Supernus Pharmaceuticals, Inc. Q2 FY2025 earnings call

• Supernus executed well in the second quarter, launching ONAPGO in April and acquiring Sage Therapeutics in June which closed on July 31.
• Qelbree had robust performance with 23% growth in prescriptions and 31% growth in net sales, with adult business growing 29% and reaching 35% of total prescriptions.
• GOCOVRI had 14% growth in prescriptions and 16% growth in net sales in the second quarter, with high patient retention rates and improved Medicare co-pays.
• ONAPGO launch was off to a terrific start with more than 750 patient enrollment forms submitted by over 300 prescribers.
• Acquisition of Sage Therapeutics provided ZURZUVAE, which had strong growth in net revenues. R&D is on track to initiate a follow-on Phase IIb multicenter trial with SPN-820 and completed a pharmacokinetic study of SPN-443.
• Corporate development remains a top priority for seeking strategic opportunities to strengthen future growth.

Total revenue for the second quarter of 2025 was $165 million, consisting of net product sales of $158 million and royalty, licensing and other revenues of $7 million. Excluding net product sales of Trokendi XR and Oxtellar XR, total revenues for the second quarter of 2025 increased 17% compared to the same quarter last year, primarily due to the growth in net sales of core products Qelbree, GOCOVRI, and ONAPGO. For the 6 months ended June 30, 2025, total revenues were $315 million, with net product sales of $300 million and royalty, licensing and other revenues of $15 million. Excluding net product sales of Trokendi XR and Oxtellar XR, total revenues for the 6 months ended June 30, 2025 increased 21% compared to the same period last year, mainly due to the growth in net sales of core products Qelbree, GOCOVRI, and APOKYN. Qelbree had 23% growth in prescriptions and 31% growth in net sales in the second quarter of 2025, with the adult business reaching 35% of total Qelbree prescriptions. GOCOVRI had 14% growth in prescriptions and 16% growth in net sales in the second quarter of 2025. ONAPGO had more than 750 patient enrollment forms submitted by more than 300 prescribers by the end of June. ZURZUVAE, acquired through the purchase of Sage Therapeutics, had second quarter 2025 net revenues of $23.2 million, up 68% from the first quarter of 2025.

• Update full year 2025 financial guidance to reflect strong first half performance and impact of Sage acquisition. Expect total revenues to range from $670 million to $700 million, up from previous range of $600 million to $630 million. Total revenue guidance assumes $65 million to $70 million of combined net sales of Trokendi XR and Oxtellar XR.
• Expect combined R&D and SG&A expenses to range from $505 million to $530 million, up from previous range of $435 million to $460 million.
• Expect full year 2025 operating loss in the range of $70 million to $80 million, with non-GAAP operating earnings ranging from $105 million to $135 million.

Forward-looking statements 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 projected forward-looking statements.

Q: On Qelbree, talk about net pricing dynamics and adult segment launch progress, including back-to-school season.

A: Net pricing for Qelbree continues north of $300 per prescription, gross to net improved. Adult business is 35% of total prescriptions, grew 29% in Q2, and Qelbree performed well in summer with adult growth helping.

Q: On ONAPGO, explain 750 enrollment forms, 300 prescribers, sales and reimbursement.

A: 750 enrollment forms submitted by over 300 prescribers, around 200 patients on ONAPGO, reimbursement coverage going smoothly with some bumps but generally good.

Q: On ZURZUVAE, sales growth, onetime events, future growth and peak sales, and future indications.

A: ZURZUVAE had strong growth in prescriptions and net revenues, no specific onetime events identified, excited about momentum, peak sales not specified but milestones and CVRs give idea, future indications to be discussed with partner Biogen.

Q: On Sage deal, pro forma cash and future M&A in OB/GYN.

A: Pro forma cash at close between $240 million and $260 million, corporate development priorities include women's health in OB/GYN as part of CNS focus.

Q: On balancing OB/GYN and psychiatry, investment and Biogen involvement.

A: OB/GYN prescriptions heavily skewed at 70%-80%, will explore psychiatry expansion with Biogen.

Q: On Qelbree dosing dynamics in adults, combination usage.

A: Combination usage persists as physicians taper off stimulants and titrate up Qelbree, about 40% of adult prescriptions are combination, pediatric is less at 20%.