Core Viewpoint - Supernus Pharmaceuticals has shown strong stock performance, with a 5.7% increase over the past month and a 29.9% rise since the beginning of the year, outperforming the Zacks Medical sector and the Zacks Medical - Generic Drugs industry [1][2]. Financial Performance - Supernus has consistently exceeded earnings expectations, reporting an EPS of $0.91 against a consensus estimate of $0.47 in its last earnings report [2]. - For the current fiscal year, Supernus is projected to achieve earnings of $2.18 per share on revenues of $696.95 million, reflecting a -30.57% change in EPS and a 5.31% change in revenues. For the next fiscal year, earnings are expected to rise to $2.31 per share on revenues of $843.62 million, indicating a year-over-year change of 5.96% and 21.05%, respectively [3]. Valuation Metrics - Supernus has a Value Score of B, with Growth and Momentum Scores of C, resulting in a combined VGM Score of B. The stock trades at 21.6 times current fiscal year EPS estimates, which is a premium compared to the peer industry average of 8.5 times [5][6]. - On a trailing cash flow basis, Supernus trades at 11.3 times, while the peer group's average is 5.6 times, suggesting that the company is not positioned in the top tier from a value perspective [6]. Zacks Rank - Supernus holds a Zacks Rank of 1 (Strong Buy) due to rising earnings estimates, aligning with the recommendation for investors to select stocks with a Zacks Rank of 1 or 2 and Style Scores of A or B, indicating potential for further stock price appreciation [7].

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Financial Data and Key Metrics Changes - The company continues to be profitable even through the transition from legacy products to new growth products [4] - KELBRE has shown a 25% growth in prescriptions year-over-year and a 23% growth in the first half of the current year [16] - GOCOVRI has seen a significant increase in patient retention due to Medicare redesign, with 97% of patients having less than $25 co-pay by June [24] Business Line Data and Key Metrics Changes - KELBRE has grown to 35% of the business, with an 80% satisfaction rate among adult users, significantly higher than Strattera's 53% [13] - ZERZUVEY, the first oral treatment for postpartum depression, is expected to set the standard of care, with 80% of women receiving it as a first-line treatment [7] - Anapco, the new infusion device for Parkinson's, is performing well, with demand matching that of AbbVie's product [30] Market Data and Key Metrics Changes - The back-to-school season has shown a 26% growth in the last four-week rolling average for KELBRE, indicating strong momentum [17] - The company has seen a 36% growth in unit shipments of ZERZUVEY quarter-over-quarter, reflecting a healthy brand performance [36] Company Strategy and Development Direction - The acquisition of Sage allows the company to enter women's health while maintaining its CNS focus, indicating a strategic expansion [5] - The company is prioritizing M&A to fill its portfolio with post-Phase II assets, aiming for launches between 2026 and 2030 [58][59] - The company is taking a pause to reevaluate the Sage pipeline while integrating it with its own discovery programs [40] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the potential of ZERZUVEY to become the standard of care for postpartum depression [8] - The company anticipates a strong second half of the year, driven by back-to-school momentum and continued growth in its product portfolio [19] - Management is confident that the increased demand from Medicare redesign will offset the mandatory rebates on manufacturers [26] Other Important Information - The company is exploring the potential of its pipeline, particularly focusing on SPN-817 for seizures, which has shown promising results [41] - The company is also considering the future of XERZUVEY and its potential new indications in collaboration with Biogen [39] Q&A Session Summary Question: Can you discuss the acquisition rationale for Sage? - The acquisition allows entry into women's health while maintaining CNS focus, addressing a significant unmet need in postpartum depression [5] Question: What are the expectations for the collaboration with Biogen? - The collaboration is expected to be mutually beneficial, with both companies learning from each other across various functions [10] Question: How is KELBRE performing in the adult ADHD market? - KELBRE has achieved 35% of the business in adults, with an 80% satisfaction rate, indicating strong market acceptance [13] Question: What is the outlook for GOCOVRI following Medicare redesign? - The redesign has improved patient retention, with 97% of patients having low co-pays, which is expected to continue [24] Question: How is Anapco performing compared to AbbVie's product? - Anapco's performance is in line with AbbVie's product, with both addressing a significant need in the market for advanced Parkinson's treatment [30] Question: What is the company's approach to M&A? - The company remains focused on acquiring post-Phase II assets to enhance its portfolio and ensure future growth [58][59]

