Supernus Pharmaceuticals, Inc. Q4 FY2025 earnings call

• Supernus had a remarkable 2025 with record total revenues of $719 million, 40% growth in revenues from 4 growth products, an integrated acquisition of Sage Therapeutics, FDA approval and launch of ONAPGO in the Parkinson's market. - In the fourth quarter of 2025, revenues from the 4 growth products made up approximately 76% of total revenues. - Progress was made in resolving the ONAPGO supply constraints, with the resumption of new patient initiation and the current outreach effort of verifying health benefits and coverage. - ZURZUVAE showed strong performance in the fourth quarter of 2025 and since the closing of the Sage acquisition. - Qelbree had robust performance in 2025 with growth in prescriptions and net sales. - GOCOVRI had strong net sales and prescription growth in 2025. - A follow - on Phase IIb randomized, double - blind, placebo - controlled trial with SPN - 820 was initiated, the Phase IIb randomized, double - blind, placebo - controlled study of SPN - 817 was ongoing, and a Phase I single ascending and multiple ascending dose study with SPN - 443 was expected to be initiated in the second half of 2026. - The early - stage pipeline assets from the Sage acquisition were evaluated, with certain assets retained for internal development and the remaining assets seeking partnerships. - Corporate development remained a top priority for strategic opportunities.

In 2025, Supernus achieved record total revenues of $719 million. Revenues from 4 growth products (Qelbree, GOCOVRI, ZURZUVAE, ONAPGO) showed strong growth, with 40% growth in revenues from these 4 growth products. In the fourth quarter of 2025, revenues from these 4 growth products accounted for approximately 76% of total revenues. ONAPGO generated net sales of $8.9 million in the fourth quarter of 2025, up from $6.8 million in the third quarter of 2025, and finished its first year on the market with $17.3 million in total net sales. ZURZUVAE had $32.8 million in collaboration revenues in the fourth quarter of 2025 and $53 million for the 5 - month period since the closing of the Sage acquisition. Qelbree had a 21% growth in total annual prescriptions in 2025, exceeded $300 million in net sales, and had a 9% net sales increase in the fourth quarter of 2025. GOCOVRI had net sales of $146 million in 2025, an increase of 12% compared to 2024, and finished 2025 with a 16% strong prescription growth in the fourth quarter.

For the full year 2026, the company expects total revenues to range from $840 million to $870 million, consisting of net product sales, ZURZUVAE collaboration revenues and royalty and licensing revenues. It is noted that the total revenue guidance for the full year 2026 assumes approximately $45 million to $70 million of net sales from ONAPGO. The combined R&D and SG&A expenses are expected to range from $620 million to $650 million. Overall, the company expects the full year 2026 operating income loss to be in the range of breakeven to a loss of $30 million. The non - GAAP operating earnings are expected to range from $140 million to $170 million.

Q: John Cox from Jefferies inquired about ONAPGO supply from the current and second supplier and the data needed for the second supplier's FDA approval.

A: Jack Khattar stated that the current supplier would be able to cover the guidance for 2026, the second supplier is the European partner with a manufacturing facility, and typically, batches need to be produced, stability data collected, a package prepared and submitted to the FDA with an average review period of 6 - 9 months.

Q: David Amsellem from Piper Sandler asked about whether the underlying demand for ONAPGO could be met with additional capacity and the R&D prioritization of Sage assets.

A: Jack Khattar replied that the current supplier could clear the backlog and meet demand in 2026, and the Sage R&D assets were early - stage, with preclinical work to be done and prioritization based on timing, market opportunity and ROI.

Q: Stacy Ku from TD Cowen asked about the ONAPGO patient profile, net pricing, the processing of enrollment forms and the Qelbree Q1 dynamics.

A: Jack Khattar talked about the ONAPGO patient profile of advanced disease, a net pricing of approximately $100,000 per year, enrollment forms having various loss factors, and Qelbree Q1 having insurance - related seasonality and co - pay adjustments.

Q: Kristen Kluska from Cantor Fitzgerald asked about the second supplier's profile, the clarity on FDA approval and when to inform physicians about more supply.

A: Jack Khattar said the second supplier was the European partner with large capacity, more clarity on FDA requirements would be available in the next month, and they were back to normal in serving patients but working through the backlog.

Q: Pavan Patel from BoA asked about the ONAPGO gross to net in the first half of 2026 and the ZURZUVAE commercial efforts.

A: Jack Khattar said ONAPGO gross to net would likely be in the 20% - 30% range with Q1 typically higher, and ZURZUVAE had DTC efforts, continued education programs and a large market opportunity with many undiagnosed and untreated PPD patients.

Q: Jack Padovano from Stifel asked about the enrollment pace of the CNS pipeline products and the BD focus.

A: Jack Khattar said the CNS pipeline trials for 817 and 820 would have data in 2027, the BD focus was on revenue - generating and cash - flow generating opportunities with a preference for later - stage pipeline assets, and CNS remained a focus with potential expansion outside CNS like in women's health.