Core Insights - Supernus Pharmaceuticals, Inc. is participating in the Piper Sandler 37th Annual Healthcare Conference on December 2, 2025, where CEO Jack A. Khattar will engage in a fireside chat [1][2] Company Overview - Supernus Pharmaceuticals is a biopharmaceutical company focused on developing and commercializing products for the treatment of central nervous system (CNS) diseases [3][4] - The company's diverse neuroscience portfolio includes approved treatments for ADHD, dyskinesia in Parkinson's disease, hypomobility in Parkinson's disease, postpartum depression, epilepsy, migraine, cervical dystonia, and chronic sialorrhea [4]

Summary of Supernus Pharmaceuticals Conference Call Company Overview - **Company**: Supernus Pharmaceuticals (NasdaqGM:SUPN) - **Focus**: CNS-focused biopharma with a diversified portfolio of products - **Revenue Guidance**: $685 million - $705 million for the current year [3][4] Key Products and Growth Drivers 1. **Qelbree**: - A non-stimulant ADHD treatment launched four and a half years ago - Current annualized prescriptions: approximately 1 million, representing about 1% market share - Expected peak sales: $320 million with a growth rate of over 20% [6][7] 2. **GOCOVRI**: - Unique product for Parkinson's, approved for dyskinesia and off episodes [3] 3. **ONAPGO**: - Apomorphine infusion device for Parkinson's launched this year - Initial peak sales estimate: $200 million - $300 million, but demand has exceeded expectations [9][10] 4. **ZURZUVAE**: - Oral treatment for postpartum depression acquired from Sage Therapeutics - Sales guidance not yet provided, but milestones based on sales levels are expected to be achievable [10][11] Business Development and Financial Strategy - **Cash Position**: Approximately $300 million post-acquisition of Sage Therapeutics - **Future Acquisitions**: Business development remains a priority, with potential transaction sizes estimated between $1 billion - $1.5 billion [12][13] - **Leverage Strategy**: Comfortable with a leverage ratio of 2 to 2.5 times EBITDA [13] Supply Chain and Production Challenges - **ONAPGO Supply Issues**: - Current production challenges due to competing priorities on the production line - Decision made to pause new patient initiation to prioritize existing patients [19][20] - Efforts are ongoing to increase production capacity and explore alternative suppliers [24][30] Market Position and Competitive Landscape - **Differentiation of ONAPGO**: - Apomorphine acts like dopamine without the need for metabolic conversion, unlike levodopa - Strong clinical need for alternatives to levodopa in Parkinson's treatment [32][34] - **ZURZUVAE Market Potential**: - Consistent growth of 19%-20% quarter over quarter - Focus on educating OB-GYNs for better diagnosis and treatment of postpartum depression [37][38] Pipeline and Future Developments - **Upcoming Data**: - Phase 2B data for epilepsy compound SPN-817 expected in 2027 - New stimulant for ADHD (SPN-443) to enter SAD-MAD study in 2026 [43][45] - **Potential New Assets**: - Evaluation of Sage's pipeline for future development opportunities [42] Conclusion - Supernus Pharmaceuticals is positioned for growth with a strong focus on CNS products, ongoing development efforts, and a commitment to addressing supply chain challenges. The company is optimistic about its product pipeline and market opportunities in the coming years.

Core Insights - Supernus Pharmaceuticals, Inc. is participating in the 2025 Jefferies Global Healthcare Conference in London on November 17, 2025, where CEO Jack A. Khattar will engage in a fireside chat [1] - The company focuses on developing and commercializing products for central nervous system (CNS) diseases [3][4] Company Overview - Supernus Pharmaceuticals specializes in treatments for various CNS disorders, including ADHD, Parkinson's disease-related dyskinesia, postpartum depression, epilepsy, migraine, cervical dystonia, and chronic sialorrhea [4] - The company is also developing a range of novel product candidates targeting CNS disorders [4] Investor Relations - Investors interested in meeting with company management during the conference can contact the Jefferies conference coordinator [2] - A live audio webcast of the presentation will be available, with an archived replay accessible for 60 days post-conference [2]

