SUPN — Supernus Pharmaceuticals, Inc.

Summary of Supernus Pharmaceuticals Q4 and Full Year 2025 Earnings Call

1. Key Financial Results and Metrics

• Total Revenue: Achieved a record $719 million for the full year 2025, a 40% increase driven by growth products.
• Q4 Revenue: $211.6 million, up 21% year-over-year. Excluding Trokendi XR and Oxtellar XR, revenue increased 34%.
• Net Product Sales: $158.1 million in Q4; collaboration revenues from ZURZUVAE were $32.8 million.
• GAAP Net Loss: $4.1 million in Q4 ($0.07 per diluted share), compared to net earnings of $15.3 million in Q4 2024.
• Full Year GAAP Net Loss: $38.6 million ($0.68 per diluted share), down from net earnings of $73.9 million in 2024.
• Cash Position: Approximately $309 million in cash and equivalents as of December 31, 2025, down from $454 million in 2024.

2. Strategic Updates and Business Highlights

• Growth Products: The four key growth products (Qelbree, GOCOVRI, ZURZUVAE, ONAPGO) accounted for 76% of total revenues in Q4.
• ONAPGO: Launched in April 2025, generated $8.9 million in Q4 sales. Demand remains strong despite supply constraints.
• ZURZUVAE: Collaboration revenues of $53 million since the acquisition of Sage Therapeutics. U.S. sales increased 187% year-over-year in Q4.
• Qelbree: Exceeded $300 million in net sales for 2025, with a 21% increase in total annual prescriptions.
• R&D Initiatives: Ongoing clinical trials for SPN-820 and SPN-817, with plans to initiate a Phase I study for SPN-443.

3. Forward Guidance and Outlook

• 2026 Revenue Guidance: Expected total revenues between $840 million to $870 million, including $45 million to $70 million from ONAPGO.
• Expense Forecast: Anticipated combined R&D and SG&A expenses of $620 million to $650 million for 2026.
• Operating Income/Loss: Projected to range from breakeven to a loss of $30 million for 2026, with non-GAAP operating earnings expected between $140 million to $170 million.

4. Bad News, Challenges, or Points of Concern

• Loss of Exclusivity: The company is facing challenges from the loss of exclusivity on Trokendi XR and Oxtellar XR.
• Increased Expenses: R&D and SG&A expenses rose significantly due to acquisition-related costs and higher operating costs from Sage.
• GAAP Operating Loss: Transitioned from operating earnings to losses, indicating financial pressure from integration and operational costs.
• Supply Constraints: ONAPGO faced supply issues, although management indicated they are working to resolve these and have communicated to physicians about resuming patient initiations.

5. Notable Q&A Insights

• ONAPGO Demand: Management confirmed that the current supplier can meet the projected sales range for ONAPGO in 2026 and is working to clear the backlog.
• ZURZUVAE Strategy: Focus will be on both increasing penetration among existing prescribers and expanding the number of new prescribers.
• R&D Priorities: The company is prioritizing late-stage assets for acquisition, with a focus on revenue-generating opportunities.
• Market Dynamics: Management emphasized the importance of educating physicians and patients about ZURZUVAE, indicating ongoing efforts to build market awareness and confidence.

Overall, Supernus Pharmaceuticals reported strong revenue growth driven by its key products while navigating challenges related to supply constraints and increased operational costs. The company is optimistic about future growth and continues to explore strategic opportunities to enhance its portfolio.