Analyst Conference Summary

biotechnology

conference date: November 4, 2025 @ 1:30 PM Pacific Time
for quarter ending: September 30, 2025 (third quarter, Q3)

Forward-looking statements

Overview: Acquired Sage in Q3.

Basic data (GAAP):

Revenue was $192 million, up 16% sequentially from $165 million, and up 9% from $176 million year-earlier.

Net Income was negative $45 million, down sequentially from $22.5 million, and down from $38 million year-earlier.

EPS (Earnings per Share), diluted, were negative $0.80, down sequentially from $0.40, and down from $0.69 year-earlier.

Guidance:

Updated guidance to: total revenue of $685 to $705 million. GAAP Operating loss $65 to $70 million. Non-GAAP operating earnings $125 to $145 million.

Conference Highlights:

Jack Khattar, President and CEO, said "Our strong operating results continued into the third quarter of 2025, reflecting continued momentum from Qelbree and Gocovri, collaboration revenue from Zurzuvae, and an encouraging start to the launch of Onapgo. Our focus for the remainder of the year and into 2026 will be on the performance of our four growth products and the high-level operating performance across the business to deliver sustained growth and long-term value for shareholders" Corporate development will continue to be a top priority.

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.

Looking for addition strategic opportunities, likely late-stage pipeline neuro products.

The fall to a loss in the quarter was mainly due to an increase in selling and administrative expenses due to the Sage acquisition, about $70 million. Expects to save $200 million annually as Sage is integrated during 2026.

Onapgo for Parkinson's disease was launched in April 2025. Demand was greater than expected, so supply is inadequate. Working to increase the supply.

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 a novel AChE inhibitor for epilepsy. A Phase 2b trial is ongoing.

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. ADHD was selected as the lead indication. A Phase 1 trial should start in 2026.

Cash and equivalents ended at $281 million, down sequentially from $523 million. Cash was used to acquire Sage in Q3.

Total expenses were $252 million, consisting of: cost of good sold $19 million, R&D $29 million, SG&A $180 million, amortization $24 million. Leaving operating earnings of negative $60 million. Interest and other income $2 million. Income tax benefit $13 million.

Q&A (selective summary):

Onapgo if no supply constraint? Big picture is product is doing amazingly well. Physician and Parkinson's community response has been phenomenal. We have slightly more than 400 patients, focus is on taking care of them before allowing more patient starts. Hopefully we will soon be able to start initiating patients again. The situation is very fluid as we work with our supplier. The issue is getting production time to fill the drug cartridges.

If potential Onapgo patients go somewhere else while waiting, we will still be able to get back on truck. The issue developed recently, so it is hard to predict the potential loss of patients.

We will look at expanding the Zurzuvae sales force, we will work with Biogen, we believe this has enourmous potential. We might consider acquiring the remaining 50% from Biogen.

Abvie competition? There are no head-to-head trials. The labels differ. Ask patients and physicians what feedback you are getting from use. Apomorphine is the same, it acts like dopamine, penetrates to the brain. Our service is best-in-class, great initiation, training. Apokin is a very different product.

Some Onapgo patients were previous users of apomorphine. About 15% of patients.

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