Core Insights - Supernus Pharmaceuticals is preparing for significant developments in 2025 and beyond, particularly with the acquisition of Sage Therapeutics and new product launches [3] Group 1: Company Developments - The company has achieved FDA approval for new products in July 2025, marking a pivotal moment in its growth strategy [3] - The acquisition of Sage Therapeutics is highlighted as a key accomplishment that will influence the company's positioning for 2026 [3] Group 2: Leadership and Presentation - Glen Santangelo from Barclays Bank PLC is the analyst responsible for the specialty pharmaceutical sector and is leading the presentation [2] - Jack Khattar, the President and CEO of Supernus Pharmaceuticals, is present to discuss the company's recent achievements and future plans [2]

Supernus Pharmaceuticals FY Conference Summary Company Overview - **Company**: Supernus Pharmaceuticals (NasdaqGM: SUPN) - **Date of Conference**: March 11, 2026 - **Key Speaker**: Jack A. Khattar, President and CEO Key Accomplishments in 2025 - **Sage Therapeutics Acquisition**: Significant milestone for the company, enhancing the product portfolio with the addition of Zurzuvae, which is expected to be a major growth driver [2][4] - **FDA Approvals and Product Launches**: Successful launch of ONAPGO, which exceeded expectations and contributed to revenue growth [4][5] - **Record Revenue**: 2025 marked a record year for revenue, driven by the transition from legacy products to new offerings [4] Growth Drivers - **Product Portfolio**: Four main growth drivers identified: - **Qelbree**: ADHD treatment, showing 21% growth in 2025 and 18% growth in Q4 [5][23] - **Gocovri**: Parkinson's treatment, with 14% growth in prescriptions [37] - **Zurzuvae**: Postpartum depression treatment, unique in its rapid efficacy [38] - **ONAPGO**: Strong demand despite supply constraints, with forms submitted increasing from 1,300 to 1,800 [10][49] Market Performance - **Stock Performance**: The stock increased by 80% over a six-month period, reflecting market recognition of the company's portfolio reconfiguration [12] - **Market Share**: Qelbree achieved 931,000 prescriptions in 2025, indicating significant market potential within a total market of 111 million prescriptions [27] Supply Chain and Production - **Supply Constraints**: ONAPGO faced supply issues due to overwhelming demand and shared production lines with other clients [48] - **Future Supply Plans**: Plans to secure a second source of supply by 2027 to alleviate production constraints [49] Financial Guidance for 2026 - **Revenue Expectations**: Projected revenue between $840 million and $870 million, representing a growth of 32%-37% [50] - **Operating Earnings**: Expected to remain flat year-over-year at $140 million to $170 million due to ongoing investments in new products [58] Research and Development Pipeline - **SPN-817**: Phase 2 trial for epilepsy, expected data in 2027 [68][72] - **SPN-820**: Phase 2 trial for major depressive disorder, anticipated to recruit faster than epilepsy trials [74] - **SPN-443**: Early-stage stimulant for ADHD, with ongoing studies to assess its safety and efficacy [78] Strategic Outlook - **M&A and R&D**: The company emphasizes the importance of both mergers and acquisitions and research and development for future growth [93] - **Market Education**: Ongoing efforts to educate physicians and patients about new treatment options, particularly for postpartum depression [61][66] Conclusion - **Future Potential**: The company believes it is at the beginning of a transformative phase, with a clean balance sheet and a focus on both organic growth and strategic acquisitions [93]

