Supernus Announces Third Quarter 2025 Financial Results

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].