Financial Performance - ONAPGO generated net product sales of $6.8 million in its first full quarter following the U.S. commercial launch in April 2025, with over 1,300 enrollment forms submitted by more than 450 prescribers[216]. - Collaboration revenue from ZURZUVAE was $20.2 million in Q3 2025, representing approximately two months of collaboration revenue since the Sage Acquisition, with U.S. sales increasing approximately 150% compared to the same period in 2024[216]. - Net sales of Qelbree increased 31% to $81.4 million in Q3 2025, with total IQVIA prescriptions reaching 238,770, a 23% increase year-over-year[216]. - Net sales of GOCOVRI increased 15% to $40.8 million in Q3 2025, driven by growth in prescriptions and the number of prescribers[216]. - Total revenues for Q3 2025 were $192.1 million, a 9% increase from $175.7 million in Q3 2024, while total revenues for the nine months ended September 30, 2025, were $507.4 million, up 4% from $487.7 million in the same period of 2024[235]. - Net product sales decreased by 1% to $168.5 million in Q3 2025 compared to $170.3 million in Q3 2024, and also decreased by 1% to $468.5 million for the nine months ended September 30, 2025, from $471.3 million in the prior year[236]. - The decline in net product sales was primarily due to lower sales of APOKYN (down 48% in Q3 2025) and Oxtellar XR (down 60% in Q3 2025) due to generic erosion, partially offset by increases in sales from Qelbree and GOCOVRI[236]. Acquisitions and Collaborations - The Company completed the acquisition of Sage Therapeutics, Inc. on July 31, 2025, integrating its established commercial product ZURZUVAE into its portfolio[203]. - Collaboration revenue (ZURZUVAE) was $20.2 million for the three and nine months ended September 30, 2025, attributed to the Sage Acquisition in July 2025[248]. - The company has contingent consideration milestones related to the Sage Acquisition, with potential payments totaling up to $234 million based on future sales of ZURZUVAE[272]. - The company incurred $70.9 million in acquisition-related costs associated with the Sage Acquisition in July 2025, contributing to the decline in earnings[266]. Product Development - SPN-817, a novel anticonvulsant for epilepsy, is currently in a Phase 2b study with a targeted enrollment of approximately 258 adult patients[213]. - SPN-820, a novel treatment for depression, plans to initiate a follow-on Phase 2b trial in approximately 200 adults with major depressive disorder by the end of 2025[214]. - SPN-443, a novel stimulant for ADHD, completed a Phase 1 study in 2024 and is expected to initiate a Phase 1 single-ascending/multiple ascending dose study in 2026[215]. - The FDA approved an expanded label update for Qelbree in January 2025, including new data on pharmacodynamics and use in breastfeeding mothers[205]. Inventory and Supply Chain - The Company is facing supply constraints for ONAPGO due to stronger than expected demand, prioritizing care for existing patients while working to build adequate inventory[216]. - The accrued product returns balance decreased to $43.3 million as of September 30, 2025, from $57.4 million as of September 30, 2024, primarily due to a $16.3 million estimated provision for product returns related to prior year sales[244]. - The accrued product rebates balance increased to $141.2 million as of September 30, 2025, from $111.7 million as of September 30, 2024, primarily due to the timing of payments associated with government programs[245]. Expenses and Financial Management - Selling and marketing expenses increased by 42% to $54.3 million for the three months ended September 30, 2025, and by 19% to $205.5 million for the nine months ended September 30, 2025, primarily due to higher professional and consulting expenses[252]. - General and administrative expenses surged by 565% to $15.4 million for the three months ended September 30, 2025, and by 127% to $157.7 million for the nine months ended September 30, 2025, mainly due to acquisition-related costs from the Sage acquisition[253]. - Research and Development (R&D) expenses were $29.4 million for the three months ended September 30, 2025, compared to $29.0 million in 2024, with a total of $78.4 million for the nine months ended September 30, 2025, down from $80.1 million in 2024[251]. - The provision for product rebates increased to $295.1 million for the nine months ended September 30, 2025, from $293.6 million in the same period of 2024, primarily due to higher Qelbree sales[247]. Cash Flow and Liquidity - Cash and cash equivalents increased to $151.4 million as of September 30, 2025, from $69.3 million as of December 31, 2024, representing a 118% increase[261]. - Total cash, cash equivalents, and unrestricted marketable securities amounted to $281.2 million as of September 30, 2025, which the company believes will be sufficient to meet cash requirements over the next 12 months[262]. - Net cash provided by operating activities decreased to $27.5 million in 2025 from $127.5 million in 2024, primarily due to a net loss of $34.4 million compared to net earnings of $58.5 million in the prior year[266]. - Net cash provided by investing activities was $55.4 million in 2025, a significant improvement from net cash used of $177.2 million in 2024, primarily due to higher inflows from marketable securities[267]. - Cash and cash equivalents at the end of the period increased to $152.8 million in 2025 from $31.7 million in 2024, reflecting a net change of $126.9 million[265]. Risk Management and External Factors - The company does not hedge foreign currency exchange rate risk, and all liabilities were substantially denominated in U.S. dollars as of September 30, 2025[281]. - Inflation has not significantly impacted the company's consolidated results, although there are expectations of variability in labor and vendor service costs due to uncontrollable factors[282].