Company Overview - Supernus Pharmaceuticals is focused on developing and commercializing products for CNS diseases, with a diverse portfolio including treatments for ADHD, Parkinson's Disease, postpartum depression, epilepsy, and migraine[18]. - The company has several product candidates in various stages of development, including SPN-817 for epilepsy and SPN-820 for depression, with significant resources devoted to R&D[38]. - Supernus is committed to expanding its pipeline of novel CNS product candidates, with ongoing research and development efforts targeting various CNS conditions[38]. Acquisitions and Collaborations - The company completed the acquisition of Sage Therapeutics on July 31, 2025, for an aggregate of approximately $561 million in cash and potential contingent value rights worth up to $234 million[20][21]. - The company acquired SPN-817, an antiepileptic with a unique mechanism of action, to enhance treatment options for epilepsy[68]. - The company acquired Sage Therapeutics in July 2025, obtaining a collaboration and licensing agreement with Biogen for the development and commercialization of ZURZUVAE and additional products containing zuranolone[107]. Product Launches and Approvals - ZURZUVAE, the first FDA-approved oral medicine for postpartum depression, became commercially available in the U.S. in December 2023, with joint commercialization efforts alongside Biogen[32]. - The FDA approved ONAPGO, the first subcutaneous apomorphine infusion device for advanced Parkinson's Disease, in February 2025, with a launch in April 2025[33]. - Qelbree is the first novel nonstimulant ADHD treatment approved since 2011, demonstrating early efficacy and a strong safety profile[54]. Sales and Marketing Strategy - The company aims to drive growth and profitability through dedicated sales and marketing resources for its key marketed products[27]. - The Company’s sales force effectively targets healthcare providers in the U.S. for key commercial products, focusing on ADHD, Parkinson's, and PPD[46][47][48]. - Major customers, including Cencora, Cardinal Health, and McKesson, accounted for over 76% of total product revenue in 2025[50]. Intellectual Property and Patent Management - The company seeks to protect its intellectual property through patents and trademarks, with ongoing efforts to build its portfolio[82][96]. - The company has ongoing patent litigation concerning Qelbree, with patents potentially expiring between 2029 and 2035[85][86]. - GOCOVRI has 13 U.S. patents expiring from 2028 to 2038, with a settlement allowing generic sales starting June 4, 2029[87]. Financial Agreements and Milestones - The company is eligible to receive up to $470 million in milestone payments from Shionogi if certain regulatory and commercial milestones are achieved, following an upfront payment of $90 million[119]. - Potential future milestone payments from Shionogi include up to $40 million for regulatory milestones, $30 million for commercialization milestones, and $385 million for net sales milestones[120]. - The company entered into a License and Distribution Agreement with Zambon for XADAGO, with Zambon eligible to receive up to $30 million in future payments based on sales milestones[126]. Regulatory Compliance and Challenges - The company agreed to pay $17.5 million to resolve allegations of violating the False Claims Act related to kickbacks for the use of APOKYN and MYOBLOC[189]. - The Corporate Integrity Agreement (CIA) has a term of five years, with the final Reporting Period ending in April 2024, imposing significant compliance obligations on the company[190]. - The company faces increased regulatory burdens and operating costs due to the HealthCare Reform Law, including an annual fee based on market share of branded products sold to federal healthcare programs[195]. Market Dynamics and Competition - The ADHD market is highly competitive, with new products like centanafadine under priority review by the FDA in Q1 2026[53]. - Trokendi XR is positioned as a competitive extended-release product for migraine treatment, facing competition from anti-CGRPs, Botox, and other medications[70]. - MYOBLOC is the only available botulinum toxin B, competing with type A toxins like Botox and Dysport, and offers symptom relief for cervical dystonia within 2 weeks of injection[72][73]. Employee and Talent Management - As of December 31, 2025, the company employed 778 full-time employees in the U.S., with no union representation[215]. - The company emphasizes attracting and retaining talent through competitive compensation and benefits, including a comprehensive total rewards program[217].

