Supernus Pharmaceuticals(SUPN) - 2025 FY - Earnings Call Transcript

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]