Supernus Pharmaceuticals, Inc. (SUPN) Q3 2025 Earnings Call Transcript
Access earnings results, analyst expectations, report, slides, earnings call, and transcript.
Overview
The earnings call reveals several negative indicators: increased operating loss guidance due to Sage acquisition costs, cash reserves depletion, and unresolved supply constraints for Onapgo. Although revenue guidance was raised, the uncertainty surrounding Q4 sales and evasive management responses in the Q&A suggest potential risks. The stock is likely to react negatively, especially given the small-cap market cap, which typically shows higher volatility.
Key Financial Performance
Onapgo net sales $6.8 million in Q3 2025, up from $1.6 million in Q2 2025. The increase is attributed to stronger-than-expected demand and positive feedback from prescribers.
Zurzuvae collaboration revenue $20.2 million in Q3 2025, representing approximately 2 months of collaboration revenue since the Sage acquisition. U.S. sales of Zurzuvae increased approximately 150% year-over-year and 19% quarter-over-quarter, driven by the Sage acquisition and integration.
Qelbree net sales 31% growth in Q3 2025 compared to Q3 2024, driven by a 23% increase in prescriptions and strong back-to-school season performance.
GOCOVRI net sales 15% growth in Q3 2025 compared to Q3 2024, supported by growth in prescriptions and the number of prescribers.
Total revenue $192.1 million in Q3 2025, up from $175.7 million in Q3 2024. The 30% increase (excluding Trokendi XR and Oxtellar XR) was driven by growth in Qelbree, GOCOVRI, Onapgo, and Zurzuvae collaboration revenues.
R&D and SG&A expenses $209 million in Q3 2025, up from $98.8 million in Q3 2024. The increase was primarily due to $70 million in acquisition-related costs, $30 million in Sage operating costs, and intangible asset amortization.
Operating loss (GAAP) $60.2 million in Q3 2025, compared to operating earnings of $40.9 million in Q3 2024. The change was driven by higher SG&A expenses and acquisition-related costs.
Net loss (GAAP) $45.1 million in Q3 2025, compared to net earnings of $38.5 million in Q3 2024. The loss was due to increased SG&A expenses and acquisition-related costs.
Cash, cash equivalents, and marketable securities $281 million as of September 30, 2025, down from $454 million as of December 31, 2024. The decrease was due to the funding of the Sage acquisition, partially offset by cash generated from operations.
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Operating Highlights
Onapgo: Generated net sales of $6.8 million in Q3 2025, up from $1.6 million in Q2. Over 1,300 enrollment forms submitted by 450+ prescribers. Positive feedback from prescribers, but supply constraints are limiting new patient initiations.
Zurzuvae: Collaboration revenue of $20.2 million in Q3 2025. U.S. sales increased 150% YoY and 19% QoQ. Integration of Sage acquisition expected to complete by year-end, with potential synergies of $200 million annually by mid-2026.
Qelbree: 23% growth in prescriptions and 31% growth in net sales YoY in Q3 2025. Strong back-to-school season with 19% growth in pediatric prescriptions and 32% growth in adult prescriptions. Prescriber base grew by 18% YoY.
GOCOVRI: Net sales grew by 15% YoY in Q3 2025, driven by increased prescriptions and prescribers.
ADHD Market: Total ADHD market grew 12% in prescriptions YoY in Q3 2025. Adult segment grew 16%, outpacing pediatric segment growth of 5%.
Revenue Growth: Total revenue for Q3 2025 was $192.1 million, up from $175.7 million YoY. Excluding Trokendi XR and Oxtellar XR, revenue increased 30% YoY.
Financial Guidance Update: Full-year 2025 revenue guidance increased to $685-$705 million from $670-$700 million. Non-GAAP operating earnings guidance raised to $125-$145 million from $105-$135 million.
R&D and SG&A Expenses: Combined R&D and SG&A expenses for Q3 2025 were $209 million, up from $98.8 million YoY, primarily due to Sage acquisition-related costs.
Sage Acquisition: Integration on track to complete by year-end 2025. Expected synergies of up to $200 million annually by mid-2026.
Pipeline Development: SPN-443 program to focus on ADHD with Phase I trials in 2026. SPN-820 Phase IIb trial for major depressive disorder to start by end of 2025. SPN-817 Phase IIb trial for treatment-resistant focal seizures ongoing.
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Risk or Challenges
Supply Chain Constraints: Due to stronger-than-expected demand for Onapgo, supplier constraints are impacting the company's ability to fully meet this demand. This has led to prioritizing care for existing patients and pausing delivery to new patients.
Increased Operating Expenses: The company reported significantly higher SG&A expenses, including $70 million of acquisition-related costs and $30 million of Sage operating costs, contributing to an operating loss of $60.2 million in Q3 2025.
Integration Risks: The integration of Sage Therapeutics is ongoing and expected to be completed by year-end. Potential risks include delays or challenges in achieving the anticipated synergies of up to $200 million annually by mid-2026.
R&D and Clinical Trial Risks: The company is conducting multiple clinical trials, including SPN-443, SPN-820, and SPN-817. These trials carry inherent risks such as delays, failure to meet endpoints, or safety concerns.
Financial Liquidity Concerns: Cash reserves decreased significantly from $454 million at the end of 2024 to $281 million as of September 30, 2025, primarily due to the Sage acquisition. This could limit financial flexibility for future growth opportunities.
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Guidance & Outlook
Revenue Guidance: The company updated its full-year 2025 revenue guidance to range from $685 million to $705 million, up from the previous range of $670 million to $700 million. This includes net product sales, Zurzuvae collaboration revenues, and royalty and licensing revenues.