Supernus Pharmaceuticals FY Conference Summary Company Overview - **Company**: Supernus Pharmaceuticals (NasdaqGM:SUPN) - **Date of Conference**: March 02, 2026 - **Key Speakers**: Jack Khattar (CEO), Timothy C. Dec (CFO) Key Points Industry and Company Position - Supernus is positioned differently today with a diverse portfolio of products, moving beyond reliance on a single product [2] - The company has four growth products and is experiencing accelerated growth with an exciting pipeline [2][3] Product Performance - **ONAPGO**: Recently reinitiated patient treatment after resolving supply constraints. The product has strong demand, evidenced by 500 patient forms submitted during supply issues [4][5][6] - **ZURZUVAE**: Launched with a focus on educating women about postpartum depression, aiming to increase awareness and usage [51][52] - **Qelbree**: Continues to perform well, with a stable mix of adult and pediatric prescriptions. The product is underutilized in the non-stimulant segment, presenting significant growth potential [42][43][44] Financial Guidance - ONAPGO revenue guidance is set between $45 million and $70 million, influenced by supply, demand, and fulfillment rates [24][26] - Peak sales for ONAPGO may exceed initial estimates of $200 million to $300 million due to overwhelming demand [38][40] Patient Demand and Market Dynamics - Demand for ONAPGO is strong, with patients willing to wait through supply disruptions rather than switch to competitors [10][12] - The company anticipates a conversion rate of 15%-25% from patient forms to actual patients, which is typical in the industry [22] Pipeline and Future Developments - The company is optimistic about its pipeline, with promising assets in Phase 2b studies expected to yield data in 2027 [59] - Supernus is actively pursuing business development opportunities, focusing on revenue-generating assets and later-stage products [58] Manufacturing and Supply Chain - A second supplier is expected to come online in 2027, which will help mitigate supply issues [29][32] - The company is working to streamline the patient initiation process to reduce friction points in fulfillment [23] Market Education and Awareness - Significant investment in educating healthcare providers and patients about ZURZUVAE and its benefits over traditional SSRIs [51][52][55] - The company aims to establish ZURZUVAE as the standard of care for postpartum depression [55] Conclusion - Supernus Pharmaceuticals is navigating a transformative phase with a robust product pipeline and strategic focus on market education and patient demand. The company is well-positioned for growth in the coming years, particularly with ONAPGO and ZURZUVAE.

Core Insights - Supernus Pharmaceuticals reported $211.57 million in revenue for Q4 2025, marking a 21.5% year-over-year increase and exceeding the Zacks Consensus Estimate by 7.57% [1] - The company's EPS for the same quarter was $0.92, a significant increase from $0.75 a year ago, resulting in an EPS surprise of 228.57% compared to the consensus estimate of $0.28 [1] Revenue Performance - Trokendi XR generated $8.4 million in net product sales, below the average estimate of $5.81 million, reflecting a year-over-year decline of 43.2% [4] - Oxtellar XR reported $6.8 million in net product sales, surpassing the average estimate of $5.75 million, but showing a year-over-year decrease of 48.5% [4] - APOKYN achieved $9.6 million in net product sales, slightly below the average estimate of $9.93 million, with a year-over-year decline of 52.2% [4] - Qelbree's net product sales were $81 million, below the average estimate of $87.72 million, but showing an 8.9% year-over-year increase [4] - Collaboration revenue from ZURZUVAE was $32.8 million, exceeding the average estimate of $28.05 million [4] - Total net product sales amounted to $158.1 million, below the average estimate of $193.42 million, representing a year-over-year decline of 5% [4] - Royalty, licensing, and other revenues reached $20.7 million, significantly above the average estimate of $3.25 million, with a year-over-year increase of 166.6% [4] - ONAPGO net product sales were $8.9 million, exceeding the average estimate of $6.1 million [4] - GOCOVRI generated $38.6 million in net product sales, slightly below the average estimate of $42.64 million, with a year-over-year increase of 4.6% [4] Stock Performance - Supernus shares have returned +3.1% over the past month, contrasting with a -1% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 5 (Strong Sell), indicating potential underperformance relative to the broader market in the near term [3]

