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]

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]

Financial Data and Key Metrics Changes - Total revenue for Q2 2025 was $165 million, a slight decrease from $168 million in the same quarter last year [15] - Excluding net product sales of Trokendi XR and Oxtellar XR, total revenues for Q2 2025 increased by 17% compared to the same quarter last year [15] - GAAP net earnings for Q2 2025 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 [16] - 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 [20] Business Line Data and Key Metrics Changes - KELBY had a robust performance with a 23% growth in prescriptions and a 31% growth in net sales [7] - GOCOVRI saw a 14% increase in prescriptions and a 16% increase in net sales compared to the same quarter last year [9] - ONAPCO launched successfully with over 750 patient enrollment forms submitted by more than 300 prescribers [10] - ZERZUVEY reported net revenues of $23.2 million in Q2 2025, up from $13.8 million in Q2 2024, representing a 68% increase [11] Market Data and Key Metrics Changes - KELBY's adult business prescriptions increased by 29% in Q2 2025 compared to the same period last year, reaching 35% of total KELBY prescriptions [8] - GOCOVRI's Medicare prescriptions had a copay of less than $25 for 97% of cases, up from 77% in 2024 [9] Company Strategy and Development Direction - The company is transitioning from legacy products to a new growth phase with the addition of ZERZUVEY and the launch of ONAPCO [6][11] - Corporate development will focus on revenue-generating products and potential M&A opportunities, particularly in the women's health sector [12][50] Management's Comments on Operating Environment and Future Outlook - Management expects 2025 to be a turning point for accelerated growth, with total revenue guidance updated to $670 million to $700 million [21] - The company anticipates an operating loss of $70 million to $80 million for the full year 2025, primarily due to acquisition-related costs [22] Other Important Information - The acquisition of Sage Therapeutics was completed on July 31, 2025, which is expected to enhance mid to long-term revenue growth [11] - The company maintains a strong balance sheet with no debt, providing financial flexibility for future growth opportunities [20] Q&A Session Summary Question: Can you discuss the net pricing dynamics for KELBY and the adult segment's launch progress? - Management indicated that net pricing remains above $300 per prescription, with adult prescriptions growing by 29% [28][30] Question: What is the status of ONAPCO's enrollment and reimbursement? - Management reported over 750 enrollment forms submitted and smooth reimbursement processes, with over 200 patients currently receiving the product [31][35] Question: Were there any one-time events driving ZERZUVEY's sales growth? - Management noted a 36% growth in prescriptions for ZERZUVEY, attributing it to strong brand momentum and sales force expansion [39] Question: How does the company plan to balance investments in OBGYN and psychiatry? - Management stated that 70% to 80% of prescriptions are generated by OBGYNs, and they will explore opportunities in both areas with Biogen [56] Question: What is the commercial infrastructure for ZERZUVEY in postpartum depression? - Management refrained from providing specific details about the sales force and infrastructure until discussions with Biogen are completed [66]

Core Insights - Supernus Pharmaceuticals reported strong operating performance in Q2 2025, driven by significant sales growth of Qelbree and GOCOVRI, which together accounted for 72% of total net sales [2][5] - The company completed the acquisition of Sage Therapeutics on July 31, 2025, enhancing its portfolio in neuropsychiatric conditions with the innovative product ZURZUVAE and a novel CNS discovery platform [3][5] - Supernus is focused on the launch of ONAPGO and the integration of Sage Therapeutics while continuing to drive growth from existing products [2][3] Financial Performance - Qelbree net sales increased by 31% year-over-year to $77.6 million in Q2 2025, with total sales for the first half of 2025 reaching $142.3 million [5][11] - GOCOVRI net sales rose by 16% year-over-year to $36.7 million in Q2 2025, totaling $67.4 million for the first half of 2025 [5][11] - Total revenues for Q2 2025 were $165.5 million, a slight decrease from $168.3 million in Q2 2024, while total revenues for the first half of 2025 were $315.3 million, up from $312.0 million in the same period last year [11][12] Product Pipeline and Developments - The company is conducting a Phase 2b study for SPN-817, a novel AChE inhibitor for epilepsy, with a targeted enrollment of approximately 258 patients [7] - SPN-820, a novel molecule for depression, is set to enter a Phase 2b trial by the end of 2025, targeting around 200 adults with major depressive disorder [8] - SPN-443, a novel stimulant for ADHD/CNS, has completed a Phase 1 pharmacokinetic study, with plans to disclose a lead indication by the end of 2025 [9] Guidance and Future Outlook - Supernus updated its full-year 2025 revenue guidance to $670 - $700 million, reflecting strong first-half performance and the impact of the Sage acquisition [13][20] - The company anticipates combined R&D and SG&A expenses to be between $505 - $530 million for the year [13] - Adjusted operating earnings guidance for 2025 is projected to be between $105 - $135 million, consistent with previous expectations [13][37]

