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 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.