Core Insights - Third Avenue Small-Cap Value Fund reported a return of 7.18% in Q3 2025, underperforming the MSCI USA Small-Cap Value Index at 8.97% and the Russell 2000 Value Index at 12.60% [1] - The fund's performance was positively influenced by a diverse range of businesses, with Supernus Pharmaceuticals, Inc. being the largest contributor [3] Company Performance - Supernus Pharmaceuticals, Inc. (NASDAQ:SUPN) experienced a one-month return of -4.85% but saw a significant 29.42% increase in value over the past 52 weeks, closing at $47.11 per share with a market capitalization of $2.691 billion on November 5, 2025 [2] - The company is benefiting from a strong financial position, current profitability, an expanding neurology drug portfolio, and effective capital allocation, which facilitated a successful acquisition during the quarter [3] Hedge Fund Interest - Supernus Pharmaceuticals, Inc. was held by 25 hedge fund portfolios at the end of Q2 2025, a slight decrease from 26 in the previous quarter, indicating a stable but cautious interest among hedge funds [4]

Core Insights - Supernus Pharmaceuticals (SUPN) reported quarterly earnings of $1.01 per share, exceeding the Zacks Consensus Estimate of $0.82 per share, but down from $1.06 per share a year ago, resulting in an earnings surprise of +23.17% [1] - The company achieved revenues of $192.1 million for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 5.52% and showing an increase from $175.69 million year-over-year [2] - Supernus shares have increased approximately 54% year-to-date, significantly outperforming the S&P 500's gain of 16.5% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.62 on revenues of $208 million, while the estimate for the current fiscal year is $2.65 on revenues of $705.3 million [7] - The estimate revisions trend for Supernus was favorable prior to the earnings release, contributing to a Zacks Rank 1 (Strong Buy) for the stock, indicating expected outperformance in the near future [6] Industry Context - The Medical - Generic Drugs industry, to which Supernus belongs, is currently ranked in the top 18% of over 250 Zacks industries, suggesting a favorable outlook for stocks within this sector [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

Financial Data and Key Metrics Changes - Total revenue for Q3 2025 was $192.1 million, up from $175.7 million in the same quarter last year, representing a 25% increase [10] - Net product sales were $168.5 million, with collaboration revenues from Zurzuvae at $20.2 million and other revenues at $3.4 million [10] - GAAP net loss was $45.1 million for Q3 2025, compared to a net income of $38.5 million in the same quarter last year [12] - Adjusted operating earnings on a non-GAAP basis were $41.9 million, down from $67.7 million in the same quarter of the prior year [12] - For the nine months ended September 30, 2025, total revenues were $507.4 million, compared to $487.7 million in the same period last year [14] Business Line Data and Key Metrics Changes - Onapco generated net sales of $6.8 million in Q3 2025, a significant increase from $1.6 million in Q2 2025 [4] - Zurzuvae collaboration revenue was $20.2 million, reflecting a 150% increase compared to the same period in 2024 [5] - Qelbree experienced a 23% growth in prescriptions and a 31% increase in net sales compared to the same period last year [6] - Gocovri's net sales grew by 15% in Q3 2025 compared to the same period last year [7] Market Data and Key Metrics Changes - The total ADHD market grew by 12% in prescriptions in Q3 2025 compared to Q3 2024, with adult segment prescriptions growing by 16% [6] - Pediatric prescriptions for Qelbree grew by 19% in Q3 2025 compared to the same period last year [7] Company Strategy and Development Direction - The company is focused on integrating Sage and expects potential synergies of up to $200 million annually by mid-2026 [6] - Corporate development remains a priority, with a focus on additional strategic opportunities to strengthen growth in CNS [8] - The company aims to position itself as a long-term growth entity while generating strong cash flows through an expanded product portfolio [75] Management's Comments on Operating Environment and Future Outlook - Management noted strong operating results driven by growth products and expressed commitment to resolving supply constraints for Onapco [4][5] - The integration of Sage is on track for completion by year-end, with expectations for continued revenue growth [6][15] - Management updated full-year 2025 revenue guidance to $685-$705 million, reflecting strong performance in the first nine months [15] Other Important Information - The company had approximately $281 million in cash and equivalents as of September 30, 2025, down from $454 million at the end of 2024 [14] - The balance sheet remains strong with no debt, providing financial flexibility for potential M&A opportunities [14] Q&A Session Summary Question: Onapco's strong start and potential patient demand - Management indicated that Onapco exceeded expectations in demand, but supply constraints limited the ability to meet all patient needs [18][19] Question: Expectations for Q4 performance - Management stated that the situation is fluid, making it difficult to predict Q4 performance relative to Q3 [23][24] Question: Rate limiting steps for Onapco supply - Management identified capacity issues related to cartridge filling as the main constraint and is working to resolve it [29][33] Question: Pricing expectations for Onapco - Management expects the annual cost for a patient to be around $105,000, with gross to net deductions to be clarified in future quarters [47][48] Question: Expansion into women's health - Management expressed interest in exploring acquisitions in women's health and other synergistic areas following the Sage acquisition [49][50]