Acquisition Overview - Supernus Pharmaceuticals is acquiring Sage Therapeutics, Inc for an offer price of $8.50 per share in cash at closing[9] - A contingent value right (CVR) of up to $3.50 per share is payable based on ZURZUVAE U S net sales milestones and commercialization in Japan[9] - $1.00 per share if ZURZUVAE U S net sales reach $250 million or more by YE 2027[9] - $1.00 per share if ZURZUVAE U S net sales reach $300 million or more by YE 2028[9] - $1.00 per share if ZURZUVAE U S net sales reach $375 million or more by YE 2030[9] - $0.50 per share at commercialization in Japan by June 30, 2026[9] - The equity value at closing is $561 million, with a total potential value of up to approximately $795 million[9] - The acquisition is expected to close in Q3 2025[9] Financial Impact and Synergies - The acquisition is expected to be significantly accretive to adjusted operating income (non-GAAP), operating income, and EPS in 2026[9, 11] - Strong fit with existing Supernus infrastructure yields up to $200 million in potential synergies on an annual basis[9, 11] - The transaction will be financed through cash on the balance sheet[9] ZURZUVAE and Market Opportunity - ZURZUVAE is the first and only oral treatment specifically indicated for the treatment of women with PPD (Postpartum Depression)[12] - Approximately 500,000 new women experience symptoms of PPD each year, with approximately 175,000 diagnosed and approximately 100,000 treated[19] - ZURZUVAE demonstrated statistically significant improvement in depressive symptoms vs placebo at day 15 following a 14-day treatment course in clinical trials[12] Revenue and Growth - ZURZUVAE U S collaboration revenue has shown growth since launch, with Q1 2025 reaching $13.8 million[22] - This represents 123% year-over-year growth and 21% quarter-over-quarter growth[22]