Financial Data and Key Metrics Changes - Supernus achieved record total revenues of $719 million in 2025, representing a 27% increase compared to the previous year [17] - The company reported a GAAP net loss of $38.6 million for 2025, compared to a net earnings of $73.9 million in 2024 [18] - For the fourth quarter of 2025, total revenue was $211.6 million, a 21% increase year-over-year [13] Business Line Data and Key Metrics Changes - Revenues from four growth products (Qelbree, Proquarius, Zurzuvae, and ONAPGO) accounted for approximately 76% of total revenues in Q4 2025 [4] - ONAPGO generated net sales of $8.9 million in Q4 2025, up from $6.8 million in Q3 2025, with total net sales of $17.3 million for its first year [5] - Zurzuvae had collaboration revenues of $32.8 million in Q4 2025, with U.S. sales increasing approximately 187% compared to Q4 2024 [7] - Qelbree exceeded $300 million in net sales for 2025, delivering 26% growth compared to 2024 [8] Market Data and Key Metrics Changes - The number of prescribers for ONAPGO grew by 28% in Q4 2025 compared to Q3 2025, with prescriptions increasing by 29.6% [6] - The number of prescribers for Zurzuvae doubled in 2025 compared to 2024, with total prescriptions increasing by over 150% [8] Company Strategy and Development Direction - The company is focused on corporate development and exploring strategic opportunities to strengthen its position in the CNS market through revenue-generating products and late-stage pipeline candidates [11] - Supernus aims to continue growing its core business despite the loss of exclusivity on Trokendi XR and Oxtellar XR [4] - The company plans to maintain a diversified portfolio of growth products to mitigate reliance on any single product [78] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving total revenues of $840 million to $870 million for 2026, with expectations of $45 million to $70 million in net sales from ONAPGO [20] - The company anticipates combined R&D and SG&A expenses to range from $620 million to $650 million for 2026 [20] - Management highlighted the importance of resolving supply constraints for ONAPGO to meet demand and clear backlogs [29] Other Important Information - The company had approximately $309 million in cash equivalents and marketable securities as of December 31, 2025, down from $454 million in 2024 [19] - Supernus is actively working on R&D programs, including trials for SPN-820 and SPN-817, with data expected in 2027 [74] Q&A Session Summary Question: ONAPGO sales guidance and supplier capacity - Management confirmed that the current supplier can meet the sales guidance of $45 million to $70 million for ONAPGO through 2026, with a second supplier expected to come online in 2027 [23] Question: ONAPGO demand and backlog clearance - Management stated that the current supplier will help clear the backlog and meet ongoing demand throughout 2026 [29] Question: R&D prioritization post-Sage acquisition - Management indicated that early-stage assets will undergo preclinical work, and prioritization will be based on market opportunity and ROI [30] Question: Pricing expectations for ONAPGO - Management estimated that the average annual cost for ONAPGO could be around $100,000 per patient, depending on usage [38] Question: Gross-to-net expectations for ONAPGO - Management expects gross-to-net deductions for ONAPGO to be in the range of 20% to 30%, typically higher in Q1 [67] Question: Commercial strategy for Zurzuvae - Management emphasized the need to build market awareness and confidence among physicians for Zurzuvae, while also focusing on both existing and new prescribers [60][62]

Financial Data and Key Metrics Changes - Supernus achieved record total revenues of $719 million for the full year 2025, representing a 27% increase compared to the previous year [17] - The fourth quarter of 2025 saw total revenue of $211.6 million, a 21% increase year-over-year, with net product sales of $158.1 million [13] - GAAP net loss for the full year 2025 was $38.6 million, or a loss of $0.68 per diluted share, compared to a GAAP net earnings of $73.9 million, or $1.32 per diluted share in 2024 [18] Business Line Data and Key Metrics Changes - Revenues from the four growth products (Qelbree, Proquarius, Zerzura, and ONAPGO) accounted for approximately 76% of total revenues in Q4 2025 [4] - ONAPGO generated net sales of $8.9 million in Q4 2025, up from $6.8 million in Q3 2025, with total net sales of $17.3 million for its first year [5] - Zurzuvae had collaboration revenues of $32.8 million in Q4 2025, with U.S. sales increasing approximately 187% compared to the same period