Core Insights - Supernus Pharmaceuticals reported strong operating results for Q3 2025, driven by growth from its key products Qelbree, GOCOVRI, and collaboration revenue from ZURZUVAE, alongside a promising launch of ONAPGO [2][5]. Financial Performance - Combined revenues from the four growth products increased by 52% to $149.2 million in Q3 2025 compared to Q3 2024, contributing to total revenues of $192.1 million, a 9% increase year-over-year [5][9]. - The company completed the acquisition of Sage Therapeutics on July 31, 2025, which is expected to enhance its product portfolio [5]. - Cash, cash equivalents, and current marketable securities stood at approximately $281.2 million as of September 30, 2025 [5][15]. Product Highlights - ONAPGO generated net product sales of $6.8 million in its first full quarter post-launch, with over 1,300 enrollment forms submitted by prescribers [6]. - Collaboration revenue from ZURZUVAE was $20.2 million in Q3 2025, reflecting a 150% increase in U.S. sales compared to Q3 2024 [6][5]. - Qelbree's net sales rose by 31% to $81.4 million, while GOCOVRI's net sales increased by 15% to $40.8 million in Q3 2025 [6][5]. Product Pipeline - SPN-817, a novel AChE inhibitor for epilepsy, is currently in a Phase 2b study with an enrollment target of approximately 258 adult patients [4]. - SPN-820, aimed at treating major depressive disorder, is expected to initiate a Phase 2b trial by the end of 2025 [7]. - SPN-443, a novel stimulant for ADHD, is set to begin a Phase 1 study in 2026 [7]. Financial Guidance - The company updated its full-year 2025 revenue guidance to $685 - $705 million, reflecting strong performance in the first nine months [12]. - Adjusted operating earnings guidance for 2025 has been raised to $125 - $145 million [12].

Core Insights - Cwm LLC increased its holdings in Supernus Pharmaceuticals by 92.4% in Q2, owning 3,080 shares valued at $97,000 [2] - Other institutional investors also adjusted their stakes, with notable increases from GAMMA Investing LLC (116.7% increase) and State of Wyoming (58.8% increase) [3] - Insider trading activity included CEO Jack A. Khattar selling 140,000 shares for approximately $5.88 million, reducing his ownership by 11.96% [4] Institutional Holdings - Cwm LLC's investment grew to 3,080 shares after acquiring an additional 1,479 shares in Q2 [2] - Caitong International Asset Management and BI Asset Management both acquired new stakes in Q1, valued at approximately $41,000 and $46,000 respectively [3] - State of Wyoming increased its holdings to 4,754 shares, worth $156,000 after buying 1,761 additional shares [3] Insider Activity - CEO Jack A. Khattar sold 140,000 shares at an average price of $42.02, totaling $5,882,800, leaving him with 1,030,183 shares valued at approximately $43.29 million [4] - SVP Frank Mottola sold 14,000 shares at an average price of $44.51, resulting in a total transaction of $623,140 and a 47.46% decrease in ownership [4] - In the last three months, insiders sold 362,741 shares valued at $16.39 million, with insiders owning 8.80% of the stock [4] Stock Performance - Supernus Pharmaceuticals shares opened at $55.13, with a market capitalization of $3.09 billion and a P/E ratio of 47.94 [5] - The stock has a 1-year low of $29.16 and a high of $57.65, with a fifty-day moving average of $48.02 [5] Analyst Ratings - Bank of America initiated coverage with a "buy" rating and a target price of $65.00 [6] - Cantor Fitzgerald raised its price target from $46.00 to $63.00, maintaining an "overweight" rating [6] - The consensus rating for Supernus Pharmaceuticals is "Buy" with an average target price of $63.25 [6] Company Overview - Supernus Pharmaceuticals focuses on developing and commercializing products for central nervous system diseases [8] - Key products include Trokendi XR for epilepsy and migraine prophylaxis, and Oxtellar XR for partial onset seizures [8]

