Supernus Pharmaceuticals, Inc. Q3 FY2025 earnings call

• Supernus delivered strong operating results in Q3 2025 with momentum from Qelbree, GOCOVRI, Zurzuvae collaboration, and Onapgo launch.
• Onapgo had strong demand but faced supply constraints; prioritizing care for current patients and working to resolve supply issues.
• Zurzuvae collaboration revenue was $20.2 million, with U.S. sales up 150% y-o-y and 19% q-o-q; integration of Sage expected to be substantially complete by year-end with potential synergies up to $200M annually by mid-2026.
• Qelbree had robust performance with 23% growth in prescriptions and 31% growth in net sales; ADHD market growing.
• GOCOVRI had 15% net sales growth in Q3 2025.
• R&D updates: SPN-443 to initiate Phase I study in 2026; SPN-820 to initiate Phase IIb trial by end of 2025; SPN-817 Phase IIb trial ongoing.
• Corporate development remains a top priority for strategic opportunities in CNS.

In the third quarter of 2025, Supernus' product segments showed strong performance. Onapgo generated net sales of $6.8 million in Q3 2025, up from $1.6 million in Q2. Zurzuvae collaboration revenue was $20.2 million. Qelbree had 23% growth in prescriptions and 31% growth in net sales compared to the same period last year. GOCOVRI had a 15% increase in net sales in Q3 2025. Total revenue for Q3 2025 was $192.1 million, consisting of net product sales of $168.5 million, Zurzuvae collaboration revenues of $20.2 million, and royalty, licensing and other revenues of $3.4 million. These 4 growth products accounted for approximately 78% of total revenues.

• Total revenue expected to range from $685 million to $705 million, up from previous range of $670 million to $700 million.
• Combined R&D and SG&A expenses expected to range from $505 million to $530 million, unchanged from prior range.
• Full year 2025 operating loss expected in range of $65 million to $75 million, better than previous range of $70 million to $80 million.
• Non-GAAP operating earnings expected to range from $125 million to $145 million, up from previous range of $105 million to $135 million.

• Supply constraints for Onapgo are impacting the ability to fully meet patient demand, potentially leading to patients not starting or continuing treatment if not resolved, which could result in lost business to competitors.

Q: Lin Tsai asked about Onapgo - if there were no supply constraints, how many more patients would have received Onapgo and what would sales have been?

A: Jack Khattar responded that it's hard to project exactly, but the product has strong demand and they're focused on existing patients.

Q: Stacy Ku asked about Onapgo rate limiting steps, time to resolve supply issue, and margins post products coming on board?

A: Jack Khattar said rate-limiting steps are capacity-related, working to resolve quickly, and margins on Onapgo similar to APOKYN.

Q: David Amsellem asked about Onapgo potential patient loss, Zurzuvae sales force, and margins?

A: Jack Khattar said potential patient loss minimized by product benefits, sales force details not disclosed, and margins on Onapgo similar to APOKYN.

Q: Pavan Patel asked about Onapgo net pricing and BD assets?

A: Jack Khattar said pricing to be assessed further, and BD focused on commercial stage assets in CNS, women's health, etc.

Q: Annabel Samimy asked about Onapgo patient dynamics, Zurzuvae sales force expansion timing?

A: Jack Khattar said some Onapgo patients had prior apomorphine exposure, sales force expansion on Zurzuvae to be worked with Biogen, no specific timing.