Financial Data and Key Metrics Changes - The company continues to be profitable while transitioning to a new phase of growth with a strong product portfolio [2][3] - KELBRE has shown a 25% growth in prescriptions year-over-year, with a 23% growth in the first half of the current year [16] - GOCOVRI has benefited from Medicare redesign, resulting in 97% of patients having less than $25 co-pay by June, significantly improving patient retention [25][28] Business Line Data and Key Metrics Changes - KELBRE has achieved 35% of its business from adult patients, with an 80% satisfaction rate compared to 53% for Strattera [13] - ZERZUVEY, the first oral treatment for postpartum depression, is seeing strong clinical data and is expected to become the standard of care [6][7] - Anapco, launched in April, is performing well and is seen as a significant alternative for advanced Parkinson's disease patients [29][31] Market Data and Key Metrics Changes - The back-to-school season has shown a 26% growth in the last four weeks for KELBRE, indicating strong momentum [18] - The company is experiencing a healthy growth trajectory across its product lines, with significant unit shipment growth for ZERZUVEY [37] Company Strategy and Development Direction - The acquisition of Sage is strategically aligned with the company's focus on CNS and women's health, expanding its product offerings [4][5] - The company is prioritizing M&A to fill its portfolio with post-Phase II assets, aiming for launches between 2026 and 2030 [56][58] - The company is also evaluating its pipeline, particularly the Sage assets, to rationalize and determine the best programs to advance [40][41] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the collaboration with Biogen and the potential for ZERZUVEY to set the standard of care in postpartum depression [10][38] - The company anticipates a strong second half of the year, driven by the back-to-school season and ongoing product momentum [20] - Management is confident that the demand for GOCOVRI will offset increased mandatory rebates due to Medicare redesign [26][28] Other Important Information - The company is exploring the potential of its pipeline, particularly SPN-817 for seizures, which has shown promising results in early studies [42][45] - The company is also considering the future of XERZUVEY and its potential new indications in collaboration with Biogen [39][40] Q&A Session Summary Question: Can you discuss the rationale behind the Sage acquisition? - The acquisition allows entry into women's health while maintaining a CNS focus, addressing a significant unmet need in postpartum depression [4][5] Question: What are the expectations for the collaboration with Biogen? - The collaboration is seen as a true partnership with mutual learning opportunities, enhancing the launch and marketing efforts for ZERZUVEY [10][11] Question: How is KELBRE performing in the adult ADHD market? - KELBRE has achieved significant growth in the adult segment, with high satisfaction rates compared to competitors [13][16] Question: What is the outlook for GOCOVRI following the Medicare redesign? - The redesign has improved patient retention and co-pay situations, leading to a positive outlook for GOCOVRI's growth [25][28] Question: What is the company's approach to M&A moving forward? - The company remains focused on acquiring post-Phase II assets to enhance its portfolio and ensure future product launches [56][58]

Summary of Supernus Pharmaceuticals (SUPN) Conference Call Company Overview - Supernus Pharmaceuticals is a CNS-focused biopharmaceutical company with a portfolio of about eight to nine products on the market [2][3] - The company is profitable and has a clean balance sheet, recently completing the acquisition of Sage Therapeutics [2][3] - Supernus has transitioned from the loss of exclusivity on two legacy products and is now in a re-accelerated growth phase driven by key products like Qelbree, Gocovri, Onapgo, and ZURZUVAE [3] Key Products and Market Insights Qelbree (ADHD Treatment) - Qelbree is a novel non-stimulant ADHD medication that works as early as week one, addressing a significant market need for effective non-stimulant options [7][8] - The ADHD market consists of approximately 100 million prescriptions annually, with Supernus currently holding less than 2% market share, indicating substantial growth potential [8][19] - The adult segment represents 67% of the ADHD market, and Supernus has seen growth in this segment, with 35% of their business coming from adults [18][19] - Qelbree has shown a growth rate of 20% plus, with recent data indicating a 25-26% growth during the back-to-school season [18][19] Onapgo (Parkinson's Treatment) - Onapgo is a new continuous infusion device for apomorphine, launched in April, aimed at treating off episodes in Parkinson's patients [23][24] - The device has received positive initial responses, and its market potential is still being evaluated, with estimates ranging from $200 to $300 million [29][30] - The product is designed for advanced patients but may also be used for earlier-stage patients, which could expand its market opportunity [29][30] ZURZUVAE (Postpartum Depression) - ZURZUVAE is the first oral medication approved for postpartum depression (PPD), a condition affecting 1 in 7 women [31] - There is a significant lack of awareness and education regarding PPD, with only about 40% of women diagnosed over the years [31][32] - Supernus is actively working on educating healthcare providers and patients about PPD, emphasizing the importance of screening and diagnosis [32][38] Industry Dynamics and Challenges - The ADHD treatment landscape has historically relied on stimulants, which do not work for 15-30% of patients, creating a demand for effective non-stimulant alternatives [9][10] - In the Parkinson's space, approximately 90-95% of patients experience off episodes after five years of diagnosis, highlighting the need for effective treatments [22][25] - The company is addressing the stigma around ADHD and PPD through influencer partnerships and educational initiatives [21][38] Conclusion - Supernus Pharmaceuticals is positioned for significant growth with its innovative product offerings in ADHD, Parkinson's, and postpartum depression - The company is focused on expanding its market share and improving patient outcomes through education and effective treatment options, indicating a strong potential for future success in the biopharmaceutical industry [3][19][31]