Summary of Supernus Pharmaceuticals (SUPN) Conference Call Company Overview - **Company**: Supernus Pharmaceuticals (SUPN) - **Event**: Business Update Conference Call regarding the acquisition of Sage Therapeutics - **Date**: June 16, 2025 Key Points Acquisition Details - Supernus announced the acquisition of Sage Therapeutics for an offer price of **$8.5 per share in cash**, plus up to **$3.5 per share** based on specific milestones, totaling a potential value of **approximately $795 million** or **$12 per share** [5][7] - The transaction is expected to close in the **third quarter of 2025** and is anticipated to provide **$200 million** in annualized synergies [8][10] Financial Impact - The acquisition is projected to be significantly accretive to adjusted operating income and earnings per share in **2026** [8][10] - The equity value of the offer is **$561 million** at closing [7] Strategic Rationale - The acquisition diversifies Supernus' revenue base and enhances its psychiatry portfolio, adding **XERZUVEY**, a treatment for postpartum depression (PPD) [9][10] - XERZUVEY is positioned as a potential **standard of care** for PPD, addressing a significant unmet need in the market [54][56] Market Opportunity - Approximately **500,000 women** experience symptoms of PPD annually, with only **40%** diagnosed and **60%** of those treated [15][16] - XERZUVEY has shown strong initial launch momentum, with **123% year-over-year growth** from Q1 2024 to Q1 2025 [17][20] Product Performance - XERZUVEY is the **first and only oral treatment** specifically indicated for PPD, with a strong clinical profile and positive patient feedback [12][56] - The product has achieved **90% brand awareness** among OBGYNs and psychiatrists, with **95%** of lives covered by favorable insurance plans [20][58] Future Growth Drivers - The acquisition adds a **fourth growth driver** to Supernus' portfolio, alongside existing products in the CNS space [24][28] - Supernus plans to leverage its existing commercial infrastructure to enhance the launch and market penetration of XERZUVEY [22][50] Collaboration with Biogen - Supernus will continue to collaborate closely with Biogen, which has been instrumental in the launch of XERZUVEY [34][42] - The partnership is expected to enhance commercial reach and support ongoing marketing efforts in the U.S. and internationally [19][26] Cost Synergies - Expected synergies will primarily come from **SG&A** and **R&D** rationalization, with a focus on leveraging existing infrastructure [30][41] - The integration of Sage's commercial infrastructure is seen as critical for sustaining the launch momentum of XERZUVEY [8][31] Conclusion - The acquisition of Sage Therapeutics represents a significant strategic move for Supernus, enhancing its product offerings and positioning the company for long-term growth in the psychiatry market [61]

Summary of the Conference Call on Sage Therapeutics Acquisition Company and Industry - **Company**: Supernus Pharmaceuticals - **Acquisition Target**: Sage Therapeutics - **Industry**: Pharmaceuticals, specifically focusing on psychiatry and women's health Key Points and Arguments Acquisition Details - Supernus announced the acquisition of Sage Therapeutics for an offer price of **$8.5 per share in cash**, plus up to **$3.5 per share** based on specific milestones, totaling a potential value of **approximately $795 million** or **$12 per share** [5][7] - The transaction is expected to close in the **third quarter of 2025** [8] Financial Impact - The acquisition is projected to provide **immediate diversification of revenue** and accelerate top-line growth for Supernus [7] - Expected to be significantly accretive to adjusted operating income and earnings per share in **2026** [8][10] - Potential synergies from the transaction are estimated at up to **$200 million** annually [8][10] Strategic Rationale - The acquisition strengthens Supernus' psychiatry portfolio, adding **XERZUVEY**, an innovative product for postpartum depression (PPD) [9][10] - XERZUVEY is positioned as a new growth catalyst, expanding Supernus' reach into new channels, particularly targeting **OBGYNs** [9][10] - The transaction diversifies and increases Supernus' revenue base and cash flow, providing a long-term growth driver [10] Product Overview - **XERZUVEY** is the first and only oral treatment specifically indicated for PPD, showing rapid and sustained improvement in depressive symptoms [12][13] - Approximately **500,000 women** experience symptoms of PPD annually, with only **40% diagnosed** and **60% treated** [15] - The product has achieved **123% year-over-year growth** from Q1 2024 to Q1 2025, indicating strong initial launch momentum [17][20] Market Potential - The product is expected to become the **standard of care** for PPD, addressing a significant unmet need in the market [54][56] - Supernus plans to enhance awareness and treatment rates for PPD, leveraging its partnership with Biogen [16][20] Commercial Strategy - Supernus aims to capitalize on the existing commercial infrastructure of Sage and Biogen to sustain launch momentum and expand prescriber reach [9][20] - The company will focus on building referral networks between OBGYNs and psychiatrists to increase utilization of XERZUVEY [46][49] Relationship with Biogen - Supernus expects to maintain a strong collaboration with Biogen, which has been instrumental in the successful launch of XERZUVEY [42][43] - The partnership will continue to focus on expanding the product's market presence and addressing the needs of women suffering from PPD [42][50] Other Important Content - The acquisition is seen as a significant step for Supernus in accelerating mid- to long-term growth in revenues and cash flow [61] - The company emphasizes its commitment to both CNS and women's health markets, indicating a strategic expansion without abandoning its core focus [50][51] This summary encapsulates the key points discussed during the conference call regarding the acquisition of Sage Therapeutics by Supernus Pharmaceuticals, highlighting the strategic, financial, and market implications of the transaction.

