Supernus Pharmaceuticals, Inc. (SUPN) Q1 2026 Earnings Call Transcript
Access earnings results, analyst expectations, report, slides, earnings call, and transcript.
Overview
The earnings call showed improved financial metrics, including reduced net loss and increased cash reserves. The company announced a collaboration agreement, which is typically positive. Despite increased expenses, the focus on product growth and strategic initiatives, like the DTC campaign and new supplier approval, suggests optimism. The Q&A revealed strong product adoption and growth potential, with positive analyst sentiment. Although some management responses lacked clarity, the overall outlook is positive, especially with the market cap indicating a strong reaction to these developments.
Key Financial Performance
Combined revenues of growth products 56% year-over-year increase. Reasons for change: Strong performance of growth products.
Adjusted operating earnings 11% year-over-year increase. Reasons for change: Higher revenues.
ONAPGO net sales $8.4 million. Reasons for change: Partial benefit from resumption of new patient initiations in February 2026.
ZURZUVAE collaboration revenues $27.6 million. Reasons for change: U.S. sales increased approximately 100% year-over-year due to strong growth in written prescriptions and prescribers.
Qelbree net sales $78 million, 20% year-over-year increase. Reasons for change: Growth in adult (27%) and pediatric (15%) prescriptions.
GOCOVRI net sales $35.2 million, 15% year-over-year increase. Reasons for change: 7% growth in total prescriptions.
Total revenue $207.7 million, 39% year-over-year increase. Reasons for change: Increase in net sales of growth products and addition of collaboration revenues from ZURZUVAE.
Revenues from commercial products $178 million, 26% year-over-year increase. Reasons for change: Increase in net sales of growth products and collaboration revenues.
Royalty, licensing, and other revenues $29.3 million. Reasons for change: Includes $20 million licensing revenues from a commercial milestone under the collaboration agreement with Shunovi.
Combined R&D and SG&A expenses $164.6 million, increased from $116.9 million year-over-year. Reasons for change: Increase in SG&A expenses associated with the collaboration agreement with Biogen.
Operating loss (GAAP) $8.3 million, improved from $10.3 million year-over-year. Reasons for change: Higher revenues partially offset by increased SG&A expenses.
Net loss (GAAP) $2.3 million, improved from $11.8 million year-over-year. Reasons for change: Higher revenues and improved operating performance.
Adjusted operating earnings (non-GAAP) $28.7 million, increased from $25.9 million year-over-year. Reasons for change: Excludes amortization of intangibles, share-based compensation, contingent consideration, and depreciation.
Cash, cash equivalents, and marketable securities $384 million as of March 31, 2026, increased from $309 million as of December 31, 2025. Reasons for change: Cash generated from operations, timing of Medicaid payments, and Shunovi-related commercial milestones.
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Operating Highlights
ONAPGO: Generated net sales of $8.4 million in Q1 2026, reflecting a rebound after resumption of new patient initiations in February 2026. Prescriptions in March reached 463, exceeding pre-supply constraint levels. Regulatory submission to FDA expected in Q3 2026 with potential approval by mid-2027.
ZURZUVAE: Reported $27.6 million in collaboration revenues in Q1 2026. U.S. sales increased 100% compared to Q1 2025. Strong growth in written prescriptions (82%) and prescribers (73%) year-over-year. 85% of prescriptions from repeat prescribers, with over 29,000 patients treated since launch.
Qelbree: Net sales of $78 million in Q1 2026, a 20% increase year-over-year. Prescriptions grew by 19%, outpacing the ADHD market growth of 10%. Adult prescription growth was 27%, and pediatric growth was 15%. Total prescribers reached approximately 43,000.
GOCOVRI: Net sales of $35.2 million in Q1 2026, a 15% increase year-over-year. Total prescriptions grew by 7% compared to Q1 2025.
Revenue Growth: Total revenue for Q1 2026 was $207.7 million, a 39% increase year-over-year. Revenues from commercial products increased by 26%, driven by growth in Qelbree, GOCOVRI, and ONAPGO, as well as ZURZUVAE collaboration revenues.
Financial Position: As of March 31, 2026, the company had $384 million in cash, cash equivalents, and marketable securities, up from $309 million at the end of 2025. No debt and strong financial flexibility for M&A and growth opportunities.
R&D Investments: Ongoing Phase IIb trials for SPN-820 (major depressive disorder) and SPN-817 (treatment-resistant focal seizures). Phase I study for SPN-443 (ADHD) expected to begin in H2 2026.
Corporate Development: Focus on strategic opportunities to strengthen CNS leadership through revenue-generating products or late-stage pipeline candidates.
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Risk or Challenges
Supply Constraints: ONAPGO faced supply constraints that impacted patient initiations and prescriptions. Although there has been a rebound, such constraints could pose risks to revenue and market share if they recur.
Regulatory Approval Delays: The second supplier for ONAPGO is awaiting FDA regulatory submission and approval, which is expected by mid-2027. Any delays in this process could impact product availability and revenue growth.
Increased SG&A Expenses: The collaboration agreement with Biogen has led to a significant increase in SG&A expenses, which could pressure operating margins and profitability if not managed effectively.
Operating Loss: The company reported an operating loss of $8.3 million for Q1 2026, which, although improved from the previous year, still indicates financial challenges that could affect strategic initiatives.
R&D and Pipeline Risks: Ongoing clinical trials for SPN-820, SPN-817, and SPN-443 involve inherent risks such as failure to meet safety, efficacy, or regulatory standards, which could delay or prevent product launches.