Core Insights - Supernus Pharmaceuticals, Inc. is participating in multiple investor conferences in September 2025, showcasing its focus on central nervous system (CNS) diseases [1][2][3] Conference Details - The company will present at the Cantor Global Healthcare Conference on September 3, 2025, at 8:00 a.m. ET in New York [1] - The Wells Fargo Healthcare Conference is scheduled for September 4, 2025, at 8:45 a.m. ET in Everett, MA [2] - The TD Cowen's 5th Annual Novel Mechanisms in Neuropsychiatry & Epilepsy Summit will take place virtually on September 18, 2025, at 10:40 a.m. ET [3] Webcast Information - A live audio webcast of the presentations will be available on the Supernus Pharmaceuticals website, with archived replays accessible for 60 days post-conference [4] Company Overview - Supernus Pharmaceuticals specializes in developing and commercializing products for CNS diseases, with a diverse portfolio that includes treatments for ADHD, Parkinson's disease, postpartum depression, epilepsy, migraine, cervical dystonia, and chronic sialorrhea [5][6]

Core Insights - Supernus Pharmaceuticals reported $165.45 million in revenue for Q2 2025, a year-over-year decline of 1.7% but exceeding the Zacks Consensus Estimate of $154.14 million by 7.34% [1] - The company achieved an EPS of $0.91, significantly higher than the $0.36 from the previous year, resulting in an EPS surprise of 93.62% compared to the consensus estimate of $0.47 [1] Revenue Breakdown - Trokendi XR generated $11.2 million in net product sales, surpassing the average estimate of $9.74 million, but reflecting a year-over-year decline of 34.5% [4] - Oxtellar XR reported $11.6 million in net product sales, exceeding the estimated $8.43 million, with a significant year-over-year decrease of 60.7% [4] - Qelbree achieved $77.6 million in net product sales, outperforming the $71.25 million estimate, marking a year-over-year increase of 30.6% [4] - Total net product sales amounted to $158 million, above the average estimate of $148.32 million, but showing a year-over-year decline of 2.8% [4] - Royalty revenues reached $7.46 million, exceeding the estimated $5.33 million, with a year-over-year increase of 28.6% [4] - GOCOVRI net product sales were $36.7 million, surpassing the $33.51 million estimate, reflecting a year-over-year increase of 15.8% [4] - Other net product sales totaled $6.5 million, below the estimated $8.21 million, with a year-over-year decline of 13.3% [4] - APOKYN generated $12.8 million in net product sales, below the average estimate of $15.6 million, with a year-over-year decrease of 26% [4] Stock Performance - Supernus shares have returned +17.8% over the past month, significantly outperforming the Zacks S&P 500 composite's +1% change [3] - The stock currently holds a Zacks Rank 5 (Strong Sell), indicating potential underperformance relative to the broader market in the near term [3]

