Supernus Pharmaceuticals (NASDAQ:SUPN) reported fourth-quarter and full-year 2025 results on Monday, highlighting record revenue, expanding contributions from its “growth products,” and progress integrating Sage Therapeutics, including the addition of Zurzuvae collaboration revenue. Management also provided 2026 guidance that reflects a return to initiating new ONAPGO patients following previously disclosed supply constraints.
2025 results driven by four growth products and Sage integration
Chief Executive Officer Jack Khattar said Supernus delivered “record total revenues of $719 million” in 2025 and “strong growth of 40% in revenues from our four growth products,” which the company identified as Qelbree, GOCOVRI, Zurzuvae, and ONAPGO. Khattar noted that in the fourth quarter, these four products accounted for about 76% of total revenue.
- Net product sales: $158.1 million
- Zurzuvae collaboration revenue: $32.8 million
- Royalty, licensing, and other revenue: $20.7 million, including $15 million tied to a regulatory milestone under a collaboration agreement with Shionogi
Dec added that excluding net product sales of Trokendi XR and Oxtellar XR, total revenue grew 34% year over year in the fourth quarter. For the full year, Supernus reported record total revenue of $719 million, which Dec characterized as a 27% increase versus 2024 when excluding Trokendi XR and Oxtellar XR net product sales. Full-year 2025 revenue consisted of $626.6 million in net product sales, $53 million in Zurzuvae collaboration revenue, and $39.4 million in royalty, licensing and other revenue (including the $15 million Shionogi milestone).
ONAPGO demand and supply: new patient initiations resume
ONAPGO, launched in April 2025, generated fourth-quarter net sales of $8.9 million, up from $6.8 million in the third quarter, and ended its first year on the market with $17.3 million in total net sales, according to Khattar. He said demand remained healthy despite supply constraints, citing more than 540 prescribers submitting over 1,800 enrollment forms since launch through the end of January 2026.
Management said it has made progress with the current supplier, allowing Supernus to resume new patient initiation while continuing maintenance therapy for existing patients. Khattar also said outreach efforts to verify benefits and coverage included more than 700 patients with forms in the processing queue. In the fourth quarter, the company reported prescription growth of 29.6% and prescriber growth of 28% compared to the third quarter.
In the Q&A session, management said the current supplier is expected to cover product supply through 2026 and support ONAPGO’s net sales guidance range. The company expects a second supplier to provide product in 2027, with the current supplier positioned to “bridge” supply depending on when in 2027 the second supplier comes online. Management also indicated that, in its experience, FDA approval of a new supplier typically requires manufacturing batches and stability data, without a need for new clinical studies, and that the company expected more clarity from FDA communications in the next month or so.
Khattar also discussed ONAPGO’s initial patient profile, describing patients as advanced Parkinson’s disease patients whose symptoms are no longer adequately controlled with oral therapies. He said the company had historically considered an annual wholesale acquisition cost (WAC) of about $100,000 per patient, assuming roughly a cartridge per day, while noting that net pricing and usage patterns were still being better understood given the relatively short time on the market. On gross-to-net expectations for a specialty product, he suggested a typical range of 20% to 30%, with Q1 often higher due to seasonal dynamics.
Zurzuvae collaboration revenue ramps as Supernus and partners build the market
Supernus’ results included collaboration revenue for Zurzuvae following its acquisition of Sage Therapeutics, which closed July 31, 2025. Khattar said Zurzuvae delivered $32.8 million in collaboration revenues in the fourth quarter and $53 million for the five-month period since the acquisition closed.
He added that, as reported by Biogen, fourth-quarter U.S. sales increased about 187% versus the same period in 2024 and about 19% versus the third quarter of 2025. Khattar said the number of prescribers doubled in 2025 compared to 2024, with more than 70% repeat prescribers, and that total prescriptions rose more than 150% year over year.
In Q&A, Khattar said the company still views Zurzuvae as being in launch mode, emphasizing continued market education efforts, including direct-to-consumer initiatives in 2026. He said brand awareness is high, but the focus is converting awareness into physician confidence to screen, diagnose, and treat postpartum depression. He also stated that, to date, the product has treated “around 20,000+ patients,” while highlighting management’s view of a substantial remaining market opportunity.