Core Insights - Supernus Pharmaceuticals reported $149.82 million in revenue for Q1 2025, a year-over-year increase of 4.3% and a surprise of +2.91% over the Zacks Consensus Estimate of $145.59 million [1] - The company achieved an EPS of $0.42, compared to $0.00 a year ago, with an EPS surprise of +10.53% against the consensus estimate of $0.38 [1] Revenue Breakdown - Trokendi XR generated $12.80 million in net product sales, exceeding the average estimate of $8.58 million, but representing a year-over-year decline of -20% [4] - Oxtellar XR reported $10.20 million in net product sales, below the average estimate of $12.29 million, with a significant year-over-year decrease of -62.1% [4] - Qelbree achieved $64.70 million in net product sales, slightly below the average estimate of $65.54 million, but showing a year-over-year increase of +43.5% [4] - Total net product sales amounted to $141.99 million, surpassing the average estimate of $140.61 million, reflecting a year-over-year growth of +2.6% [4] - Royalty revenues reached $7.84 million, exceeding the estimated $5.80 million, with a year-over-year increase of +51.2% [4] - GOCOVRI net product sales were $30.70 million, above the average estimate of $30.13 million, marking a year-over-year increase of +15.9% [4] - Other net product sales totaled $8.60 million, surpassing the average estimate of $7.38 million, with a year-over-year growth of +19.4% [4] - APOKYN reported $15 million in net product sales, below the average estimate of $16.70 million, reflecting a year-over-year decline of -10.2% [4] Stock Performance - Supernus shares returned +0.4% over the past month, while the Zacks S&P 500 composite increased by +11.5% [3] - The stock currently holds a Zacks Rank 2 (Buy), indicating potential for outperformance against the broader market in the near term [3]

Financial Data and Key Metrics Changes - Total revenue for Q1 2025 was $149.8 million, compared to $143.6 million in Q1 2024, reflecting an increase driven by core products KELRI and GOCOVRI [14][16] - Total revenues excluding Trokendi XR and Oxtellar XR increased by 26% year-over-year [6][15] - GAAP net loss for Q1 2025 was $11.8 million, or loss per diluted share of $0.21, compared to a GAAP net earnings of $124,000 in the prior year [16] Business Line Data and Key Metrics Changes - KELRI grew by 22% in prescriptions and 44% in net sales, with March 2025 prescriptions reaching an all-time high of 75,277, up 25% year-over-year [7][8] - GOCOVRI prescriptions increased by 12% and net sales increased by 16% compared to the same quarter last year [8] - Combined net sales of Trokendi XR and Oxtellar XR were down 46% [10] Market Data and Key Metrics Changes - The Medicare Inflation Reduction Act led to a 42% decline in GOCOVRI's Medicare co-pay, resulting in increased prescriptions among Medicare patients [8] - By March 2025, 84% of GOCOVRI's Medicare prescriptions cost patients less than $25 [8] Company Strategy and Development Direction - The company plans to drive growth through core products while investing in its pipeline and launching new products like NAPCO [9][11] - Corporate development remains a top priority, focusing on strategic opportunities to enhance future growth [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth trajectory of KELRI, emphasizing strong prescription growth and market position [20] - The company is well-positioned for continued growth despite the loss of exclusivity on legacy products, focusing on cash flow generation and operational efficiency [56][57] Other Important Information - The company has approximately $463.6 million in cash and marketable securities as of March 31, 2025, reflecting strong financial flexibility [16] - The company reiterated its 2025 financial guidance, expecting total revenues between $600 million and $630 million [17] Q&A Session Summary Question: Key growth drivers for KELBRE in 2025 - Growth will be driven by volume rather than price, with a small price increase implemented [20] Question: Timing for data readout from SPN-eight 20 study - Best case scenario for starting the study is before year-end 2025, with data expected in about 1.5 years [24] Question: Impact of Q1 dynamics on KELBRE net pricing - Q1 typically sees pressure on gross to net pricing, with expectations for improvement in subsequent quarters [28] Question: Reimbursement discussions for ONAPCO - The company expects a high percentage of enrollment forms to be fulfilled, with a strong support system in place [34] Question: Competitive dynamics versus AbbVie product - Initial feedback on ONAPCO has been positive, with a strong start in the market [42] Question: Proportion of naive patients on KELBRE - Approximately 32-33% of patients are naive first-line treatments, with the remainder being switches from other medications [51]