Core Viewpoint - Supernus Pharmaceuticals reported strong quarterly earnings, significantly exceeding expectations, which raises questions about future performance and stock outlook [1][2][4]. Financial Performance - Supernus reported earnings of $0.91 per share, surpassing the Zacks Consensus Estimate of $0.47 per share, and showing an increase from $0.36 per share a year ago, resulting in an earnings surprise of +93.62% [1]. - The company posted revenues of $165.45 million for the quarter, exceeding the Zacks Consensus Estimate by 7.34%, although this represents a slight decline from $168.32 million in the same quarter last year [2]. Market Performance - Supernus shares have increased by approximately 2.5% since the beginning of the year, while the S&P 500 has gained 7.6%, indicating underperformance relative to the broader market [3]. Future Outlook - The company's earnings outlook is crucial for assessing future stock performance, with current consensus EPS estimates at $0.52 for the next quarter and $1.89 for the current fiscal year [7]. - The Zacks Rank for Supernus is currently 5 (Strong Sell), suggesting expected underperformance in the near future due to unfavorable estimate revisions prior to the earnings release [6]. Industry Context - The Medical - Generic Drugs industry, to which Supernus belongs, is currently ranked in the bottom 36% of over 250 Zacks industries, indicating potential challenges ahead [8].

Financial Data and Key Metrics Changes - Total revenue for Q2 2025 was $165 million, a decrease from $168 million in the same quarter last year [17] - Net product sales were $158 million, with royalty, licensing, and other revenues at $7 million; excluding Trokendi XR and Oxtellar XR, total revenues increased by 17% compared to the same quarter last year [17] - GAAP net earnings were $22 million or $0.40 per diluted share, compared to $20 million or $0.36 per diluted share in the same quarter last year [18] - As of June 30, 2025, the company had approximately $523 million in cash, cash equivalents, and marketable securities, up from $454 million as of December 31, 2024 [21] Business Line Data and Key Metrics Changes - KELBY experienced 31% growth in net sales and 23% growth in prescriptions, with approximately 36,000 prescribers, a 23% increase year-over-year [8][9] - GOCOVRI saw a 16% increase in net sales and a 14% increase in prescriptions, reaching approximately 1,900 prescribers [10] - ONAPCO launched successfully with over 750 patient enrollment forms submitted by more than 300 prescribers [11] - ZERZUVE reported Q2 2025 net revenues of $23.2 million, a 68% increase from $13.8 million in Q2 2024 [12] Market Data and Key Metrics Changes - KELBY's adult prescriptions grew by 29%, while pediatric prescriptions grew by 20% [30] - GOCOVRI's Medicare copay decreased significantly, with 97% of prescriptions having a copay of less than $25, down from 77% in 2024 [10] Company Strategy and Development Direction - The company is transitioning from legacy products to a new growth phase, focusing on KELBY, GOCOVRI, ONAPCO, and ZERZUVE as core growth drivers [7][70] - The acquisition of Sage Therapeutics is expected to accelerate mid to long-term revenue growth and cash flow [12] - Corporate development will prioritize revenue-generating products and opportunities in women's health, particularly in the OBGYN space [49] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory, highlighting strong performance in the first half of 2025 and the positive impact of the Sage acquisition [22] - The company expects total revenues for 2025 to range from $670 million to $700 million, up from a previous range of $600 million to $630 million [22] - Operating loss for the full year 2025 is expected to be between $70 million and $80 million, primarily due to acquisition-related costs [23] Other Important Information - The company is on track to initiate a phase 2b trial for SPN-820 in adults with major depressive disorder [13] - The company completed a pharmacokinetic study for SPN-443, a new product candidate for ADHD and other CNS disorders [14] Q&A Session Summary Question: Pricing dynamics for KELBY and adult segment update - Management indicated that net pricing for KELBY remains above $300 per prescription, with adult prescriptions growing significantly [26][28] Question: Enrollment forms and sales for ONAPCO - Management reported over 750 enrollment forms submitted and approximately 200 patients currently receiving the product, with reimbursement processes going smoothly [27][32] Question: Sales growth for ZERZUVE - Management noted a 36% growth in prescriptions for ZERZUVE, attributing it to strong sales force expansion and investment [37][39] Question: KELBY launch initiatives and prescriber interest - Management highlighted the importance of new label changes and educational efforts for physicians, contributing to strong performance [45][46] Question: Future M&A focus and cash position post-Sage acquisition - Management confirmed a strong cash position of approximately $240 million to $260 million post-acquisition, with a focus on revenue-generating products in CNS and women's health [48][51]