Analyst Conference Summary

biotechnology

conference date: August 5, 2025 @ 1:30 PM Pacific Time
for quarter ending: June 30, 2025 (second quarter, Q2)

Forward-looking statements

Overview: Product sales declined slighly y/y, acquired Sage in Q3.

Basic data (GAAP):

Revenue was $165 million, down 2% from $168 million year-earlier.

Net Income was $22.5 million, up 13% from $19.9 million year-earlier.

EPS (Earnings per Share), diluted, were $0.40, up 11% from $0.36 year-earlier.

Guidance:

Increased 2025 guidance for revenue to $670 to $700 million, mainly on addition of Sage. Sees an operating loss between $70 and $80 million.

Conference Highlights:

The acquisition of Sage Therapeutics was completed on July 31, 2025. Zurzuvae for PPD is the prize, as it is seeing rapid revenue growth. Is partnered with Biogen.

Jack Khattar, President and CEO, said "Our strong operating performance in the first half of the year was driven by continued strong sales growth of Qelbree and Gocovri, which combined accounted for 72% of total net sales in the second quarter of 2025. Our focus for the second half of the year remains on the launch of Onapgo, successful integration of Sage Therapeutics, and the continued performance of our growth products." Corporate development will continue to be a top priority.

In April 2025, the Supernus launched Onapgo, a subcutaneous apomorphine infusion device for the treatment of motor fluctuations in adults with advanced Parkinson's disease. So far demand is exceeding expectations, with more than 750 enrollment forms submitted by more than 300 prescribers through the end of Q2 2025.

SPN-817 is in a Phase 2b trial for epilepsy. It is a selective AChE inhibitor.

SPN-820 will start a Phase 2b trial for major depressive disorder by the end of 2025.

SPN-443 completed a Phase 1 study of two oral formulations. A lead indication should be slected by the end of 2025.

Non-GAAP earnings were $41 million, down from $46 millon year-earlier.

Cash and equivalents ended at $523 million. Cash was used to acquire Sage after the quarter ended.

Total expenses were $153 million, consisting of: cost of good sold $17 million, R&D $22 million, SG&A $94 million, amortization $21 million. Leaving operating earnings of $12 million. Interest and other income $4.5 million. Income tax $5.8 million.

Q&A (selective summary):

Qelbree dynamics, launch, pricing? Pricing is $300 for a 30 day prescription. Gross to net is improving. Adult segment now about 30% of total prescriptions, growing faster than pediatrics. Should pick up as we go into back-to-school season.

Onapgo launch? 750 enrollment forms submitted. Takes time to process, become shipments and revenue. Some forms will not translate into actual prescriptions. Toward end of July we have about 200 patients on drug. We are starting to see refills. So good momentum so far. Reimbursements are going smoothly.

Zurzuvae sales trend? Since we just closed, in Q2 Sage saw 36% growth. Q1 was up 22% sequentially. Mainly from expanded sales force. We will need some time to understand Q2 and Q3 trends better. We have no current estimate of peak sales. But we hope to make the milestone payments we owe based on increased sales. We are in it for the long haul.

Qelbree color on doctors, demand? Combination of patient demand, doctors' view of mechanism of action. Has a different feel for ADHD patients from other products.

Cash after Sage deal? $260 million at the time of close. So still able to do new business development.

Obgyn v. psychiatry? 70% to 80% of Zurzuvae prescriptions are currently Obgyn. We do have a strong presense in psychiatry, so will talk to Biogen about that area.

One Qelbree pill gives ADHD patients a full day's coverage with a better profile, which helps if they are quiting an older therapy.

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