Financial Data and Key Metrics Changes - Total revenue for Q1 2025 was $149.8 million, compared to $143.6 million in Q1 2024, reflecting an increase driven by core products [14] - Total revenues excluding Trokendi XR and Oxtellar XR increased by 26% year-over-year [6][15] - GAAP net loss for Q1 2025 was $11.8 million, or loss per diluted share of $0.21, compared to a GAAP net earnings of $124,000 in the prior year [16] - Adjusted operating earnings for Q1 2025 were $25.9 million, up from $22.3 million in Q1 2024 [17] - Cash and cash equivalents as of March 31, 2025, were approximately $463.6 million, an increase from $453.6 million at the end of 2024 [17] Business Line Data and Key Metrics Changes - KELBRE saw a 22% increase in prescriptions and a 44% increase in net sales, with March 2025 prescriptions reaching an all-time high of 75,277 [7] - GOCOVRI prescriptions increased by 12% and net sales increased by 16% compared to the same quarter last year [8] - Combined net sales of Trokendi XR and Oxtellar XR were down 46% in Q1 2025 [10] Market Data and Key Metrics Changes - The Medicare Inflation Reduction Act led to a 42% decline in GOCOVRI's Medicare co-pay, resulting in increased prescriptions among Medicare patients [8] - 84% of GOCOVRI's Medicare prescriptions cost patients less than $25 by March 2025 [8] Company Strategy and Development Direction - The company aims to drive growth from core products while investing in its pipeline and launching new products like NAPCO [9][57] - Corporate development remains a top priority to strengthen future growth through strategic opportunities [11][57] - The company plans to initiate a follow-on phase 2b trial for SPN-eight twenty in adults with major depressive disorder [10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth trajectory of KELBRE, emphasizing that growth will be driven more by volume than price [21] - The company is confident in its ability to navigate the current environment, including potential tariff impacts, as most products are shielded from tariffs [12] - Management reiterated guidance for total revenues in 2025 to range from $600 million to $630 million [18] Other Important Information - The company is focused on enhancing its infrastructure for new product launches, ensuring a smooth transition from patient enrollment to product delivery [30] - The company has established a strong support system for patients and physicians, which is seen as a competitive advantage [45] Q&A Session Summary Question: Key growth drivers for KELBRE in 2025 - Growth will be driven by both volume and a small price increase, with a strong prescription growth observed in Q1 [21] Question: Timing for data readout from the study on SPN-eight twenty - The study is expected to start before year-end 2025, with data potentially available in about 18 months [25] Question: Impact of Q1 dynamics on KELBRE net pricing - Q1 typically sees pressure on gross to net pricing, but improvements are expected in subsequent quarters [29] Question: Reimbursement discussions for ONAPCO - The company expects a high percentage of enrollment forms to be fulfilled, with a strong support system in place for reimbursement [34] Question: Competitive dynamics regarding ONAPCO - Initial feedback from physicians has been positive, and the product is seen as a strong alternative to existing therapies [45] Question: Potential indications for SBN-eight twenty - The company is considering multiple indications, including ADHD and sleep-wake disorders, but has not finalized the lead indication yet [48]