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]

Core Insights - Supernus Pharmaceuticals reported strong financial results for Q1 2025, highlighting double-digit revenue growth from core products and adjusted operating earnings growth [2][7][12] - The company launched ONAPGO, a new treatment for Parkinson's disease, which is expected to drive further growth [2][8] Financial Performance - Q1 2025 net sales of Qelbree increased by 44% to $64.7 million compared to Q1 2024 [7] - Q1 2025 net sales of GOCOVRI increased by 16% to $30.7 million compared to Q1 2024 [7] - Total revenues for Q1 2025 increased by 4% to $149.8 million compared to Q1 2024 [7] - Adjusted operating earnings for Q1 2025 increased by 16% to $25.9 million [12] Product Pipeline - SPN-817, a novel AChE inhibitor for epilepsy, is currently in a Phase 2b study with approximately 258 patients [3] - SPN-820, aimed at treating major depressive disorder, will enter a Phase 2b trial with around 200 adults [4] - SPN-443, a novel stimulant for ADHD, completed a Phase 1 study and will announce a lead indication by the end of 2025 [5] Market and Prescription Trends - Total IQVIA prescriptions for Qelbree reached 214,908 in Q1 2025, a 22% increase year-over-year [8] - The number of prescribers for Qelbree grew to approximately 34,416 in Q1 2025, up from 27,902 in the same period last year [8] Financial Guidance - The company reiterated its full-year 2025 financial guidance, projecting total revenues between $600 million and $630 million [11] - Combined R&D and SG&A expenses are expected to be between $435 million and $460 million [11]

Financial Data and Key Metrics Changes - Total revenue for Q4 2024 was $174.2 million, up from $164.3 million in Q4 2023, with net product sales of $166.4 million and royalty, licensing, and other revenues of $7.8 million [24] - For the full year 2024, total revenues were $661.8 million compared to $607.5 million in 2023, with net product sales of $637.7 million and royalty, licensing, and other revenues of $24.1 million [26] - GAAP net earnings for Q4 2024 were $15.3 million or $0.27 per diluted share, compared to $1.2 million or $0.02 per diluted share in Q4 2023 [25] - Non-GAAP adjusted operating earnings for Q4 2024 were $48.3 million, compared to $47.1 million in the same quarter last year [25] - As of December 31, 2024, the company had approximately $454 million in cash, cash equivalents, and marketable securities, up from $271 million a year earlier [28] Business Line Data and Key Metrics Changes - Qelbree's annual prescriptions grew by 25% in 2024, with net sales reaching $74 million, a 60% increase over Q4 2023 [10] - GOCOVRI's net sales increased by 9% for the full year 2024 and by 15% in Q4 2024, reaching $37 million [14] - Combined net sales of Trokendi XR and Oxtellar XR were down 22% for the full year 2024, with a further decline expected in 2025 [16] Market Data and Key Metrics Changes - The ADHD market grew by 9% in 2024, with Qelbree's growth significantly outpacing this at 25% [36] - Qelbree's market share in the adult segment is approximately 30% to 32%, indicating room for growth [61] Company Strategy and Development Direction - The company is focused on driving growth from core products, particularly Qelbree, and launching ONAPGO in Q2 2025 [116] - Corporate development remains a top priority, with an emphasis on acquiring revenue-generating products and late-stage pipeline candidates [22][42] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued growth despite the loss of exclusivity on Trokendi XR and Oxtellar XR, with a strong emphasis on Qelbree's performance [8][115] - The company anticipates total revenues for 2025 to range from $600 million to $630 million, factoring in expected declines in legacy product sales [30] Other Important Information - The company received a two-plus year patent term extension for Qelbree, extending its patent expiration to 2025 [14] - The FDA approved ONAPGO, a new product for treating motor fluctuations in advanced Parkinson's disease, with a launch planned for Q2 2025 [15] Q&A Session Summary Question: What is the expected revenue range for Qelbree in 2025? - Management indicated that a range of $2.65 to $2.95 billion for Qelbree is a fair estimate, with continued prescription growth as a key driver [33][35] Question: What are the key levers for sales growth this year? - Key levers include continued prescription growth and market penetration, with a focus on adult patients [36][38] Question: What is the competitive landscape for Qelbree? - Management noted that it is difficult to assess the competitive landscape until more data is available from other non-stimulant products [89][92] Question: What is the pricing strategy for ONAPGO? - The pricing for ONAPGO is competitive within the marketplace, though specific figures were not disclosed [94] Question: What percentage of ADHD patients have comorbidities? - Estimates suggest that 40% to 60% of ADHD patients have comorbidities, which can complicate treatment [100][102] Question: What are the company's priorities for business development? - The company is looking for commercial products and mid to late-stage pipeline assets, with flexibility in therapeutic areas [42][106]