Supernus Pharmaceuticals(US:SUPN)2025-11-04 22:30Financial Data and Key Metrics Changes - Total revenue for Q3 2025 was $192.1 million, up from $175.7 million in the same quarter last year, representing a 25% increase [10] - Net product sales were $168.5 million, with collaboration revenues from Zurzuvae at $20.2 million and other revenues at $3.4 million [10] - GAAP net loss was $45.1 million for Q3 2025, compared to a net income of $38.5 million in the same quarter last year [12] - Adjusted operating earnings on a non-GAAP basis were $41.9 million, down from $67.7 million in the same quarter of the prior year [12] - For the nine months ended September 30, 2025, total revenues were $507.4 million, compared to $487.7 million in the same period last year [14] Business Line Data and Key Metrics Changes - Onapco generated net sales of $6.8 million in Q3 2025, a significant increase from $1.6 million in Q2 2025 [4] - Zurzuvae collaboration revenue was $20.2 million, reflecting a 150% increase compared to the same period in 2024 [5] - Qelbree experienced a 23% growth in prescriptions and a 31% increase in net sales compared to the same period last year [6] - Gocovri's net sales grew by 15% in Q3 2025 compared to the same period last year [7] Market Data and Key Metrics Changes - The total ADHD market grew by 12% in prescriptions in Q3 2025 compared to Q3 2024, with adult segment prescriptions growing by 16% [6] - Pediatric prescriptions for Qelbree grew by 19% in Q3 2025 compared to the same period last year [7] Company Strategy and Development Direction - The company is focused on integrating Sage and expects potential synergies of up to $200 million annually by mid-2026 [6] - Corporate development remains a priority, with a focus on additional strategic opportunities to strengthen growth in CNS [8] - The company aims to position itself as a long-term growth entity while generating strong cash flows through an expanded product portfolio [75] Management's Comments on Operating Environment and Future Outlook - Management noted strong operating results driven by growth products and expressed commitment to resolving supply constraints for Onapco [4][5] - The integration of Sage is on track for completion by year-end, with expectations for continued revenue growth [6][15] - Management updated full-year 2025 revenue guidance to $685-$705 million, reflecting strong performance in the first nine months [15] Other Important Information - The company had approximately $281 million in cash and equivalents as of September 30, 2025, down from $454 million at the end of 2024 [14] - The balance sheet remains strong with no debt, providing financial flexibility for potential M&A opportunities [14] Q&A Session Summary Question: Onapco's strong start and potential patient demand - Management indicated that Onapco exceeded expectations in demand, but supply constraints limited the ability to meet all patient needs [18][19] Question: Expectations for Q4 performance - Management stated that the situation is fluid, making it difficult to predict Q4 performance relative to Q3 [23][24] Question: Rate limiting steps for Onapco supply - Management identified capacity issues related to cartridge filling as the main constraint and is working to resolve it [29][33] Question: Pricing expectations for Onapco - Management expects the annual cost for a patient to be around $105,000, with gross to net deductions to be clarified in future quarters [47][48] Question: Expansion into women's health - Management expressed interest in exploring acquisitions in women's health and other synergistic areas following the Sage acquisition [49][50]