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]

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.

Summary of Supernus Pharmaceuticals (SUPN) Conference Call Company Overview - Supernus Pharmaceuticals is a CNS-focused biopharmaceutical company with approximately eight products on the market, including legacy products and significant growth drivers [3][4] - The company reported profitable revenues around $600 million, despite the loss of exclusivity on flagship products [5] Key Products and Financials - **KELBRII**: A novel ADHD treatment launched in May 2021, currently generating a run rate of approximately $260 million. The product has significant growth potential with a large market of 100 million prescriptions annually [4][7][8] - **ONAPCO**: A recently launched infusion device for Parkinson's, with over 200 prescribers and 500 patient enrollment forms submitted within a month of launch. The peak sales potential is estimated between $200 million to $300 million [27][31][34] - Revenue expectations for 2025 are projected between $600 million and $630 million, with 2025 potentially being a trough year due to the full-year impact of generic competition for Oxtellar XR [6][7] Growth Drivers - The growth of KELBRII, GOCOVRI, and ONAPCO are expected to offset revenue losses from other products [6] - The company anticipates continued volume growth in prescriptions, with a historical growth rate of over 20% for KELBRII [10][11] Market Dynamics and Competition - The ADHD market is characterized by competition, but the company believes that competition can be beneficial for market growth [25][26] - Potential competitors for KELBRII include Osuka and Axsome, but the company remains optimistic about its long-term growth trajectory [22][23] Pipeline Developments - **SPN-820**: A novel mTORC inhibitor for major depressive disorder (MDD) is set to enter a Phase 2b study, with hopes of demonstrating a clinically meaningful reduction in depression scores [42][49] - **SPN-817**: An acetylcholinesterase inhibitor for epilepsy, with Phase 2 data expected by the end of 2027. The drug shows promise in reducing seizures while potentially improving cognitive function [57][61] Business Development Strategy - The company is actively pursuing business development opportunities, focusing on commercial assets and products that can be launched between 2026 and 2030 [68][69] - Supernus has a clean balance sheet with zero debt, providing financial flexibility for potential acquisitions [69] Conclusion - Supernus Pharmaceuticals is positioned for growth with a strong product portfolio and pipeline, despite facing challenges from generic competition and market dynamics. The company is committed to exploring business development opportunities to enhance its product offerings and maintain its competitive edge in the CNS market [70]