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Guidance & Outlook
Regulatory submission for ONAPGO: The company expects to submit regulatory documentation to the FDA in the third quarter of 2026, with potential approval anticipated before midyear 2027.
SPN-820 Phase IIb trial: The ongoing trial will evaluate safety, tolerability, and efficacy of SPN-820 in adults with major depressive disorder, with a dose of 2,400 mg given intermittently twice per week.
SPN-817 Phase IIb trial: The ongoing trial targets approximately 258 adult patients with treatment-resistant focal seizures, utilizing 3-mg and 4-mg twice daily doses.
SPN-443 Phase I trial: The company plans to initiate a Phase I single ascending and multiple ascending dose study in adult healthy volunteers in the second half of 2026.
Corporate development priorities: Supernus will continue to prioritize corporate development, seeking strategic opportunities to strengthen its growth and leadership in CNS through revenue-generating products or late-stage pipeline candidates.
2026 Financial Guidance: The company expects total revenues for 2026 to range from $840 million to $870 million, combined R&D and SG&A expenses to range from $620 million to $650 million, and non-GAAP operating earnings to range from $140 million to $170 million.
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Shareholder Return Plan
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Key Q&A
Q:What percentage of ONAPGO start forms are expected to convert to paying patients, and how long does the process take?
A:Approximately 40% to 45% of patients may be lost during the process due to various reasons such as medical condition changes, insurance issues, or incomplete information. The process from form submission to product shipment can take several weeks.
Q:How many patients are currently on ONAPGO, and when can most hypothetical patients be expected to start therapy?
A:Currently, there are around 570 patients in the queue, down from 700 previously. The company is improving processing rates and expects to see progress over the next full quarter. The high-end guidance of $70 million in sales requires about 700 patients on therapy throughout the year.
Q:What is the patient persistence for ONAPGO, and what is the emerging patient profile?
A:Patient persistence is still being monitored, but dropouts are consistent with clinical studies. Patients tend to stay on therapy after successful titration. The emerging patient profile includes younger, active individuals earlier in the disease stage who are seeking alternatives to levodopa/carbidopa.
Q:What is the growth potential and adoption trend for ZURZUVAE?
A:ZURZUVAE prescriptions grew 82% year-over-year, with a broadening prescriber base. The product has significant growth potential, with 500,000 women experiencing symptoms annually, but only 29,000 treated so far. Adoption is in early stages, and the company has initiated direct-to-consumer (DTC) campaigns to drive growth.
Q:What are the adoption trends and growth drivers for Qelbree?
A:Qelbree is seeing strong growth, particularly in the adult segment, which outpaced pediatric growth. New adult prescriptions grew 27% in Q1 2026. The product is gaining traction for its all-day coverage and suitability for complex ADHD cases. The number of adult prescribers has surpassed pediatric prescribers.
Q:What are the competitive dynamics between ONAPGO and VYALEV?
A:ONAPGO is preferred for younger, active patients earlier in the disease stage, while VYALEV is more suited for older patients or those needing nighttime relief. ONAPGO offers similar efficacy without the need for 24-hour wear, unlike VYALEV.
Q:What is the status of the second supplier for ONAPGO, and what is the expected timeline for approval?
A:The second supplier is expected to be approved by mid-2027, with a filing planned for Q3 2026. The FDA review timeline is estimated to be 6 to 9 months. The second supplier has greater capacity than the current one, and a third backup supplier is also being considered.
Q:What is the feedback on the ZURZUVAE DTC campaign?
A:It is too early to assess the impact of the DTC campaign on prescriptions. Initial anecdotal feedback from physicians and patients has been positive, but more time is needed to evaluate its effectiveness.
Q:What is the company's M&A strategy?
A:The company prioritizes acquiring revenue-generating assets that it can wholly own and grow. It is also interested in late-stage assets that can be launched within 1 to 3 years of acquisition, focusing on CNS and women's health.
Q:What is the confidence level in the second supplier's approval for ONAPGO?
A:The company is confident in the second supplier's approval timeline, as the supplier has experience in Europe and there are no known issues that could derail the process. The FDA inspection timeline remains fluid, but the company expects approval within the 6 to 9-month review period.
Q:Review of Unclear Management Responses
A:Management avoided providing specific data on the impact of the ZURZUVAE DTC campaign, citing the need for more time to gather meaningful insights. Additionally, they did not provide clear details on whether physicians are prioritizing certain patients for ONAPGO due to supply constraints.
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Earnings Word Cloud
The most frequently occurring keywords in this quarter's earning call
ADHD
Financial Results
IIb placebo
Investor Relations
ONAPGO
Pharmaceuticals Financial
Phase IIb
Qelbree
SEC
SPN
Supernus Pharmaceuticals
ZURZUVAE
adult
afternoon
ascending
benefit
dose
enrollment
increase
initiation
launch product
level supply
milligram
number prescribers
patient
prescription period
product candidate
sale
study
supply constraint
today Supernus
treatment
trial
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The earnings call showed improved financial metrics, including reduced net loss and increased cash reserves. The company announced a collaboration agreement, which is typically positive. Despite increased expenses, the focus on product growth and strategic initiatives, like the DTC campaign and new supplier approval, suggests optimism. The Q&A revealed strong product adoption and growth potential, with positive analyst sentiment. Although some management responses lacked clarity, the overall outlook is positive, especially with the market cap indicating a strong reaction to these developments.
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