Qelbree and GOCOVRI: continued growth, with Qelbree gross-to-net dynamics in focus
Khattar said Qelbree exceeded $300 million in net sales for 2025, representing 26% growth compared to 2024, alongside 21% growth in total annual prescriptions. He noted prescription growth of 29% in adults and 18% in pediatric patients. In the fourth quarter, total prescriptions rose 18% year over year while net sales rose 9%, which Khattar attributed to an annual gross-to-net adjustment caused by an unexpected $4 million bill from a PBM covering the full year, fully reflected in the fourth quarter. For 2025, Qelbree’s gross-to-net ended around 49%, and management reiterated a 2026 expectation consistent with its previously disclosed 50% to 55% target.
For GOCOVRI, Khattar reported 2025 net sales of $146 million, up 12% year over year, with total annual prescriptions reaching an all-time high of about 67,000, up 14%. Fourth-quarter net sales were $38.6 million, with prescriptions up 16% compared to the same quarter in 2024.
Expenses, profitability, cash, and 2026 guidance
Dec said combined R&D and SG&A expenses were $150.2 million in the fourth quarter, up from $108.1 million a year earlier. Fourth-quarter GAAP operating loss was $4.0 million, compared to operating income of $21.4 million in the prior-year quarter, driven primarily by higher Sage operating costs and incremental intangible amortization for Zurzuvae and ONAPGO. Fourth-quarter GAAP net loss was $4.1 million, or $0.07 per diluted share, compared with GAAP net income of $15.3 million, or $0.27 per diluted share, in the prior-year quarter. On a non-GAAP basis, adjusted operating earnings were $48.5 million, essentially flat with $48.3 million in the year-ago period.
For the full year, combined R&D and SG&A expenses were $591.8 million versus $430.4 million in 2024, which Dec said reflected higher SG&A including roughly $73 million in acquisition-related costs from the Sage transaction and about $50 million in Sage operating costs recorded since closing. Full-year GAAP operating loss was $62.3 million versus GAAP operating income of $81.7 million in 2024, and GAAP net loss was $38.6 million, or $0.68 per diluted share, compared with GAAP net income of $73.9 million, or $1.32 per diluted share, in 2024. Non-GAAP adjusted operating earnings were $158.7 million, down from $183.7 million the prior year.
Supernus ended 2025 with about $309 million in cash, cash equivalents, and marketable securities, down from $454 million at the end of 2024, which Dec attributed primarily to funding the Sage acquisition, partly offset by operating cash generation. He emphasized the company has no debt and “significant financial flexibility.”
Looking ahead, Supernus guided for full-year 2026 total revenue of $840 million to $870 million, including an assumption of approximately $45 million to $70 million in ONAPGO net sales. The company also guided for combined R&D and SG&A expense of $620 million to $650 million. Dec said Supernus expects GAAP operating income/loss ranging from breakeven to a loss of $30 million, and non-GAAP operating earnings of $140 million to $170 million.
On the pipeline, Khattar said Supernus initiated a follow-on Phase IIb trial of SPN-820 in about 200 adults with major depressive disorder and continues a Phase IIb trial of SPN-817 in treatment-resistant focal seizures, while expecting to initiate a Phase I study for SPN-443 in the second half of the year. In Q&A, management said it expects data from the SPN-817 and SPN-820 studies in 2027. Khattar added that corporate development remains a priority, with a stated focus on revenue-generating products or late-stage pipeline assets.
About Supernus Pharmaceuticals (NASDAQ:SUPN)
Supernus Pharmaceuticals, Inc, headquartered in Rockville, Maryland, is a specialty pharmaceutical company dedicated to developing and commercializing central nervous system (CNS) therapies. Since its founding in 2003, Supernus has focused on advancing treatments for neurological disorders, with an emphasis on improving patient quality of life through innovative dosage forms and sustained‐release formulations.
The company’s marketed portfolio includes Trokendi XR and Oxtellar XR, extended‐release antiepileptic medications designed to maintain stable drug levels for seizure control, as well as Qelbree (viloxazine extended‐release capsules), approved for the treatment of attention‐deficit/hyperactivity disorder (ADHD) in pediatric and adult patients.
