Supernus Pharmaceuticals Stock Earnings Reports

Supernus reported Q3 2025 results showing continued momentum from its four growth products (Qelbree, GOCOVRI, Zurzuvae, Onapgo), which comprised ~78% of revenue in the quarter. Total Q3 revenue was $192.1M (net product sales $168.5M; Zurzuvae collaboration revenues $20.2M). Onapgo launched in April and produced $6.8M in Q3 net sales with >1,300 enrollment forms from >450 prescribers, but supplier constraints on drug cartridges have forced the company to pause initiating new patients and prioritize existing patients while inventory is rebuilt. Zurzuvae collaboration revenue reflects ~2 months of sales since closing the Sage acquisition (July 31, 2025); Biogen-reported U.S. sales rose ~150% vs. Q3 2024 and ~19% vs. Q2 2025. Qelbree showed robust growth (prescriptions +23% YoY; net sales +31% YoY) and the total ADHD prescription market grew ~12% YoY in Q3. GOCOVRI sales grew 15% YoY. R&D: SPN-443 has ADHD as lead indication with Phase I expected in 2026; SPN-820 Phase IIb adjunctive depression trial to start by end of 2025; SPN-817 Phase IIb for treatment-resistant focal seizures ongoing (target ~258 patients). Financially, combined R&D and SG&A were $209M in Q3 driving a GAAP operating loss of $60.2M and GAAP net loss of $45.1M ($0.80/diluted share). Non-GAAP adjusted operating earnings were $41.9M for the quarter. Cash and marketable securities were ~$281M as of 9/30/25 (down from $454M 12/31/24) due primarily to the Sage acquisition. The company reaffirmed integration of Sage to be substantially complete by year-end and reiterated potential annual synergies up to $200M by mid-2026. Guidance was raised: full-year 2025 total revenue now expected $685M–$705M (up from $670M–$700M); projected combined net sales contribution from Trokendi XR and Oxtellar XR $75M–$85M; R&D + SG&A unchanged at $505M–$530M; GAAP operating loss expected $65M–$75M (improved from prior range); non-GAAP operating earnings increased to $125M–$145M (from $105M–$135M). Management emphasized ongoing BD/ M&A focus targeting revenue-generating or late-stage CNS (and now women’s health) assets.