Core Insights - The biotech sector is experiencing significant momentum, with many clinical-stage and commercial biopharma stocks reaching new 52-week highs due to breakthrough trial data, strategic deals, and earnings surprises [1] Company Summaries - **Metsera Inc. (MTSR)**: A clinical-stage biopharmaceutical company focused on developing hormone analog peptides for obesity and related metabolic diseases. Recently, Novo Nordisk made a $9 billion unsolicited acquisition proposal, which Metsera's board considers superior to its existing agreement with Pfizer [2][3]. Metsera announced positive Phase 2b results for its GLP-1 receptor agonist MET-097i, showing up to 14.1% weight loss after 28 weeks, supporting Phase 3 initiation in late 2025 [4]. The stock rose from $32.35 to a 52-week high of $66.10, a gain of 104.3% [5]. - **Indivior Plc (INDV)**: Develops buprenorphine-based therapies for opioid dependence. The company reported Q3 net income of $42 million, up from $22 million a year ago, with adjusted earnings of $93 million, exceeding Wall Street's expectations [6][7]. The stock increased from $20.86 to a 52-week high of $30.55, reflecting a 46.5% gain [7]. - **Insmed Inc. (INSM)**: Focused on therapies for serious and rare diseases, Insmed reported a Q3 net loss of $370 million but saw net product revenue rise to $142.3 million from $93.4 million last year [8][9]. The company raised its full-year 2025 revenue guidance for ARIKAYCE to $420 million - $430 million, indicating 15% - 18% growth year-over-year [10]. The stock surged from $76.54 to a 52-week high of $194.70, marking a 154.4% gain [10]. - **Ventyx Biosciences Inc. (VTYX)**: A clinical-stage biotech company developing therapies for autoimmune and neurodegenerative diseases. Ventyx reported positive Phase 2 results for its NLRP3 inhibitor VTX3232, showing strong safety and tolerability [11][13]. The stock rose from $3.01 to a 52-week high of $8.52, a gain of over 183% [14]. - **Inhibrx Biosciences Inc. (INBX)**: Focuses on oncology and rare diseases, announcing positive topline results from its ChonDRAgon study for ozekibart in chondrosarcoma [15]. The stock increased from $18.35 to a 52-week high of $83.78, representing a gain of 356.6% [16]. - **ABIVAX Société Anonyme (ABVX)**: Developing therapies for chronic inflammatory diseases, ABIVAX presented positive Phase 3 data for obefazimod in ulcerative colitis [17]. The stock rose from $7.83 to an all-time high of $106.73, marking a significant gain of 1263% [18]. - **Arrowhead Pharmaceuticals Inc. (ARWR)**: Developing RNAi-based therapies, Arrowhead finalized a licensing agreement with Novartis for ARO-SNCA, with financial terms including a $200 million upfront payment [19][20][21]. The stock increased from $29.70 to a 52-week high of $43.33, representing a gain of over 45% [21]. - **Kodiak Sciences Inc. (KOD)**: Focused on retinal diseases, Kodiak announced positive Phase 1b data for KSI-101, showing significant vision improvements [22][23][24]. The stock climbed from $8.98 to a 52-week high of $21.17, delivering a 135.7% gain [22]. - **Arcutis Biotherapeutics Inc. (ARQT)**: Focused on dermatological treatments, Arcutis reported Q3 net income of $7.4 million, a turnaround from a net loss last year, with revenue up 122% year-over-year [25][26]. The stock rose from $14.99 to a 52-week high of $27.08, representing a gain of over 80% [27]. - **Maze Therapeutics Inc. (MAZE)**: Developing precision therapies for various diseases, Maze announced positive Phase 1 results for MZE782 and secured $150 million in a private placement [28][29]. The stock rose from $11.21 to a new 52-week high of $34.29, returning a gain of 206% [29]. - **Supernus Pharmaceuticals Inc. (SUPN)**: Focused on CNS disorders, Supernus is expected to report Q3 earnings of $0.82 per share and revenue of $180.22 million [30][31]. The stock increased from $38.21 to a 52-week high of $57.65, representing a gain of over 50% [31].