Supernus Announces Record Fourth Quarter and Full Year 2025 Financial Results

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]