in 2024 [7] - Qelbree exceeded $300 million in net sales for 2025, delivering 26% growth compared to 2024 [8] Market Data and Key Metrics Changes - The number of prescribers for ONAPGO grew by 28% in Q4 2025 compared to Q3 2025, with prescriptions increasing by 29.6% [6] - The number of prescribers for Zurzuvae doubled in 2025 compared to 2024, with total prescriptions increasing by more than 150% [8] Company Strategy and Development Direction - The company successfully executed an integrated acquisition of Sage Therapeutics and obtained FDA approval for ONAPGO, launching it in the Parkinson's market [4] - Corporate development remains a top priority, with a focus on additional strategic opportunities to strengthen future growth in CNS through revenue-generating products or late-stage pipeline candidates [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to meet demand for ONAPGO through existing suppliers and anticipated a smooth transition to a second supplier in 2027 [23][50] - The company expects total revenues for 2026 to range from $840 million to $870 million, with guidance assuming $45 million to $70 million in net sales from ONAPGO [20] Other Important Information - Combined R&D and SG&A expenses for 2025 were $591.8 million, up from $430.4 million in 2024, primarily due to acquisition-related costs [18] - The company had approximately $309 million in cash equivalents and marketable securities as of December 31, 2025, down from $454 million the previous year [19] Q&A Session Summary Question: ONAPGO supply and sales potential - Management confirmed that the current supplier can meet the $45 million-$70 million sales guidance for ONAPGO, with plans for continuity of supply into 2027 [23] Question: ONAPGO demand and backlog clearance - Management indicated that the current supplier will help clear the backlog and meet ongoing demand throughout 2026 [29] Question: R&D prioritization post-Sage acquisition - Management stated that early-stage assets will undergo preclinical work, and prioritization will be based on market opportunity and ROI [30] Question: Gross-to-net expectations for ONAPGO - Management expects gross-to-net for ONAPGO to be in the range of 20%-30%, typically higher in Q1 [66]

Financial Data and Key Metrics Changes - Supernus achieved record total revenues of $719 million for the full year 2025, representing a 27% increase compared to the previous year [16] - For Q4 2025, total revenue was $211.6 million, a 21% increase year-over-year, and a 34% increase when excluding net product sales of Trokendi XR and Oxtellar XR [13][16] - GAAP net loss for the full year 2025 was $38.6 million, or a loss of $0.68 per diluted share, compared to a GAAP net earnings of $73.9 million, or $1.32 per diluted share in 2024 [17] - Adjusted operating earnings for the full year 2025 were $158.7 million, down from $183.7 million in 2024 [18] Business Line Data and Key Metrics Changes - Revenues from the four growth products (Qelbree, Proquarius, Zerzura, and ONAPGO) accounted for approximately 76% of total revenues in Q4 2025 [4] - ONAPGO generated net sales of $8.9 million in Q4 2025, up from $6.8 million in Q3 2025, with total net sales for its first year at $17.3 million [5] - Zurzuvae had collaboration revenues of $32.8 million in Q4 2025, with U.S. sales increasing approximately 187% compared to Q4 2024 [6] - Qelbree exceeded $300 million in net sales for 2025, delivering 26% growth compared to 2024 [8] Market Data and Key Metrics Changes - The number of prescribers for ONAPGO grew by 28% in Q4 2025 compared to Q3 2025, with prescriptions increasing by 29.6% [5] - The number of prescribers for Zurzuvae doubled in 2025 compared to 2024, with total prescriptions increasing by more than 150% [6] - GOCOVRI reached net sales of $146 million for the full year 2025, a 12% increase compared to 2024 [10] Company Strategy and Development Direction - The company aims to continue growing its core business while exploring corporate development opportunities to strengthen its position in the CNS market [11][76] - Supernus is focused on revenue-generating products and late-stage pipeline candidates, with a strategic emphasis on expanding its portfolio beyond CNS into areas like women's health [72] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving total revenues of $840 million to $870 million for 2026, with expectations of $45 million to $70 million in net sales from ONAPGO [19] - The company anticipates combined R&D and SG&A expenses to range from $620 million to $650 million for 2026 [19] - Management highlighted the importance of maintaining a strong balance sheet