Product Sales Expectations: Full-year 2025 guidance assumes approximately $75 million to $85 million of combined net sales of Trokendi XR and Oxtellar XR, up from the previous estimate of $65 million to $75 million.
Operating Loss: The company expects a full-year 2025 operating loss in the range of $65 million to $75 million, compared to the previous range of $70 million to $80 million.
Non-GAAP Operating Earnings: Non-GAAP operating earnings for full-year 2025 are expected to range from $125 million to $145 million, up from the previous guidance of $105 million to $135 million.
R&D and SG&A Expenses: For full-year 2025, combined R&D and SG&A expenses are expected to range from $505 million to $530 million, unchanged from the previous guidance.
Sage Integration and Synergies: The integration of Sage is expected to be substantially completed by the end of 2025, with potential synergies of up to $200 million annually by mid-2026.
SPN-443 Program: A Phase I study for SPN-443 in adult healthy volunteers is expected to begin in 2026, focusing on ADHD as the lead indication.
SPN-820 Program: A Phase IIb trial for SPN-820 in adults with major depressive disorder is on track to begin by the end of 2025.
SPN-817 Program: A Phase IIb trial for SPN-817 in adults with treatment-resistant focal seizures is ongoing, targeting enrollment of approximately 258 patients.
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Shareholder Return Plan
The selected topic was not discussed during the call.
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Key Q&A
Q:How many more patients would have received Onapgo if there were no supply constraints, and what would the sales have been?
A:The exact number of additional patients and sales figures are hard to project. However, the product has been performing exceptionally well, with more than 400 patients currently using it. The company is focused on addressing supply constraints and ensuring existing patients are taken care of.
Q:Should we expect Q4 to be softer relative to Q3 due to supply constraints, or could it still grow?
A:The situation is fluid, and the company is working with suppliers to address the issue. While shipments will occur in Q4, it is uncertain whether sales will be higher or lower than Q3. Year-to-date sales are $8.4 million, and the annual guidance includes high single-digit growth.
Q:What are the rate-limiting steps for resolving the supply issue, and how long will it take?
A:The main constraint is related to the filling of drug cartridges, not the pumps. The company is working diligently to resolve the issue and prioritize existing patients. The timeline for resolution is not specified.
Q:Will the high patient demand for Onapgo lead to patients being absorbed by competitors?
A:Some patients may turn to competitors, but the company is confident in the product's differentiation and plans to regain patients once supply issues are resolved.
Q:What are the current and expected margins for Onapgo?
A:Margins for Onapgo are expected to be similar to APOKYN, as both products share the same manufacturing setup and partnership.
Q:What is the specific supply limitation for Onapgo?
A:The limitation is related to the filling of drug cartridges, not the pumps.
Q:What is the potential for lost business to competitors due to supply constraints?
A:The company has not had enough time to evaluate the potential loss but is confident in the product's differentiation and plans to regain patients once supply issues are resolved.
Q:How many reps are detailing Zurzuvae, and are there plans for sales force expansion?
A:The exact number of reps has not been disclosed. The company recently expanded its sales force and is open to further expansion in collaboration with its partner, Biogen.
Q:Is the company considering acquiring the other 50% of Zurzuvae?
A:The company is happy with its current 50% ownership but is open to discussions with its partner, Biogen, about acquiring the remaining share.
Q:What are the current gross-to-net deductions for Onapgo, and what is the expected steady-state pricing?
A:The annual cost per patient is expected to be around $100,000 to $105,000. Gross-to-net deductions are not very high and may be slightly lower than 35%. A clearer assessment will be available in the next quarter.
Q:What types of assets is the company looking to acquire for business development?
A:The company is focused on commercial-stage assets in CNS, neurology, psychiatry, women's health, and rare diseases. The Sage acquisition has opened new opportunities in women's health.
Q:What is the niche for Onapgo compared to competitors like Vyalev?
A:Onapgo is differentiated by its unique apomorphine molecule, which acts like dopamine and penetrates the brain effectively. The company emphasizes the product's efficacy, quality of life improvements, and best-in-class patient support services.
Q:Are patients enrolling in Onapgo treatment already familiar with apomorphine?
A:Some patients have prior experience with apomorphine, including those transitioning from APOKYN. Approximately 15-17% of Onapgo patients come from APOKYN.
Q:Is safety a key differentiator for Onapgo, and is it resonating with physicians?
A:Safety differences are noted in the product labels, but physicians are primarily driven by the product's efficacy, quality of life improvements, and sustained benefits.
Q:Is there resistance from Biogen regarding expansion into the OB/GYN market for Zurzuvae?
A:There is no resistance from Biogen. The company collaborates closely with Biogen on sales force decisions and evaluates expansion opportunities periodically.
Q:Review of Unclear Management Responses
A:Management avoided providing specific timelines for resolving the supply constraints for Onapgo and did not give a clear answer on whether Q4 sales would be higher or lower than Q3. Additionally, they did not disclose the exact number of reps detailing Zurzuvae or provide a definitive stance on acquiring the remaining 50% of the asset from Biogen.
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Earnings Word Cloud
The most frequently occurring keywords in this quarter's earning call
ACO inventory
ADHD indication
Biogen period
BofA Securities
CEO Secretary
Care program
Co Research
Collaboration
Division Piper
Division Stifel
Founder President
Incorporated Research
Nicolaus Incorporated
Pharmaceuticals Financial
Piper Sandler
President CEO
Qelbree
Research Division
Sage
Sandler Co
Secretary Director
Stifel Nicolaus
Zurzuvae
ascending
collaboration
constraint
demand
end
momentum
number prescribers
period prescription
prescription period
sale period
segment
supply
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