 258 patients, while SPN-820's Phase IIb data in depression did not meet primary endpoints but safety profiles remain consistent.
- **Patent Extension**: Qelbree's U.S. patent now extends to 2025, protecting exclusivity amid generic competition from Oxtellar XR and Trokendi XR.

**【CFO Financial Highlights】**
- **Q4 2024 Results**: Total revenue $174.2 million (+6% YoY), with core products (Qelbree + GOCOVRI) driving 29% growth. GAAP net income $15.3 million ($0.27 EPS), Non-GAAP operating earnings $48.3 million (+2.5% YoY).
- **2024 Full Year**: Total revenue $661.8 million (+9% YoY), Non-GAAP operating earnings $183.7 million (+47% YoY). Cash balance $454 million, up $183 million YoY, with no debt.
- **2025 Guidance**: Total revenue $600-630 million (including $65-75 million from legacy products). Non-GAAP operating earnings $105-130 million.

**【Q&A Key Takeaways】**
- **Qelbree Pricing**: Gross-to-net margin expected 50-55% in 2025, stable despite Q1 seasonal pressure. Adult prescriptions account for 30-32% of total volume, with significant growth potential.
- **ONAPGO Strategy**: Targeting slow build launch with mid-single-digit million sales in 2025. No material cannibalization expected with Apokyn (acute use vs. continuous infusion).
- **M&A Appetite**: Seeking $500-1.5 billion deals for revenue-generating or late-stage assets, prioritizing CNS but open to other specialties with scale.

Actual											0.4	0.74	0.57	0.11	0.43	0.4	0.04	0.43	0.5456	0.03	0.43	0.29	-0.02	-0.29	0.8825	0.46	0.771	1.1684	0.7464	0.438	0.9084	1.0054	0.8455
Forecast											0.27	0.3475	0.5625	0.29	0.2425	0.2775	0.29	0.3175	0.29	0.3567	0.6725	0.3067	0.21	0.005	0.5533	0.3767	0.39	0.4433	0.52	0.3733	0.47	0.59	0.34
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	+48.15%	+112.95%	+1.33%	-62.07%	+77.32%	+44.14%	-86.21%	+35.43%	+88.14%	-91.59%	-36.06%	-5.45%	-109.52%	-5900.00%	+59.50%	+22.11%	+97.69%	+163.57%	+43.54%	+17.33%	+93.28%	+70.41%	+148.68%

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SUPN Q4 2025 Earnings

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SUPN

SUPN fundamentals

SUPN Q4 2025 Earnings

Earnings Call

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SUPN Earnings Call Summary for Q4/20244:30 PM on Feb 25, 2025

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