with no debt, providing financial flexibility for future growth opportunities [18] Other Important Information - The company initiated a Phase IIb trial for SPN-820 and is progressing with ongoing trials for SPN-817, with data expected in 2027 [11][71] - Supernus has made significant investments in R&D and SG&A, with combined expenses reaching $591.8 million for the full year 2025 [16] Q&A Session Summary Question: ONAPGO supply and sales potential - Management confirmed that the current supplier can meet the $45 million-$70 million sales guidance for ONAPGO, with plans for continuity of supply into 2026 [21] Question: ONAPGO demand and patient enrollment - Management indicated that the current supplier will help clear the backlog and support new patient initiations, with ongoing processing of enrollment forms [28] Question: R&D prioritization post-Sage acquisition - Management stated that early-stage assets will undergo preclinical work, with prioritization based on market opportunity and ROI [29] Question: Zurzuvae commercial strategy - Management emphasized the need to build market awareness and confidence among physicians to drive prescriptions for Zurzuvae [59] Question: Gross-to-net expectations for ONAPGO - Management expects gross-to-net for ONAPGO to be in the range of 20%-30%, typically higher in Q1 [66]

Core Insights - Supernus Pharmaceuticals reported significant progress in 2025, achieving record total revenues and successfully launching ONAPGO for Parkinson's disease [2][4] - The company is focused on advancing its key growth products and resuming new patient initiation for ONAPGO in 2026 [2] Financial Performance - Total revenues for Q4 2025 reached $211.6 million, a 21% increase year-over-year, while full-year revenues were $719.0 million, up 9% from 2024 [4][8] - Combined revenues from the company's four growth products increased to $161.3 million in Q4 2025, representing a 45% year-over-year growth, and $521.8 million for the full year, a 40% increase [4][8] - Cash, cash equivalents, and current marketable securities totaled $308.7 million as of December 31, 2025 [4] Product Highlights - ONAPGO net product sales were $8.9 million in Q4 2025, following its U.S. launch in April 2025, with over 1,800 enrollment forms submitted by more than 540 prescribers [5] - Collaboration revenue from ZURZUVAE was $32.8 million in Q4 2025, with U.S. sales increasing approximately 187% compared to Q4 2024 [5] - Net sales of Qelbree increased 9% to $81.0 million in Q4 2025, while GOCOVRI sales rose 5% to $38.6 million [5] Research and Development - The company is conducting a Phase 2b study for SPN-817, a novel AChE inhibitor for epilepsy, and has initiated a Phase 2b trial for SPN-820, a treatment for major depressive disorder [6] - SPN-443, a novel stimulant for ADHD, is expected to enter Phase 1 trials in the second half of 2026 [6] Financial Guidance - For full year 2026, Supernus expects total revenues between $840 million and $870 million, with operating earnings projected at $0 million to $30 million [10] - ONAPGO net sales are anticipated to be between $45 million and $70 million, while Trokendi XR and Oxtellar XR net sales are expected to be $40 million to $50 million [10]

Core Insights - Supernus Pharmaceuticals, Inc. is actively participating in multiple investor conferences in March 2026, showcasing its commitment to engaging with investors and stakeholders in the biopharmaceutical sector [1][2][3]. Conference Participation - The company will attend the TD Cowen 46th Annual Health Care Conference on March 2, 2026, with a fireside chat scheduled for 2:30 p.m. ET in Boston, Massachusetts [1]. - Supernus will also participate in the Jefferies Biotech on the Beach Summit on March 10, 2026, held in Miami Beach, Florida [2]. - Additionally, the company is set to present at the Barclays 28th Annual Global Healthcare Conference on March 11, 2026, with a fireside chat at 2:00 p.m. ET in Miami Beach, Florida [3]. Webcast Availability - Live audio webcasts of the TD Cowen and Barclays Conference presentations will be accessible on the Supernus Pharmaceuticals website, with archived replays available for 60 days post-conference [4]. Company Overview - Supernus Pharmaceuticals focuses on developing and commercializing products for the treatment of central nervous system (CNS) diseases, indicating a specialized niche within the biopharmaceutical industry [5]. - The company's neuroscience portfolio includes approved treatments for various conditions such as ADHD, Parkinson's disease-related dyskinesia, postpartum depression, epilepsy, and migraine, among others [6].